U.S. government to study Bitcoin as possible terrorist threat

[Himanshu Arora]

The US Department of Defense is investigating whether Bitcoin and other virtual currencies are a potential terrorist threat, according to an IBTimes report.

The Combating Terrorism Technical Support Office (CTTSO), a division within DOD that identifies and develops counter terrorism abilities and investigates irregular warfare and evolving threats, has listed Bitcoin among its topics for research and mission critical analysis related to terrorism.

Back in January, Bitcoin Magazine unearthed an unclassified memo detailing some of the CTTSO projects. "The introduction of virtual currency will likely shape threat finance by increasing the opaqueness, transactional velocity, and overall efficiencies of terrorist attacks”, the memo said.

The biggest concern associated with Bitcoin is the anonymity built into the virtual currency's architecture. Although transactions are public, the parties involved are kept anonymous. Bitcoins can allow illegal operations with the ease and speed of the Internet, but with the secrecy of a cash deal.

The virtual currency came under the scanner after several high profile cases came into light. Back in October last year, the FBI closed down the Silk Road, a digital black market that allowed users to purchase drugs, guns, and more. The website accepted only Bitcoin for payments.

In another incident,  BitInstant CEO Charlie Shrem, who was also the chairman of the Bitcoin Foundation, was arrested in January on charges of money laundering with Bitcoins.

Although a Treasury department probe found no evidence of virtual currencies like Bitcoin being used to finance terrorism, the threat still remains.

In addition to Bitcoin and other virtual currencies, CTTSO’s list of terrorism research topics also included Android, Motorola, social media, virtual reality, and more.

Permalink to story.

https://www.techspot.com/news/56643-us-government-to-study-bitcoin-as-possible-terrorist-threat.html

 

[GhostRyder]

Ok I read the title and my first thought was "Ummmm What?". So I read through the entire article thinking it would make sense once I finished reading. Well my response still is "What?" lol. I get what they are trying to say, but Bitcoins are now (apparently) promoting terrorism (Joke). I have now seen everything...sarcasm

 

[hahahanoobs]

"Although transactions are public, the parties involved are kept anonymous. "

How can you not get it? It's all right there.

 

[Chazz]

Ok I read the title and my first thought was "Ummmm What?". So I read through the entire article thinking it would make sense once I finished reading. Well my response still is "What?" lol. I get what they are trying to say, but Bitcoins are now promoting terrorism. I have now seen everything...

I don't think they said that at all. I'd actually be HIGHLY offended if I found out my government didn't do their research. This is their job, if they aren't doing their friggin job, I don't want to be a part of this country. If any Country's government is not up on the latest technology, then they are doomed.

Computer technology moves incredibly fast. How would you feel if you learned your government was ignorant when it came to technology. I WANT them to investigate, now what they do is a different story. They need to exhibit a proper plan, one that embraces Bitcoin but keeps a handle on cash security.

 

[GhostRyder]

"Although transactions are public, the parties involved are kept anonymous. "

How can you not get it? It's all right there.

Do I really have to add the actual word "Joke" to the end of the sentence for people to know im joking...I was clearly joking when I said "Bitcoin is promoting Terrorism".

I don't think they said that at all. I'd actually be HIGHLY offended if I found out my government didn't do their research. This is their job, if they aren't doing their friggin job, I don't want to be a part of this country. If any Country's government is not up on the latest technology, then they are doomed.

Computer technology moves incredibly fast. How would you feel if you learned your government was ignorant when it came to technology. I WANT them to investigate, now what they do is a different story. They need to exhibit a proper plan, one that embraces Bitcoin but keeps a handle on cash security.

Again I was joking, guess I will start adding "sarcasm" or "joke" to the end of my sentences since lol is not enough anymore. Its anonymous currency, silk road is a use of getting illegal products so it makes sense to investigate it. But its not going to be easy to track the transactions in general. As far as it being a terrorist threat, who knows if they really want to use it as such. As far as it being used for making illegal black-market style transactions thats a completely different story.

 

[Guest]

Anything that disrupts the petrodollar is worse than terrorism it is ruinous. Think we can pay back our debts, lol?

 

[Chazz]

Again I was joking, guess I will start adding "sarcasm" or "joke" to the end of my sentences since lol is not enough anymore. Its anonymous currency, silk road is a use of getting illegal products so it makes sense to investigate it. But its not going to be easy to track the transactions in general. As far as it being a terrorist threat, who knows if they really want to use it as such. As far as it being used for making illegal black-market style transactions thats a completely different story.
.

Ya, what I was saying to you is I see this as more of a precautionary statement. More so, along the lines of "lets get informed before it's too late." I get that you weren't completely serious, I just don't think this is a time where our government is crying wolf for terrorism. It seems like they're trying to be prepared for what could come. Governments have to be forward thinking(I think now is already very late to the party). I wasn't insulting you or anything, I know our government is pretty crap and uses fear and terroism a lot, but from reading this and the source article, it actually seems like they're being sensible.

I added the caveat at the end, because although this seems like a good way to handle things, our government can be a bit screwy. I see this as a small step towards legitimizing Bitcoin, especially with them making the investigation public. I hope I'm not being naive.

 

[GhostRyder]

Ya, what I was saying to you is I see this as more of a precautionary statement. More so, along the lines of "lets get informed before it's too late." I get that you weren't completely serious, I just don't think this is a time where our government is crying wolf for terrorism. It seems like they're trying to be prepared for what could come. Governments have to be forward thinking(I think now is already very late to the party). I wasn't insulting you or anything, I know our government is pretty crap and uses fear and terroism a lot, but from reading this and the source article, it actually seems like they're being sensible.

I added the caveat at the end, because although this seems like a good way to handle things, our government can be a bit screwy. I see this as a small step towards legitimizing Bitcoin, especially with them making the investigation public. I hope I'm not being naive.

Well as much as I have put my opinion about how I never liked the virtual currencies (mostly because only bitcoin early was the only real lucky get rich scheme) can't get a break. I just thought it was funny the way this was listed and that the government is now trying to see if there is a link to terrorism. Personally, I think its a hard sell even to Terrorists just because the amount of coins in existence and how hard they are to mine (since essentially they would still have to purchase them and cash really is not king on a virtual currency). It might get linked to some small things possibly (though im more betting on things like drugs, small illegal weapons etc) but I do not think full fledged terrorism (Except maybe in the case of guns). Its just interesting that this is the thing they are investigating next.

 

[Guest]

Ha, when the usa looks something than not benefit them, they call it terrorist so they can blow the thing.

 

[spencer]

Yeah a virtual currency that works on protocol is a terrorist tool, just like Cliven Bundy is Rascist and Ron Paul is in the KKK obamacare will save you money you get to keep your doctor;guns are only good in the hands of a monopoly;the patriot act is patriotic and the NDAA is constitutional. YAY FOR AMERICA!!!

 

[Burty117]

"Bitcoins can allow illegal operations with the ease and speed of the Internet, but with the secrecy of a cash deal."

But surely by this logic, they should also be investigating cash?

 

[Kisai]

This topic comes up on Continuum Season 3 Episode 7 (which aired last night in Canada)

The thing is, Bitcoin, or anything derived from the same idea is a highly efficient means of money laundering. More so than using freemium game currency.

 

[Guest]

The govt. knows how to use the net and they know how search engine bots work.
Creating titles like these will keep some people from associating with bitcoin just because the word "terrorist" is next to bitcoin.
I am sure high profile politicians have a keen interest to keep money going as is and would be threatened if another currency takes over.
Expect more titles as such in the future.

 

[Guest]

Hahaha.... buuwoo.. the us lost money on bitcoin... thats terrorism...

 

[NTAPRO]

Ploy by the gov to drop the value even more

 

[Trillionsin]

An online currency is a threat

 

[Guest]

"Money is the route to all evil"

 

[MikeAcker]

.........anything "they" don't like........... is now "terroristic".
their self-granted license for stomping.

 

[fredderf81]

....its the US...for the last 10 years, everything is a terrorist threat. This is just stupid though.

 

[RenGood08]

I really don't know what to say about this...I don't see this being the next big threat to mankind, but maybe in the virtual world I can see it being a threat. Like virtual terrorists or black hat hackers maybe.

 

[Guest]

Wow, US really waging war on humanity. Bitcoin is about the only sliver of light in the tunnel. Sick of these fuc|<ing tyrants. Kerry is a sick person, Obama just a useles drone.

 

[Guest]

I really don't know what to say about this...I don't see this being the next big threat to mankind, but maybe in the virtual world I can see it being a threat. Like virtual terrorists or black hat hackers maybe.

You really need to educate yourself. It's REALLY REALLY important that people get this. It is the exact opposite of a "threat". We need to free ourselves from these... people.

Sic Semper Tyrannis

 

[RenGood08]

You really need to educate yourself. It's REALLY REALLY important that people get this. It is the exact opposite of a "threat". We need to free ourselves from these... people.

Sic Semper Tyrannis

I will definitely do some research on this subject. I really don't know anything about it. I research and try to understand what I don't. I am professionally curious. ;D

 

[Wendig0]

What if I told you the biggest terrorist threat was our own government... Our government knowingly supplies terrorist groups, and drug cartels with weapons on a regular basis, yet Bitcoin is somehow a threat? Yeah, ok.

 

[Holotus]

What if I told you the biggest terrorist threat was our own government... Our government knowingly supplies terrorist groups, and drug cartels with weapons on a regular basis, yet Bitcoin is somehow a threat? Yeah, ok.

This is very true. They label anything a terrorist if it threatens their position of power.