Bitcoin or "Bit O Coin" - Kidnapping Children for Bitcoin Ransom in South Africa
View this post on Hive: Bitcoin or "Bit O Coin" - Kidnapping Children for Bitcoin Ransom in South Africa
View this post on Hive: Bitcoin or "Bit O Coin" - Kidnapping Children for Bitcoin Ransom in South Africa
First, it's great that the boy was returned safely. I imagine that with something like bitcoin, given that it requires knowing more "things" than just cash, therefore maybe there's a kind of scale in how many "things" are known by the general population.
Using random numbers, maybe 75% of the world heard of bitcoin and its value; 20% kind of knows that it needs special addresses; 10% know realize its traceability, security; 8% know more on top of that; etc
So with this theory, they're in the 20% that kind of knows the 'addressing' part but they haven't moved up the next 'knowledge' rung on the ladder
(as with all things I could be wildly wrong)
At a wild guess I would say your numbers are probably within reason @motordrive this is a wake up call to everyone not to shout from the rooftops about their choice of lifestyle which could affect family.
This is not the first instance in the world, will definitely not the the last.
I agree with you in that I do not think the kidnappers understand cryptocurrency at all. There is a lot of disinformation out there.
It is shocking how at risk we are. It is a fulltime job to keep our children safe and not one we should neglect, ever. As always, knowledge is our biggest weapon with which to arm ourselves in defence of ourselves and our children.
But I know I am preaching to the choir @joanstewart. It is your thing.
In this case they may have some knowledge, but as the saying goes "a little knowledge can be dangerous", it is scary to think children are being used, a case I would like to hear the final outcome.
Your comment as always appreciated @reonlouw
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I do agree that this wouldn't work out for the average criminal trying to move Bitcoin back to fiat.
I don't want to give anyone any ideas of but they would either need to force someone under duress to cash in the Bitcoin on their behalf or they would have to convert it for ZCash or Monero and then spit it up and convert it back into BTC making a bit of a loss but they could sort of "Clear the trail" if you will and get their fiat
They could also send the Bitcoin to dark web suppliers and purchase things like drugs in exchange.
There are potential loopholes we should be aware of when looking to improve the cryptocurrency protocal. I'd like to see things like a smart contract ID verification attached on a side chain. For example what Civic is doing and then using NULS as a module to add onto a blockchain or as a secondary segwit. That way we can make transactions identifiable for public use between peers.
This is a horrible situation and I really feel for the family and the boy, this is not why I want South Africa making cryptocurrency headlines.
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Kidnapping a child is just terrible but using Bitcoin for the ransom payment shows the kidnappers have now idea that Bitcoins can be traced.
Sounds like they were trying something new without enough knowledge on blockchain technology especially using Bitcoin @sydesjokes
I can rack up my head up to think a kidnapper asking of bitcoinas payment....it seems as kidnapping as gotten all branded up because i am still dumbfounded.....
New tricks by thugs will arise with new technology @awodsode
Comentar con al menos 20 palabras me parece una buena idea. Me alegro de el niño este a salvo. Estos secuestradores son mas bien de poca monta.
Los comentarios adecuados indican que una persona ha leído el contenido. Una advertencia a todos los padres para que tengan cuidado con lo que dicen y hacen, gracias por sus comentarios, apreciados @bon-nom (Google Translator used to reply)
Whaaat?! True or not, this story is shocking. It is something to look into especially for those who are handling big amounts of bitcoin because kidnappers nowadays are very much updated already.
Very true @rubelynmacion I will watch out for the results from our Police force, it will be interesting once the investigation has been completed.
First, Im glad that the boy is safe.
From my pov, clearly the man has little knowledge of the rules/laws around bitcoin. He probably only knows that 1 btc = a few thousand dollars.
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