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Bitcoin [BTC]’s blockchain is allegedly accused – links to child porno found!

Vinod KA

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Bitcoin [BTC]'s blockchain goes dirty - links to child porno found!
Source: Pixabay

Bitcoin has been allegedly accused of carrying out many illegal activities. It was notoriously used for money laundering during the time of demonetization in India. Many people converted their black money into Bitcoins. Now a new illegality has sprung up regarding Bitcoins blockchain. Apparently, it provides links to child pornography. Some of the German researchers are of the opinion that this can seriously deter the development of technology associated with Bitcoin.

Bitcoin is undoubtedly the biggest name among cryptocurrencies and it is so because of its immutable blockchain. But, apart from the ‘normal’ messages which might include comments about famous personalities, Bitcoin’s blockchain appears to be filled with illicit content like child pornography. People who download the blockchain are actually inadvertently downloading hundreds of links to child pornography as well.

Being a decentralized platform, it may become very rigorous to regulate the content that is present in their network. Usually, the blockchain includes information regarding transactions and serves as a ledger, it also allows certain ‘coded messages’ to be incorporated into it.

This trend was actually set in motion by the anonymous creator of Bitcoin, who is popularly known by the name Satoshi Nakamoto, when a cryptic message was left saying “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Researchers conducted on this issue revealed that the blockchain contains a minimum of 8 files with sexual content out of which five are termed as mildly obscene whereas 3 have seriously objectionable content.

A research paper says:

“Two of them are backups of link lists to child pornography, containing 274 links to websites, 142 of which refer to Tor hidden services”.

The legal actions on this have not been confirmed as of now and the officials are reluctant to speak out on this issue. The researchers also brought out information pertaining to the news articles present on the blockchain which reports the pro-democracy demonstrations in Hong Kong in 2014.



A Twitterati comments:

“People like to mess around and this is such a bizarre thing to be doing on a multi-billion dollar platform. The people responsible are for no doubt complete wackos. Moreover who watches child porn? At least have some morality.”

Another user expressed his concerns by saying:

“Also, the preferable term is “child abuse images” or “non-consensual imagery”. The term “pornography” carries with it connotations of consent between those whose images are taken and the person publishing the imagery, which non-consensual imagery lacks”





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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

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Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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