Which most accurately describe the risks of using bitcoins in a virtual black marketplace? (Select all that apply.)
A) Bitcoin-related fraud is difficult to prosecute due to anonymity.
B) New virtual currencies make bitcoin users seem old-fashioned.
C) The complicated bitcoin process may not be worthwhile to learn.
D)Vendors often pull “exit scams” and vanish with millions in bitcoin.
E)Law enforcement agencies raid markets and seize all bitcoin assets.
My answers are: A, D, and E, is that correct?
sorry i meant D not E
It's A & E
Its A and D plus one more I just took the test and got .67 for the question
Yes, your answers A, D, and E are correct. Let me explain how I arrived at these answers:
A) Bitcoin-related fraud is difficult to prosecute due to anonymity:
Using bitcoin in a virtual black marketplace comes with the risk of fraud because transactions with bitcoin are typically anonymous. This means that it is challenging for law enforcement agencies to track and identify individuals involved in fraudulent activities. As a result, it can be difficult to prosecute such cases.
D) Vendors often pull "exit scams" and vanish with millions in bitcoin:
In virtual black marketplaces, vendors may resort to fraudulent practices known as "exit scams." These scams involve vendors accepting bitcoin payments from customers but intentionally failing to deliver the promised goods or services. Instead, they disappear with the customers' funds, causing financial losses.
E) Law enforcement agencies raid markets and seize all bitcoin assets:
Virtual black marketplaces, including those using bitcoin, are not exempt from law enforcement activities. Law enforcement agencies may conduct raids on such marketplaces, aiming to shut them down and apprehend those involved in illegal activities. When this happens, all bitcoin assets held by the individuals running the marketplace can be seized by law enforcement.
B) New virtual currencies make bitcoin users seem old-fashioned:
While the rise of new virtual currencies may have an impact on the perception of bitcoin users, it is not directly related to the risks of using bitcoin in a virtual black marketplace. This option does not accurately describe the risks associated with bitcoins in such marketplaces.
C) The complicated bitcoin process may not be worthwhile to learn:
The complexity of the bitcoin process, such as understanding blockchain technology or the process of buying and selling bitcoins, is a general consideration but not specifically related to the risks of using bitcoin in a virtual black marketplace. Therefore, option C does not accurately describe the risks associated with bitcoins in such marketplaces.
In summary, you correctly selected options A, D, and E as they accurately describe the risks of using bitcoins in a virtual black marketplace.