bitcoin and money laundering - page 6.

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: validium on June 28, 2014, 06:23:07 AM

Quote from: Harley997 on June 24, 2014, 07:55:08 PM

Quote from: hloren70 on June 23, 2014, 03:24:58 PM

Bitcoin is only pseudoanonymous (though if you hide your IP and use new addresses every time it is pretty much anonymous).

That being said, I can't wait to see what extra anonymity features that Zerocash will be bringing to the table when it is released!

You can use blockchain's shared coin to get the same effect as zerocash but with shorter TX confirmation times as zerocash has all TXs in a shared coin format and when one party "backs out" of a TX then the TX will fail and all the parties will need to try again by all signing a new TX

If your trying to launder coins i would suggest for you not to use sharedcoin as it has been proven not to be so anonymous

Link:
http://www.coindesk.com/blockchains-sharedcoin-users-can-identified-says-security-expert/

You can be tracked by an attacker with shared coin but not with 100% certainty. IIRC one of the articles about this said that it could identify the recipient of a transaction with 25% certainty.

The researchers matched the senders with the recipients by looking at matching input/output amounts on a TX. This problem could easily be solved by either of two ways:

1 - Have the coins take two (or more) paths to their destination. This would mean that you would have to participate (via the blockchiain.info web wallet) in more transactions and would take longer to set up. Alternatively it could be set up so that you can have multiple ultimate output transactions, possibly with a different number of intermediary transactions.

2 - Charge some kind of randomized fee for the service that is paid at random times throughout the process.

moreia

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Quote from: ljudotina on June 20, 2014, 09:20:06 AM

This gotta be posting bot, or someone really really not into English. Bitcoin and corruption....ppl were corrupted even before money as we know it existed, so i dont see why ppl can not be corrupted with BTC (if that was OP's question)

I agree...what type of post was this?!
Gave me a headache couldn't get my head around it.

validium

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Activity: 350

Merit: 250

Decentralized thinking

Quote from: Harley997 on June 24, 2014, 07:55:08 PM

Quote from: hloren70 on June 23, 2014, 03:24:58 PM

Bitcoin is only pseudoanonymous (though if you hide your IP and use new addresses every time it is pretty much anonymous).

That being said, I can't wait to see what extra anonymity features that Zerocash will be bringing to the table when it is released!

You can use blockchain's shared coin to get the same effect as zerocash but with shorter TX confirmation times as zerocash has all TXs in a shared coin format and when one party "backs out" of a TX then the TX will fail and all the parties will need to try again by all signing a new TX

If your trying to launder coins i would suggest for you not to use sharedcoin as it has been proven not to be so anonymous

Link:
http://www.coindesk.com/blockchains-sharedcoin-users-can-identified-says-security-expert/

ShakyhandsBTCer

sr. member

Activity: 448

Merit: 250

It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: redwhite037 on June 25, 2014, 09:36:56 PM

If bitcoin is "property" and not currency, then it certainly cannot be accused of involvement with money laundering, but that would make it a currency.

That is not true. People often use real estate to (attempt to) launder money all the time and real estate is not in any way currency. The same holds true with gold, diamonds and other "untraceable" assets

dadugan

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Quote from: redwhite037 on June 25, 2014, 09:36:56 PM

If bitcoin is "property" and not currency, then it certainly cannot be accused of involvement with money laundering, but that would make it a currency.

Different government agencies treat it differently.

It can be a currency to one department and property to another department.

redwhite037

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If bitcoin is "property" and not currency, then it certainly cannot be accused of involvement with money laundering, but that would make it a currency.

Harley997

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Merit: 250

Quote from: hloren70 on June 23, 2014, 03:24:58 PM

Bitcoin is only pseudoanonymous (though if you hide your IP and use new addresses every time it is pretty much anonymous).

That being said, I can't wait to see what extra anonymity features that Zerocash will be bringing to the table when it is released!

You can use blockchain's shared coin to get the same effect as zerocash but with shorter TX confirmation times as zerocash has all TXs in a shared coin format and when one party "backs out" of a TX then the TX will fail and all the parties will need to try again by all signing a new TX

ShakyhandsBTCer

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Activity: 448

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: OROBTC on June 24, 2014, 06:52:06 PM

...

ShakyhandsBTCer

Not too hard to exchange your BTC for my cash... PM me if interested. NOT huge quantities. Not a cop nor a crook.

It's really hard for me to find BTC for cash, hardly anyone I know has any at all. And I want to be off the grid buying BTC.

I am not saying that I am having trouble laundering my BTC personally.

My point was that for a money launder it is difficult to exchange BTC for fiat.

Quote from: OROBTC on June 24, 2014, 06:52:06 PM

NOT huge quantities.

This is my point exactly as money launders usually need to move "large" amounts of money.

OROBTC

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...

ShakyhandsBTCer

Not too hard to exchange your BTC for my cash... PM me if interested. NOT huge quantities. Not a cop nor a crook.

It's really hard for me to find BTC for cash, hardly anyone I know has any at all. And I want to be off the grid buying BTC.

ShakyhandsBTCer

sr. member

Activity: 448

Merit: 250

It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: Marlo Stanfield on June 23, 2014, 12:17:28 PM

Quote from: Nerazzura on June 18, 2014, 10:50:23 AM

online currency bitcoin can basically be used for various transactions. For example, for legal transactions such as wordpress.com, Galatic virgin airways, republikhost.com, and various social donations like to wikileaks.

On the other hand, the digital currency can be used for the benefit of a greater portion of illegal internationally. Illegal acts that include money laundering, gambling, drugs, and even protitusi.
But it is possible if in the U.S. ensued with bitcoin money laundering. If there are politicians who commit this crime, the police will be very difficult to handle. Unless, if they cooperate with or exchanher bitcoin users who understand the concept of bitcoin

I don't think that it is nearly as easy for politicians in the US to hide money as you seem to think it is. Their finances are fairly public and moving large amounts in and out of bitcoin exchanges isn't going to help them evade the public eye as much you think.

If you mean that they could take corruption payments directly in bitcoin, then yes, I see what you mean there. That does make it easier for them. But even so they still have to cash it out somehow, or buy things with the bitcoin. Or they could hold bitcoin if they felt that it was a sound investment.

All and all, it's not much different than cash. A corrupt politician could accept a briefcase full of cash and have the same problems washing it as he would with washing the bitcoins he would receive instead. Also, using bitcoins requires a little bit of technical familiarity and a lot of the US politicians are well known for being technically inept.

The biggest challenge of laundering money with bitcoin is moving it into and out of fiat. It is very easy to have bitcoin that you control not be associated with previous transactions but is much more difficult to exchange it for fiat without raising any kind of red flag

hloren70

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Bitcoin is only pseudoanonymous (though if you hide your IP and use new addresses every time it is pretty much anonymous).

That being said, I can't wait to see what extra anonymity features that Zerocash will be bringing to the table when it is released!

allthingsluxury

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Sorry, not sure I understand your statement / questions Cheesy

Kprawn

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Government officials use diplomatic bags, to launder money, smuggle diamonds and drugs, and it's seldom reported. But when crypto currency is used as a vehicle to do these things, it's all over the Press. Make you wonder why that is? Angry

Legal private companies launder money, on a daily basis, and seldom get caught. And if they do, they just close shop and open somewhere else, under a new name.

It's just another "method" for people to launder currency, but most of this is tracked. The protocol was not created to launder money, it was created, as a alternative to a failing fiat currency, which is used for money laundering too.

Marlo Stanfield

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Quote from: Nerazzura on June 18, 2014, 10:50:23 AM

online currency bitcoin can basically be used for various transactions. For example, for legal transactions such as wordpress.com, Galatic virgin airways, republikhost.com, and various social donations like to wikileaks.

On the other hand, the digital currency can be used for the benefit of a greater portion of illegal internationally. Illegal acts that include money laundering, gambling, drugs, and even protitusi.
But it is possible if in the U.S. ensued with bitcoin money laundering. If there are politicians who commit this crime, the police will be very difficult to handle. Unless, if they cooperate with or exchanher bitcoin users who understand the concept of bitcoin

I don't think that it is nearly as easy for politicians in the US to hide money as you seem to think it is. Their finances are fairly public and moving large amounts in and out of bitcoin exchanges isn't going to help them evade the public eye as much you think.

If you mean that they could take corruption payments directly in bitcoin, then yes, I see what you mean there. That does make it easier for them. But even so they still have to cash it out somehow, or buy things with the bitcoin. Or they could hold bitcoin if they felt that it was a sound investment.

All and all, it's not much different than cash. A corrupt politician could accept a briefcase full of cash and have the same problems washing it as he would with washing the bitcoins he would receive instead. Also, using bitcoins requires a little bit of technical familiarity and a lot of the US politicians are well known for being technically inept.

Erdogan

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May be we want clean coins. What's the problem?

AT101ET

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What?
Money laundering - completely annonymous coins... Basically DRK and a few others. All BTC transactions are recorded so everything can be traced back eventually.

hloren70

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Whatever you are smoking, please send some my way Grin

OROBTC

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...

"Money Laundering" = Any money you have that the government does not know about

Angry

Nerazzura: Parla italiano?

Harley997

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Merit: 250

Quote from: okthen on June 20, 2014, 12:44:54 PM

Money laundering will always exist.
It will probably get harder with time (in what refers to bitcoin), but there will always be a way.
Maybe a time will come where cash becomes the main vehicle for laundering

Cash has always been a primary vehicle for money laundering. It is my understanding that a greater number of bitcoin TX (in terms of percentages) are used for money laundering then cash is

arbitrage001

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Quote from: okthen on June 20, 2014, 12:44:54 PM

Money laundering will always exist.
It will probably get harder with time (in what refers to bitcoin), but there will always be a way.
Maybe a time will come where cash becomes the main vehicle for laundering

Bitcoin is a poor form of medium for money laundering. IP address can be traced.

Even if you use anonymous browser to conduct illicit activity, if you are not careful into divulging your shipping address (or near by address), authority will use the information to deduce your identity. And cashing out large amount of bitcoin anonymously will be difficult.

Cash is still the best medium for money laundering. Trade off being it is hard to store bulk amount and you need to hire trusted personal to guard it.

Topic: bitcoin and money laundering - page 6. (Read 9494 times)