Topic: Bitcoin not a seek and hide for fraudulency (Read 252 times)

Don't forget about the psychological warfare against bitcoin that has been going on nearly as long as bitcoin started. In fact some of the bitcoin news outlets and all the articles on certain non-bitcoin outlets are focusing 100% on negativity so that they can bash bitcoin as much as they can hoping they can discourage new adopters from dumping their corrupt centralized system for bitcoin.

The Bitcoin and cryptocurrency space just seems to be a breeding ground for scammers and thieves simply because it's what's mostly written about with those typical news sites; simply because those articles about hackers and thieves are what mostly gets the engagement on social media.


1. No, and there shouldn't be.
2. Some haven't converted back to fiat, while some use coinjoins and mixing services to blur out the traces.

Bitcoin was never the problem in terms of hiding their funds and scam attempts, it always has been there, whether it be since Bitcoin's inception or way before that and people need to realize that. It's like people finally found something that's obvious in the eye to blame when clearly, they just couldn't find jack about the real reasons of why scams and forms of fraud were happening even way back then. Crypto is already an abode for scammers, the same could be said with fiat as well though, heck I'd reckon any medium would work. It's pretty damn stupid really to blame the medium we use for scams and frauds.

Really?
Then why have corruption and other forms of fraud be happening in the fiat system even a long way before Bitcoin came into existence?
Why all of a sudden noise yet fraud has been part of the monetary system for centuries?


And this?
https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/
Do they seem scrupulous to you since they used the traditional fiat system despite committing fraud?

Double standards!

As far as I know there is no limit, just see that there are people with millions of dollars in bitcon who move from one wallet to another without worrying about issues like limits


 

this is the home of scammers, all scammers are happy when they steal bitcoin from other people because they know they won't be arrested

Fiat is already an abode for scammers, with banks also being indicted in huge scam attempts, so should they really be relied on for full transparency? Bitcoin doesn't create a problem, there is already an existing one with scams.

1. If your asking whether Bitcoin has a transaction limit to reduce money laundering attempts, No, there is none. It's decentralized and operates without a third party, nodes only need to verify that you own the bitcoins you are sending.

2. How were scammers hiding their loot 13 or so years ago before Bitcoin? As I said earlier, Bitcoin does not create a problem, scam has operated for several years on fiat currencies.

Even though cryptos have been around for more than 10 years, AFAIK fiat is still the preferred type of money for financing terrorism and for money laundering. To prevent money laundering, reasonable limits can be enforced by exchanges after which KYC becomes mandatory, and perhaps at some point more documents can also become mandatory. That, if developed and enforced properly, could effectively prevent most money laundering, as what matters is not thousands of dollars someone got, but millions and billions of dollars that get laundered.

Crypto or fiat might be used or abused as a tool of fraudulent not only in crypto.  Do you think this wasn't happening before having Ransome ware or any illegal activities that involved fiat?  Probably we can ask El Salvador and other countries that have announced Bitcoin was already legal tender under their jurisdiction if what's their agenda of this.

As pointed out above, in non-custodial wallets there's no limit per transaction and it could be transacted not exceed the maximum supply of Bitcoin which is 21 million.  If you mean, custodial wallet, it will always prefer their terms of use.

That's the question that only scammers know because it might be easy to disclose their identity once got mistakes.  Using Bitcoin isn't fully anonymous, the transaction was in a public ledger that anyone can be trace and mark your address as a scammer, once you move it into a centralized exchange there will be chances that you will get caught.  Probably they will let sleep on the wallet for a while where it was landed and slowly move into different addresses so that they will not be traced, IMO.  But on this case, most likely scammers will get caught and we have heard hundreds of them.

It's not going to be. It is already the haven of scammers. Try tracing someone who stole your bitcoins and one who manage to get your bank details. Even cash are less fungible than CryptoNote coins such as Monero, since each banknote has a unique code written for this very reason.

Realize that this is an incident where the teenager was probably unaware of how to hide himself. There are probably uncountable similar occurrences where the scammers were never caught.

Nah. The reason they don't want bitcoin is because they'll have much less control over their citizens. They just justify it this way. It's the same when they require KYC relentlessly. Not, because they want to protect you over the dangers of money laundering. They just need control and there they have it.

You can't send more than 21,000,000 BTC. That's the only limit. (For non-custodial wallets)

This is difficult to understand, but I guess you want to know how the scamming incidents will reduce? Hard to tell. Depends on the governments' decision to adopt cryptocurrencies or not.

One of the major role of the Anti Monetary Laundry (AML) agency under government Financial Regulatory System is to apprehend any form of loot or suspected individual or organization for money laundry, fund mismanagement and embazzlement, I understand the traditional fiat banking system has different account opening categories, example: we have children account, student account, business account and government account each in their respective tiers.

If any sudden transaction occur beyond the account category and is suspected then the bank raise an alert to the agencies in control of monetary system leading to an investigation and prob of the account holder and if found unable to defend with cognate reasons and proofs that the transaction is not fraudulent then the account holder will be apprehended and charged to face the law.

When i come across this thread Someone Just Moved $2,071,215,368 Worth of Bitcoin in a Single Transaction I asked myself, is Cryptocurrency going to be an abode for scammer and financial looters who has gone outrageous against the law and find crypto as a "home of no query" as to where a huge amount of Bitcoin stated above could just landed in without a background check (investigation) of the person involved with such huge amount source.

i made a post recently on how the British Police seize $2.7 million worth of bitcoin from a teenager after running scam on a fake website, this is exactly my  focal point, this couldn't have accumulated such huge amount if it were to be the fiat bank he uses to save the fund.

I also understand this is one of the reasons why some countries are yet to adopt bitcoin because their believe in that crypto is a fraudulent game and those engaged in it are solely scamming unscrupulous individuals.

My Questions
1. Is there a limit to certain amount of bitcoin per transaction each type of wallet can accommodate?

2. How can the menace of scammers, fund looters and embazzler using Cryptocurrency as a covering to hide and safeguard their looted currency end, knowing fully that going to the banks they will be apprehended?