Bitcoin used to do money laundering - will it become a huge problem?

xslugx

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Quote from: bargainbin on February 22, 2016, 11:18:31 AM

Quote from: Slark on February 21, 2016, 02:58:05 PM

Argument of Bitcoin being great as a medium for money laundering is totally off. It is like saying that USD or EURO can't be and aren't used for that purpose.
Bitcoin can be used as a currency, which means it can be used in the same way as traditional money - laundering is unfortunately one of these 'unwanted' features.

Caveat: no nearly-anonymous USD or EURO exchanges; no way to send billions of USD or EURO, anywhere in the world, anonymously, for $.04

More or less. You can still exchange huge amount anonymously with things like Kraken. 2k$ every day is still a lot of money without ID, especially if you have a dozen of account!

Jemzx00

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Be nice!

Well its already a problem just like things on deepweb payments there are made using bitcoin due to its anonymity but that's the thing why bitcoin is so special and how its price go up due time..

bargainbin

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Merit: 100

Quote from: Slark on February 21, 2016, 02:58:05 PM

Argument of Bitcoin being great as a medium for money laundering is totally off. It is like saying that USD or EURO can't be and aren't used for that purpose.
Bitcoin can be used as a currency, which means it can be used in the same way as traditional money - laundering is unfortunately one of these 'unwanted' features.

Caveat: no nearly-anonymous USD or EURO exchanges; no way to send billions of USD or EURO, anywhere in the world, anonymously, for $.04

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

It's hard to get money out of China. I think the reason the Chinese are supporting Bitcoin so feverishly is because they are using it to launder money. They are probably sending money out of China using Bitcoin.

SISAR

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Quote from: funkydog on December 03, 2015, 01:08:01 PM

Whats your thought on this?

For a lot of criminals Bitcoins are the perfect tool to launder money or not? Almost no trace but still they have to explain how they got the money once they convert it back into dollars....
Will this become (or already is) a problem? I'm thinking that the anonymity will be a problem for a lot of governments once BTC becomes a well know payment method.

See https://bitcointalksearch.org/topic/m.13964212

Slark

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Argument of Bitcoin being great as a medium for money laundering is totally off. It is like saying that USD or EURO can't be and aren't used for that purpose.
Bitcoin can be used as a currency, which means it can be used in the same way as traditional money - laundering is unfortunately one of these 'unwanted' features.

bargainbin

full member

Activity: 126

Merit: 100

Quote from: Kevin77 on February 20, 2016, 01:30:56 PM

... If this trend would end for God's sake, that would be great.

See those ads in signatures, like the one in yours? That's why this thread exists -- so people could spam for the sake of a few satoshis. Most posters here have no idea what money laundering is, possibly because Google Translate has failed them.

Bitcotalk

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Quote from: CreativeCarol on February 18, 2016, 03:38:57 PM

It doesn't matter. Bitcoin is money. The Canadian dollar is money. It's all money. Money can be used to do fraudulent illegal things all the time.

But the people here are talking about the transaction of that currency, according to them if we transact other currency online , it will show our details that from whom and where the amount has been transferred while the transaction of bitcoin is anonymous and the criminals are using it for illegal purposes.

Kevin77

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Quote from: bitgolden on February 20, 2016, 06:32:26 AM

Bitcoin can be misused easily like fiat as well and it doesn't make bitcoins look bad for just these reasons. Actually bitcoin is not a reason for getting misused in money laundering but we, the human are the actual reason.

However I agree that the authorities have got yet another excuse to prove bitcoins are only used for money laundering and illegal purposes. If this trend would end for God's sake, that would be great.

BitcoinHodler

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HODLing is an art, not just a word...

i think it can turn into a problem but not a huge one, the government will only tighten the trades done with with turning bitcoin into cash and vise versa in large scales to watch for money laundering, that is what they surely do right now too.

srinikethan

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its very dificult to use bitcoins in money laundring unless you have any intention of exchanging to fait in sometime!!

bitgolden

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Bitcoin can be misused easily like fiat as well and it doesn't make bitcoins look bad for just these reasons. Actually bitcoin is not a reason for getting misused in money laundering but we, the human are the actual reason.

naidray

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Quote from: Supercrypt on February 19, 2016, 05:28:32 AM

Quote from: xslugx on February 17, 2016, 01:49:48 PM

Quote from: neonshium on February 17, 2016, 01:41:23 PM

Money laundering with bitcoin will not be a big problem even in future for growth of bitcoin industry. I think every one should play our rule to make sure it that bitcoin never be used for money laundering. I believe government will take necessary steps as money laundering is older than bitcoin. Bitcoin is not responsible for this in any way.

Yeah but to end btc laundering you would have to control it in a way or another! So if they do btc will have much less advantage suddenly :-/

If it is controlled, bitcoins would lose their volatility and if I talk about myself, I would not use a crypto currency in place of fiat if it has no advantages at all. I already have a debit and credit card and also have online wallets that help me to make online transactions while I only use bitcoins as I can trade with them else there is no other reason.

Money laundering can happen with a Government controlled crypto currency as well just like it happens with stolen credit cards and debit cards. It has nothing to do with bitcoin ecosystem.

Supercrypt

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Quote from: xslugx on February 17, 2016, 01:49:48 PM

Quote from: neonshium on February 17, 2016, 01:41:23 PM

Money laundering with bitcoin will not be a big problem even in future for growth of bitcoin industry. I think every one should play our rule to make sure it that bitcoin never be used for money laundering. I believe government will take necessary steps as money laundering is older than bitcoin. Bitcoin is not responsible for this in any way.

Yeah but to end btc laundering you would have to control it in a way or another! So if they do btc will have much less advantage suddenly :-/

If it is controlled, bitcoins would lose their volatility and if I talk about myself, I would not use a crypto currency in place of fiat if it has no advantages at all. I already have a debit and credit card and also have online wallets that help me to make online transactions while I only use bitcoins as I can trade with them else there is no other reason.

CreativeCarol

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It doesn't matter. Bitcoin is money. The Canadian dollar is money. It's all money. Money can be used to do fraudulent illegal things all the time.

dothebeats

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As long as bitcoin has an equivalent monetary value in other currencies, it will be used as a medium for money laundering. And on that note, fiat is heavily used in many illegal transactions. I hope that many people here knows that fact.

CryptoBjorn

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It is always a problem. I think that you cant solve. And they are very smart to use Bitcoin so yeah you can solve the problem.
It will be a bigger problem that if Bitcoin is going to rise soon. Than the value will be much more.

PakistanHockeyfan

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Bitcoin "used"? It never did. The users of Bitcoin are the ones that did that. As far as I'm concerned Bitcoin is only money. Money during anytime can be utilized for money laundering.

Daniel91

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People can use so many ways for money laundering like Western Union, online payment processors, even legal banks.
If someone decide to start legal action against bitcoin, it will be because bitcoin is not regulated, no government control, no taxis etc not because of money laundering.
It's just my opinion any way but it's obvious that already a lot people, banks, politicians etc. don't like bitcoin because they can't control BTC, not because of money laundering.

lostintranslation

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I believe the only problem that this will create and has to some degree is the fact that the government will jump in and start trying to control Bitcoin.

There are already tons of regulations on exchange sites that make buying Bitcoin with FIAT or vice versa hard to do.

So, Bitcoin is currently used to launder money and always will, but the affect will not be on Bitcoin itself, but on the structure of exchanges and the future of how it is used...

Topic: Bitcoin used to do money laundering - will it become a huge problem? (Read 5876 times)