My question is why if cash is used to launder money no one says anything while if BTC is used for it it becomes a problem?
Money has always been laundered so it should surprise that any mean which gives that possibility is used for it.
Topic: Bitcoin used to do money laundering - will it become a huge problem? - page 3. (Read 5862 times)
February 17, 2016, 03:26:44 AM
February 17, 2016, 03:22:11 AM
Yeah many people use it for money laundering. But they are very smart if they will do that, because the bank sees nothing.
But many people use Bitcoin for them self. They see it as bonus. I like it for the fun and I just have a daily job.
But many people use Bitcoin for them self. They see it as bonus. I like it for the fun and I just have a daily job.
February 17, 2016, 03:04:07 AM
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.
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.
Good topic here. This should really be discussed carefully. If I would be the criminal I wouldnt exchange it for fiats at the day bitcoin was sent. I would let it be there for a month or two and maybe circulate it to different wallets so traces will really be minimized.
This is really a problem now and from the past since bitcoin had been knew for that kind of transactions.
February 17, 2016, 02:51:56 AM
BREAKING NEWS - I've just heard that people are using the US dollar for money laundering and the funding of terrorism. Should we have controls over the dollar, or maybe even ban it?
they are banning the "500 euro" cash because of this check the news, so apparently somethign is moving on fiat territory too, at least this is not just a double standard...
February 17, 2016, 02:31:04 AM
Yes if your government has a poor tracking ability to trace what's going on block chain. I knew a friend that has a transaction in deep web and he still have the btc he earned right now without having worries.
February 17, 2016, 02:05:56 AM
BREAKING NEWS - I've just heard that people are using the US dollar for money laundering and the funding of terrorism. Should we have controls over the dollar, or maybe even ban it?
February 17, 2016, 02:01:50 AM
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.
i hear some people and article talk about bitcoin decide become payment method or investement,its will be decided,lest wait. i think its will prevent from money laundering or etc. 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.
February 17, 2016, 12:51:16 AM
I think criminals prefer to don't waste the time waiting the 'complicated" bitcoin transactions and confirmations, it's more simple and easy for them to use fiat and cash and they used this currencies already
This. Bitcoin is good for transferring funds a long distance, I don't think it's convenient for laundering funds.
February 17, 2016, 12:29:26 AM
We all know bitcoin is a perfect way to launder money... It sucks that criminals are using such a good tool as bitcoin for this use. Whenever a criminal gets caught laundering money, the media is all over it
Just so they can write negative stuff about bitcoin, which could lead to decrease in demand.
Just so they can write negative stuff about bitcoin, which could lead to decrease in demand.
February 17, 2016, 12:04:46 AM
The problem is mostly the negative publicity associated with it IMO.. It's just an excuse for the media to talk bad about it because they are scared of it..
The people who swallow this "negative publicity" BS are mostly ignorant regular joes who largely hold no value.
Let the media talk, people with large pockets looking for a secure way to hide their wealth might notice and figure out there might be something for them in Bitcoin
Spot on! This is what i'm hoping for
They won't, they wouldn't want to hold their life savings (black or white) with something as volatile as Bitcoin.
Money is a tool.Bitcoin is money.You can use the money to buy poison or nectar.It doesn't makes bitcoin bad if it is put to bad use just like you dont stop using fiat despite a it is also used to buy weapons etc
Sure. Money is a tool. As is an AK47. You can use an AK to dig a nice garden, and I'm sure it's been used as a spade many times. But it's much better suited for killing people. A fluffy pillow is also a tool, which has been used to smother people many times. And yet it lends itself so much better to being a headrest, so it's not tightly regulated.
This is analogous to Bitcoin and fiat: Fiat, while a percentage of it is used to buy shitty oily meth & nugs with comically-oversized magazines, is also used to build hospitals, and roads, and baby formula, and toilet paper. Bitcoin? well, it's used to hold hospital databases for ransom, which would be darn impractical, albeit not altogether impossible, with plain old fiat.
Ransomeware, kidnappings, illegal internet gambling, ponzi schemes, phony investment schemes, DNMs -- these are Bitcoin's unique use case scenarios. Tell me why you think governments/ordinary people should welcome it.
Ultimately, bitcoin would have to lose its anonymity and become much regulated to be accepted by common people/governments and it has already started, nations will either ban its use/buy/sell and/or make it so one has to declare and provide credentials every-time one buys/sells for that is the part they can control.
February 16, 2016, 12:53:04 PM
The problem is mostly the negative publicity associated with it IMO.. It's just an excuse for the media to talk bad about it because they are scared of it..
The people who swallow this "negative publicity" BS are mostly ignorant regular joes who largely hold no value.
Let the media talk, people with large pockets looking for a secure way to hide their wealth might notice and figure out there might be something for them in Bitcoin
Spot on! This is what i'm hoping for
February 16, 2016, 12:36:40 PM
Money is a tool.Bitcoin is money.You can use the money to buy poison or nectar.It doesn't makes bitcoin bad if it is put to bad use just like you dont stop using fiat despite a it is also used to buy weapons etc
Sure. Money is a tool. As is an AK47. You can use an AK to dig a nice garden, and I'm sure it's been used as a spade many times. But it's much better suited for killing people. A fluffy pillow is also a tool, which has been used to smother people many times. And yet it lends itself so much better to being a headrest, so it's not tightly regulated.
This is analogous to Bitcoin and fiat: Fiat, while a percentage of it is used to buy shitty oily meth & nugs with comically-oversized magazines, is also used to build hospitals, and roads, and baby formula, and toilet paper. Bitcoin? well, it's used to hold hospital databases for ransom, which would be darn impractical, albeit not altogether impossible, with plain old fiat.
Ransomeware, kidnappings, illegal internet gambling, ponzi schemes, phony investment schemes, DNMs -- these are Bitcoin's unique use case scenarios. Tell me why you think governments/ordinary people should welcome it.
February 16, 2016, 11:59:13 AM
Money is a tool.Bitcoin is money.You can use the money to buy poison or nectar.It doesn't makes bitcoin bad if it is put to bad use just like you dont stop using fiat despite a it is also used to buy weapons etc
February 16, 2016, 08:57:24 AM
Money is laundered with bitcoins and with all kind of money, this is one problem difficult to solve. You can use prepaid phone cards, amazon cards, or dollar notes to launder your money. Its a problem that existed before bitcoin.
Your right even when BTC didn't exist they always find a way for money laundering. Never ending story ridiculous people don't understand that.Right. You can kill a man with a fluffy pillow if you don't have a Kalashnikov. It's a bit *easier* with a Kalashnikov, that's all.
Oddly, there are places on earth which try to regulate AK47s, while any child can go into a store & buy pillows.
February 16, 2016, 07:42:46 AM
Money is laundered with bitcoins and with all kind of money, this is one problem difficult to solve. You can use prepaid phone cards, amazon cards, or dollar notes to launder your money. Its a problem that existed before bitcoin.
Your right even when BTC didn't exist they always find a way for money laundering. Never ending story ridiculous people don't understand that. February 16, 2016, 07:39:39 AM
Money is laundered with bitcoins and with all kind of money, this is one problem difficult to solve. You can use prepaid phone cards, amazon cards, or dollar notes to launder your money. Its a problem that existed before bitcoin.
February 16, 2016, 06:55:07 AM
I don't find it a huge problem right now. Bitcoin exchanges are mostly regulated and there is mostly a limit to the amount that can be traded. This is an disadvantage for those trying to do money laundering. Even with localbitcoins, there is low liquidity and some would even require an ID.
But the amounts are not cumulative, so you can slowly take your BTC out of an exchange like Poloniex using a fake name (since they only require your name and you can put a fake one) and then every month you get your BTC or whatever out without no one realizing. And if they start being cunts you can always go to another exchange that will not spy on your wealth.
February 16, 2016, 06:32:05 AM
Its true but it will not be a problem because it happens at any currency there is available on the market,
there is always a backdoor.
With every currency there is so it would not become a big problem in the future.
there is always a backdoor.
With every currency there is so it would not become a big problem in the future.
February 16, 2016, 06:11:10 AM
Not just Bitcoins, but all types of currencies are being used for money laundering...
Does that mean that BTC alone should be accused for the same???
Does that mean that BTC alone should be accused for the same???
That is a good argument. I think the US dollar is the most widely used money laundering tool. It is still the number one currency.
January 31, 2016, 06:46:34 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.
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.
Cannot be possible. Every exchange whenever it could be must have the data of all the customers who want to make big amounts of change. The few amounts cannot serve for laundering because are nothing for that who want to "bleach" money. While if want to change big amounts is easily identifiable because of conditions above told and must be fulfilled by law by every exchange. So any kind of risk for bitcoin. To not tell that the regulation of it will reinforce (or have already reinforced there where is regulated) the rules against this kind of activity.
It's actually not even difficult for a world traveler (which I assume most criminals are).
First go to Panama and open a bank account at multibank. https://www.multibank.com.pa/en/private-banking/default.htm You don't really need to go to Panama but it probably makes it easier.
Use your new account to purchase MoneyPolo prepaid Mastercards in $25,000 increments. https://moneypolo.com/int-en/products/prepaid-cards/ Open an account at BTCe https://btc-e.com and fund it using the MoneyPolo cards. Use the BTCe website to buy bitcoins and withdraw them to your personal wallet. Use the Bitcoin to buy anything from real estate to luxury cars and planes.
The first part of your post is very clear and I accept it as it is without doubts. But I cannot understand what are the increments and where are found the money to buy this kind of things which must have $25 000 value. Cannot be bought such amount of value without money. Where are and in which way are made ready to realize such kind of bought? You tell that the account at Panama can be open even without going there. So this account must be founded with money. In which way these money go there.
This is the first thing. The second one (and for this I am not sure so might be even not correct) are you sure that btc-e doesn't ask personal data when are in "game" such kind of amounts?
And now the third. I have not this your conviction that with bitcoin can be realized such big things like you believe and write in your posts. The use and the acceptance of bitcoin is yet very limited and someone who want to use the money in every way him want, cannot be satisfied if have not the normal currency on his hands.
Large amounts of cash are what is being laundered. They "find the money" as you say, by selling drugs or human trafficking or illegal arms trading or a million other naughty things.
You can open a BTCe account with fake info. Trust me, they don't really care (you know they're not in the USA, right?).
Sorry, I'm not really sure what you mean by the third thing.
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