I dont think so coz there is bitcoin mixer that you can use to mix the tainted coin.
So you mixing coins with other tainted coins, potentially even dirtier than your own coins. Definitely a great idea \s.
Topic: Bitcoin used to do money laundering - will it become a huge problem? - page 5. (Read 5862 times)
January 21, 2016, 11:33:48 PM
So you mixing coins with other tainted coins, potentially even dirtier than your own coins. Definitely a great idea \s.
January 21, 2016, 11:00:54 PM
Should it become a huge problem? No. It's probably a bit more useful for laundering money than some other things, but eh.
Is it going to become a huge problem? Maybe. Especially if gov'ts want to restrict bitcoin's use, they could make it seem like it's a huge issue. Like the drug laws in the United States and elsewhere. We've seen this sort of shitty gov't behavior in the past and it wouldn't surprise me if they threw up money laundering as a smokescreen.
Is it going to become a huge problem? Maybe. Especially if gov'ts want to restrict bitcoin's use, they could make it seem like it's a huge issue. Like the drug laws in the United States and elsewhere. We've seen this sort of shitty gov't behavior in the past and it wouldn't surprise me if they threw up money laundering as a smokescreen.
January 21, 2016, 10:56:10 PM
I dont think so coz there is bitcoin mixer that you can use to mix the tainted coin.
January 21, 2016, 10:06:33 PM
NO it won't, as long as you're still in the good way. Don't use Bitcoin for a bad purpose, use it for the good things.
January 21, 2016, 09:05:14 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
Agreed. It is mostly negative publicity. Money laundering goes on in all currencies. What about counterfeit bills? We should have stopped printing more money then because of counterfeiting. I think eventually there will be less and less talk of this with Bitcoin. There are too many investors going all in on this and they don't seem to be concerned.
January 21, 2016, 08:38:13 PM
Pretty sure USD is the most used currency for money laundering, but as others have said there are flags in place with most banking systems.
But fiat money are controlled by governments and banks, and they can print it at will. So government and banks will not ban fiat money or do anything to harm themselves.
With bitcoin this is not the case. Thus governments and banksters try need to squash it, before they loose all control.
January 21, 2016, 03:15:21 PM
Pretty sure USD is the most used currency for money laundering, but as others have said there are flags in place with most banking systems.
January 21, 2016, 03:07:59 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.
January 21, 2016, 02:05:48 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.
January 21, 2016, 01:48:07 PM
Money laundering is something that is on government to track and watch.
Laundering is older than bitcoin, so we cant do anything about that!
Laundering is older than bitcoin, so we cant do anything about that!
If bitcoin can be used for money laundering, there must be a way to stop those criminals using bitcoin for such fraudulent act. When problems arise, solutions will always rise also. If criminals try such, the world will always find a way to prevent and eliminate them. It's not just a bitcoin's problem.
January 21, 2016, 10:48:34 AM
The best way to launder money with Bitcoin currently is by using the growing real estate market.
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in cypress. Smart guy!
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in cypress. Smart guy!
So none of these sites are being audited? How do you register real estate without paying taxes? .... The story sounds a bit suspect to me. At some stage someone is going
to put two and two together and do a lifestyle audit on him and starts asking the right questions. I too own rental property and I have to give detailed information every
year for tax purposes. If I suddenly buy more property, they will start asking questions. This sounds fishy....
I'm not sure as he didn't go over any details but I do know legal requirements are different in every jurisdiction. He may pay the taxes in fiat but traded for the properties in btc. Are your rental properties on the island of Cyprus?
January 21, 2016, 10:43:19 AM
The way I think it will become as problem is when the media lets out all the negative stuff that's being done with bitcoin. Which is not really good for bitcoin if we all want it to grow. The best possible way for bitcoin to grow is when there's a huge demand for it.
True, but at least it is getting the word out there and in people's head. There was a time when no one had the least clue.
January 21, 2016, 10:43:06 AM
The best way to launder money with Bitcoin currently is by using the growing real estate market.
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in cypress. Smart guy!
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in cypress. Smart guy!
So none of these sites are being audited? How do you register real estate without paying taxes? .... The story sounds a bit suspect to me. At some stage someone is going
to put two and two together and do a lifestyle audit on him and starts asking the right questions. I too own rental property and I have to give detailed information every
year for tax purposes. If I suddenly buy more property, they will start asking questions. This sounds fishy....
January 21, 2016, 10:38:58 AM
The way I think it will become as problem is when the media lets out all the negative stuff that's being done with bitcoin. Which is not really good for bitcoin if we all want it to grow. The best possible way for bitcoin to grow is when there's a huge demand for it.
January 21, 2016, 10:37:27 AM
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.
January 21, 2016, 10:34:46 AM
The best way to launder money with Bitcoin currently is by using the growing real estate market.
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in Cyprus. Smart guy!
There are many places in the world to buy thousands of btc at a time and transfer them to your own wallet without flagging government oversight. Then you use that btc to purchase real estate. Here's some examples:
http://bitcoinhomes.org
http://bitcoin-realestate.com
http://bitcoinrealestate.com.au
https://www.bitpremier.com/5-real-estate
The rest is easy. You simply sit on the real estate for a number of years then list it for-sale-by-owner. If you're lucky you can even make a profit on the increased equity when you sell.
Another possibility is to use the purchased real estate as a rental property and profit from a continuous legal income stream legitimizing the tainted money.
This isn't my idea. I visited a dark web forum once where there was a guy bragging about stealing 25,000 btc. He was being harassed by a bunch of people telling him he'll never be able to dump that much btc, bla bla. His response was that he already dumped it into three rental properties in Cyprus. Smart guy!
January 21, 2016, 10:02:40 AM
I knew not only bitcoin . fiat , gold , diamond is also included . but I've never heard anyone do loundeing money using bitcoin.
January 21, 2016, 08:14:00 AM
It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
Correct, every currency even asset is used to do money laundering. Bitcoin is an currency so yes people will use it for this purposes.
In fact the most used currency today is the US dollar.
The funny thing is, that people are more worried about use of electronic asset, than some piece of paper
January 21, 2016, 07:54:33 AM
It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
Correct, every currency even asset is used to do money laundering. Bitcoin is an currency so yes people will use it for this purposes.
In fact the most used currency today is the US dollar.
January 21, 2016, 07:36:23 AM
It is not just bitcoin that is used for money laundering. Fiat currencies and precious metals can be used to do just that as well. In fact, criminals often use FIAT cash to do their biddings and have their own strategies to launder their gains.
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
Before Bitcoin, they also did money laundering, now that bitcoin is here, they still do it the old style!
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