Topic: Bitcoin used to do money laundering - will it become a huge problem? - page 6. (Read 5876 times)
January 21, 2016, 07:20:31 AM
my 1st question would be how do you get the £100,000 into bitcoins to launder to me that is the bottle neck and why it wont be a massive problem.
January 21, 2016, 07:15:52 AM
important bitcoin is perfect way to launder money
No, it's not. Unlike Bitcoin, cash money is sometimes impossible to track. Of course you can use mixing services etc. that can help you hide traces of your transactions, but Bitcoin is not designed to be anonymous.
January 21, 2016, 05:18:43 AM
Why would any serious money launderer want to use Bitcoin. They already have established systems using HSBC, Lloyds and other major banks. Using Bitcoin will just attract attention to them.
January 21, 2016, 05:06:49 AM
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!
January 21, 2016, 03:25:22 AM
Probably. Governments can't even catch the people that launder fiat, how are they going to catch people that launder Bitcoin?
they don't care at this point, income from taxes for them is useless actually, it's just a way to have contorl over their money, in reality they can have much money as they want with a simply click and endless printing
January 21, 2016, 01:39:36 AM
It's 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.
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.
How is is perfect exactly, in you opinion? Just yesterday we had news about guys trying to use bitcoin for illegal activities getting caught, and how easy it is to just follow blockchain trail for dirty bitcoins:
http://www.newsbtc.com/2016/01/20/dutch-authorities-arrest-10-suspects-using-bitcoin-for-illicit-goods/
Also, yesterday there was article saying that UK released a national risk assessment for money laundering and terrorist financing. And guess what, Bitcoin is considered as a low risk in that assessment.
http://blog.cryptoiq.ca/?p=164
Well, I wonder why. Probably because bitcoin is not-anonymous, and all transactions are public. Just my guess. But criminals seem not to know this. Which is good for police off course :-)
January 21, 2016, 01:21:22 AM
Probably. Governments can't even catch the people that launder fiat, how are they going to catch people that launder Bitcoin?
January 21, 2016, 01:17:12 AM
It's 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.
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.
Tell me why you think it is a perfect way to launder money? Have you used it for that purpose, to be able to say that? Most people think it is a perfect tool, until they try it. There are ways to follow the money, even with Bitcoin, when you are using this tool in the wrong way.
Most of these people wants this money in fiat and it's very difficult to convert Bitcoin to fiat, without raising the red flags. Agents even infiltrate localbitcoin to identify these activities and the rest are done on exchanges and banks with the implementation of strict AML and KYC rules and regulation.
January 20, 2016, 04:00:20 PM
You pay cloud mining or buy miner equipment and then get paid with bitcoin. Mining is a way to get bitcoin without tracking.
Why didn't I think of that? Thank you. I am patient, so I just purchased a 5 year contract for 1000 GHS of cloud mining at Eobot.com. Let's see how that goes. 
January 20, 2016, 11:12:26 AM
"relastate/gold/silver/insert basicly ANYTHING else used to do money laundering - will it become a huge problem?"
Agreed, it's like before bitcoin money laundering doesn't exist, It is just another way to attack the bitcoin from who would gain from his disappearance
January 20, 2016, 10:56:06 AM
No, I don't think so. Several banks have been involved in money laundering and that did not become a huge problem.
I agree for the most part.
I think laundering money is something that happens
and it shouldn't have an effect on bitcoin itself, since it doesn't have any effect on banks either.
January 20, 2016, 10:53:25 AM
"relastate/gold/silver/insert basicly ANYTHING else used to do money laundering - will it become a huge problem?"
January 20, 2016, 10:50:41 AM
No, I don't think so. Several banks have been involved in money laundering and that did not become a huge problem.
January 20, 2016, 10:49:04 AM
i think yes, it will become big problem,if there is too many case of money laundring using bitcoin,
one day the government can banned bitcoin and bitcoin reputation will become bad
one day the government can banned bitcoin and bitcoin reputation will become bad
January 20, 2016, 10:35:45 AM
No Not bitcoin why do we have Monero and Dash?
And Shadow? Those are jokers of for anan trade and ...
And Shadow? Those are jokers of for anan trade and ...
January 20, 2016, 07:16:57 AM
It's 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.
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.
January 20, 2016, 07:11:35 AM
No. All transactions are public and can be reviewed by anyone.
Unlike in banks.
Unlike in banks.
Transactions are public, but users identities are not. Its exactly opposite to banks, where transactions through bank are not public, but user identifies are know (by banks).
So as long as your identity is not linked to your address, you are untraceable. But the moment you start buying bitcoins through exchanges, giving your address to merchants, the chance of linking your identity to all your past, present and future bitcoin transactions increases.
This is the risk ppl have to consider when using bitcoin and wanting to remain as anonymous as possible.
January 20, 2016, 07:04:16 AM
No. All transactions are public and can be reviewed by anyone.
Unlike in banks.
Unlike in banks.
January 20, 2016, 06:41:13 AM
Personally, I find that it's not easy to buy reasonable amounts of bitcoin without sending my government ID, and/or my taxpayer identification number, to the various exchanges. (I am not willing to do this because I don't trust the security of many start-up companies, and worry about identity theft.) When the exchanges have this information, it's a simple matter for the government to subpoena them, and then me.
You pay cloud mining or buy miner equipment and then get paid with bitcoin. Mining is a way to get bitcoin without tracking.
December 04, 2015, 05:09:28 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.
I think there must be an easy way to trace the bitcoin transactions.It doesn't takes away the convenience that bitcoin offers.Frankly speaking I don't understand the logic behind opposing any Idea of tracking bitcoin.Unless you are doing something illegal,why would you want to keep your transaction anonymous? 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.
Jump to: