Gambling Gang uses crypto for illegal purposes - page 3.

Debonaire217

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Quote from: Yamifoud on November 15, 2020, 10:02:20 AM

This the reason why some of their people migrating to outside China and have their business, and sometimes doing illegaly.

I don't see any good reason why having this kind of law. What they would like to show and how their leaders trying to imply is that all of their people will obey and being controlled. How's that devastating act that it gives us no freedom to make decisions and do what we want.

China is very influential and that is likely what they do to us in this pandemic situation. I'm so lucky that I was not living in China...

Philippines is one of the country that China mostly invade but not specifically invade like take our land and people but invade like there are too many chinese people here in the Philippines and they do all their businesses here. Middle class businesses and even if big time businesses, they target to live in the Philippines because of the bond of china and the current President in here is strong. I honestly don't like the way chinese people are living in our country because they make it look like it is theirs which is legally and truthfully nit.

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Quote from: Natalim on November 20, 2020, 07:37:32 AM

Quote from: FlightyPouch on November 20, 2020, 07:09:10 AM

Quote from: w33man on November 20, 2020, 06:51:06 AM

Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

This depends on the crypto currencies being used. There are a lot of crypto currencies that are not actually anonymous as you can still track where the funds go while fiat, you never know where it will go or where it went. People are taking advantage of the features of cryptos, I agree that most of the people are mistaking it as illegal but actually, they are taking advantage of it and it is not actually a scam or illegal.

Hard to track if there is no KYC, but talking about FIAT, I think it's easy as long as it passes through banks since every bank accounts undergoes a real KYC verification where you have to go to the bank, seen by the personnel who will verify face to face so they would know who are the real owner of the accounts, unlike in crypto exchanges where it's easy to fake the verification requirement.

If someone will try to do illegal transaction using fiat, he must be smart enough to just move a paper money, otherwise it's not safe, some with crypto, use an anonymous coins and never pass through regulated exchanges.

That is true but I don't think that these gangs or syndicates would just go through a bank, right unless they have a plan like they have these fake bank accounts that they can use. There are a lot of times where I read about banks have these fake accounts that is registered in a name that don't actually exist and usually, they use that to transfer a huge amount of money.

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Quote from: Fundamentals Of on November 20, 2020, 07:56:55 AM

Quote from: Natalim on November 20, 2020, 07:37:32 AM

Quote from: FlightyPouch on November 20, 2020, 07:09:10 AM

Quote from: w33man on November 20, 2020, 06:51:06 AM

Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

This depends on the crypto currencies being used. There are a lot of crypto currencies that are not actually anonymous as you can still track where the funds go while fiat, you never know where it will go or where it went. People are taking advantage of the features of cryptos, I agree that most of the people are mistaking it as illegal but actually, they are taking advantage of it and it is not actually a scam or illegal.

Hard to track if there is no KYC, but talking about FIAT, I think it's easy as long as it passes through banks since every bank accounts undergoes a real KYC verification where you have to go to the bank, seen by the personnel who will verify face to face so they would know who are the real owner of the accounts, unlike in crypto exchanges where it's easy to fake the verification requirement.

If someone will try to do illegal transaction using fiat, he must be smart enough to just move a paper money, otherwise it's not safe, some with crypto, use an anonymous coins and never pass through regulated exchanges.

If the movement does not cross borders, fiat offers a more convenient option to people who are involved with illegal transactions. It is to be done through cold cash. Cash is very hard to track for law enforcement personnel. It is much easier to use than most of the cryptocurrencies. Cryptocurrency is transparent, although some are strictly anonymous.

Exactly, but there are limitations, and one of that is what you've mentioned that you can't move it in different boarder as you'll certainly be put in question, and it's not also good to keep a cold cash for long term as that paper money will soon depreciate and some countries are even printing new bills which would make the old bill loss its value if time to convert it to a new bill will lapse.

Fundamentals Of

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Quote from: Natalim on November 20, 2020, 07:37:32 AM

Quote from: FlightyPouch on November 20, 2020, 07:09:10 AM

Quote from: w33man on November 20, 2020, 06:51:06 AM

Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

This depends on the crypto currencies being used. There are a lot of crypto currencies that are not actually anonymous as you can still track where the funds go while fiat, you never know where it will go or where it went. People are taking advantage of the features of cryptos, I agree that most of the people are mistaking it as illegal but actually, they are taking advantage of it and it is not actually a scam or illegal.

Hard to track if there is no KYC, but talking about FIAT, I think it's easy as long as it passes through banks since every bank accounts undergoes a real KYC verification where you have to go to the bank, seen by the personnel who will verify face to face so they would know who are the real owner of the accounts, unlike in crypto exchanges where it's easy to fake the verification requirement.

If someone will try to do illegal transaction using fiat, he must be smart enough to just move a paper money, otherwise it's not safe, some with crypto, use an anonymous coins and never pass through regulated exchanges.

If the movement does not cross borders, fiat offers a more convenient option to people who are involved with illegal transactions. It is to be done through cold cash. Cash is very hard to track for law enforcement personnel. It is much easier to use than most of the cryptocurrencies. Cryptocurrency is transparent, although some are strictly anonymous.

Natalim

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Quote from: FlightyPouch on November 20, 2020, 07:09:10 AM

Quote from: w33man on November 20, 2020, 06:51:06 AM

Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

This depends on the crypto currencies being used. There are a lot of crypto currencies that are not actually anonymous as you can still track where the funds go while fiat, you never know where it will go or where it went. People are taking advantage of the features of cryptos, I agree that most of the people are mistaking it as illegal but actually, they are taking advantage of it and it is not actually a scam or illegal.

Hard to track if there is no KYC, but talking about FIAT, I think it's easy as long as it passes through banks since every bank accounts undergoes a real KYC verification where you have to go to the bank, seen by the personnel who will verify face to face so they would know who are the real owner of the accounts, unlike in crypto exchanges where it's easy to fake the verification requirement.

If someone will try to do illegal transaction using fiat, he must be smart enough to just move a paper money, otherwise it's not safe, some with crypto, use an anonymous coins and never pass through regulated exchanges.

FlightyPouch

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Quote from: w33man on November 20, 2020, 06:51:06 AM

Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

This depends on the crypto currencies being used. There are a lot of crypto currencies that are not actually anonymous as you can still track where the funds go while fiat, you never know where it will go or where it went. People are taking advantage of the features of cryptos, I agree that most of the people are mistaking it as illegal but actually, they are taking advantage of it and it is not actually a scam or illegal.

w33man

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Syndicates take advantage of crypto for money laundering because it is easy to transfer funds across different countries without the hassle of funds being checked if it's legal or not. If you are transferring illegal funds crypto is the safest way because of the anonymity it offers and decentralization. That is why most people have a perception that crypto is illegal which is wrong.

Noctis Connor

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Quote from: Salauddin1994 on November 20, 2020, 02:57:40 AM

This is not to say that criminals can use crypto for illegal purposes in the case of gambling many criminals do not have a good knowledge of crypto because criminals commit more crimes in fiat currency than crap. Bitcoin blockchain can be accessed through bitcoin explorer this database which is open to all will account for each transaction in a specific cryptocurrency even if crypto gambling becomes difficult china will not be able to control it, but legal action should be taken against the perpetrators.

Criminals are good in gambling they can easily have access with this crypto yet the only thing that they use to it is into gambling , even they don't have knowledge in crypto all can be learn nowadays from internet you all need to do is do some research this is how our technology works, Well im agree with you more criminals are using fiat currency but some other are now using bitcoin to make an illegal transaction and even bitcoin lost it steam criminal will still loves it. As you an see the data here and some information.

source : https://www.nytimes.com/2020/01/28/technology/bitcoin-black-market.html

Betwrong

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Quote from: ReiMomo on November 19, 2020, 04:29:35 PM

~
From time to time when we want to withdraw our fund that comes from bitcoin it will always go through a centralized exchange. And most local exchanges where you can exchange bitcoin for cash are now required KYC. But I am curious about the gambling site they used, why they don't have KYC of the big withdrawal they had.

We are talking about big money here, over $140 billion. A gang, having billions of USD, can bribe anyone(especially in countries like China) to make withdrawals and other things easier to them. But it's true that if there were no crypto currencies, they would still find a way to do their illegal activity. Blaming crypto in the outflow of funds from China is ridiculous.

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Quote from: plvbob0070 on November 19, 2020, 09:15:22 AM

Does banning gambling in their country really help their people like getting addicted to gambling? I doubt that since it's up to us how are we going to control ourselves. There's a lot of Chinese gamblers here in my country so I don't think it's really helping them because the more they prohibit them from doing what they want, the more they will keep going further to do it which pushes them to do it illegally. Instead of banning, why not just regulate gambling and it will be a win-win situation for the gamblers and the government.

This has often very little to do with actually helping people. Most countries ban gambling because it is a recognized vice by traditional and cultural/social values.

Most countries then legalize it because they later recognize the need to tax it.

In both cases, they see the industry as not helpful to the country. Generally it's all about revenue. If the state gains, it legalizes then taxes it.

Salauddin1994

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This is not to say that criminals can use crypto for illegal purposes in the case of gambling many criminals do not have a good knowledge of crypto because criminals commit more crimes in fiat currency than crap. Bitcoin blockchain can be accessed through bitcoin explorer this database which is open to all will account for each transaction in a specific cryptocurrency even if crypto gambling becomes difficult china will not be able to control it, but legal action should be taken against the perpetrators.

MWesterweele

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Quote from: iv4n on November 19, 2020, 03:56:04 PM

Quote from: BlackFor3st on November 19, 2020, 03:42:28 PM

We live in a time when many people are looking for all kinds of ways to launder money. If they use a betting platform for that, it could make sense.
Then they have to convert it from crypto to fiat, otherwise it has little value. And I don't think gambling companies can afford just anything to accept all kinds of money in crypto and then pay it out to a bank account, for example. There will be stricter supervision of this via a bank account transfer.

Why people think that laundering money is something new?! It's done before crypto, a long time before crypto! And even now with crypto you still need banks, you can't bypass them in laundering process! And of course that some criminals are using crypto, we are using crypto too, it makes many things easier!
There will be a stricter supervision, with that part I agree! Because of some random fools all of us will be monitored, and maybe it's not cool, but it's for our own safety! Do you really believe in that?
Gangs are everywhere around, we can find them in ghettos, we can find them in the white houses....well now crypto gang is coming on the stage and this gang can change everything!

Be it cryptocurrency or even fiat currency any kind of currency can be able to use in any kind of illegal purposes. Money laundering isn't new already and it were already a huge problem even before crypto were made. We already know that "money is the root of all evil" that's why it is not impossible to money launderers, criminals or drug users to use crypto in illegal purposes. The proper used of money cannot be imposed to everyone since we have our own personal agenda with the money we have.

uneng

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Quote from: Smartvirus on November 19, 2020, 05:37:24 PM

Quote from: uneng on November 19, 2020, 04:47:40 PM

ruling with iron fists of course.

Ruling with iron fist you say, now the question comes;
Is it a good thing restricting people's freedom? Freedom is supposed to be limited when it affects the next person if not, what the people wants it's what they must get. I get it that they want a healthy labour force but, not allowing true freedom kills motivation to work.

I think it's not a good thing, but I can't deny the fact that they are the top 2 world economy and probably due to their discipline and censorship over the population regards matters such as gambling.
Like it or not seems it worked there from an economical perspective. But of course the individual freedom is being violated not only there, but at any communist country.

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Quote from: fiulpro on November 15, 2020, 08:10:11 AM

Now they are making this bigger by saying how these cryptocurrencies and gambling are making it harder to track the transactions.

They said it so probably because the authority have no capability to track this transactions. Besides, these gambling gang can always use a mixer to cover the traces of their cryptocurrency transactions.

Quote from: fiulpro on November 15, 2020, 08:10:11 AM

BUT ! Isn't it easier to track these transactions as compared to fiat ??

A normal cryptocurrency transaction is easier to track as long as the cryptocurrency is not an anon coins such as monero and the likes. And if a mixer is used between transfers, it is really impossible to trace the transaction.

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Quote from: uneng on November 19, 2020, 04:47:40 PM

ruling with iron fists of course.

Ruling with iron fist you say, now the question comes;
Is it a good thing restricting people's freedom? Freedom is supposed to be limited when it affects the next person if not, what the people wants it's what they must get. I get it that they want a healthy labour force but, not allowing true freedom kills motivation to work.

Using cryptocurrency through gambling to transfer huge funds is just one of the benefits of the blockchain system and cryptocurrency but then, even without the advent of this means, fiat has been transferred and continues to be transferred up till date without been accounted for. Let's not make cryptos seem to be warring the black hat always.

uneng

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Quote from: plvbob0070 on November 19, 2020, 09:15:22 AM

Quote from: LogitechMouse on November 18, 2020, 08:21:14 PM

I'm thinking that the government are just banning gambling for the sake of their countrymen.
The negative side of gambling that it can give to the people is far more worst than the positive side of it can give but although there are some countries who are banning it, I agree that the gamblers tend to find another ways to gamble and online gambling is one of them.
Chinese people are fond of gambling and with online casinos emerging one by one online, for sure more Chinese people will gamble.

With regards to crypto being used in bad activities, it is already expected and even fiat had been used too in illegal activities so is this isn't uncommon already.

Does banning gambling in their country really help their people like getting addicted to gambling? I doubt that since it's up to us how are we going to control ourselves. There's a lot of Chinese gamblers here in my country so I don't think it's really helping them because the more they prohibit them from doing what they want, the more they will keep going further to do it which pushes them to do it illegally. Instead of banning, why not just regulate gambling and it will be a win-win situation for the gamblers and the government.

Gambling is directly related to addiction and communists tend to forbid any kind of addiction in their countries, justifying the wellfare and good operation of the country. I think I could say the same about opium houses, where people got drugged and lazy, which were very popular in China before communists got the power.
Once communists reached the power they closed these houses, because the country needs healthy labor force to be a strong nation, so no addictions can be allowed there.
It might have worked for them, because they are the top 2 world country nowadays, ruling with iron fists of course.

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Quote from: iv4n on November 19, 2020, 03:56:04 PM

Quote from: BlackFor3st on November 19, 2020, 03:42:28 PM

We live in a time when many people are looking for all kinds of ways to launder money. If they use a betting platform for that, it could make sense.
Then they have to convert it from crypto to fiat, otherwise it has little value. And I don't think gambling companies can afford just anything to accept all kinds of money in crypto and then pay it out to a bank account, for example. There will be stricter supervision of this via a bank account transfer.

Why people think that laundering money is something new?! It's done before crypto, a long time before crypto! And even now with crypto you still need banks, you can't bypass them in laundering process! And of course that some criminals are using crypto, we are using crypto too, it makes many things easier!

Exactly, not only in cryptocurrency will prone to these bad people or gangsters. Even though using fiat they have also existed. They just taking advantage of the feature of what Bitcoin had, they can transfer their fund anywhere thinking that the transaction is not traceable. But they wrong regarding that matter.

From time to time when we want to withdraw our fund that comes from bitcoin it will always go through a centralized exchange. And most local exchanges where you can exchange bitcoin for cash are now required KYC. But I am curious about the gambling site they used, why they don't have KYC of the big withdrawal they had.

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Quote from: BlackFor3st on November 19, 2020, 03:42:28 PM

We live in a time when many people are looking for all kinds of ways to launder money. If they use a betting platform for that, it could make sense.
Then they have to convert it from crypto to fiat, otherwise it has little value. And I don't think gambling companies can afford just anything to accept all kinds of money in crypto and then pay it out to a bank account, for example. There will be stricter supervision of this via a bank account transfer.

Why people think that laundering money is something new?! It's done before crypto, a long time before crypto! And even now with crypto you still need banks, you can't bypass them in laundering process! And of course that some criminals are using crypto, we are using crypto too, it makes many things easier!
There will be a stricter supervision, with that part I agree! Because of some random fools all of us will be monitored, and maybe it's not cool, but it's for our own safety! Do you really believe in that?
Gangs are everywhere around, we can find them in ghettos, we can find them in the white houses....well now crypto gang is coming on the stage and this gang can change everything!

BlackFor3st

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We live in a time when many people are looking for all kinds of ways to launder money. If they use a betting platform for that, it could make sense.
Then they have to convert it from crypto to fiat, otherwise it has little value. And I don't think gambling companies can afford just anything to accept all kinds of money in crypto and then pay it out to a bank account, for example. There will be stricter supervision of this via a bank account transfer.

kamadazje

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I am pretty that those gang are very clever in every transaction that they do so I guess this is the reason why the governement of China are saying that they have difficulties in tracing those crypto currencies. Though I cannot say who among of them are easier to trace between fiat and cryptocurrencies.

This is only one of disadvantages of crypto currencies because the same with fiat we are free to use it legally or illegally so I guess it is only normal knowing that any currency can be use illegally if the user wants to. They should not blame it to crypto currencies instead they should do their job in capturing those gambling gang who are using crypto for illegal purposes so the image of crypto currencies will not be tarnish.

Topic: Gambling Gang uses crypto for illegal purposes - page 3. (Read 1368 times)