Government's corruption using Coins - page 2.

bocyaj

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Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

Not only the government official,many of the millionaire inverse their money in bitcoin.Millionaire had became billionaire by investing their money in bitcoin.Bitcoin is the safest one to inverse your money.I don't know the corrupted money are invested in crypto currency.But it is possible to do that.

Maryverycool

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Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

I think now many corruption of government officials have already done so, they use bitcoin to money laundering, this will increase the difficulty, corrupt officials, so someone is for this reason the bitcoin trading is prohibited

TheGodFather

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Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

That’s one way of looking at t and by our knowledge in bbitcoin there is a possibility that this is actually happening right now and especially on the data that we have on how bitcoin is banned due to the nature of how it is viewed by our officials that this is bad and that this is something wherein they would have to really prove a point that they would still need to have data to support that even with the shady transactions that can be done in bitcoin that it can still be solved and traced

vergel24official

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Corruption might be happen through bitcoin because of its anonymity. Government officials can hide their corrupted money in bitcoin. It is easy for them to hide their identity.

avikz

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Quote from: ?? on ??

There's no point of using Bitcoin to hide corruption since Bitcoin is only pseudonymous and if the corruptor buy the bitcoin with centralized exchange or/and link their bank account, they're doomed. Even worse if the whole process was done with unsecure connection.
They should use full-anonymous coins such as Monero with secure connection and use decentralized exhange to hide their asset well Roll Eyes

Also, the government can use 3rd party tracker such chainalysis to track down the coins and notify to all legal bitcoin services/exchange to notify government once the tainted coins is deposited to their services/exchange.

Correct! I was about to say the same thing. Converting money in to bitcoin through a centralized exchange will not help them to hide the dirty money trail and it will be easier for the government to catch them quickly. But anonymous currency like xmr or deeponion will be an ideal choice. Also while coverting they should make a cash deal instead of using any bank account. This way the trail can be hidden, otherwise, everything will become public.

juiceannabel

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Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

lol, don't give them ideas dude. it can be worst if they hide their money in bitcoin.
it will make bitcoin not allowed more in many countries.
i think government should be restricted to spend their funds to bitcoin, so their asset is transparent.

St4yInTh3D4rk

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"STAY IN THE DARK"

Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

Yeah it is possible but they will get caught when they are converting their fiat into crypto because large amount of crypto cannot be bought through direc money so he need to use the bank account if he uses the bank account then his money will be recorded.And we also need to regulate the exchanges so all the transactions will be recorded if any big transaction then it will get caught.

Road445

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The Experience Layer of the Decentralized Internet

Yes, this is what the bitcoin and other anonymous tokens, advantage, so in more corruption in some countries, so they will ban the bitcoin, because encryption currency market may lead to the outflow of assets, this is they don't allow,

darkywis

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BIG AIRDROP: t.me/otppaychat

If the government is smart they can still trace the money but they cannot withdraw it unless the witness will tell that he/she is guilty on corrupting.

Sar elok

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It may just be. If they invest the money of their corruption in bitcoin, then law enforcement can no longer be investigating their corruption case. Because their jurisdiction beyond the bitcoin in searching for cases.

niisarearning

sr. member

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The hard truth is major money involved in crypto currency would be black money and corrupted money . But even these moneys has to manage properly .Most of the corrupted politician in my country are least educated . There is high chance of getting cheated if they don’t have proper knowledge about bitcoin or crypto currency.

BrewMaster

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There is trouble abrewing

and why would they want to do that?
you see it is a matter of comparison between the different options. on one hand we have bitcoin which is a decentralized currency that is still small, with limited supply and they can not control. they may affect it but never control it.
on the other hand we have the centralized fiat system which they fully control, has unlimited supply and they can print it anytime they wanted.

which one of these do you think they will choose for the reasons you have in mind?!!

galkina

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Quote from: Nikkolodeon on February 19, 2018, 11:29:23 PM

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

A lot of politicians in my country are already doing that. They are sending tax notices to common people who are investing heavily in crypto. But they are themselves involves in such practices. They are able to get away with all this only because they are doing it through fake profiles registered on various exchanges. For instance, suppose a politician has got 3 servants working for him. He will start investing in accounts registered with details of those servants so that he need not pay any taxes on that investment or explain that source of income.

Klara_karlovna

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there's a great expression on the subject. Loudest screams - stop THIEF - the thief

nc50lc

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Self-proclaimed Genius

Quote from: tegarp90 on March 11, 2018, 03:55:00 AM

The Police is not dumb, they have a cyber police to track all the transaction the corruptors made.
And also, god will lead the way for arrest the criminals

The Police isn't dumb, some policemen were. I've seen a lot of those though.
There are specialized agencies that can investigate these kind of matters but not all Countries have access to them.

A Country that is vulnerable to Graft and Corruption are the great "investors" of the Cryptocurrency market.
Where do you think those $400b came from? I'm positive that about 20-40% of it came from corrupt officials.

God, please, no talks about religion Lips sealed

palle11

sr. member

Activity: 2310

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Stealing money and transferring to bitcoin has been the major fear of the government. Really, it will be a very safe means for corrupt politicians to make themselves "richer" by hiding stolen money in different wallets, all they need to do keep the different seeds save.

tegarp90

full member

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The Police is not dumb, they have a cyber police to track all the transaction the corruptors made.
And also, god will lead the way for arrest the criminals

Profstein888

newbie

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I think they can use blockchains and cryptos for their corruptions, because they can put the money on the wallets without anyone knowing that they are them. They can always use anonymous emails and different persons as for their identification. And they will have the very reason that they earn all that money through investing in cryptos as cryptos can give you a huge amount of earnings depending on your investments. Let's just hope that they will not do it for their evil doings.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Bitcoin is only Pseudo anonymous, which basically means that the owner of the coins can be identified if they use those bitcoins in the incorrect manner.

Their problems start when they want to cash out to fiat currencies or when they are buying expensive assets. These companies have to deal with payment processors and third party services that has to adhere to KYC/AML regulations.

In the end, these people have to explain their income and expenditure, when they get audited. How do you explain the $500 000 car and the $1 000 000 house on a average government income?

Palmholder

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Some of russian officials bought bitcoins and dont even hide it, besides state lets deputies dont declare their profit in cryptocurrency field for last year. No doubt all it corrupts already corrupted system, I even think that state itself invest to bitcoin because realizes it is part of our future.
I think authorities are able to trace and catch a cryptocurrency user if they really want it. It may be really complicated but money solves everything

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