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Topic: Why do people need to use Bitcoin for Money laundering? - page 17. (Read 2095 times)

hero member
Activity: 1792
Merit: 728
I think money laundering is easier to use the bank than bitcoin, because you can track it with blockchain. In the other hand, if you trace it with a bank, it might break the policy
newbie
Activity: 28
Merit: 0
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.  Roll Eyes  https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?



You see, in transactions, bitcoin users do not necessarily include
full member
Activity: 364
Merit: 101
Because bitcoin is the best tool for money laundering. It is untraceable, so you need not cover up your asses. Thats why the government are against bitcoin because its prone to that. And i dont blame the government, they are just making sure that bitcoin is not used for crimes.
member
Activity: 266
Merit: 12
All currencies can be used and are being used for money laundering since many years. No need to blame Bitcoin or cryptocurrencies.

"The estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars."

Source: https://www.unodc.org/unodc/en/money-laundering/globalization.html
full member
Activity: 336
Merit: 100
IMO, People will always be people if they have intentions to illegal stuffs or blinded by material and earthly things they will surely grab those trending and what they think they can have opportunities to gather their negative intentions and trying not to be caught by gov't officials.
newbie
Activity: 210
Merit: 0
Because Bitcoin is anonymously, its holder is not visible, so when there is a cash flow they will convert to Bitcoin to hold, if deposited in the bank they will be vulnerable to discovery. Bitcoin is safe and anonymous, so they will put all of their money into Bitcoin.
newbie
Activity: 118
Merit: 0
Bitcoin is clearly not the main problem, but it helps criminals to laundering money easier.Bitcoin is in fact use for people and criminals to hide money from governments for many reasons. If they had to use US$ the laundering is more difficult. Using Bitcoin the laundering is much easier because it can be value transfer between individuals, across international borders, and so forth. Using dollars is easier to track and catch criminals.


I agree with you that bitcoin  is not the main problem because even the paper money that bank  or government controlled can use in money laundering. The problem is us (not all) , some are too greedy to  get rich in instant in easy way and effortless then we become victim or suspect in money laundering .
jr. member
Activity: 266
Merit: 1
Actually this is normal, they use bitcoin for money laundering because they do not have permanent work or source of income for their daily life. They think easy money will give them easy and happy life.
full member
Activity: 294
Merit: 107
People do not need Bitcoin for money laundering because it isn't as anonymous as many people think. UXTOs are really easy to track if you know how to do it properly. There are many other cryptocurrencies that could be used for money laundering. For instance, Monero - it is completely anonymous, even a complete newbie would not have any problems with staying anonymous. In Bitcoin is extremely difficult because you have to take certain steps. Also, people can launder money even without cryptocurrencies so there is no point in attacking them.
newbie
Activity: 132
Merit: 0
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.  Roll Eyes  https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?

They use bitcoin for money laundering because bitcoin is a easy way to earn money that may provide there needs. And it is accessable trough internet us long us you have a internet connection. Thats why they use in money laundering.
newbie
Activity: 114
Merit: 0
Every bitcoin transaction can be done and completed without any personal information. Transactional information is displayed but your identity is completely confidential. Because of the anonymity of bitcoin and unmanaged, criminals can use this currency as a trading method. Hackers may be trying to attack multiple bitcoins to steal large amounts of money and money laundering can happen easily.
member
Activity: 616
Merit: 11
That is the reason why we need bitcoin to grow bi this year, when it becomes too big to fail then no-one can stop it. Not even regulation, because it is a global currency so other countries will simply carry it forward. Hope to see it pass the ATH this year
full member
Activity: 266
Merit: 151
First crypto index traded as a token!
There will always be double standards when bitcoin is involved, because authorities are against cryptocurrencies. Bitcoin was created for p2p transactions, so the middlemen could be avoided and transactions are decentralized. Meaning: the government has no control over these transactions. And will not be able to tax. As banks and governments are on the same side, governments will always protect the banks. And together they will try to centralize bitcoin. So, criminal activities with bitcoin will be sentenced much harder.
full member
Activity: 420
Merit: 100
Welcome to the real world where anything the government doesn't likes is illegal and anything they like is legal, even if its wrong. Also people don't need to use bitcoin for money laundering its just that it is easier to launder money using it as it keeps the transactions anonymous if you got the entry and exit points right.
newbie
Activity: 94
Merit: 0
I think that now there are many criminal gangs using bitcoin to money laundering because bitcoin is blockchain technology the Government can't manage it, but on the other very useful little bitcoin for the life of us because it brings stability and financial resources bitcoin investment for a long-term and stable investment.
newbie
Activity: 224
Merit: 0
i don't think many peoples use bitcoin for money laundry, but there are only a few maybe.
the reason is they want to save their money to bitcoin so their asset list not appeared too much.
member
Activity: 112
Merit: 12
I think that money laundering is the best thing that bitcoins can do! I'm certainly not talking about drugs money.
hero member
Activity: 1134
Merit: 517
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.  Roll Eyes  https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?


At least for HSBC, there were a proof and they were caught for this illegal transactions, because everything happened within the system. But for bitcoin it won't leave any proof, just a ledger entry in blockchain. It is pseudo anonymous in nature, hence governments are actually worried that bitcoin is the much better and cheaper option for money laundering. So it's not about double standard game played by the governments. Bitcoin has now become a favorite currency for illegal transactions like money laundering and terrorism financing. We as a common people, certainly don't want such nuisance to happen in bitcoin network because it's hard to catch. 
Of course that is a case of double standard because a crime is a crime and anyone found guilty ought not to be treated with levity. It's remarkable that financial crimes like money laundering did not just start with the emergence of Bitcoin some nine years ago, but have always been there. The only reason the HSBC incident ended up with just the payment of a fine of $1.9bn and neither the bank closed or those directly involved serving some jail term is, because it's still those in authority that own shares in these banks, so it must never go down.
legendary
Activity: 1666
Merit: 1001
Some people misunderstood about Bitcoin,many people still think that Bitcoin transaction in untraceable, so most of them do money laundering using Bitcoin, and I think it's not fair to accused Bitcoin as a media to do money laundering, before Bitcoin was created, people always used fiat to do money laundering but nobody complained, I think there are some people that don't like Bitcoin to grow
member
Activity: 336
Merit: 10
Before the blockchain not been created. The bitcoin uses in anything bad. Like they use bitcoin to pay drugs and they use money laundry to make sure there money is safe and no one can trace the amount of the money. But the blockchain created the bitcoin now is transparent if any one will do money laundry it can be traceable.
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