Topic: money laundering - page 2. (Read 3559 times)

Yes, bitcoin is an easy medium on money laundering, but that doesn't mean that you won't get tracked with your activities. Taint analysis helps track where the coins go after a certain transaction until it stops. The hard thing is, even if you kept track of coins and managed to locate the last address it landed, you'll still get a rough time on linking the address towards a certain person or user.

Bitcoin is pseudoAnonym and Monero is not very "anonymous" (in respect of  BTC). The problem will be always the FIAT money deposited in the exchange, unless you mine bitcoin or all the other cryptocurrency directly .

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OP, if you want to "launder" some dollars , then bitcoin is a good way... because you can still sell your dollars (cash) to someone that is available to buy $$ for bitcoin.

politics are hard to control or track.

And thats why the authorities would follow by asking, "where did that million dollars that went into X exchange then to XMR ended up at?"
You better have a convincing answer, but chances are you'll not.

Yeah so simple, except thats stupid since it will be nonviable after a while, just like its nonviable to mine Bitcoin as a single entitiy now.
"Hey, if you want to use Monero, the only way to do it anonymously is by mining them". Don't you see that is pointless. 

The point is probably that after that, you cannot follow the monero coins any more.  That's the point.  Of course you can see that a guy deposited half a million $ in an exchange to get bitcoins.  Then you can trace those bitcoins to an exchange that has monero on its list.  And from there on, you don't know anything any more of where that money went, contrary to the bitcoin block chain.

That's the advantage of cryptonote in my eyes. 

Suppose that someone wants to buy, say, a famous painting, and keep that hidden.  He can now take some money from his bank account, and put it on an exchange, and buy some bitcoin with it.  That's traceable.  Then he can put those bitcoin on another exchange, that's still traceable.  There he can exchange them for monero.  And then the track is lost.

The seller of the painting can now receive monero from the buyer.  Nobody will be able to link that to the other guy's address.  That's the whole point of cryptonote.  Of course, this guy now has a problem: how to get dollars out of his monero ?
He can convert them to bitcoin on an exchange, and exchange them to dollars.  Of course, questions can be asked of where did he get that money.  But nobody will be able to trace the monero transaction and link it to the painting.  Unless of course, the guy selling it, tells authorities.
But what can also happen, is that that guy buys something else with bitcoin or monero.  For instance, drugs.  As such, he doesn't need to get back to the dollar.  He could get his monero or bitcoin from trading a painting, and could get drugs in place, without this being traceable. 

how you can do it? it's not easy at all, tracking back to the original address it's possible, maybe even when those addresses are mixed, but associating it to a specific person/users is another different story


you can mine cryptonote at launch, they are affordable, with a gpu like 970/980, then convert that in bitcoin, simple

If that is true, laundering should be very easy.
Just send it to one of the mixers around and then tracing the origin of the funds will become very difficult.

But to access cryptonote coins (namely Monero) you still need Bitcoin, and the Bitcoin transaction where you bought Monero with would still show up, so whats the point. Unless the Monero coins you have were mined, their origin will most likely be trade for BTC in some exchange.

its not hard to track transactions and probably much easier than most think to associate an address with most users

Well, Bitcoin itself isn't really usable for money laundering, as any transaction is traceable, especially if an exchange hands over informations about a wallet which is linked to a verified customer.
But using bitcoin mixing services there is a good chance to get the coins back "cleaned".

And then you would need to use so-called offshore debit cards to get the Bitcoins into money, as I don't guess you want it to withdraw to your real bank account.

As already said, it's not that hard to track.

There're other coins that declare being untraceable, but as far as I know, any bitcoin-based coin is easy to track. It's considered that cryptonote coins' transactions, though, are really imppossible to track  

I wouldnt think too hard about posting on here, if people are buying multiple accounts in general lol.

Like I seen a dude run 20 accounts alone to hype up his ponzi, in the investors games thread and its retarded. Got away with lik minmum 13 btc. All based on his own promoted deposits.

Plus this forum also offers to promote VPNs.

DPR published his real personal info in his LinkedIn profile as well as made some posts here with his Gmail address, which allowed FBI agents to establish his identity and carry out a successful identification...

So think twice about what to post at bitcointalk.org, what to show and what to conceal

You have to take one poison or the other.

Bitcoin's decentralized and anonymous design makes it hard for powerful elites to take from everyone else and destabilize the economy by monetary manipulation, but that very same nature makes it fundamentally easier for criminals to hide.  There probably are ways to make bitcoin addresses untraceable to a person, if the person is careful.  I believe it required a mistake for the authorities to catch the owner of Silk Road.

While there are ways to catch criminals without following the money trail, there isn't a way to "catch" the elites, without using a money that is impossible to manipulate.

A seasoned money launderer talks. Care to tell us some gory details of the business?

bitcoin laundering takes as much work as any other currency

bitcoin is harder to trace but not impossible. Any one who launders money can do it in bitcoin fiat or any other form of currency. Bitcoin just makes international transfers easier.

Once you have gotten traced to one Bitcoin address, it's very clear to tell where that money has gone. Bitcoin merely slows down the processing of getting traced. If your identity, or "alias" rather, gets linked to one single address, it then becomes a matter of taking that alias and linking it to a real person. The address you used to launder money then is your identity. Law enforcement is VERY good at catching money laundering, even with Bitcoin.

most people who do launder money actually mix their coins, or actually re-gamble it to a gambling site to get fresh new coins.

but they do cover their steps if they were smart enough to launder the money in general.