Money laundering - page 2. | Bitcointalksearch.org

richardsNY

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Quote from: alani123 on January 13, 2018, 05:39:00 PM

While blockchain transactions may only be pseudonymous (not anonymous but not associated with personal ID either), such transactions are really convenient for grey market or illegal transaction that are involving parties with online activity.

True. But that directly goes up for gold as well, and other assets of physical nature. Gold can be bought from whatever source, and after that melted into whatever number of bars that at that point can't be linked to a certain source anymore. It's less convenient than something as crypto currencies, but it offers a far better form of overall anonymity. Cash money due to the code numbering can be linked to whatever source, which decreases your overall anonymity. So, ultimately we have to conclude that gold offers a better way of money laundering if we discard the convenience aspect. I think that those who are looking for anonymity will definitely discard convenience for more anonymity whenever they can.

alani123

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It's a topic some bitcoin supporters rather not discuss but I think that there is no denying in the fact that money laundering can be attributed to bitcoin and other cryptocurrencies. While someone might argue that other cryptos that not in the center of the spotlight in the same way that BTC is as well as being more anonymous would be better for such purposes, but BTC still acts as a gateway in and out of crypto, being the most accepted cryptocurrency for FIAT pairs.

While blockchain transactions may only be pseudonymous (not anonymous but not associated with personal ID either), such transactions are really convenient for grey market or illegal transaction that are involving parties with online activity.

pitiflin

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There have been cases in the past where money laundering has been made possible. It is possible with crypto nature, there are as many instances that exist but only a few of those are known to the world, while others are still hiding under covers. Crypto being decentralized, also helps out money launderers to get their work done more easily. So while you exchange your money with some one, be careful and do your own diligence and then go ahead. You may end up getting into trouble.

kc999991

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It is possible but you probably get caught out in the end anyway. They always have a way the find out what you have been up to.

fogsan

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Quote from: Jessietahoang on January 07, 2018, 09:56:25 AM

Are blockchain-based transactions easy for money laundering?

I think that transactions of bit coins are impossible because they are disclosed. Even if anonymity is a characteristic currency, it will be discovered when changing to a legal currency.

endlasuresh

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Don't try illegal activities, if you do then all ICO, cryptos will go illegal, anyone can do easily money laundering but it is illegal in most countries.

Those who are good and know the laws will never do such activities.

Shreek

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Quote from: Rath_ on January 07, 2018, 05:11:48 PM

Not every cryptocurrency is good for money laundering. For example, Bitcoin isn't anonymous at all, it is fairly easy to track transactions. Some governments probably developed tools which help them with tracking every single payment. Some people use Bitcoin mixers to hide their real identity but I would recommend to use Zcash or Monero instead. Their transactions can't be tracked. Cash transactions are also not traceable so what's the problem with cryptocurrencies?

yes, I agree with you, but in my opinion to this day no one has been able to create a tool to help track every payment and block chain transaction. so it will be difficult.
and ZCash or monero are altcoins that have good plans in the future.

Images21

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Quote from: Jessietahoang on January 07, 2018, 09:56:25 AM

Are blockchain-based transactions easy for money laundering?

That is one perception about cryptocurrency. That is one reason perhaps why the governments, well, some of them, are taking steps to make Bitcoin and other cryptocurrencies illegal in their territories. Money can easily enter territories without getting tracked by the government and its appropriate agencies because cryptocurrencies do not have to pass through banks. That is perhaps another reason why the policies about identity verification seem to be brought to another level higher.

belalangsembah

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Quote from: Jessietahoang on January 07, 2018, 09:56:25 AM

Are blockchain-based transactions easy for money laundering?

to commit criminal activities can be done, not just crypto based, for people who have criminal nature it could happen for money laundering, but you will deal with law enforcement if you do that

p i e c e

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Quote from: Jessietahoang on January 07, 2018, 09:56:25 AM

Are blockchain-based transactions easy for money laundering?

Using cryptocurrencies is an easy way for a lot of crimes. Some experts think that authoritarian countries are supporting cryptocurrencies because of availability to operate with them economy that in a shadow.

dmamigo

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Quote from: bristlefront on January 08, 2018, 08:34:53 AM

Yes. They took advantage on its anonymity in order to clean the dirty money they have stole without the notice of investors. Most of them are syndicates the are producing pyramid scheming investments.

Even without Bitcoin it was possible that the dirty black money been getting cleaned. Until the rise of BTC other modes were used to help clean black money. But yes BTC just gave an extra option to those people who used to do such acts. I believe that is the reason few countries banned and is planning to close down the exchange for a while I guess.

pereira4

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Quote from: onnz423 on January 07, 2018, 11:41:05 AM

Quote from: pereira4 on January 07, 2018, 10:06:31 AM

Quote from: Cryptoshops on January 07, 2018, 09:58:55 AM

Lol, dont even get into that, you will get caught out in the end. I am self employed and I declare every penny I make Its just not worth trying to launder money

I recommend not laundering money as well, always be legal guys. But you must consider this too:

When governments make bitcoin illegal (and they will sooner or later) they will ask people to deposit their bitcoins on the government's hands, just like they asked for people to put gold into the government's hands in 1933.

The difference is gold does not have a blockchain, but bitcoin has, so if you declared your bitcoin, you are already on the list of "person that owns bitcoin" so you will be the first to get a letter by the government asking you to give them all of your btc. Consider that.

Nearly all the highly economically developed countries have embraced crypto-currencies, and are currently rewriting legislation to make it taxable as either a security or a currency. What makes you think that it's going to be banned? Bitcoin is just as difficult to trace as cash, and yet cash remains.

Not for long. Cash remains temporarily while governments work on their cash-removal agenda. Have you really not realize yet that physical cash is going to be removed in the next decade or two?

And once they remove cash, do you really think that they are going to let people continue having financial freedom with bitcoin? they aren't going to remove cash to see how everyone starts using bitcoin, they will try to ban it. The good news is, no amount of banning will stop it, it will continue rising because there will always be a demand for financial freedom.

The problem is, if you want to buy real state with bitcoin... you will not be able to do it, at least easily, you would need to find a country where it's not banned and move there.

vibingpositively

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Good luck I mean I suppose you can try but in the end you are going to be living in fear your whole life and wondering whether the tax man will come and collect. If you make a bundle pay a little tax and be on your way.

BitNinja2017

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Its possible to launder money but most exchanges have Anti Money Laundering and Know your Client policies to ensure that money isnt being diverted around.

kasansa

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Money laundering is an ancient trade those who have surplus money of their own will involve in this business to convert their bad money into legal. And to double their asset.Secondly who want to become fast to get a prominent place in the society will do the money laundering.

jbarcenas18

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Money laundering remains serious concern in our country. I'm against with this, I wanted to earn money in a legal way with effort and hardwork.

sino22

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Quote from: fer3219 on January 08, 2018, 08:35:44 AM

could be possible cause there are so many ways cryptocurrency can be used for illegal actions as mentioned above is only the top of the iceberg

cryptocurrency does have many ways, many people who use it in any way they think. so we should not be surprised too if bitcoin users that many and have many ways. so in a lot of ways then people are looking for profit from bitcoin.

Empiretoken

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Suppose a corrupt politician official goes to an investment bank. Said official has a ton of money, and since they have a ton of money then then bank is likely to want to bend the rules to get that money in the system. It turns out that because banks are too big to fail, that it’s unlikely that someone will go to jail for helping the official, and the worst thing that will happen is that the bank will get fined.

fer3219

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could be possible cause there are so many ways cryptocurrency can be used for illegal actions as mentioned above is only the top of the iceberg

bristlefront

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Yes. They took advantage on its anonymity in order to clean the dirty money they have stole without the notice of investors. Most of them are syndicates the are producing pyramid scheming investments.

Topic: Money laundering - page 2. (Read 516 times)