Topic: Money laundering - page 4. (Read 591 times)

i think it is not, bitcoin transaction can tracked. if it enter market, they can give law enforcer the data of user's account if needed. so i think it is hard to laundry money

Thats a risky move,and it can affect the government's mindset about cryptocurrencies if you got caught with millions of dollars using BTC they might ban all the crypto in the whole country.

No? It has nothing at all to do with the blockchain. Heck, it may even be detrimental to money laundering considering the fact that all your transactions are recorded on a public ledger.

The only reason why governments are concerned with money laundering using Bitcoins is its ease of use. Get an address, and you can send and receive money, and no one can do anything about it. It can be traced, yes, but there are ways to make that harder, and it may still be more convenient than laundering traditional money.

It's not the technology that aides money laundering it's the thief's process for sequencing transactions. If you want to launder money you can do it in all sorts of ways, you don't need the blockchain.

Cryptocurrency exchanges are doing a great job combating instances of money laundering through the account verification and know your customer processes. I think this is a good thing!

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.

In short No. You should take a look at my free course Bitcoin and Government.

Here is a little excerpt from it

Indeed, the problem is bitcoin is such a grey area, that im scared that the government wouldn't like the evidence one presents when you cash out and they decide to steal all of your funds.

For example I've explained before how I did some trades on Mintpal, and Mintpal now does not exist. This mean that I have money on my wallet coming from an address that cannot be proved to belong to a licit source because the exchange does not existing anymore so I cannot log in on there and prove that I received it from my trading account and I also lost my trading history on Mintpal (and others like Cryptsy) because they disappeared out of nowhere and when I woke up I wasn't able to get an updated trading history downloaded.

Now these Bitcoins im worried to sell because what if they don't like the explanations I gave?

Im also worried about one time that I sent 1 BTC to some mixer to test things out and learn how a mixer works. So when I recieved the money back into my wallet... now I can no longer prove that I obtained them here in a signature campaign (for example).

So they only money I could prove that I obtained in a licit way are from signature campaigns, from trading in exchanges that are still not dead and I control the accounts like Poloniex, and from buying and selling as usual. But other than that, a lot of my BTC I think would lead to problems if I tried to cash them out... this makes me sad because it's a good chunk of my savings. What would you do?? I never did anything illegal to obtain my BTC and I would be pissed that the government confiscates them from me when I sell these and they don't like my explanations.

There are many stories on the web. BTC shares an anonymous transfer can be used for this. It is sad. There will always be people to use good things in a bad way.

Wow. That is one hell of a question to be posted here.
I dont think there will be one who will suggest you one website.
Well, actually we dont know, maybe there are some of them out there who are doing it already.
It is one of the things that the government are trying to avoid.

I wouldent even consider trying to obtain dirty money in the first place on an illegal income Its just not worth it.

Money laundering on blockchain Base transaction.
I read a news before that IBM said banks will be migrate to blockchain in fact 15% of the banks worldside use blockchain and the rest will follow.
If blockchain is not secure banks will waste time and money to migrate to blockchain. so money laundering be hard to do in the blockchain.

Money laundering is about turning dirty money into clean money so that you can openly spend it. How would you declare money on illegal income?

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.

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

Are blockchain-based transactions easy for money laundering?