Topic: Money laundering: Bitcoin is used 800 times less than fiduciary currencies (Read 411 times)
August 02, 2019, 12:44:14 PM
When more people will know about btc the situation will be changed
August 02, 2019, 12:38:09 PM
Money laundering is one thing from several others which is the main weapon for them to reduce public trust in crypto, but the data above shows the opposite and maybe they are doing something that is exhausting and certainly in vain
August 02, 2019, 11:01:38 AM
They can't use money laundering as an argument towards bitcoin since it's really obvious that even in fiat, there's money laundering. More people are using fiat than crypto so more people would probably do illegal things with it. Their argument are just becoming weak when they point all the negativity in bitcoin where in facts, they also have it.
August 01, 2019, 01:06:12 PM
How do we know/track fiduciary currencies to the scale we can Bitcoin? Granted we haven't been able to do so until recently with the proper technology as blockchain forensics companies like Ciphertrace or Elliptic provide
July 30, 2019, 04:59:30 PM
It's very obvious! Bitcoin came into existance just 10 years back and money laundering is happening since ages. So if some leader is resisting bitcoin citing this laundering reason, there has to be some hidden agenda kept out of our eyes!
I would not be surprised if Banking lobby is feeding the politician's pockets and international media houses to spread such misinformation about money laundering with bitcoin!
However, we can't deny the fact that it is easier to launder money using cryptos compared to fiat. So pros and cons, both are associated with cryptos!
I would not be surprised if Banking lobby is feeding the politician's pockets and international media houses to spread such misinformation about money laundering with bitcoin!
However, we can't deny the fact that it is easier to launder money using cryptos compared to fiat. So pros and cons, both are associated with cryptos!
Aside from that, there are more users of fiat currency, that alone explains why Bitcoin is used less than fiduciary currencies. If ever Bitcoin surpassed fiat in terms of users then I bet Bitcoin will be used in this illegal stuff more than fiat. So basically looking at the statistics of users, the result of money laundering cases will not be surprising.
July 30, 2019, 03:27:50 PM
yes its a shame ho many people using bitcoin.
In my nearly friend zone only 1 has a bitcoin walled but he is not using it much.
regards
In my nearly friend zone only 1 has a bitcoin walled but he is not using it much.
regards
July 30, 2019, 03:25:27 PM
Realistically Bitcoin is also much smaller than most, if not all government-backed currencies, therefore it's not really a fair comparison.
I think a better comparison is looking at the fraction of total money supply turnover that can be attributed to illicit activities, not sure if Bitcoin would fare any better in this case.
With that said, Monero (XMR) and other privacy coins must be far worse.
I think a better comparison is looking at the fraction of total money supply turnover that can be attributed to illicit activities, not sure if Bitcoin would fare any better in this case.
With that said, Monero (XMR) and other privacy coins must be far worse.
July 30, 2019, 03:16:02 PM
I have come to realized that many of those that are most like to launder money such as government of official and politician will most probably not consider using crypto because they believe it is very risk. I ones engage one rich man in a talk about investing in crypto. He didn't know bitcoin but immediately I start explaining to him that its online base asset, he lost interest and think its a scam. Most of them still believe the best way to launder money is to carry fiat and bribe their way to where they want to go and hide the money
July 29, 2019, 06:14:17 AM
Something is quite interesting to others thus they give false and negative feedback but the reality behind, they support it and look for a way to use this technology. In the future bitcoin will be generally accepted as a common medium of exchange.
July 29, 2019, 06:10:21 AM
But 1.4 million is also very easy to track with the public ledger that is free for everyone to see. What is really the best option here is, 1.4 million via a privacy coin (XMR, etc). Gold and stocks are possible, but very difficult to pull off correctly and you'd just be shooting yourself in the foot.
It is fair to say that the darknet is ruled by cash and the abundance of privacy coins available.
It is fair to say that the darknet is ruled by cash and the abundance of privacy coins available.
i don't think even the privacy coins such as Monero are being used in the dark market that much. if they were used in the darknet with some small popularity then their prices should have been a lot higher than it currently is.
i think only the first part of your last sentence is correct, the darknet is still ruled by cash.
July 29, 2019, 05:46:05 AM
As you say, money laundering and all kinds of illegal things all depend on the users. Whatever I think it can be used as a tool for money laundering. Bitcoin, FIAT, Gold, Stock, everything can.
Anything can be used for laundering, even third-party investments. But do not take btc as the first in this field
July 28, 2019, 09:46:01 PM
Of course very poor argument that bitcoin is the key of money laundering. They want to make bitcoin like a reason of terrorism, money laundering and all kind of illegal things, they act like bitcoins is the reason of everything bad and banks are gifts given from heaven while in reality there are some very known facts how Deutche bank and others laundered billions but they close their eyes on it. And there are even more money laundering facts via banks that we don't know.
As you say, money laundering and all kinds of illegal things all depend on the users. Whatever I think it can be used as a tool for money laundering. Bitcoin, FIAT, Gold, Stock, everything can.
Yeah but it is easy to move it and keep it without a name attached to it.
1000 oz of gold is difficult to get from country a to country b
1.4 million in btc can get moved way easier.
It is fair to say that the darknet is ruled by cash and the abundance of privacy coins available.
Another point is when they need to sell (with the KYC that comes with) yep, and I don't think these guys are living with bitcoins, nor a card, and nor they're interested in. They want banknotes...
See yourself, in Europe, why are they removing the 500€ bill? Because it was used only by criminals. Here, in the capital, you could even resell it 520€ to a Chinese shop. Dude, I would never have owned a 500€ bill in my life
Banks are mixers for fiats!
Wow, this is a great post. I heard some stories about the 500 EURO banknote, but I never knew it was that in demand. I do think that in all countries, the biggest banknote is always rare to obtain. See yourself, in Europe, why are they removing the 500€ bill? Because it was used only by criminals. Here, in the capital, you could even resell it 520€ to a Chinese shop. Dude, I would never have owned a 500€ bill in my life
Banks are mixers for fiats!
July 28, 2019, 07:10:25 PM
@bitbunnny
Yes, but the trend has long since changed, especially with the development of privacy-centric cryptocurrencies (Horizen, Monero, etc). In the earlier years, we didn't have any also, that's why.
Another point is when they need to sell (with the KYC that comes with) yep, and I don't think these guys are living with bitcoins, nor a card, and nor they're interested in. They want banknotes...
See yourself, in Europe, why are they removing the 500€ bill? Because it was used only by criminals. Here, in the capital, you could even resell it 520€ to a Chinese shop. Dude, I would never have owned a 500€ bill in my life
Banks are mixers for fiats!
Quote
I think that at the begininig when Bitcoin was able to ensure bigger anonimity and transactions were harder to trace, it was also more often used for money laundering.
But not all criminals are skilled in cryptocurrencies and sometimes larger amount of Bitcoin is not so easy to cash out or to put into legal money flow.
Nevertheless, some people still have the impression of Bitcoin like something illegal and involved in money laundering.
But not all criminals are skilled in cryptocurrencies and sometimes larger amount of Bitcoin is not so easy to cash out or to put into legal money flow.
Nevertheless, some people still have the impression of Bitcoin like something illegal and involved in money laundering.
Yes, but the trend has long since changed, especially with the development of privacy-centric cryptocurrencies (Horizen, Monero, etc). In the earlier years, we didn't have any also, that's why.
Another point is when they need to sell (with the KYC that comes with) yep, and I don't think these guys are living with bitcoins, nor a card, and nor they're interested in. They want banknotes...
See yourself, in Europe, why are they removing the 500€ bill? Because it was used only by criminals. Here, in the capital, you could even resell it 520€ to a Chinese shop. Dude, I would never have owned a 500€ bill in my life
Banks are mixers for fiats!
July 28, 2019, 12:10:56 AM
Of course very poor argument that bitcoin is the key of money laundering. They want to make bitcoin like a reason of terrorism, money laundering and all kind of illegal things, they act like bitcoins is the reason of everything bad and banks are gifts given from heaven while in reality there are some very known facts how Deutche bank and others laundered billions but they close their eyes on it. And there are even more money laundering facts via banks that we don't know.
As you say, money laundering and all kinds of illegal things all depend on the users. Whatever I think it can be used as a tool for money laundering. Bitcoin, FIAT, Gold, Stock, everything can.
Yeah but it is easy to move it and keep it without a name attached to it.
1000 oz of gold is difficult to get from country a to country b
1.4 million in btc can get moved way easier.
July 27, 2019, 03:00:13 PM
"Dinosaur argument" indeed.
The kind of argument you make when you are desperate? Argument filled with lies and exaggerations.
I wonder who can easily "launder" Bitcoin without getting spotted unlike "laundering" fiat currencies.
The kind of argument you make when you are desperate? Argument filled with lies and exaggerations.
I wonder who can easily "launder" Bitcoin without getting spotted unlike "laundering" fiat currencies.
July 26, 2019, 06:09:45 AM
I want to say something who blame bitcoin for money laundry.lets reveal which fiat money and bitcoin using most for illegallity.then forbidden which is using most 🤗
July 26, 2019, 05:22:22 AM
Haha, this is amazing. It's great to see such ridiculous stats shown of bitcoin and the use of in it illegal activities, there really is no way for people to dispute this and say that BTC is still used for illegal purposes now. BTC being used for the majority of the darknet is really stupid and is one of the biggest myths in crypto, I mean, who would want to do illegal transactions when there is literally a public ledger where every single transaction is shown and recorded on.
On the contrary, the design of cash is for its every step to be tracked-- where it goes, whose hands has it passed through, where is it deposited, where does it come from, etc. A transaction with cash must have traces. That is the legal way, at least. And because the crooks are using cash more than any other, there is what we call money laundering, for everything to appear clean. The problem with the designers and controllers of this cash is that they are now pointing at Bitcoin as the alternative or even preferred way of doing crimes because of anonymity. It is transparent as to the fact that all transaction records are public, but as to who and what particular transactions are involved, Bitcoin does not provide them.
This depends a lot, there are unmarked bills that do go for sale on the black market, and cash does not have every transaction recorded. The dark net is also really into privacy coins and coins like XMR are quite popular in performing illegal activities.
...that is cash doesn't leave any trace...!
On the contrary, the design of cash is for its every step to be tracked-- where it goes, whose hands has it passed through, where is it deposited, where does it come from, etc. A transaction with cash must have traces. That is the legal way, at least. And because the crooks are using cash more than any other, there is what we call money laundering, for everything to appear clean. The problem with the designers and controllers of this cash is that they are now pointing at Bitcoin as the alternative or even preferred way of doing crimes because of anonymity. It is transparent as to the fact that all transaction records are public, but as to who and what particular transactions are involved, Bitcoin does not provide them.
July 26, 2019, 04:41:44 AM
I think that at the begininig when Bitcoin was able to ensure bigger anonimity and transactions were harder to trace, it was also more often used for money laundering.
But not all criminals are skilled in cryptocurrencies and sometimes larger amount of Bitcoin is not so easy to cash out or to put into legal money flow.
Nevertheless, some people still have the impression of Bitcoin like something illegal and involved in money laundering.
But not all criminals are skilled in cryptocurrencies and sometimes larger amount of Bitcoin is not so easy to cash out or to put into legal money flow.
Nevertheless, some people still have the impression of Bitcoin like something illegal and involved in money laundering.
July 26, 2019, 04:30:57 AM
...that is cash doesn't leave any trace...!
On the contrary, the design of cash is for its every step to be tracked-- where it goes, whose hands has it passed through, where is it deposited, where does it come from, etc. A transaction with cash must have traces. That is the legal way, at least.
the term "cash" refers to the physical form of money as in the piece of paper with a number on it that you can use as the medium of exchange. there is no trace when you use paper/physical cash to do a transaction.
what you are referring to is the digital form of money when you use banks, credit cards, online banking,... that leaves a trace.
July 26, 2019, 04:25:32 AM
Impressive, even I was of the notion that BTC is used more for money laundering than fiat currencies. This serves to prove that those clamouring for the regulation of the cryptospace due to its use for funding illegal transactions have made a baseless arguement and those individuals have an ulterior motive.
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