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Topic: Money laundering: Bitcoin is used 800 times less than fiduciary currencies - page 2. (Read 471 times)

sr. member
Activity: 2380
Merit: 366
...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.
legendary
Activity: 3472
Merit: 10611
Something to say?! Regulations for fiats, where are you? Hidden in the basement?

is there not regulation for fiat money? that's what banking and money transmitter law was built around. Smiley

the continued attention to cryptocurrency as a money laundering tool is a tacit acknowledgment that crypto is gonna get much bigger and much more valuable. for years, governments have been writing off crypto as too small to matter. now that opinion is clearly changing. they see the writing on the wall.

banking regulations don't apply to cryptocurrency and that's what they want to change now. they want exchanges (and perhaps other services like payment processors and mixers) to be treated like financial institutions. yikes!

the point is that they keep pretending that bitcoin is this evil currency that is "out of thin air" and used for all kinds of illegal activity  while in reality fiat which they control, print, process,... is THE tool that every criminal is using for all their illegal activities. in comparison bitcoin usage is non existent and it is not just because of size of it, it is because of the transparency of it, that is cash doesn't leave any trace but bitcoin does and leaves it open for the whole world to see!
legendary
Activity: 1652
Merit: 1483
Something to say?! Regulations for fiats, where are you? Hidden in the basement?

is there not regulation for fiat money? that's what banking and money transmitter law was built around. Smiley

the continued attention to cryptocurrency as a money laundering tool is a tacit acknowledgment that crypto is gonna get much bigger and much more valuable. for years, governments have been writing off crypto as too small to matter. now that opinion is clearly changing. they see the writing on the wall.

banking regulations don't apply to cryptocurrency and that's what they want to change now. they want exchanges (and perhaps other services like payment processors and mixers) to be treated like financial institutions. yikes!
sr. member
Activity: 2044
Merit: 314
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If we made an audit with fiat money laundering for sure, everyone will be shock because of so many frauds happening in the banks. I know bitcoin is being used like this but bitcoin are still better compare to any currency. Maybe banking company are behind this article or research, they can’t stop bitcoin on this way.
sr. member
Activity: 2380
Merit: 366
They simply don't have any other sound argument against Bitcoin. Money laundering is the most believable argument they could raise. And even that is still not sound enough. It boomerangs to the fiat currency they are protecting so much. I really doubt that multi-billionaire illegal dealers of arms and drugs, and funders of terrorism use Bitcoin.
sr. member
Activity: 1666
Merit: 276
This is the truth, as anonymity serves as a feature enabling ease on money laundering there is an overview of bitcoin being much used on money laundering. This has been described through several articles, and USD is the one that's used much on laundering.

Though there is not much of regulations for bitcoin the userbase is low and to the same constitutes the money laundering. With this we can get a clarity of increased use of fiduciary Currencies on money laundering stands higher than bitcoin.
legendary
Activity: 3808
Merit: 1219
It is not very surprising to me. Bitcoin is not very suitable for money laundering. It can be used as a store of value, but for laundering the dirty money Bitcoin is not a prefered medium. When someone does money laundering, he purchases movable or immovable assets, such as bullion, real estate, automobiles, arms, equities.etc. Bitcoin is not suitable here because it is not very easy to purchase these assets by making direct payments in Bitcoin. You need to convert BTC to fiat first and then use it to purchase the assets.

Another issue with Bitcoin is its volatility. If you hold a lot of money in the form of Bitcoin, you may need time to convert that wealth to some asset such as real estate. It may be require to wait for a few months. And during this time period, Bitcoin can go up or down by as much as 50%.
legendary
Activity: 2030
Merit: 1573
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Something to say?! Regulations for fiats, where are you? Hidden in the basement?
'Money laundering' is the dinosaur argument to fight Bitcoin when nothing else works, often used by people with no idea what they're talking about. That was funny to listen to 5 years ago but mo more, perhaps they should spend all their energy and resources on something else... Banks for example... Cool

Before Bitcoin ALL crime was using fiat coins, such as USD. There was (is?) a disturbing statistic about the percentage of American banknotes with cocaine traces... After Bitcoin, only a minuscule amount of crime uses Bitcoin, actually matching world adoption. So no.

AND, Bitcoin leaves more traces, which help authorities even more once they match an identity to a wallet...

This is a repeated blatant lie from sensationalist media seeking attention, for profit of course...
hero member
Activity: 2492
Merit: 960
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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.
legendary
Activity: 3080
Merit: 1500
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!
hero member
Activity: 2184
Merit: 531
I knew that to be the case for a long time. You see drug lords being arrested with bags of money. You see people steal money at gunpoint every day but to the mainstream media it's important that some kid was buying weed with bitcoin Cheesy

It's not important that every day in every city there are hundreds of illegal transactions done with cash. They are still worried about decentralized currencies that aren't even untraceable.
copper member
Activity: 2940
Merit: 4101
Top Crypto Casino
Something to say?! Regulations for fiats, where are you? Hidden in the basement?
'Money laundering' is the dinosaur argument to fight Bitcoin when nothing else works, often used by people with no idea what they're talking about. That was funny to listen to 5 years ago but mo more, perhaps they should spend all their energy and resources on something else... Banks for example... Cool


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