Topic: Money Laundering is Less Than One Percent of All Bitcoin Transactions (Read 263 times)
January 22, 2018, 03:48:33 AM
Of course, less than one percent are on bitcoin. And you know where the 99% of money laundering acts came from, yes it is from "FIAT". Why anti-bitcoin always blame it on bitcoin when it's rampant on their side?
January 21, 2018, 06:23:41 PM
Nothing new here, the same claims were already made in by the FBI in not such a distant time ago. It's obvious that there are far better options out there for money laundry, like monero, since it's a much more private coin than bitcoin right now. I'm not sure how things will stay, when the lightning network arrives, since it does not only helps BTC in it's scale issues, but it adds another layer of privacy, since it uses something like Tor onion routing applied to tx, and BTC will get a huge boost when it comes to private transactions. Anyway, LN will provide an increase number of transactions all around the world, so even if the money laundry % increases after it gets deployed, I doubt it will increase more than the legal commercial txs.
I agree this surely isn't such a shocking news. Since it has been around already.and yes! Criminals would be using monero nowadays since bitcoins really do have a lot of supporters despite the things it is facing now. Sooner or later people will be buying back again. No doubt about that. And the numbers will probably doubled. And become even higher because of the lightning networks.
January 21, 2018, 05:25:14 PM
https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions
Very interesting to know. I believe the skeptics and negated stories about Bitcoins being the root of all scams and nefarious transactions would be over now.Quote
A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
January 21, 2018, 05:22:14 PM
Home come did they know bitcoin is decentralized without any transaction history and I think their records was only based on what is only seen but the truth is there is really a money laundering which was only not yet discover and surely different countries has it. The only way they can provide accurate information is by having a regulations and control over bitcoin transaction which as far as I know is quite impossible to happen now
January 21, 2018, 05:12:24 PM
Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.
Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”
The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.
In the past it was used mainly for money laundering by drug peddlers ,i am not sure from where these statistics are taken about only one percent is used for money laundering, even i do think that the stats are flawed,there are many countries that have no regulations and anything can happen,it can be used to hide your assets and so on Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”
The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.
.I am not sure about Elliptic you are talking about,what is their reference in terms of money laundering.FDD and Elliptic wrote the study as a joint effort. I guess they think they can just make stuff up and everyone will believe it. What they said is comparable to me saying I know what every single copper penny in existence has been used to buy. Utter nonsense.
January 21, 2018, 05:04:54 PM
Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.
Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”
The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.
In the past it was used mainly for money laundering by drug peddlers ,i am not sure from where these statistics are taken about only one percent is used for money laundering, even i do think that the stats are flawed,there are many countries that have no regulations and anything can happen,it can be used to hide your assets and so on Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”
The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.
.I am not sure about Elliptic you are talking about,what is their reference in terms of money laundering. January 21, 2018, 04:55:39 PM
I guess they think the entire world is fucking retarded.
They claim to know what everyone on the deep web and dark web is doing.
They are capable of tracking what btc is spent on even when it’s run through a mixer.
They know what is happening when two private individuals exchange coin.
They know where every coin came from that’s deposited on every exchange.
They know every transaction detail that happens on localbitcoins.
That “study” (and I’m using the term very loosely) isn’t worth the gunpowder to blow it to hell. I’ve wiped my ass on more valuable toilet paper. If they truly knew all that they’re claiming to know about every transaction made with bitcoin, then bitcoin is broken and no one should use it at all.
Surely no one here, knowing what you know about bitcoin, believes that load of bullshit is true.
They claim to know what everyone on the deep web and dark web is doing.
They are capable of tracking what btc is spent on even when it’s run through a mixer.
They know what is happening when two private individuals exchange coin.
They know where every coin came from that’s deposited on every exchange.
They know every transaction detail that happens on localbitcoins.
That “study” (and I’m using the term very loosely) isn’t worth the gunpowder to blow it to hell. I’ve wiped my ass on more valuable toilet paper. If they truly knew all that they’re claiming to know about every transaction made with bitcoin, then bitcoin is broken and no one should use it at all.
Surely no one here, knowing what you know about bitcoin, believes that load of bullshit is true.
January 21, 2018, 03:11:08 PM
Unfortunately a number of banks here in the UK have started to ban people using their profits via Bitcoin/Crypto's as a deposits on housing.
Their reasoning is that it can't be proven that it hasn't come from the proceeds of money laundering so unless you have 6 months to a year of financial records to show where it is coming from you can't use it :/
So regardless of the percentage of transactions used for illegal transactions its having a wide ranging impact which is a pain, particularly if it escalates to paying off mortgages, debt and whatever else.
Their reasoning is that it can't be proven that it hasn't come from the proceeds of money laundering so unless you have 6 months to a year of financial records to show where it is coming from you can't use it :/
So regardless of the percentage of transactions used for illegal transactions its having a wide ranging impact which is a pain, particularly if it escalates to paying off mortgages, debt and whatever else.
January 21, 2018, 03:02:29 PM
Disclaimer thats my opinion only:
I think that AML should implement the local exchanger of our country as it begins entering bitcoin from fiat currencies. For example if a politician depositing their bitcoin money they could be caught because every local exchanger of our country has a full details of our identity before we can access their services. I think the sale of bitcoin peer to peer. fiat to bitcoin that does not pass through a local exchanger I can say that there is a blurring of Anti Money Laundering. Because of their exchanges, the seller must meet and the buyer provides the items. Bitcoin transaction is very annonymous if there is no local exchanger without law of AML/KYC.
I think that AML should implement the local exchanger of our country as it begins entering bitcoin from fiat currencies. For example if a politician depositing their bitcoin money they could be caught because every local exchanger of our country has a full details of our identity before we can access their services. I think the sale of bitcoin peer to peer. fiat to bitcoin that does not pass through a local exchanger I can say that there is a blurring of Anti Money Laundering. Because of their exchanges, the seller must meet and the buyer provides the items. Bitcoin transaction is very annonymous if there is no local exchanger without law of AML/KYC.
January 21, 2018, 02:42:19 PM
From another article that I have read last week (not cointelegraph) it was talking about a research (from an institute if I remember) the study showed that only from 3% to 5% of the transaction are used for illegal activities...
Not so different from the OP but it still shows how the politics are trying to wash the brain of people with the generic excuse of terrorism, money laundering
@Omegascreen, you take BTC-e as an example but how many exchanges have suffered the same situation? How many Ponzi, banks, and so on are using the dollars to commit frauds?
Not so different from the OP but it still shows how the politics are trying to wash the brain of people with the generic excuse of terrorism, money laundering
@Omegascreen, you take BTC-e as an example but how many exchanges have suffered the same situation? How many Ponzi, banks, and so on are using the dollars to commit frauds?
January 21, 2018, 02:38:05 PM
Bitcoin transaction is anonymous so how did the researcher got his data from to make such claims. I don't believe it. I think it might be more than that because since inception of bitcoin crime detected through banks for laundering money has reduced and in my opinion, is because of another safe haven like bitcoin that has accounted for that.
They might be tracking the transactions and tracking big sums of money.
January 21, 2018, 02:37:28 PM
https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions
That was obvious.You have to show this to my country (Morocco) that banned bitcoin and cryptocurrency pretending that it is used for money laundering and drugs,weapons traffic.Quote
A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
Thank you for sharing this op.I'll use it against those in my country who keep telling me that bitcoin is a scam.
It's sad to be in a country of ignorant people when everytime something new and revolutionary appears they attack it without even knowing what it is all about.
January 21, 2018, 02:29:51 PM
Bitcoin transaction is anonymous so how did the researcher got his data from to make such claims. I don't believe it. I think it might be more than that because since inception of bitcoin crime detected through banks for laundering money has reduced and in my opinion, is because of another safe haven like bitcoin that has accounted for that.
January 21, 2018, 02:27:40 PM
https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions
If this number is correct then I'm surprised, I thought the number will be higher but it seems the number is very low, this is really bad news for all of those people that keep insisting that bitcoin is a currency for criminals, soon enough they are going to run out of arguments to try to bring bitcoin down, however it is possible they always knew this and they were just lying. Quote
A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
January 21, 2018, 01:34:53 PM
Even though that figure is 50%, it is evident that the bitcoin itself is not the cause of the crime, but the inherent human nature trying to make a profit at the expense of any means that is usable to carry out their perverse plans against of all law. With bitcoin or without bitcoin, with cash or without cash, if the crime cartels find another alternative to carry out their activities in a more efficient way, they will undoubtedly use it.
January 21, 2018, 01:30:02 PM
Nothing new here, the same claims were already made in by the FBI in not such a distant time ago. It's obvious that there are far better options out there for money laundry, like monero, since it's a much more private coin than bitcoin right now. I'm not sure how things will stay, when the lightning network arrives, since it does not only helps BTC in it's scale issues, but it adds another layer of privacy, since it uses something like Tor onion routing applied to tx, and BTC will get a huge boost when it comes to private transactions. Anyway, LN will provide an increase number of transactions all around the world, so even if the money laundry % increases after it gets deployed, I doubt it will increase more than the legal commercial txs.
January 21, 2018, 01:29:04 PM
At last! I was waiting for this information. Rumors that bitcoin is used mainly by criminals had a very negative impact on his image. Finally they are scattered.
January 21, 2018, 01:18:32 PM
https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions
Quote
A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.
Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.
Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”
The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.
January 21, 2018, 01:08:57 PM
Times without number we have held the view that the argument associating bitcoin with negativity does not hold and its merely a way to call it bad name and give them reason to go on attacking mode even though we don't have the statistics. But this is just a confirmation that all of those things that bitcoin is being accused of facilitating are actually in existence before bitcoin and would even continue if bitcoin cease to exist.
January 21, 2018, 01:06:17 PM
This is very positive news but still big whales and banks will create more fud about bitcoin. Whales want to accumulate and banks do not like bitcoin.
Jump to: