Money Laundering "Not Possible" with Bitcoin? - page 2.

owm123

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Quote from: bob123 on February 02, 2016, 04:07:04 PM

Of course Laundering is possible with Bitcoins.
Bitcoin isnt anonymous, true. But its pseudoanonymous and if done correctly.. laundering shouldnt be a problem at all.

Yes, but all indications are that bitcoin or other cryptos are not used widely for any illegal activities. From todays news:

Quote

The Treasury Department report concludes that ‘The evidence available indicates that digital currencies have been used by illicit actors, but the information does not suggest that digital currencies have, at present, been widely adopted as a payment vehicle in the wider criminal community.’

https://thestack.com/security/2016/02/02/eu-proposes-end-of-anonymity-for-bitcoin-and-prepaid-card-users/

Its seems that only stupid press and politicians like to think that cyrptocurrencies are only used for illicit transactions.

bob123

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Of course Laundering is possible with Bitcoins.
Bitcoin isnt anonymous, true. But its pseudoanonymous and if done correctly.. laundering shouldnt be a problem at all.

wuvdoll

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I agree to some extent with the article as some of the bitcoin wallets do hold a license and websites like Virwox accept Bitcoin transactions. It was not the case with LR and bitcoins are much more recognized as a currency while LR was just a wallet.

jugador

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Quote from: commandrix on February 01, 2016, 06:14:35 PM

Or at least "not possible" at the crazy-shit levels that Liberty Reserve handled. Though to be honest, if I was into money laundering, I probably wouldn't be using Bitcoin anyhow. http://www.newsbtc.com/2016/02/01/liberty-reserve-level-of-money-laundering-is-not-possible-with-bitcoin/

I don't understand, the report says Arthur Budovsky pleaded guilty to laundering money worth more than US$250 million through the Liberty Reserve protocol. How the hell it is not possible to laundry money with cryptos then?

stepwilli

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Money laundering is a big issue when it comes to bitcoins and I don't agree with the article, especially this statement
"Furthermore, the founder of Liberty Reserve pleaded guilty to money laundering recently, a concept that is not possible with Bitcoin by any means."
For me both liberty reserve and bitcoins have a lot of similarity except that the former had the owner at fault while the later has users at fault. Not all but many do use bitcoins for illegal purposes.

Bitcoinpro

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Quote from: commandrix on February 01, 2016, 06:14:35 PM

Or at least "not possible" at the crazy-shit levels that Liberty Reserve handled. Though to be honest, if I was into money laundering, I probably wouldn't be using Bitcoin anyhow. http://www.newsbtc.com/2016/02/01/liberty-reserve-level-of-money-laundering-is-not-possible-with-bitcoin/

your nonsense post hardly provokes the link clicking experience

Supercrypt

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Quote from: BTCBinary on February 01, 2016, 07:59:07 PM

Even if bitcoin isn't completely anonymous it stills gives you a certain maneuberability that enables you to launder money. But there are a lot of ways to do that without it as well.

The article isn't right. There are many people who use banks as well for laundering money and even gold, jewels and cash can be used for money laundering but since these all are legal, they aren't targetted and only bitcoins get all the blame as they cannot be tracked. It's just a crypto currency and not all the users who trade in bitcoins are to be blamed for others crimes.

prtty2gal2

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Quote from: achow101 on February 01, 2016, 06:25:50 PM

I'm not so sure about that. Although Bitcoin is not anonymous, it is still pseudonymous. If you are looking at transactions, you don't know who exactly is behind an address and where those Bitcoins in that address came from. You don't know whether the money is from fraud or from legitimate business. And with mixing services and through other methods of anonymization like CoinJoin, it can make tracing Bitcoin extremely difficulty such that it is impossible to know who actually committed a crime and used Bitcoin to launder the money.

I agree with this. Bitcoins can be misused easily and using mixers, bitcoins cannot even be tracked which makes users spend it for illegal activities. A user of this forum was also charged for the same and hence we can be targetted for
other people's crimes. If bitcoins aren't regulated, we can be termed as money launderers easily.

arbitrage

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Maybe when you combine all these services and use coin like monroe and sdc ..
You can achieve full anonymity but risk is always you can be caught at the beginning or at the end..Perfect money laundering system does not exist!

erikalui

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Liberty Reserve owner was himself involved in the fraudulent activities and hence the website was shut down and funds were seized. I lost my money even though I was not using my money in a wrong way. With bitcoins as well, it is possible that other users must be using their money for illegal activities and hence money laundering is definitely possible. It's not completely anonymous and if the wallets are banned by the Government, we would lose access to our money as well.

AGD

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Quote from: Gleb Gamow on February 02, 2016, 01:46:03 AM

Quote from: Rescue Squad on February 02, 2016, 01:29:24 AM

I think you can launder money in bitcoins through the mixing services because noone knows what is coming in and where it goes out.

Overheard at NSA:

Rick: Hey, Joe, how's the bitcoin mixing service goin' we set up?
Joe: Which one?

Overheard at FBI:

Sue: Hey, Bob, did you hear that the NSA may have more than one bitcoin mixing service? How many do we have?
Bob: Sue, first, new recruits are not allowed to ask how many we have, and second, we don't refer to them as mixing services.

+1

gregyoung14

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Quote from: silvaedium on February 01, 2016, 07:33:05 PM

Of course it's not possible. It's easier to launder money with cash than it is with Bitcoin. With Bitcoin every single transaction is tracked and logged and stored forever. That's not the case with cash.

I'm sure. If you would think about it, even if you've successfully worked on it. It wouldn't be easy to get away with it either.

equilibriator

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In concept I think it is possible but barely meaningful, BTC money can be followed for a very prolonged period meaning money can be tracked to the uncleaned money in a public network, anyway there are many money laundering options anyway.

arbitrage

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If they want they can get any info about your life.
And if you are involved in bad things it's a matter of time when they will come after you.
Probably you can get their attention with bigger amounts.

Amph

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Quote from: silvaedium on February 01, 2016, 07:33:05 PM

Of course it's not possible. It's easier to launder money with cash than it is with Bitcoin. With Bitcoin every single transaction is tracked and logged and stored forever. That's not the case with cash.

yeah sure and how do you know what of those transaction were used to buy drug for example?

you can not, especially if i do not convert in fiat or i don't give any info about me

Gleb Gamow

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Quote from: Rescue Squad on February 02, 2016, 01:29:24 AM

I think you can launder money in bitcoins through the mixing services because noone knows what is coming in and where it goes out.

Overheard at NSA:

Rick: Hey, Joe, how's the bitcoin mixing service goin' we set up?
Joe: Which one?

Overheard at FBI:

Sue: Hey, Bob, did you hear that the NSA may have more than one bitcoin mixing service? How many do we have?
Bob: Sue, first, new recruits are not allowed to ask how many we have, and second, we don't refer to them as mixing services.

Rescue Squad

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I think you can launder money in bitcoins through the mixing services because noone knows what is coming in and where it goes out.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Bitcoin was not designed to be fully anonymous and to circumvent measures to track criminal activities. Liberty Reserve on the other hand, was designed for that purpose and it moved it's operation, when things started to heat up. They were doomed to failure from the start.

Bitcoin still has some anonymity, just as cash have a certain degree of anonymity too. You could still track a lot of movement, if services were targeted with a subpoena to reveal the data.

SFR10

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Finally a well written article after all and totally agree with the writer, just wished all the media would do as well since every now and then, another crap news appears out of nowhere that BTCitcoin was used in blah blah blah criminal activity with out showing solid evidence just because they think it's not traceable even though is completely the opposite and any criminal trying to use this method, will surely get caught somewhere down the road.

Herbert2020

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Quote from: crossabdd on February 02, 2016, 12:02:03 AM

Quote from: owm123 on February 01, 2016, 07:51:52 PM

Quote from: jerowacik on February 01, 2016, 07:31:34 PM

it could happen. even more easily than by other means. because bitcoin is anonymouse and very easy to carry out financial transactions with bitcoin.

Bitcoin is not anonymous. Even UK treasury in its report even indicated that crypto currencies pose low risk for them regarding money laundering.

http://www.coindesk.com/uk-treasury-digital-currencies-low-money-laundering-risk/

how about bitcoin mixing service like bitmixer, Im sure this srevice will help more people to be anonmous and the transcation willl be hard to track it

exactly this.
there are a lot of ways to cover tracks when it comes to cryptocurrencies. if anybody wants to do that it can become impossible to track the origin of the bitcoin. not only mixers but also exchanging to other cryptos will help.

Topic: Money Laundering "Not Possible" with Bitcoin? - page 2. (Read 2642 times)