Topic: Money laundering via BTC - page 19. (Read 39389 times)
Yes ofcourse and the easiest way to do money laundering is with bitcoins.Since all transaction and people behind it are anonymously transferring money from one another there is a huge possibilities that the came from illegal trade off in the market or anywhere else.So it is super easy to launder monney through bitcoins
Brief Thought is if someone commits robbery and taking money from someone on the street I think we will not blame the function of paper currency is therefore problematic and easily stolen, I think it is the same with bitcoin if someone launder money or they commit theft bitcoin what we'll blame that bitcoin is also problematic, all returned to the respective user is not problematic in bitcoin or paper money 
To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.
That's how it should be done, not all money launderers can be trace as the government are more focus on the big ones, when you are not in their radar, you are free to do everything you want with your money but stay cool and do not make any move that would raise their flags against you. A person who'll spend their money coming from illegal activities should be intelligent enough to make a perfect crime, it not, this a big offense and you'll spend the rest of your life to jail
Yeah, like Al Capone eventually ended up in Alcatraz
He was said to be very intelligent in this respect (I mean in tax evading), but he still got behind the bars in the end, so you are bound to get caught sooner or later if you continue with your habit of tax evasion big time. That's why many die-hard criminals are trying to really legalize their businesses and live a life of a law-abiding citizen (more or less)
To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.
That's how it should be done, not all money launderers can be trace as the government are more focus on the big ones, when you are not in their radar, you are free to do everything you want with your money but stay cool and do not make any move that would raise their flags against you. A person who'll spend their money coming from illegal activities should be intelligent enough to make a perfect crime, it not, this a big offense and you'll spend the rest of your life to jail.
To make a clean transaction you need not to be a rookie to do this,as its imperative you cover your tracks to prevent being traced. IMO you are better off mixing small chunks of your btc for clean coins and keep a low profile on how you spend your bitcoins to stay under the radar no matter the temptation.
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
It`s not possible to do money laundering via btc! Most of you here are wrong, money laundering is when you making `clean` money from illegal money! For money laundering you need to have proof where is that money coming from, definition is clear: Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is still illegal, so you can launder money via btc, you need legit business to launder profit from bitcoins as well. Legit business is registered business, where you play taxes
Your point is more or less clear
Though it is still obscure why it is not possible to launder money with bitcoins just like with any other fiat currency out there. There are quite a few exchanges across the world (this is what immediately crosses my mind), and most of them are perfectly legitimate businesses with physical presence and registered addresses which might be even paying taxes. So if you set up one, I guess, you can easily launder money by selling and buying bitcoins from yourself or through closely affiliated ("dummy") traders.
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
It`s not possible to do money laundering via btc! Most of you here are wrong, money laundering is when you making `clean` money from illegal money! For money laundering you need to have proof where is that money coming from, definition is clear: Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is still illegal, so you can launder money via btc, you need legit business to launder profit from bitcoins as well. Legit business is registered business, where you play taxes.
A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.” Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin
Criminals may not work itself, is a mistake when doing mixing process for single account in large numbers, they will divide it in dozens of accounts and range services with unknown identity. Mixing service only an option, the credibility of service providers are also not as easy as it's to provide information to law enforcement agencies (anonymous powers). This is not about good and bad, just some ambiguity in that news.
A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.” Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin
It's utterly stupid for anyone to pump large amounts of coins through a mixer. The blockchain is basically an open book that everyone can look into at any time. I am sure that there are several agencies scanning through the transactions every day in the hope to discover potential black money trails. Those that at least understand how not anonymous Bitcoin really is, will always prefer to mix their coins in very low quantities and in a very slow manner. It's a very time consuming procedure, but it at least lowers the chances of you raising suspicion.
Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.
It does bring bad image to bitcoin we can't do anything about it, it's all up to the government how will they handle this kind of crime and how will they execute the investigation if they caught someone using bitcoin in money laundering. If the government is not careful enough about the investigation the suspect might get away from it.
A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.” Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin
Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.
It does bring bad image to bitcoin we can't do anything about it, it's all up to the government how will they handle this kind of crime and how will they execute the investigation if they caught someone using bitcoin in money laundering. If the government is not careful enough about the investigation the suspect might get away from it.
Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.
I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.
Many people are convinced that the presence of bitcoin used for money laundering, according to me, this is very possible because bitcoin is very easy, simple and very safe to save money so it could be used for money laundering.
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
Its not as easy as you think to launder money and with bitcoin is merely a platform it doesnt make it more or less easy. Ypu could launder money by buying drugs and selling them off to dealers or fake companies or just buy black market gold and sell to a black market deal to get "clean" money
I don't think that would count as money laundering
As others have already said (me included), money laundering is not about selling stuff and getting cash. It is about making this cash legitimate, i.e. making it look as if you obtained the money from legal sources or business. If you buy gold and sell it to a black market dealer, your money will still remain "dirty". Really, what are you going to say if asked by the financial authorities about the source of this money? Will you tell them that you are selling gold at the black market?
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
What are your thoughts?
Its not as easy as you think to launder money and with bitcoin is merely a platform it doesnt make it more or less easy. Ypu could launder money by buying drugs and selling them off to dealers or fake companies or just buy black market gold and sell to a black market deal to get "clean" money.
do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
yes it is not inteded by the bitcoin to launder some money.the developers can take action from it because we all know that the security of users of bitcoin is still in lack. they should develop the security of bitcoin to ensure more legal actions to be done in bitcoin. in that we can avoid some illegal stuffs like money laundering.
do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
Why would you care if people use Bitcoin for money laundering? Do you also care about people money laundering through Gold, businesses, or whatever other tool? Of course, if you follow the rules of the government, then yes, money laundering is a straight crime. But money laundering isn't always happening with money coming from theft, drugs, weapons, etc. It can also be considered you trying to 'clean' your undeclared profits that you gained with trading Bitcoin. If that's a heavy crime according to you, then probably the majority of the people here in this forum can be marked as criminal by you
"The burden of proof is on the one who accuses"
In other words, if we consider Bitcoin money laundering as a straight crime, anyone should be considered as innocent unless proven otherwise. Really, if the law of a country of residence doesn't in any way regulate Bitcoin, how can you possibly be considered as cleaning "your undeclared profits that you gained with trading Bitcoin" if the law doesn't recognize such profits as income altogether?
do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....
it will be difficult for the government to be able to control Bitcoin and prevent negative behavior. Laundering money is a criminal act, we know that, but we can not prevent, in the future, technology will change and our work will be easier. However, criminals can still perform their acts row, unstoppable and can not be tamed. We can only hope this world has less crime, hopefully!
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