Money laundering via BTC - page 22. | Bitcointalksearch.org

Xester

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Quote from: BeGoods on February 10, 2017, 01:04:24 AM

Quote from: bravehearth0319 on February 10, 2017, 12:50:24 AM

Quote from: traderethereum on February 07, 2017, 12:55:14 AM

Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.

I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

Yes the regular bitcoin users cannot know if there are money laundering that is occurring but do not underestimate the government. If they will notice something is going on with the financial sector then they will conduct and investigation and later on they will find out where are the huge monetary transactions are going on and they can trace it even if it is with bitcoin.

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Quote from: bravehearth0319 on February 10, 2017, 12:50:24 AM

Quote from: traderethereum on February 07, 2017, 12:55:14 AM

Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.

I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

bravehearth0319

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Quote from: traderethereum on February 07, 2017, 12:55:14 AM

Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.

ko0ll0ove

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

I agree, there are many ways to launder black money into clean and bitcoin is one of those various method. Because you can not know how much that people have and can not track what he/she was sent or received for. Cryptocurrency is a perfect method to do that anonimously. Actually, the first time I read about bitcoin is illegal, because they said that btc is used for drugs dealer, guns, girls,... or even a launder machine for black money.

rickadone

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Quote from: bitcampaign on February 07, 2017, 01:58:22 AM

it is the black part of bitcoin, so what we see is only part of the negative side bitcoin? I think it's unfair, let's look at other online accounts also applies to the other to commit money laundering, let's look at the positive side also without prejudice from the downside, back on themselves, respectively, what can we prevent it? I think it was back in the black side of the bitcoin users instead of bitcoin

Well bitcoin has been always a way to stay anonymous and use money on the internet without people knowing your real id and that has given the opportunity to hackers and drug dealers to use it as a mean to sell their illegal services without getting traced down, and ensuring that the money they get is also not traced. Still, all these are not just due to bitcoins.

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Quote from: harizen on February 08, 2017, 01:20:28 PM

Quote from: Victorycoin on February 08, 2017, 12:49:06 PM

By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

Here's how it goes, there are persons who are making a daily withdrawals in our bitcoin local exchange for up to daily limit. Now if you are the owner of a bitcoin exchange and a registered company in a certain country, isn't it alarming that there are huge money circulating in your withdrawals everyday? Not every week, every month etc but only everyday.

Meaning an illegal activities may have chance that is currently happening on that period. When I say chances, it's rather legal or illegal one so expect things that will regulate bitcoin in various exchange. All country have different points of law about money transfer law so expect that if bitcoin will become a strong currency more, illegal activities like money launderng is possible anytime.

yes this is correct. a large or huge amount of alt coins comming from another company that is circulating with the certain exchanger or some trading sites without knowing the company will be suspisious. they should have an investigation on why they dont know that huge amount of money circulating from this site and they should know about this.

harizen

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Quote from: Victorycoin on February 08, 2017, 12:49:06 PM

By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

Here's how it goes, there are persons who are making a daily withdrawals in our bitcoin local exchange for up to daily limit. Now if you are the owner of a bitcoin exchange and a registered company in a certain country, isn't it alarming that there are huge money circulating in your withdrawals everyday? Not every week, every month etc but only everyday.

Meaning an illegal activities may have chance that is currently happening on that period. When I say chances, it's rather legal or illegal one so expect things that will regulate bitcoin in various exchange. All country have different points of law about money transfer law so expect that if bitcoin will become a strong currency more, illegal activities like money launderng is possible anytime.

basesaw

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Quote from: Victorycoin on February 08, 2017, 12:49:06 PM

Quote from: zimmah on February 06, 2017, 09:22:40 AM

It;s not possible because the idea of money laundering is to make illegally obtained money appear legally obtained. If you suddenly get a lot of money in bitcoin, the state wll assume it's illegally obtained. So no, you can't launder money using bitcoin, because it will never appear legit.

By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

yeah probably logically incorrect. earning bitcoin in huge volume is not probably came from illegal things. sometimes huge amount of bitcoin we earn is from some investment that bitcoin gave us and some from trading altcoins. we should always think before we speak so i think money laundering is still possible in bitcoin even if it is monitored.

Victorycoin

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Quote from: zimmah on February 06, 2017, 09:22:40 AM

It;s not possible because the idea of money laundering is to make illegally obtained money appear legally obtained. If you suddenly get a lot of money in bitcoin, the state wll assume it's illegally obtained. So no, you can't launder money using bitcoin, because it will never appear legit.

By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

bitcampaign

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it is the black part of bitcoin, so what we see is only part of the negative side bitcoin? I think it's unfair, let's look at other online accounts also applies to the other to commit money laundering, let's look at the positive side also without prejudice from the downside, back on themselves, respectively, what can we prevent it? I think it was back in the black side of the bitcoin users instead of bitcoin

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Quote from: pinkpanther03 on February 06, 2017, 11:56:15 PM

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.

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The fact that people fall for the concept of "good money" and "bad money" just shows how far we have come from a free society. People accepting the concept that the government should be able to track every transaction in the world just because some people in the world may use their money for bad things is just insane.

KYC and money laundering laws are just another way of saying "the government can track our every transaction".

Most people are ok with this because freedom is not a very high priority in most people's lives. If most people were asked if they want their freedom or a triple mocha latte, they would be sipping on a latte soon after.

pinkpanther03

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

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Quote from: lienfaye on February 06, 2017, 09:23:51 PM

It is possible but it wont be easy especially if you are using our local wallet. if you have lots of btc in your account they will going to be suspicious if were did you get it. so if you dont want to get caught better use other wallet like blockchain.

nope I do not think there are unsuspecting you if you have thousands of bitcoin though, because actually people will not know, which merupaka bitcoin address is yours? so they do not know how many bitcoin you save

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Quote from: asriloni on February 06, 2017, 09:43:46 PM

Quote from: chixka000 on February 06, 2017, 10:12:26 AM

Quote from: Zadicar on February 06, 2017, 10:07:54 AM

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc

Is the government realise the potentially of bitcoin will help the abuser is feeling easier to do his money laundry( fiat ) Through bitcoin today? I may think if it possible and that's why the government is trying to ban bitcoin from our environment.

During bitcoin kept anonymous, most governments will never approve it.

But because the vast global influence. Government uses bitcoin transactions tax of exchange market. For money laundering, there is no law that regulates it (cryptocurrency). So, Bitcoin be a great place to launder money. There are several cases of money laundering and sites like liberty reserve and paypal, but world can't prevent bitcoin, because a large market share throughout the country.

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Quote from: chixka000 on February 06, 2017, 10:12:26 AM

Quote from: Zadicar on February 06, 2017, 10:07:54 AM

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc

Is the government realise the potentially of bitcoin will help the abuser is feeling easier to do his money laundry( fiat ) Through bitcoin today? I may think if it possible and that's why the government is trying to ban bitcoin from our environment.

lienfaye

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It is possible but it wont be easy especially if you are using our local wallet. if you have lots of btc in your account they will going to be suspicious if were did you get it. so if you dont want to get caught better use other wallet like blockchain.

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Quote from: Doms on February 06, 2017, 09:04:44 PM

Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.

They can't control but they can prevent if from happening, at least just to mitigate it. Bitcoin for now is very effective as a tool for those money launderer as it is not yet fully regulated by the government, but when time comes that the risk for the government will be bigger, they will surely gonna focus on bitcoin.

Xester

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Quote from: Doms on February 06, 2017, 09:04:44 PM

Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.

Even with fiat currency money laundering cannot be simply stopped. And with cryptocurrencies entering the scene it become much more easier to launder money. But bitcoin is not used much in laundering and the main reason is the existence of hackers that targets wallets with huge volumes of bitcoin. And so money laundering through cryptocurrency is very risky and not safe.

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Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.

Topic: Money laundering via BTC - page 22. (Read 39389 times)