Money laundering via BTC - page 23. | Bitcointalksearch.org

mornabo

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Quote from: dragonusa9 on February 06, 2017, 12:21:06 PM

it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address

of course, I'm sure you will not know how many bitcoin address that I have and how much money I save in bitcoin, thats why bitcoin it is suitable for use as money laundering

boyptc

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Quote from: dragonusa9 on February 06, 2017, 12:21:06 PM

it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address

Bitcoin can be a medium in money laundering and I know there are people out there who are using bitcoin to convert their wealth so that they cannot be implied with taxation. It really depends on how strength the law in your country so if they are strictly implementing money laundering they will look into bitcoin transaction but if not, your lucky.

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Quote from: LFC_Bitcoin on February 06, 2017, 12:15:45 PM

Bitcoin is definitely used for money laundering but so is just about any conceivable way to do it with fiat too. How many foreign guys do you see on parking lots doing car washes? They'll be money laundering too.

I used to know a drug dealer who owned a flower shop, guess what he was doing, yep washing money to get it into the bank

Should we thus conclude that all flower shop owners are money launderers?

When I start thinking about that and I invariably come to a conclusion that a few guys that I know might have in fact been laundering money too. Though none of them is a flower shop owner but one guy is a real pawnshop owner. I guess this business is more promising in this regard since you can easily lend money to yourself, and the interest you would thus earn will be washed money already. Someone here has been talking something about banning usury interest rates, but it seems that he doesn't have a clue about genuine money laundering that big guys are busy with

cryp24x

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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

In deed Bitcoin is traceable , so I guess Bitcoin is actually an anti money laundering tool, while fiat money is more anonymous, because if you spend money, there is no recorded transaction aside from the receipt, and there is no way other people can verify it to where is that money sent unless publish by the one who did the transaction.

dragonusa9

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it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address

LFC_Bitcoin

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Bitcoin is definitely used for money laundering but so is just about any conceivable way to do it with fiat too. How many foreign guys do you see on parking lots doing car washes? They'll be money laundering too.

I used to know a drug dealer who owned a flower shop, guess what he was doing, yep washing money to get it into the bank.

olubams

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This is one of the reason that some governments are frowning at bitcoin which actually makes its more difficult to protect the anonymity of bitcoin with the details of KYC they keep on asking. But looking at it intuitively, its not impossible to do because countries that have strict rule against capital repatriation then they are left with no choice than to go look for another way to do the transfer and bitcoin could come into mind in that regard...

hajimasan

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it depends upon how much intelligent the user is. if he/she is intelligent or at least knows something about internet and bitcoin then he/she might not become victim of money looters and scammer, even i was scammed initially becuse i had no knowledge of bitcoin but now i am quite smart with bitcoin (lol kidding). just stay away from investment and you are safe.

chixka000

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Quote from: vennali on February 06, 2017, 10:23:24 AM

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

Most of the big exchanges are now asking for KYC if you want to trade over a certain amount. So, you cannot launder money by buying Btc through Bitcoin exchanges. It has to be through traders or miners, through which you can launder BTC. I'm not an expert on laundering money but I can say that if there's anything that holds good value, I can say for sure that someone must be laundering it. Be it, cigarettes, coffee, fiat currency or Bitcoins.

Thats the point however since we are talking about money laundering here lets just focus on the currencies. We cant control money laundering with regards to whatever kind of currencies that we used. However the only thing that we could do for now is to monitor and minimize it.

vennali

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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

Most of the big exchanges are now asking for KYC if you want to trade over a certain amount. So, you cannot launder money by buying Btc through Bitcoin exchanges. It has to be through traders or miners, through which you can launder BTC. I'm not an expert on laundering money but I can say that if there's anything that holds good value, I can say for sure that someone must be laundering it. Be it, cigarettes, coffee, fiat currency or Bitcoins.

chixka000

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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

Zadicar

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Quote from: chixka000 on February 06, 2017, 09:59:44 AM

Quote from: deisik on February 06, 2017, 09:41:43 AM

Quote from: Victorycoin on February 06, 2017, 09:05:43 AM

Quote from: deisik on February 04, 2017, 03:56:26 PM

"All authority comes from God"

It is sort of Stockholm Syndrome really. Folks are grown with the idea of government being their superior Big Brother which has some legit power over them and allowed to do anything he may ever wish. It is hilarious to see when the authorities make some stupid move and then try to cover their steps with lame excuses like fighting with terrorism (instead of real fighting with real terrorism, e.g. bombing out SA) or similar things, or, say, declaring some other government and their leader as the worst enemy of the nation and then turning 180 degrees when it fits them most ("doublethink", or "to know and not to know")

How are the people manufacturing those bombs? Isn't that what the governments should see as closer to the root cause of the problem? Who says those bombs cannot be purchased or financed with currencies other than Bitcoin? So we can see the real problem is not Bitcoin, governments are simply passing the bulk, while what they desperate needed is control of Bitcoin.

In fact, I don't feel like they desperately need control over Bitcoin

It doesn't yet give them much pain in the ass, as of yet. You could say that it will or may give them a lot of headache in the future, and I will most certainly agree with you. And why then they don't want to nip Bitcoin in the bud, you may ask? Because this is not how the government thinks (if we were to consider it as a thinking entity at all). The very existence of terrorism (and similar things) proves that it can't largely "prethink" or foresee and anticipate future events since in practice it mostly deals with the symptoms not the root causes of some problem

Absolutely, if the government in the first fhinks that bitcoin would be a big treat then they have banned it already just like the other countries where the government thinks this way.

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.

chixka000

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Quote from: deisik on February 06, 2017, 09:41:43 AM

Quote from: Victorycoin on February 06, 2017, 09:05:43 AM

Quote from: deisik on February 04, 2017, 03:56:26 PM

"All authority comes from God"

It is sort of Stockholm Syndrome really. Folks are grown with the idea of government being their superior Big Brother which has some legit power over them and allowed to do anything he may ever wish. It is hilarious to see when the authorities make some stupid move and then try to cover their steps with lame excuses like fighting with terrorism (instead of real fighting with real terrorism, e.g. bombing out SA) or similar things, or, say, declaring some other government and their leader as the worst enemy of the nation and then turning 180 degrees when it fits them most ("doublethink", or "to know and not to know")

How are the people manufacturing those bombs? Isn't that what the governments should see as closer to the root cause of the problem? Who says those bombs cannot be purchased or financed with currencies other than Bitcoin? So we can see the real problem is not Bitcoin, governments are simply passing the bulk, while what they desperate needed is control of Bitcoin.

In fact, I don't feel like they desperately need control over Bitcoin

It doesn't yet give them much pain in the ass, as of yet. You could say that it will or may give them a lot of headache in the future, and I will most certainly agree with you. And why then they don't want to nip Bitcoin in the bud, you may ask? Because this is not how the government thinks (if we were to consider it as a thinking entity at all). The very existence of terrorism (and similar things) proves that it can't largely "prethink" or foresee and anticipate future events since in practice it mostly deals with the symptoms not the root causes of some problem

Absolutely, if the government in the first fhinks that bitcoin would be a big treat then they have banned it already just like the other countries where the government thinks this way.

deisik

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Quote from: Victorycoin on February 06, 2017, 09:05:43 AM

Quote from: deisik on February 04, 2017, 03:56:26 PM

"All authority comes from God"

It is sort of Stockholm Syndrome really. Folks are grown with the idea of government being their superior Big Brother which has some legit power over them and allowed to do anything he may ever wish. It is hilarious to see when the authorities make some stupid move and then try to cover their steps with lame excuses like fighting with terrorism (instead of real fighting with real terrorism, e.g. bombing out SA) or similar things, or, say, declaring some other government and their leader as the worst enemy of the nation and then turning 180 degrees when it fits them most ("doublethink", or "to know and not to know")

How are the people manufacturing those bombs? Isn't that what the governments should see as closer to the root cause of the problem? Who says those bombs cannot be purchased or financed with currencies other than Bitcoin? So we can see the real problem is not Bitcoin, governments are simply passing the bulk, while what they desperate needed is control of Bitcoin.

In fact, I don't feel like they desperately need control over Bitcoin

It doesn't yet give them much pain in the ass, as of yet. You could say that it will or may give them a lot of headache in the future, and I will most certainly agree with you. And why then they don't want to nip Bitcoin in the bud, you may ask? Because this is not how the government thinks (if we were to consider it as a thinking entity at all). The very existence of terrorism (and similar things) proves that it can't largely "prethink" or foresee and anticipate future events since in practice it mostly deals with the symptoms not the root causes of some problem

zimmah

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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.

Victorycoin

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Quote from: deisik on February 04, 2017, 03:56:26 PM

Quote from: BitFinnese on February 04, 2017, 01:55:14 PM

Quote from: Vikingr on February 04, 2017, 10:16:43 AM

Quote from: rchstr on February 03, 2017, 11:00:45 PM

Quote from: Bitcoin0916 on February 03, 2017, 02:25:18 AM

Quote from: Mr. Big on February 03, 2017, 01:58:23 AM

Quote from: President79 on February 03, 2017, 01:36:21 AM

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.

It is not a weakness, it's a good feature, everyone should be free to use bitcoin and that is what makes bitcoin great and much greater in the future... When everyone is using it, it will be strong... So I don't see it as a weakness totally, but partly yes, since it is not like bank who asks many things about the one holding an account...

But I have a thinking that bitcoin has only just began, and maybe in the future, there will be a solution to that...

I think so, this is a nice feature, we all know that the price of the bitcoin can be very dynamic, up and down hundreds of percent in a year. I'm sure, although bitcoin is a safe place for money laundering, but there is a big risk. Example: someone buy 1 bitcoin with price at $1,000 and then he bought 1,000 btc, then when the price becomes $700, for sure he will crying. Believe me, it is not possible be people making bitcoin as money laundering.

for now it is good for us bitcoin users. But in the long run maybe it will be the same as fiat money. They can let us give taxes if the government told so. So better if we use it now and feel free to use its features before its too late.

I do not think that in the future the governments will impose taxes on bitcoin or if the governments will impose tax then they will not be able to regulate this order on bitcoin users because bitcoin is a decentralized currency and people are anonymous in the use of bitcoin and the governments do not have control on the use of bitcoin.

I think they can if they target the exchange, or the customer that is converting their Bitcoin to fiat currency or vice-versa. Government can resort to any trick even the dirty one to get money from their citizen. Worst is they tend to make it as look so good that these citizen even thanking their government LOL