Money laundering via BTC - page 30. | Bitcointalksearch.org

jovs

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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?

Money laundering is possible using bitcoin since it was used anonymously. It can be laundered through gambling site, and trading site. However, even in the fiat momey, money laundering is easy to do. It is difficult to be caught since it was made with many transaction and it is hard to trace where the money went unless you spend much focus on it. Bitcoin makes money laundering since it is hassle free. That's the reason why bitcoin is used as mode of money in black market. There os nothing to stop in money laundering, even the government can't stop it.

morantis

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Quote from: aso118 on January 22, 2017, 08:32:22 PM

Quote from: Hydrogen on January 22, 2017, 01:11:13 PM

Bitcoin being used to launder money is a media myth.
Like Trump being a nazi.

Ha ha... There are people who launder money using bitcoins, just like they launder money through every single avenue available to them. The problem is not Bitcoin, the problem is money launderers.
Trump being a Nazi is a plain lie that some media outlets would like to believe.

just ignore hydrogen, the post reply was simply made to attract attention and create drama, best to ignore those and stay on topic. no one is stupid enough to believe that is a myth, based even solely on the high profile, public silk road case. there are plenty of threads that he can try to get attention on

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Quote from: Hydrogen on January 22, 2017, 01:11:13 PM

Bitcoin being used to launder money is a media myth.
Like Trump being a nazi.

Ha ha... There are people who launder money using bitcoins, just like they launder money through every single avenue available to them. The problem is not Bitcoin, the problem is money launderers.
Trump being a Nazi is a plain lie that some media outlets would like to believe.

morantis

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Quote from: cjmoles on January 22, 2017, 03:50:27 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?

Any currency is capable of being used to launder black money, providing the motivation is there. However, bitcoin may be a little less effective in laundering than cash. Don't ignore the fact that bitcoin transactions are published publicly.....With the more robust blockchain analytic software suites arising on the market, it is increasingly becoming easier to trace transactions back thru the ledger and into the popular fiat markets....Cash, is by far, the most effective means to launder money....bitcoin isn't as suited for the practice as some may suggest.

intrinsic marked gold coin cannot be used to launder money, as the purchase and the sale can only be made through a government control office. and once a fiat to bitcoin xfer is made, the charges would no longer be money laundering, so as the way the OP was worded, that makes it easy through bitcoin

cjmoles

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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?

Any currency is capable of being used to launder black money, providing the motivation is there. However, bitcoin may be a little less effective in laundering than cash. Don't ignore the fact that bitcoin transactions are published publicly.....With the more robust blockchain analytic software suites arising on the market, it is increasingly becoming easier to trace transactions back thru the ledger and into the popular fiat markets....Cash, is by far, the most effective means to launder money....bitcoin isn't as suited for the practice as some may suggest.

morantis

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Quote from: Pattberry on January 22, 2017, 03:25:25 PM

Quote from: EcoNorm on January 21, 2017, 01:13:35 PM

ofcourse its possible, but thats not what btc is ment for like all the oldschool people think..

I am not sure what old school people think. How is it possible to launder a huge amount of money if it is done through an exchange.

Quote from: Hydrogen on January 22, 2017, 01:11:13 PM

Bitcoin being used to launder money is a media myth.

Like Trump being a nazi.

It is not entirely a myth,but you can send a receive small amount of money without raising a red flag but laundering huge amount of money is literally impossible.

wow, read my posts! bitcoin has been legally labeled as a commodity and while you raise a great deal of attention and your name is all over it, if you just buy the bitcoins outright, then you have left the crime of money laundering behind

Pattberry

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Quote from: EcoNorm on January 21, 2017, 01:13:35 PM

ofcourse its possible, but thats not what btc is ment for like all the oldschool people think..

I am not sure what old school people think. How is it possible to launder a huge amount of money if it is done through an exchange.

Quote from: Hydrogen on January 22, 2017, 01:11:13 PM

Bitcoin being used to launder money is a media myth.

Like Trump being a nazi.

It is not entirely a myth,but you can send a receive small amount of money without raising a red flag but laundering huge amount of money is literally impossible.

morantis

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Quote from: South Park on January 22, 2017, 12:07:34 PM

Quote from: Pattart on January 19, 2017, 07:05:02 PM

Quote from: iwandhdumas2003 on January 19, 2017, 07:38:46 AM

Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.

Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or else

It is not that easy, someone that look at the blockchain will see all the transactions come from the very same address and will realize that either someone is buying your service over and over again or you are the one doing it.

perhaps you should have read my post earlier in this thread that is actually based in fact and not people talking out of their ass, it is easy, it is possible and it completely prevents direct prosecution

Hydrogen

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Bitcoin being used to launder money is a media myth.

Like Trump being a nazi.

South Park

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Quote from: Pattart on January 19, 2017, 07:05:02 PM

Quote from: iwandhdumas2003 on January 19, 2017, 07:38:46 AM

Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.

Lol it looks like you've experienced to eliminate the traces after carrying out illegal activities. indeed with bitcoin you can do the laundering of money, so that you will avoid taxes or else

It is not that easy, someone that look at the blockchain will see all the transactions come from the very same address and will realize that either someone is buying your service over and over again or you are the one doing it.

EcoNorm

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ofcourse its possible, but thats not what btc is ment for like all the oldschool people think..

morantis

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Quote from: bitkilo on January 21, 2017, 05:36:36 AM

Quote from: Wandering Soul~ on January 21, 2017, 05:25:25 AM

Quote from: bitkilo on January 21, 2017, 03:05:27 AM

Quote from: nicolecan13 on January 21, 2017, 01:40:35 AM

Hello please allow me here to post, I am a newbie but for sure Its possible that those bad people do make bitcoin as their way to money laundering. They don't have fear to violate the laws of the government, but there is a ways to moderate this kind of and there must be proper monitoring for every online wallet transaction made.

You have got to be joking, a proper monitoring system for all online wallet transactions, why and monitored by who? The governments?

You can already see all transactions as they happen just by watching the blockchain but for a monitoring system to combat money laundering addresses would need to be linked to ID's and I can't see too many people wanting that.

Sorry but i don't think bitcoin is the right currency for you if you think this way.

Seems like he doesn't understand bitcoins nature yet . If you're a newbie you will theres one thing that you must do and that is to gather information and nurture them . We all have done that .

You can view all transactions made in a public ledger but tracking the owners of the said addresses is impossible and most users uses more than 5 so regulating it is hard . Thats one of the reasons why most states doesn't recognize bitcoin as a currency . Accept the fact that money Laundering will be easy on bitcoin but even though don't use it for that purpose .

No i don't think he has quite grasped the concept and idea of bitcoin yet but hopefully he will, we were all new to this not long ago and most of us have had to spend a lot of time researching the info we needed and none of us will ever be finished because this industry is growing in new ways everyday.

if you think about it, there have been very few major additions or alterations to the code as far as new functions, and this is compared to other types of services and software suites that add new features by the handful year after year, and there is still a host of things that can be done with bitcoin that few have even touched.

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Quote from: Wandering Soul~ on January 21, 2017, 05:25:25 AM

Quote from: bitkilo on January 21, 2017, 03:05:27 AM

Quote from: nicolecan13 on January 21, 2017, 01:40:35 AM

Hello please allow me here to post, I am a newbie but for sure Its possible that those bad people do make bitcoin as their way to money laundering. They don't have fear to violate the laws of the government, but there is a ways to moderate this kind of and there must be proper monitoring for every online wallet transaction made.

You have got to be joking, a proper monitoring system for all online wallet transactions, why and monitored by who? The governments?

You can already see all transactions as they happen just by watching the blockchain but for a monitoring system to combat money laundering addresses would need to be linked to ID's and I can't see too many people wanting that.

Sorry but i don't think bitcoin is the right currency for you if you think this way.

Seems like he doesn't understand bitcoins nature yet . If you're a newbie you will theres one thing that you must do and that is to gather information and nurture them . We all have done that .

You can view all transactions made in a public ledger but tracking the owners of the said addresses is impossible and most users uses more than 5 so regulating it is hard . Thats one of the reasons why most states doesn't recognize bitcoin as a currency . Accept the fact that money Laundering will be easy on bitcoin but even though don't use it for that purpose .

No i don't think he has quite grasped the concept and idea of bitcoin yet but hopefully he will, we were all new to this not long ago and most of us have had to spend a lot of time researching the info we needed and none of us will ever be finished because this industry is growing in new ways everyday.

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Quote from: bitkilo on January 21, 2017, 03:05:27 AM

Quote from: nicolecan13 on January 21, 2017, 01:40:35 AM

Hello please allow me here to post, I am a newbie but for sure Its possible that those bad people do make bitcoin as their way to money laundering. They don't have fear to violate the laws of the government, but there is a ways to moderate this kind of and there must be proper monitoring for every online wallet transaction made.

You have got to be joking, a proper monitoring system for all online wallet transactions, why and monitored by who? The governments?

You can already see all transactions as they happen just by watching the blockchain but for a monitoring system to combat money laundering addresses would need to be linked to ID's and I can't see too many people wanting that.

Sorry but i don't think bitcoin is the right currency for you if you think this way.

Seems like he doesn't understand bitcoins nature yet . If you're a newbie you will theres one thing that you must do and that is to gather information and nurture them . We all have done that .

You can view all transactions made in a public ledger but tracking the owners of the said addresses is impossible and most users uses more than 5 so regulating it is hard . Thats one of the reasons why most states doesn't recognize bitcoin as a currency . Accept the fact that money Laundering will be easy on bitcoin but even though don't use it for that purpose .

Carlsen

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I think that money laundering is possible with nearly everything.
Cash, bitcoins, or any other good.
But sooner or later that money has to go back into a bank account.
I think that is the spot where governments should put their eye on.

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Quote from: FLoving on January 21, 2017, 04:19:19 AM

Until none of the government will approve bitcoin as a legal currency people can do and will do whatever will they want with their bitcoin money and as governments do not moderate that currency so it is not considered as money laundering if they are not doing moral illegal act with their money

As if cash would be somehow different in this respect

Even if governments accept Bitcoin as a currency (foreign or legal tender, it doesn't matter), what could that possibly change in regard to Bitcoin money laundering? How can they moderate Bitcoin in practice? I think Bitcoin allows even less moderation than hand-to-hand cash transfers. Are you going to force people install some government spyware on their computers or make the equipment manufacturers supply their hardware (say, motherboards and chips) with tainted firmware?

As an aside, the least thing that people care about when laundering their coins is morale

FLoving

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Until none of the government will approve bitcoin as a legal currency people can do and will do whatever will they want with their bitcoin money and as governments do not moderate that currency so it is not considered as money laundering if they are not doing moral illegal act with their money.

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ImHash

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Actually bitcoin it self is cleaner than any currency, we don't have any dirty money only literally and people only need to launder money when they are not able to explain and provide a legal reason as to how they've got and obtained that money.
People trying to do it with bitcoin, not possible if miners refuse to sell or any coin holder refuses to sell but when you get your coins you are no longer need to be worried because just after a mix no government can link you to anything whatsoever.

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Quote from: nicolecan13 on January 21, 2017, 01:40:35 AM

Hello please allow me here to post, I am a newbie but for sure Its possible that those bad people do make bitcoin as their way to money laundering. They don't have fear to violate the laws of the government, but there is a ways to moderate this kind of and there must be proper monitoring for every online wallet transaction made.

You have got to be joking, a proper monitoring system for all online wallet transactions, why and monitored by who? The governments?

You can already see all transactions as they happen just by watching the blockchain but for a monitoring system to combat money laundering addresses would need to be linked to ID's and I can't see too many people wanting that.

Sorry but i don't think bitcoin is the right currency for you if you think this way.

Topic: Money laundering via BTC - page 30. (Read 39389 times)