Money laundering via BTC - page 34. | Bitcointalksearch.org

carlisle1

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Quote from: Qunenin on January 19, 2017, 03:49:39 AM

Quote from: diegz on January 19, 2017, 12:11:48 AM

Quote from: ipanks on January 19, 2017, 12:01:10 AM

i imagine i have much of money in my account, i called my friends and buy bitcoin, transfer the money, get the bitcoin in my wallet, do it more and more until the money in my account its looks normal like the other people accounts. i think maybe the process is like that, but i wonder, from the money i send into my friends, i think the government will be suspicious because i made big transferred to another account, and maybe i will be investigate.

Usually that is the point where money laundering is being found, when you transfer it from your account. It doesn't matter if you do it in many small amount or you do it in one bulk transfer. You'll only be investigated if you have an unexplained wealth. But if the money is yours and you obtained it in legal way and being taxed then why would government follow you.

All this is true in case of Fiat, that government charges taxes on your money and trace in case of big transactions. In case of Bitcoin Wallet to wallet transaction, there is no check and balance. The money can easily be moved out of country once converted into bitcoins.

that's right mate if doing it from wallet to wallet i think there's no problem transferring it and just by doing how much the amount your government allowed you to exchange it into fiat will be safe for you to do the laundering the only matters is the fluctuations since its keep moving up and down so its hard to assess if same value can be done in your transactions.

diegz

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Quote from: chixka000 on January 19, 2017, 03:54:45 AM

Obviously, this is rampant especially because people are doing it online and it is really hard to let them pay for this. If you are using an exchanger site then you are banned I must say that you are already doing the money laundering thingy

There is a difference between money laundering by using exchange and depositing bitcoin on an exchange from jobs. At this days where rich people who wants to money launder and use bitcoin exchange I think won't succeed easily. Exchanges are now clever and probably abiding the law. They are now asking for identification and most probably they might start to ask on what is your source to fund your account or wallet.

Herbert2020

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Quote from: bitloud on January 19, 2017, 02:12:26 AM

Yes, No issue about income taxes. We can escape from income taxes. But problem is bitcoin price is not stable. If its value reduced, That will be a huge loss.

you can not escape from income tax using bitcoin, the IRS will come hunting you down if you do so. you are earning your income from somewhere and you have to report it, using bitcoin can not hide that.

chixka000

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Obviously, this is rampant especially because people are doing it online and it is really hard to let them pay for this. If you are using an exchanger site then you are banned I must say that you are already doing the money laundering thingy

Qunenin

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Quote from: diegz on January 19, 2017, 12:11:48 AM

Quote from: ipanks on January 19, 2017, 12:01:10 AM

i imagine i have much of money in my account, i called my friends and buy bitcoin, transfer the money, get the bitcoin in my wallet, do it more and more until the money in my account its looks normal like the other people accounts. i think maybe the process is like that, but i wonder, from the money i send into my friends, i think the government will be suspicious because i made big transferred to another account, and maybe i will be investigate.

Usually that is the point where money laundering is being found, when you transfer it from your account. It doesn't matter if you do it in many small amount or you do it in one bulk transfer. You'll only be investigated if you have an unexplained wealth. But if the money is yours and you obtained it in legal way and being taxed then why would government follow you.

All this is true in case of Fiat, that government charges taxes on your money and trace in case of big transactions. In case of Bitcoin Wallet to wallet transaction, there is no check and balance. The money can easily be moved out of country once converted into bitcoins.

bitloud

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Yes, No issue about income taxes. We can escape from income taxes. But problem is bitcoin price is not stable. If its value reduced, That will be a huge loss.

canhchuacaro1

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Quote from: diegz on January 19, 2017, 12:11:48 AM

Quote from: ipanks on January 19, 2017, 12:01:10 AM

i imagine i have much of money in my account, i called my friends and buy bitcoin, transfer the money, get the bitcoin in my wallet, do it more and more until the money in my account its looks normal like the other people accounts. i think maybe the process is like that, but i wonder, from the money i send into my friends, i think the government will be suspicious because i made big transferred to another account, and maybe i will be investigate.

Usually that is the point where money laundering is being found, when you transfer it from your account. It doesn't matter if you do it in many small amount or you do it in one bulk transfer. You'll only be investigated if you have an unexplained wealth. But if the money is yours and you obtained it in legal way and being taxed then why would government follow you.

I do not encourage money laundering by Bitcoin
it really is illegal, you can be penalized severely
Bitcoin is both an opportunity but also a disaster if it is not used properly

diegz

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Quote from: ipanks on January 19, 2017, 12:01:10 AM

i imagine i have much of money in my account, i called my friends and buy bitcoin, transfer the money, get the bitcoin in my wallet, do it more and more until the money in my account its looks normal like the other people accounts. i think maybe the process is like that, but i wonder, from the money i send into my friends, i think the government will be suspicious because i made big transferred to another account, and maybe i will be investigate.

Usually that is the point where money laundering is being found, when you transfer it from your account. It doesn't matter if you do it in many small amount or you do it in one bulk transfer. You'll only be investigated if you have an unexplained wealth. But if the money is yours and you obtained it in legal way and being taxed then why would government follow you.

ipanks

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i imagine i have much of money in my account, i called my friends and buy bitcoin, transfer the money, get the bitcoin in my wallet, do it more and more until the money in my account its looks normal like the other people accounts. i think maybe the process is like that, but i wonder, from the money i send into my friends, i think the government will be suspicious because i made big transferred to another account, and maybe i will be investigate.

bitkilo

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Quote from: Hydrogen on January 17, 2017, 06:40:05 AM

Money laundering via BTC is more or less irrelevent, as far a I know.

The thing about money laundering is, people already do it in large sums with paypal and debit cards.

One common technique is for money launderers to open a smart phone app store with an app that doesn't do anything.

They might open an android app store with an app that calculates farenheit to celsius temperatures.

Then they buy 1,000,000 of those iphone apps using paypal or debit cards to launder their cash.

No bitcoin required.

You may want to rethink your idea before going down that road, do you know how time consuming it would be to purchase 1,000,000 apps while making it look like legitimate sales.
Unless you are going to charge $10k for 1 app download it's going to take ages to launder a decent some of money.

morantis

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Quote from: deisik on January 17, 2017, 07:15:34 AM

Quote from: Hydrogen on January 17, 2017, 06:40:05 AM

Money laundering via BTC is more or less irrelevent, as far a I know.

The thing about money laundering is, people already do it in large sums with paypal and debit cards.

One common technique is for money launderers to open a smart phone app store with an app that doesn't do anything.

They might open an android app store with an app that calculates farenheit to celsius temperatures.

Then they buy 1,000,000 of those iphone apps using paypal or debit cards to launder their cash

Have you invented this idea yourself?

Anyway, this most certainly won't work out as intended. Don't think of anti-money laundering agencies and similar agencies as well as their staff as complete idiots. They will certainly get interested how you managed to sell 1M copies of an app which basically does nothing and who actually bought it. They will call Google to provide the details of the transactions, and there you will have hard time explaining why all these millions of copies were purchased and downloaded, say, from one IP address. This will end up as fraudulent deals, and you will only betray yourself since why would you want to go with that unless you wanted to do or hide something illegal (e.g. look for money laundering)

he is just expanding another way to launder money that many have used and he has it all jacked up is all

deisik

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Quote from: Hydrogen on January 17, 2017, 06:40:05 AM

Money laundering via BTC is more or less irrelevent, as far a I know.

The thing about money laundering is, people already do it in large sums with paypal and debit cards.

One common technique is for money launderers to open a smart phone app store with an app that doesn't do anything.

They might open an android app store with an app that calculates farenheit to celsius temperatures.

Then they buy 1,000,000 of those iphone apps using paypal or debit cards to launder their cash

Have you invented this idea yourself?

Anyway, this most certainly won't work out as intended. Don't think of anti-money laundering agencies and similar agencies as well as their staff as complete idiots. They will certainly get interested how you managed to sell 1M copies of an app which basically does nothing and who actually bought it. They will call Google to provide the details of the transactions, and there you will have hard time explaining why all these millions of copies were purchased and downloaded, say, from one IP address. This will end up as fraudulent deals, and you will only betray yourself since why would you want to go with that unless you wanted to do or hide something illegal (e.g. look for money laundering)?

Hydrogen

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Money laundering via BTC is more or less irrelevent, as far a I know.

The thing about money laundering is, people already do it in large sums with paypal and debit cards.

One common technique is for money launderers to open a smart phone app store with an app that doesn't do anything.

They might open an android app store with an app that calculates farenheit to celsius temperatures.

Then they buy 1,000,000 of those iphone apps using paypal or debit cards to launder their cash.

No bitcoin required.

JANGKRIK BOSS

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Quote from: canhchuacaro1 on January 17, 2017, 06:30:40 AM

Quote from: avikz on January 17, 2017, 04:36:26 AM

It is very much possible to do money laundering using BTC and I am sure that many criminals are using this route. Not just Bitcoin, other coins like ETH is also used for the same purpose.

But criminals will criminals, if we are earning money in a good way and our records are clean, then I don't think we will have to worry about anything till the time our government doesn't start cracking up bitcoin holders.

exactly
almost virtual currencies are difficult to manage
this leads to money laundering using virtual money
it is difficult to prevent

without bitcoin money laundering have also been massive, take a look at the case of Panama, it is just like an iceberg, little seen but in fact very remarkable. the existence of the bitcoin can of course be means of effective again for money laundering.

canhchuacaro1

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Quote from: avikz on January 17, 2017, 04:36:26 AM

It is very much possible to do money laundering using BTC and I am sure that many criminals are using this route. Not just Bitcoin, other coins like ETH is also used for the same purpose.

But criminals will criminals, if we are earning money in a good way and our records are clean, then I don't think we will have to worry about anything till the time our government doesn't start cracking up bitcoin holders.

exactly
almost virtual currencies are difficult to manage
this leads to money laundering using virtual money
it is difficult to prevent

avikz

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It is very much possible to do money laundering using BTC and I am sure that many criminals are using this route. Not just Bitcoin, other coins like ETH is also used for the same purpose.

But criminals will criminals, if we are earning money in a good way and our records are clean, then I don't think we will have to worry about anything till the time our government doesn't start cracking up bitcoin holders.

Bitcoin0916

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Quote from: morantis on January 16, 2017, 09:00:46 PM

Quote from: traderethereum on January 16, 2017, 08:30:21 PM

Quote from: The_Dark_Knight on January 16, 2017, 07:54:18 PM

Quote from: President79 on January 12, 2017, 12:42:45 AM

Quote from: BADecker on January 11, 2017, 09:19:55 PM

I think that money laundering would be a little easier if more people used Bitcoin.

Cool

This is very likely, everyone will use bitcoin for money laundering. but with prices down like this, certainly they thought of canceling if saving money in bitcoin.

Maybe a criminal could be waiting but it could be for different reason, if a criminal wanted to launder his money then why not obtain a profit in the process? So, the criminal buys now when the price is low and waits until the next rise in price, that way he launders his money and obtains even more money in the process.

maybe they do this without anybody know because if they buy bitcoin with third party or not, the other people don't know where the money come from and being used for what, but if they already have bitcoin then its easy to them to sell the amount when the bitcoin price is high. i believe that there is money laundering via btc, because we can not know what kind of transaction that being used by many people in outside.

sometimes i have no clue what it is that people are saying, i get about half of your meaning, but that was already addressed two pages back, so i must be getting it wrong

Money laundering is a financial crime types. So someone would put they money that get from illegal means such as drug sales, weapons, corruption, bribery and so on. Bitcoin is a very good thing to be used for money laundering. This is what we feared, thus making the countries will be prohibit bitcoin.

stadus

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Quote from: morantis on January 16, 2017, 09:10:22 PM

Quote from: traderethereum on January 16, 2017, 08:30:21 PM

Quote from: The_Dark_Knight on January 16, 2017, 07:54:18 PM

Quote from: President79 on January 12, 2017, 12:42:45 AM

Quote from: BADecker on January 11, 2017, 09:19:55 PM

I think that money laundering would be a little easier if more people used Bitcoin.

Cool

This is very likely, everyone will use bitcoin for money laundering. but with prices down like this, certainly they thought of canceling if saving money in bitcoin.

Maybe a criminal could be waiting but it could be for different reason, if a criminal wanted to launder his money then why not obtain a profit in the process? So, the criminal buys now when the price is low and waits until the next rise in price, that way he launders his money and obtains even more money in the process.

maybe they do this without anybody know because if they buy bitcoin with third party or not, the other people don't know where the money come from and being used for what, but if they already have bitcoin then its easy to them to sell the amount when the bitcoin price is high. i believe that there is money laundering via btc, because we can not know what kind of transaction that being used by many people in outside.

sometimes i have no clue what it is that people are saying, i get about half of your meaning, but that was already addressed two pages back, so i must be getting it wrong

Then simply don't right anything without understanding the topic, you can check google for the complete information regarding money laundering act. Some here are just saying based on their opinion and some does not even understand what is money laundering act and why it's created. Just saying, hope we read more and post less.

morantis

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Quote from: traderethereum on January 16, 2017, 08:30:21 PM

Quote from: The_Dark_Knight on January 16, 2017, 07:54:18 PM

Quote from: President79 on January 12, 2017, 12:42:45 AM

Quote from: BADecker on January 11, 2017, 09:19:55 PM

I think that money laundering would be a little easier if more people used Bitcoin.

Cool

This is very likely, everyone will use bitcoin for money laundering. but with prices down like this, certainly they thought of canceling if saving money in bitcoin.

Maybe a criminal could be waiting but it could be for different reason, if a criminal wanted to launder his money then why not obtain a profit in the process? So, the criminal buys now when the price is low and waits until the next rise in price, that way he launders his money and obtains even more money in the process.

maybe they do this without anybody know because if they buy bitcoin with third party or not, the other people don't know where the money come from and being used for what, but if they already have bitcoin then its easy to them to sell the amount when the bitcoin price is high. i believe that there is money laundering via btc, because we can not know what kind of transaction that being used by many people in outside.

sometimes i have no clue what it is that people are saying, i get about half of your meaning, but that was already addressed two pages back, so i must be getting it wrong

morantis

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Activity: 868

Merit: 503

Quote from: traderethereum on January 16, 2017, 08:30:21 PM

Quote from: The_Dark_Knight on January 16, 2017, 07:54:18 PM

Quote from: President79 on January 12, 2017, 12:42:45 AM

Quote from: BADecker on January 11, 2017, 09:19:55 PM

I think that money laundering would be a little easier if more people used Bitcoin.

Cool

This is very likely, everyone will use bitcoin for money laundering. but with prices down like this, certainly they thought of canceling if saving money in bitcoin.

Maybe a criminal could be waiting but it could be for different reason, if a criminal wanted to launder his money then why not obtain a profit in the process? So, the criminal buys now when the price is low and waits until the next rise in price, that way he launders his money and obtains even more money in the process.

maybe they do this without anybody know because if they buy bitcoin with third party or not, the other people don't know where the money come from and being used for what, but if they already have bitcoin then its easy to them to sell the amount when the bitcoin price is high. i believe that there is money laundering via btc, because we can not know what kind of transaction that being used by many people in outside.

sometimes i have no clue what it is that people are saying, i get about half of your meaning, but that was already addressed two pages back, so i must be getting it wrong

Topic: Money laundering via BTC - page 34. (Read 39389 times)