Topic: Money laundering via BTC - page 42. (Read 39481 times)

well that's right and i think that is one of the reason why bitcoin still a big question if its needed to be legalized since this matter still in a debate with most countries bitcoin is the easiest way to do illegal transaction including money laundering and for sure government will not tolerate this matter better yet they will keep hanging the issue not to make it legalized.

Actually money laundering using bitcoin is very easy. Even with large amounts it is still possible. Like in CHina even if the government places a limit as to how much dollar they can send outside China some are still sending more than the required by using dummies. Even if there is a limit of how much bitcoin you can convert to fiat but using dummies it is easy. There are groups in facebook who are doing business like account for rent, you rent their account so you can withdraw using their verified account and if you rent the account of the whole group then thats a lot of bitcoin being converted to fiat. You can also use the documents of non-bitcoin users such as you relatives and others to create an account that you can use to withdraw.

I am not teaching you guys how to launder big amount of money, I am just sharing to you how people does it. But If I were you do not engage in these things since if you are caught by the government you will be in big trouble facing the law.

Well with bitmixer its possible for sure, I think its even easy to do it with the bitcoin but yeah its also how you look at it of course and on what method.

For small amounts of money its fine but you still need to convert fiat to buy the Bitcoins at some point.
Most services require some form of identification or bank account verification to do large transfers, and these companies are starting to get attention from government tax and stock regulators.
Coinbase recently had its records looked at my the IRS. (US tax collection agency)

I'm sure there is someone who has some sort of fake Bitcoin business set up to launder money, but there are definitely options that are just as good, or better, to do the same thing.

I think without the legalization of money laundering can still be done, the most important thing bitcoin has a rate or price, such as the current bitcoin although not legalized but you can still make money laundering easy

Bitcoin is decentralized and it's not controlled by government, it could be used by criminals and terrorists to transfer illegal money over the internet and it's anonymous so that They can use bitcoin for laundering black money .

Wrong about governments to get court order to force mixers give them access to their clients information and logs, because there is no log and information since all will be completely deleted and destroyed, unless the mixing service is hiding the truth but I doubt it otherwise no one would have used their services, so when there is no data to release you can relax as mixing services are the ICON for money laundering.
But hey, fire also burns but it depends how you are using it for good or hurting others. bombs kill people but you seeing governments to stop manufacturing them? so bitcoin can be potentially destructive, just GTFO so as a razor blade or a fly going into your brain from your nose .

It can give a lot of confusion of course. First off Bitcoin must be legal in order for you to do that. Because Bitcoin if illegal you won't be caught about money laundering but you will be caught by illegal possession of Bitcoin. Also if it is legal it will be easy to launder money because it is secure and private the only problem is converting it back to Fiat.

Money laundering can be made in several ways and basically have nothing to do with the money but the tools used to realize this process. In this way bitcoin may be the tool but anyway everything can be discovered if bitcoin is regulated as a asset or currency.

I don't think that bitcoin is already anonymous because, i can track transaction with see wallets bitcoin
and i think the other users of bitcoins agree with me.

That is why there are bitcoin mixing services because bitcoins is not full anonymous
 still needs other ways for becoming full anonymous, is like use bitcoin mixing services.

how can you trace it if you are using a anonymous wallet like blockchain or even on your own wallet. no one will know who is the owner not unless you used the same address stake on the meta sections

Really? I thought no body can backtrace bitcoin owner, don't it make it quite vulnerable then? I mean if someone can find out that you own like 2-3 or more BTC, they can rob you just like they rob cash, only difference would be that they would have to beat out your wallet passwords and stuff.
I thought its security lies in the fact that it is untraceable and no one can know who owns and how much.

Let's put this whole thing into the bigger picture for a moment, because I think we are blowing this issue up for no reason. The estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars.

The market cap for Bitcoin with the mined coins are roughly 16 000 000 coins, and we know very little of these coins are in circulation, so this brings us to +/- 10 000 000 {wild guess, but still enough to make a point}

Let's say, we have a Bitcoin price of $1000/BTC and all 10 000 000 coins were available, and 100% of these coins were used to launder money, then they would only have $10 000 000 000 {$10 billion } to launder any money. Where will the other $790 billion come from in bitcoins to launder the money globally?

The point that I am trying to make is, is this : Bitcoin's contribution to money laundering, if 100% of available coins are used, would only make up roughly 1.2% of all money laundering being done with other methods. So is this REALLY a issue?

This is being blown out of proportion by the media and the fiat shills, to make Bitcoin look bad, but money laundering with bitcoin is a non-issue, if you look at the percentage that could be used to launder money, if ALL coins were to be used to launder money.

Source : https://www.unodc.org/unodc/en/money-laundering/globalization.html

That certain site could help you if you want to launder your money, people can use such service to be anonymous but there are people whose real intention to be anonymous as they want to hide their illegal activities. Bitcoin is already anonymous, so why would you still have to use the mixing service, you want to hide something of course.

Since mixing service is not covered my the AMLC then they cannot enforce the company to divulge the information of their clients to them. We can be safe here as it's a good place to be anonymous and hide some shitty activities if we are doing it.

BTC makes it very much easier if you know what you are doing and if you have the right connections. Maybe its where it could get some of its value in the real world. It could be used by criminals and terrorists to move money over the internet but it can also be used by honest people in dictatorial regimes. As long as the price goes up I'm all for it.

Actually there are no money laundering in bitcoins, there is bitcoins mixing only, it is different between mixing coin and money laundering,  https://cryptomixer.io is one of many bitcoins mixing services and
The aim of mixing bitcoin is not for money laundering but it is for stay anonymous and there are no
people whom track their bitcoin.

Money laundering is an illegal activities, it's an act of making dirty money to be clean that's why you launder it. IMO, there's no specific amount to be considered as money laundering as it's based on the law of your certain area, if I am not wrong what you are trying to imply on your statement is that some entity which are covered by the law of AMLA (Anti Money Laundering Act) are required to report transactions over $1,000 as covered transaction.

In addition, they are also directed to report suspicious transactions based on the memorandum received from AMLC.

It's very easy to do. There is always someone accepting to do such shady thing for some bucks. There are illegal people laudering fiat at banks, at church, at donation institutions, so why not at bitcoin exchanges?
I'm sure there are people doing this, and it will exist with or without bitcoins, what happens is that media uses it only against bitcoins, the media is very dishonesty and hypocritical.

Wouldn't think that it could easily be done since you need to transfer bitcoin in fiat which is not an easy task.
Most if not all services ask for i.d after you register an account with them and then request to do a transfer to a card of credit so you can use it to withdraw cash or fiat by an atm machine.
There are not alot of places that allow you to do this but there are a few still left and if you can they do have limits in place so you can not do what you are asking about. I think laundering money is considered if it is more than $1000 and most services allow you to do under that amount without having to give them i.d.
I could be wrong because there are alot of companies popping up every week that allow people to do this now.

Yes we can do money laundering via bitcoin, this is one of the reason the government banned bitcoin in some country, the anonymous feature that bitcoin has is really suitable to hide your wealth, combining your bitcoin with mixing service it will be a prefect tool to do money laundering