Provably Clean Money | Bitcointalksearch.org

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: ccryptopark on July 23, 2019, 12:20:31 PM

Companies that specialize in AML compliance like Ciphertrace recently shared their plans with compliant crypto at Blockchain Education Day. One in particular is how cryptocurrency is the perfect use case for provably clean money because you can track and trace it unlike fiat.

Interesting conversation here especially around compliance and blockchain

https://cryptobriefing.com/blockchain-advocates-washington-dc-facebook/

How about the clean Bitcoins? That is, the newly mined money that can be used once for an illegal thing, having no previous traces? And if you're the government, you can trace banking money as well, right? Cash is a different story, but transactions between bank accounts are recorded and can theoretically be accessed (like, though hacking the online banking of a person). Moreover, the account has an identity directly linked to it (at least, this is how it works in my country). I agree that theoretically Blockchain can actually be used to trace the money and that makes the AML activities easier in some way. But if the wallets are in no way linked to certain identities, it's not very helpful to see that the money's going from one wallet we don't know to another one.

freedomgo

legendary

Activity: 3248

Merit: 1160

Playbet.io - Crypto Casino and Sportsbook

Quote from: enogheghase123 on July 27, 2019, 01:49:36 AM

Fiat should not generally be considered or seen as dirty money, even crypto can be tag dirty if channelled to the wrong cause, if crypto was all that clean why is the USA and INDIA against it?

USA is not against crypto, did you based on the statement of Trump? if that so, you don't have a real basis.
Crypto will solve a lot of problem in transaction because its decentralized, however, due to the fact that its still new, the regulation of crypto is still not that strong and people with ban intention are abusing it, if they don't like it they will just simply ban it, USA did not ban bitcoin yet.

enogheghase123

copper member

Activity: 164

Merit: 1

Fiat should not generally be considered or seen as dirty money, even crypto can be tag dirty if channelled to the wrong cause, if crypto was all that clean why is the USA and INDIA against it?

diahsw

full member

Activity: 756

Merit: 105

Quote from: ccryptopark on July 23, 2019, 12:20:31 PM

Companies that specialize in AML compliance like Ciphertrace recently shared their plans with compliant crypto at Blockchain Education Day. One in particular is how cryptocurrency is the perfect use case for provably clean money because you can track and trace it unlike fiat.

Interesting conversation here especially around compliance and blockchain

https://cryptobriefing.com/blockchain-advocates-washington-dc-facebook/

More than just stars about them. Coinfirm, a new technology company, recently agreed to transfer Crypto as a compilation of high backup accounts related to anonymous activity. it is highly motivated and encouraged to improve its compliance procedures.
In other words, the blockchain is a new form of computing. With this technology, data can be shared to various "nodes" (for example computers) that can communicate with each other while ratifying the data automatically. That is, you no longer need or build a central server to hold data or information that can be accessed by various types of computers. The technology we use today depends heavily on centralized systems, while the blockchain (aka Distributed Ledger Technology, or other alias), is a technology called "decentralization".

Lauren Smith

sr. member

Activity: 1050

Merit: 277

People launder money through fake companies or business fronts. Changing currency is far too easy of a way and riskier. You have to actually syphon it slowly not just dump it all in one go on an online exchange.
These are just excuses to collect peoples info.

Quote from: dothebeats on July 25, 2019, 09:29:39 AM

Clean money or not, at the end of the day all merchants and consumer care about is if they can use that money to buy something or exchange it into something so I don't see the point of this plan of theirs. Sure, you can say that one money is tainted with blood and/or illegal doings, but the mere fact that it stays as money, even if it's involved in criminal cases doesn't make it worth less than what it is before. I applaud Ciphertrace for doing something to trace scammers and nefarious people using cryptos for crimes, but again why segregate clean money from dirty money, if the latter is still money essentially? It's like I can't use my pennies since it was once held by a group of Russian hackers or a Mexican cartel at some point.

Yeah. At some point, I am sure all money passes hand with a criminal. Banknotes are physically dirty, to begin with.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Clean money or not, at the end of the day all merchants and consumer care about is if they can use that money to buy something or exchange it into something so I don't see the point of this plan of theirs. Sure, you can say that one money is tainted with blood and/or illegal doings, but the mere fact that it stays as money, even if it's involved in criminal cases doesn't make it worth less than what it is before. I applaud Ciphertrace for doing something to trace scammers and nefarious people using cryptos for crimes, but again why segregate clean money from dirty money, if the latter is still money essentially? It's like I can't use my pennies since it was once held by a group of Russian hackers or a Mexican cartel at some point.

wattcrypto

jr. member

Activity: 247

Merit: 1

Quote from: ?? on ??

Quote from: ccryptopark on July 23, 2019, 12:20:31 PM

Companies that specialize in AML compliance like Ciphertrace recently shared their plans with compliant crypto at Blockchain Education Day. One in particular is how cryptocurrency is the perfect use case for provably clean money because you can track and trace it unlike fiat.

Can all cryptocurrencies be traced? It seemed to me that the meaning of crypto is that no one knows what you spend your money on

To my knowledge only public ledgers can be traced at this time. I believe Ciphertrace's technology only tracks movements of BTC at this time but that might expand to other currencies over time.

vintages

full member

Activity: 966

Merit: 153

Aside the fact they are trying to sell their service; they are kinda true about the provability of Bitcoin though.
I have heard about how a company called 'Chainalysis' help the FBI in identifying crypto addresses and wallets that are linked to criminal mostly linked to Darknet.

The point is, it might be easy to trace the transaction of a stole wallet or Bitcoins but its very difficult to put a face to the criminal behind it. Or else someone who knows the hacker or criminal snitched.

MonsterV

legendary

Activity: 2212

Merit: 1008

Quote from: Distinctin on July 25, 2019, 05:46:17 AM

That's really interesting because it's telling the truth, however this KYC that gives an ease to their job, it would also loss our privacy that every transact we make is can be traced and monitor.

Don't tell me they (government) are all clean, there are also some corrupt government officials that might make illegal activities against us when they see we are holding a huge amount.

Well, such rules only benefit one party, the government. And yes, there is no clean government, of course there is cheating in politics. But I am also surprised, why are they too busy thinking about bitcoin, worried about money laundering, etc. While the fiat they just issued is still a lot of shortcomings compared to bitcoin, not even a few of the fiat are a means of crime.

I would agree that KYC rules are applied to anyone, but on the condition that the fiat they regulate is also clean. Clean of all money laundering, means of crime and what they accuse of bitcoin.

Welsh

staff

Activity: 3304

Merit: 4115

Quote from: fiulpro on July 25, 2019, 04:32:44 AM

We cannot actually track each and every paper money out there , we cannot expect the government to keep it all documented .
This is impossible.
That's why today's government is switching onto the online payment , and guess what ?
They are forgetting that Bitcoin is a part of this , that even this is a mode of online payment.
Therefore I do think that only if the government could support it could actually strengthen their international business relationships.

You say its impossible, but they would only need to recall all bank notes just like they do when changing to newer ones. The older ones are then considered legal tender for a time period after that, but I'm pretty sure that there is a deadline in which you should exchange that to a bank. If they wanted to document every transaction made, they could recall all bank notes, and move to something like the blockchain. It doesn't have to be Bitcoin, and they could make it their own as long as the transactions were all documented through something like the ledger, there would at least be a little more transparency in a pretty broken system.

Distinctin

hero member

Activity: 2926

Merit: 657

No dream is too big and no dreamer is too small

That's really interesting because it's telling the truth, however this KYC that gives an ease to their job, it would also loss our privacy that every transact we make is can be traced and monitor.

Don't tell me they (government) are all clean, there are also some corrupt government officials that might make illegal activities against us when they see we are holding a huge amount.

fiulpro

hero member

Activity: 1890

Merit: 831

We cannot actually track each and every paper money out there , we cannot expect the government to keep it all documented .
This is impossible.
That's why today's government is switching onto the online payment , and guess what ?
They are forgetting that Bitcoin is a part of this , that even this is a mode of online payment.
Therefore I do think that only if the government could support it could actually strengthen their international business relationships.

valentin68

full member

Activity: 459

Merit: 104

Bitcoin is clean money because people have worked for it. No bitcoin in this world has been made without hard work.

And there is something else that makes bitcoin clean money, bitcoin is the money oft the new generation, of the young people, of the men and woman that are under 50 years old. These people have been thought to work by their parents,
they go to work at 9 AM and return from work at 4 PM every day.

They do not withdraw from their faculty studies, they go to school and learn until the age of 26 years old. This is why bitcoin is Provably Clean Money.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Aero Blue on July 24, 2019, 05:15:23 PM

I don't know why everyone is so paranoid about Bitcoin being used for money laundering, like yes: it happens. But there are a lot more efficient and easier ways to launder money, via existing methods. Plus Bitcoin is just a hassle and fluctuates way too much for anyone to want to consistently launder money through.

it is because when you are bombarded by articles about how bitcoin is being used by money launderers many people eventually start believing in it even if it really doesn't happen! it goes so deep that eventually those who started the lie believe it themselves too, which is why all these companies like what OP is talking about are being created to sell their services to those people pretending they are "finding" people and linking their transactions together.

Aero Blue

full member

Activity: 154

Merit: 128

I don't know why everyone is so paranoid about Bitcoin being used for money laundering, like yes: it happens. But there are a lot more efficient and easier ways to launder money, via existing methods. Plus Bitcoin is just a hassle and fluctuates way too much for anyone to want to consistently launder money through.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: ccryptopark on July 23, 2019, 12:20:31 PM

Companies that specialize in AML compliance like Ciphertrace recently shared their plans with compliant crypto at Blockchain Education Day. One in particular is how cryptocurrency is the perfect use case for provably clean money because you can track and trace it unlike fiat.

This is purely just hyping up their products, or otherwise trying to confuse people with regard to fungibility. No cryptocurrency is "provably clean" except for coinbase rewards that have never moved.

Their products work like antivirus software. All they can do is tag known/suspicious address clusters and associate taint to build a database of questionable outputs. Thus, they can flag outputs that are associated with illegal activity, but they certainly can't prove that every other output is "provably clean."

djadmika

member

Activity: 87

Merit: 40

Quote from: wattcrypto on July 23, 2019, 01:42:36 PM

I just saw a article out today about fiat money being 800:1 times more likely to be considered 'dirty' and used in black market

It would be better if you include the article so that it can be learned together. In my opinion, fiat currencies are more widely used in black markets because fiat currencies are far more widely used than digital currencies. Both can be used for crime or good, depending on how the user treats them.

wattcrypto

jr. member

Activity: 247

Merit: 1

I just saw a article out today about fiat money being 800:1 times more likely to be considered 'dirty' and used in black market

ccryptopark

jr. member

Activity: 300

Merit: 5

Companies that specialize in AML compliance like Ciphertrace recently shared their plans with compliant crypto at Blockchain Education Day. One in particular is how cryptocurrency is the perfect use case for provably clean money because you can track and trace it unlike fiat.

Interesting conversation here especially around compliance and blockchain

https://cryptobriefing.com/blockchain-advocates-washington-dc-facebook/

Topic: Provably Clean Money (Read 385 times)