Topic: Research reveals that U.S Dollars have been used to launder money than Bitcoin (Read 275 times)
August 07, 2019, 05:37:31 AM
It is obvious that dollars are used for money laundering much more often than bitcoins
August 06, 2019, 11:45:27 PM
Fiat money is representing the amount of labor put into producing goods, services and value for that banknote nominal. That's the original design in any case. The banknote itself does not hold any intrinsic value - that's the whole point. The cheaper the medium the better, hence paper. What's important is the things it represents.
Crypto in its current form represents an electrical power wasted for producing useless coin off of an open source algorithm , which is backed by the intention of miners to mine more of it. In other words useless. That's not the worst thing though. The worst is it (crypto) has the ambitions (by design) to claim all the wealth in the world for itself effectively redistributing value from everyone else to the first ones "investing" in it and less so to the late to the party.
Crypto in its current form represents an electrical power wasted for producing useless coin off of an open source algorithm , which is backed by the intention of miners to mine more of it. In other words useless. That's not the worst thing though. The worst is it (crypto) has the ambitions (by design) to claim all the wealth in the world for itself effectively redistributing value from everyone else to the first ones "investing" in it and less so to the late to the party.
August 04, 2019, 11:39:26 PM
Pretty obvious. No smart criminal will be leaving a trace on bitcoin's public ledger, especially after bitcoin has become so mainstream, and that the government has actually started tracking transactions on the network, especially big ones that could be related to dark-net activity or money laundering.
There are a lot of the ways in the world for people to get around things, offshore bank accounts, faked ID's, accountants. These things can help you avoid a lot of things. Crime has been happening for a long time, without BTC.
Deutsche Bank is a very good example - https://www.nytimes.com/2019/06/19/business/deutsche-bank-money-laundering-trump.html
There are a lot of the ways in the world for people to get around things, offshore bank accounts, faked ID's, accountants. These things can help you avoid a lot of things. Crime has been happening for a long time, without BTC.
Deutsche Bank is a very good example - https://www.nytimes.com/2019/06/19/business/deutsche-bank-money-laundering-trump.html
August 04, 2019, 11:41:06 AM
you have to be real stupid to use the most transparent money transferring system in the world to "launder money". it is practically like shouting about your dirty laundry to the whole world from the rooftops every second of every day since the transactions are going to be always visible on the "public ledger" for all to see.
Well, even though Bitcoin offers great transparency in terms of publicly available transactions, since these transactions, unlike those going through banks, are not directly linked to specific people, so this can be very useful for laundering money. However, there are much more useful cryptos like Monero and Dash for illegal activities, I guess, since they don't even have public transaction records.As for the research, there was another thread about it recently with more detailed data. But all of the info I saw lack essential information on the methodology of performing that research (what is taken into account when we compare money laundering in dollars and bitcoins). It's safe to say that both are used for good and for bad stuff, so the bad stuff should not be taken against Bitcoin.
August 04, 2019, 10:27:32 AM
If you consider that Bitcoin has only been around since 2009 and the US currency has been around for 100s of years, then this is not actually a strong defence that Bitcoin is less used for money laundering than fiat currencies. The amount of fiat currencies are also a lot more than the bitcoins in circulation. 
Bitcoin looks like an easier "tool" for money laundering, because it is borderless and also pseudo anonymous, but I personally think there are more anonymous coins out there that can be more suitable for criminal activities like that.
Bitcoin looks like an easier "tool" for money laundering, because it is borderless and also pseudo anonymous, but I personally think there are more anonymous coins out there that can be more suitable for criminal activities like that.
August 04, 2019, 07:54:49 AM
Research reveals that more U.S Dollars have been used to launder money than Bitcoin.
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
Bitcoin is a fairly new currency and USD is a one of the most stable fiat in the world. USD has been the default currency of use for every international transfer. So, no wonder it is the currency people use to launder. The money laundering too is a vast topic of discussion as there are different rules about money in different parts of world.
August 04, 2019, 07:33:30 AM
Do you trust a report or research posted on a website called worldpublicityblog? It's better to start improving your sources of information again.
I didn’t read the research, but it is well known that paper money is not fully controlled by governments, so it is used in money laundering, drugs, and sex, although the Central Bank's legislation warns against such practices.
Do you know how many dollars are in circulation? There are about 39.8 billion notes in circulation all together. For coins, there are about 28 billion in general circulation[1] more than the amount of cryptocurrency.
[1] https://www.titlemax.com/discovery-center/money-finance/how-many-dollar-bill-circulated/
I didn’t read the research, but it is well known that paper money is not fully controlled by governments, so it is used in money laundering, drugs, and sex, although the Central Bank's legislation warns against such practices.
Do you know how many dollars are in circulation? There are about 39.8 billion notes in circulation all together. For coins, there are about 28 billion in general circulation[1] more than the amount of cryptocurrency.
[1] https://www.titlemax.com/discovery-center/money-finance/how-many-dollar-bill-circulated/
August 04, 2019, 04:39:13 AM
FIAT system has been with us for many years so we can't compare how much it's been laundered years ago. Every crimes in the last 20th centuries involved fiat so nothing new here.
Deutsche Bank faces action over $20bn Russian money-laundering scheme
https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme
Deutsche Bank faces action over $20bn Russian money-laundering scheme
https://www.theguardian.com/business/2019/apr/17/deutsche-bank-faces-action-over-20bn-russian-money-laundering-scheme
August 03, 2019, 10:59:40 PM
Well, fiat is older than Bitcoin so it's not that surprising.
Besides U.S Dollars is older than BTC, it is also easier to convert to various currencies of all countries around the world. Moreover, the USD rate seems quite stable and profitable to be exchanged for other currencies. While BTC is very volatile and hackers know how to steal it, these make them a bit afraid to use Bitcoin. So, It makes sense if people prefer to use U.S Dollars for money laundering.
August 03, 2019, 10:33:10 PM
Well, fiat is older than Bitcoin so it's not that surprising. Not to mention that there are different kinds of fiat for every country so I guess the actual number must be way bigger than that.
This has been discussed too many times, there's no need to make new research about it. I guess they should make new research about the effectivity of money laundering with fiat vs Bitcoin/crypto to see will there be a change on the trend or not.
This has been discussed too many times, there's no need to make new research about it. I guess they should make new research about the effectivity of money laundering with fiat vs Bitcoin/crypto to see will there be a change on the trend or not.
August 03, 2019, 08:38:14 PM
Of course, the most notorious of money launderers who do the dirty job of making illegally acquired wealth appear clean use the number one currency of the world, the US Dollar. The big time global drug lords, the terrorists, and government plunderers are using the US Dollar as well. And then they store their wealth in banks. The banks do not care where the money really comes from for as long as it is an addition to their deposits and they are given a valid front to make everything clean. There is no problem with them.
August 03, 2019, 08:16:40 PM
Research reveals that more U.S Dollars have been used to launder money than Bitcoin.
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
Definitely true , even other currency has been already use of such money laundering before crypto currency was discovered last 2009 so never mind this issue and we must learn te accept that this is also a potential for other uses of all activities .
August 03, 2019, 03:28:55 PM
That's very obvious even without a research as those negating bitcoin in the name of corruption are doing that because of natural hate for crypto
August 03, 2019, 11:31:13 AM
This has been discussed countless of times in this forum not because we are pro-bitcoin and cryptocurrencies but because it is the truth, You're naive to think that USD and other fiat currencies aren't used in large-scale money laundering because the government says so, while in reality it is the most used currency in black markets and the dark web. Also, offshore foreign accounts, specifically Swiss banks are created for extreme privacy and anonymity, but why, right? These are created for a reason, of course, and that is to protect dirty politician money and other illegal stuff from the prying eyes of the masses who might lose trust in the system and be done with all the shit the government has to do.
August 03, 2019, 10:43:34 AM
Of course, the best medium to transact illegally is always the fiat money since there can be no trail of the movement except if there will already be intermediaries involved or financial institutions. With Bitcoin, all the transactions are open book and can be found by anyone in the ledger so it would be not good to do money laundering using cryptocurrency (except for private cryptos). I read a report sometime ago that actually it is really the fiat money which remained at the top spot of the tools utilized in illegal transactions...but then there is no one on the government side suggesting that fiat be declared illegal (just kidding).
August 03, 2019, 06:03:34 AM
Quote
800 times more than Bitcoin
is such a big comparison or percentage I hope the research company that comes out with the research is reputable enough, so we can use this data to prove that Bitcoin and other Cryptocurrency can do more good than harm, and it's just the government misconception, because you if you deal with something illegal you do not want something that will leave a print to track. August 03, 2019, 05:23:09 AM
you have to be real stupid to use the most transparent money transferring system in the world to "launder money". it is practically like shouting about your dirty laundry to the whole world from the rooftops every second of every day since the transactions are going to be always visible on the "public ledger" for all to see.
August 03, 2019, 04:38:40 AM
Research reveals that more U.S Dollars have been used to launder money than Bitcoin.
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
READ MORE ON World Publicity Blog HERE: http://worldpublicityblog.com/index.php/2019/08/01/research-reveals-that-more-u-s-dollars-have-been-used-to-launder-money-than-bitcoin/
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