So much for Bitcoin is used for money laundering

Kakmakr

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Quote from: andrew24p on April 25, 2016, 01:44:52 AM

Market cap and liquidity is too low to effectively launder large sums of money. I suspect it will be more of a problem as liquidity and market cap grows, but also at that time we might have better blockchain analysis which might scare people off.

If the Blockchain analysis tools improve, we will have a bigger problem. Bitcoin needs to be Pseudonymous to protect our basic financial privacy. You do not want everyone with the right tools browsing your spending habits and knowing how much money you have. This will make you a target for thiefs & hackers and all the bad characters, who will want some of your wealth.

Bitcoin gives you no more anonymity than cash, and this is still acceptable to the general public.

andrew24p

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Market cap and liquidity is too low to effectively launder large sums of money. I suspect it will be more of a problem as liquidity and market cap grows, but also at that time we might have better blockchain analysis which might scare people off.

Wendigo

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I don't think anything will happen to these people because they have so much money that they can bail themselves out and hire good lawyers to prolong the trials for years or decades if charged with money laundering or something. I think the worst that can happen to these politicians or business executives is to simply resign from their positions because of public pressure like that Iceland Prime Minister who stepped down after the Panama Papers revelation and his part in it.

bitbaby

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I am waiting to see what will happen to these people (I am going with nothing and a movie will be made on it shortly), everyone knew that politicians, big business owners, etc. were always involved in these sort of things but it was always swept under the rug, why? because the rule appliers are also corrupt and receive their cut for keeping quiet.

As for the title of this thread, it is misleading or maybe OP was being sarcastic.

27QVUTZj8rgZP1

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Quote from: countryfree on April 03, 2016, 06:35:51 PM

Quote from: Denker on April 03, 2016, 04:09:56 PM

http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/

https://panamapapers.icij.org/20160403-panama-papers-global-overview.html

Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption

Quote

Files reveal the offshore holdings 140 politicians and public officials from around the world
   Current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king
   of Saudi Arabia
   More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories
   Major banks have driven the creation of hard-to-trace companies in offshore havens

Have fun reading this guys! Wink

Could you change your misleading title, please?

THERE IS NOTHING ABOUT BITCOIN HERE.

This is about financial acts which date back to 1977!!! I invite the other posters to read the link and check the information before writing any silly comments. It's about Gaddafi, Mubarak and Putin, and all he great fascists leaders who care more about their personal wealth than their country.

That. And please people, understand the topic before posting. LOL!

It seems like many just read the title and start posting.

owm123

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Quote from: pearnapple on April 24, 2016, 05:05:25 PM

so what? fiat is usually used for doing crimes too though no one complains too much about it, i think we shouldnt pay too much attention to it because it will have negative impact on bitcoin

No one cares about crimes with fiat, because banks and governments control fiat. So why would they hurt something that they use for stealing and cheating themselfs?

pearnapple

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so what? fiat is usually used for doing crimes too though no one complains too much about it, i think we shouldnt pay too much attention to it because it will have negative impact on bitcoin

quintiilieo

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Quote from: Denker on April 03, 2016, 04:09:56 PM

http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/

https://panamapapers.icij.org/20160403-panama-papers-global-overview.html

Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption

Quote

Files reveal the offshore holdings 140 politicians and public officials from around the world
   Current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king
   of Saudi Arabia
   More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories
   Major banks have driven the creation of hard-to-trace companies in offshore havens

Have fun reading this guys! Wink

It is possible to used bitcoin in money laundering, because others can buy illegal things, drugs and etc. So this is the bad things about bitcoin many people thinks if you have a bitcoin account you have illegal doing, illegal transaction with others bad guys

Das

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That has always been a major setback for btc. How to keep btc from being used for criminal activities, it spoils its good name.

Don't think there is anything anyone can do about that though.

Aleksey.Vladlenovich

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And have nothing to add..........all right

KennyR

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Money laundering takes place through all possible methods. Bitcoin has been developed with a anonymous nature which helps in a better way for money laundering. So bitcoin is also used but we can't say bitcoin is the most used for illegal and money laundering activities.

Sandroxa

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Quote from: arwin100 on April 04, 2016, 03:29:26 AM

Quote from: gtglener on April 04, 2016, 03:13:30 AM

Quote from: bitbunnny on April 04, 2016, 03:08:28 AM

Bitcoin is very convenient for money laundering because of anonimity and it's hard to trace the money. No wonder that is popular for taht reason too.

yes the criminals use any technique for money laundering which they find easy and safe for them.
The only thing which will prevent these activities will be the removing the feature of anonymity, i think after that it will be safe.

Right many criminals take the opportunity to laundered more hard earn money of many people . They make hyip site and offer big returns so they can attract more investors to invest and gather more money. And run and investors cant nothing do with it because of its animosity. So lets be carefull for our money.

There are a lot of people that is indeed using Bitcoin for money laundering, they use it because you cant check what they bought with it and that is the bad thing of it.
And if Bitcoin is getting more popular than more people will also know that they can use it for money laundering.

Carlsen

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I'm relatively sure that btc is used for that.
Even in a much higher way than expected.

BitcoinSupremo

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Although I am in big european country (hint: I maybe lieing about this) I am keeping all my savings in my PC in BTC, when I need them, I don't care if money laundering policies will catch me or not, and if they maybe can , well when they will come for me, I will be long gone to some exotic island Kiss

The most beautiful part of Bitcoin savings is : The goverment doesn't know.

Jeremycoin

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Quote from: Kakmakr on April 04, 2016, 01:44:40 AM

Quote from: krunox123 on April 04, 2016, 01:17:40 AM

Quote from: countryfree on April 03, 2016, 06:35:51 PM

Could you change your misleading title, please?

THERE IS NOTHING ABOUT BITCOIN HERE.

This is about financial acts which date back to 1977!!! I invite the other posters to read the link and check the information before writing any silly comments. It's about Gaddafi, Mubarak and Putin, and all he great fascists leaders who care more about their personal wealth than their country.

I can vouch for this. I quickly read through both of the articles, and there is nothing related to Bitcoin in the articles. The author does not even mention a single word of the word 'Bitcoin' in neither of the articles.

It might not have a single reference to Bitcoin, but it shows politicians using the fiat system to launder use amounts of money all over the world. Everyone is pointing fingers to Bitcoin when money laundering happens, but political leaders use the fiat system to move their money, and they make the rules regarding Bitcoin.

People in glass houses, should not throw stones. ^hmmmm^

Well, if it like that. Then we can't blame Bitcoin for this kind of thing, the one who should be blamed is the people who use it for a bad thing (politician).

Denker

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Quote from: Kakmakr on April 04, 2016, 01:44:40 AM

Quote from: krunox123 on April 04, 2016, 01:17:40 AM

Quote from: countryfree on April 03, 2016, 06:35:51 PM

Could you change your misleading title, please?

THERE IS NOTHING ABOUT BITCOIN HERE.

This is about financial acts which date back to 1977!!! I invite the other posters to read the link and check the information before writing any silly comments. It's about Gaddafi, Mubarak and Putin, and all he great fascists leaders who care more about their personal wealth than their country.

I can vouch for this. I quickly read through both of the articles, and there is nothing related to Bitcoin in the articles. The author does not even mention a single word of the word 'Bitcoin' in neither of the articles.

It might not have a single reference to Bitcoin, but it shows politicians using the fiat system to launder use amounts of money all over the world. Everyone is pointing fingers to Bitcoin when money laundering happens, but political leaders use the fiat system to move their money, and they make the rules regarding Bitcoin.

People in glass houses, should not throw stones. ^hmmmm^

That was my intention and the reason why I opened this thread.
I'm glad that at least a few here seem to understand this.

arwin100

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Quote from: gtglener on April 04, 2016, 03:13:30 AM

Quote from: bitbunnny on April 04, 2016, 03:08:28 AM

Bitcoin is very convenient for money laundering because of anonimity and it's hard to trace the money. No wonder that is popular for taht reason too.

yes the criminals use any technique for money laundering which they find easy and safe for them.
The only thing which will prevent these activities will be the removing the feature of anonymity, i think after that it will be safe.

Right many criminals take the opportunity to laundered more hard earn money of many people . They make hyip site and offer big returns so they can attract more investors to invest and gather more money. And run and investors cant nothing do with it because of its animosity. So lets be carefull for our money.

gtglener

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Quote from: bitbunnny on April 04, 2016, 03:08:28 AM

Bitcoin is very convenient for money laundering because of anonimity and it's hard to trace the money. No wonder that is popular for taht reason too.

yes the criminals use any technique for money laundering which they find easy and safe for them.
The only thing which will prevent these activities will be the removing the feature of anonymity, i think after that it will be safe.

bitbunnny

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Bitcoin is very convenient for money laundering because of anonimity and it's hard to trace the money. No wonder that is popular for taht reason too.

avikz

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Every technological advancements come with positive as well as negative side. No wonder, bitcoin is also used for money laundering.

But majority of the bitcoin users are general people like us those who have earned bitcoin using genuine ways. They should not be bothered.

Let the criminals do what they are best at and let the law take care of them.

Topic: So much for Bitcoin is used for money laundering (Read 1645 times)