What to do with ill-gotten Bitcoin? | Bitcointalksearch.org

robelneo

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Quote from: ignitiondefect on February 06, 2016, 03:44:14 PM

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

Don't do one transaction diversify your coin to many wallets and drip it from time to time you can also avail of bitcoin mixer to mix your wallet it's more easy that way but Bitcoin is decentralized and anonymous they will have a hard time tracking you..

European Central Bank

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Quote from: 2c0de on May 14, 2016, 08:15:17 AM

Simply shuffle it around for a few years until the case is barred and archived

Then you can simply cash it out, nobody has to know anything.

I dunno, man. There's alot of blockchain analysts with too much time on their hands who'll follow that stuff for years, especially if it's their coins.

tommorisonwebdesign

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Practically, I've been selling my bitcoins on localbitcoins.com. I have not run into any problems because i only dealk with people who have a high trust rating, ask well, as having a decent trust score myself. you're most likely going to need to provide your ID to exchange Bitcoin.

2c0de

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Simply shuffle it around for a few years until the case is barred and archived

Then you can simply cash it out, nobody has to know anything.

Bitcoinbee

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well its a long way to run but you can never hide. Laundering could be an idea but since AMLA is getting strict these days converting it to cash and having it keep in a bank is not a good idea. just return it bro. Grin

TommyBitcoin

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Lots of good advice on this thread, especially using several mixers and wallets at timed intervals and using a middle man to preserve your identity.

You still run into the problem of having too much wealth. If anybody were to find out, you would have a lot of explaining to do.

Kinda like on Breaking Bad, when the car wash wasn't enough to launder the money, so Walter is buying barrels in the desert.

You would have to be very careful in how to spend it. I read one way to launder money is to open a bar and pay your friends with the laundered money to frequent the bar. I still think that between the sophisticated computing systems looking out for patterns of laundering money and people who are hunting down money launderers it is pretty tough.

Gohs

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Quote from: Laosai on February 07, 2016, 05:08:49 AM

Quote from: talkbitcoin on February 07, 2016, 04:27:32 AM

Quote from: avw1982 on February 07, 2016, 03:51:43 AM

Quote from: Amph on February 07, 2016, 02:33:10 AM

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

the price is the same as it was for some time now. which is around $375+$10 it has not gone down.
it is off topic but i agree on holding btc for after halving

So is everyone. So you know what gonna happen after halving? MAssive dump which will mean a price decrease...

Ladies and gentlemen, this means the best time to buy bitcoins is after the halving. You get btc real cheap, hold your coins for some months and then sell as prices rise.

A Youtube video showed the house of parliament being lectured on the need to delve into bitcoins, seems something good is preparing to happen from that end of the foodchain sometime after the halving.

southafricadude

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Quote from: bearex on February 07, 2016, 08:27:21 AM

You go on local bitcoins, and sell them for cash. Of course you will get something like 10% less money, but you will get them.

Where I am you get much more money selling on LBC than at an exchange

enhu

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Quote from: richardsNY on February 06, 2016, 03:57:13 PM

Nearly impossible, but you can have some one you closely trust convert your coins into cash or whatever you want. You can also convert them into a solid altcoin and slowly sell everything in other exchanges for BTC and then mix them, and no one will know your coins are marked.

Lets say I'm a btc buyer and want to buy from someone on localbitcoin, how do i know the sellers btc is "marked" like you said. is there away to see the owned btc by someone is ill gotten or marked?
The only way i can find out is just by investigating by googling the btc address or the sellers name if he isn't using another aliases. tracking is nearly impossible.

prtty2gal2

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The bitcoins withdrawn from gambling websites are sent to my bank account directly as I exchange them on Localbitcoins. As most users said that they do use mixers to hide their identity, LBC helps me in my trades. Not all my bitcoins are ill gotten and it doesn't matter much.

SirLancelot

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Quote from: bearex on February 07, 2016, 08:27:21 AM

You go on local bitcoins, and sell them for cash. Of course you will get something like 10% less money, but you will get them.

People on localbitcoins charge over 20% if you want to buy bitcoins or via other payment methods. There are many others who even exchange bitcoins for cash at a discount and that makes the trade anonymous, thus protecting the identities of the buyer and seller.

gkv9

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Quote from: bearex on February 07, 2016, 08:27:21 AM

You go on local bitcoins, and sell them for cash. Of course you will get something like 10% less money, but you will get them.

If the guy's got some brains, he should search for some better deals on LBTC as there are deals where you get more, it is obvious you might get cheated but there are still some trustworthy persons out there who are giving much better rates for your coins, so you ain't in any loss...

BTCBinary

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I don't actually think that you should worry about that. However if you are so worried about having tainted coins, you should probably start using a bitcoin mixer or something like that.

bearex

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You go on local bitcoins, and sell them for cash. Of course you will get something like 10% less money, but you will get them.

erikalui

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Quote from: Laosai on February 07, 2016, 06:00:04 AM

Quote from: erikalui on February 07, 2016, 05:19:18 AM

How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

Yeah you just have to makes your btc go trhough a little dozen of wallets and nobody will be able to trace them.

Mix them together, shake it shake it baby and you'll see it'll all be as if the coins were normal.

Maybe a buy a few legit coins in order to mix them with? It won't be easy to track them down.

I am not worried about being tracked as 90% of my income is in the bank. I'm only worried if bitcoins are termed as illegal as then I won't be able to use them and currently I just trade in bitcoins which is doesn't make the coins illicit. I already use Xapo which hides the identity or the users but that's because it saves fee else I used to have a blockchain wallet.

Master_dandosha

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two option you have first you can use mixer to do that job for you without being exposed here in bitcointalk there are reputable mixer provider. second option find a mediator . but the first one is preferable.thanks

Laosai

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Quote from: erikalui on February 07, 2016, 05:19:18 AM

How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

Yeah you just have to makes your btc go trhough a little dozen of wallets and nobody will be able to trace them.

Mix them together, shake it shake it baby and you'll see it'll all be as if the coins were normal.

Maybe a buy a few legit coins in order to mix them with? It won't be easy to track them down.

SFR10

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The only way for this to work is if you have a middle man to do the job for you, without exposing your real identity in the first place but you could also use some mixers as well. Not sure if your actual case is if your going to acquire some illegal money or your residing on one of the countries that use of BTCitcoin is forbidden so in case your it's the latter one then you could also try a in person dealings from local person and only exchange at the same time without giving each other your identities.

Paultango

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Quote from: whywefight on February 06, 2016, 05:46:49 PM

Quote from: ignitiondefect on February 06, 2016, 03:44:14 PM

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

are you the lucky7coin dev, now looking for help?? Cheesy

I don't think so. He said he has no bitcoin.

It is possible to just use a mixer to remove the trace of the bitcoins.

erikalui

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How can you term bitcoins as illicit when it's not considered one now? It's very easy to sell bitcoins for cash and it's nothing to do with legality or anything but just as simple as trading and I earned my bitcoins from a trusted source not from illicit sources.

Laosai

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Quote from: talkbitcoin on February 07, 2016, 04:27:32 AM

Quote from: avw1982 on February 07, 2016, 03:51:43 AM

Quote from: Amph on February 07, 2016, 02:33:10 AM

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

the price is the same as it was for some time now. which is around $375+$10 it has not gone down.
it is off topic but i agree on holding btc for after halving

So is everyone. So you know what gonna happen after halving? MAssive dump which will mean a price decrease...

talkbitcoin

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All I know is that I know nothing.

Quote from: avw1982 on February 07, 2016, 03:51:43 AM

Quote from: Amph on February 07, 2016, 02:33:10 AM

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

the price is the same as it was for some time now. which is around $375+$10 it has not gone down.
it is off topic but i agree on holding btc for after halving

avw1982

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Quote from: Amph on February 07, 2016, 02:33:10 AM

you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

Buying with bitcoin will not work at this moment already price is goes down So it not a right time I guess. Holding is a best way in bitcoin to get profit after halving.

Amph

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you don't, use them to buy stuff on purse.io, stop dumping bitcoin for fiat crap, the point of bitcoin was to be used as a currency not as a speculation tool only

mkc

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First you put coins through mixer, that way nobody knows its source for sure.
Then you can use Coinable to sell them, and deposit into your bank account.
Not the best way to spend bitcoin, but will work.

Monnt

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You could use multiple bitcoin mixers, like shuffle-shuffle.io and bitmixer.io, put in random time delays and user random fees to avoid amount-based searches.

You could then convert into something else.

Laosai

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Quote from: ignitiondefect on February 06, 2016, 03:44:14 PM

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

In fact it's rather easy.

You can convert it as cash through localbitcoin. You can also convert it into gold or other things like that by going throw a deal with someone. You explain that you don't want to do it, then you let the 10btc to escrow and ask someone to pay 9.5 btc of gold.

Btc was nearly made for those kind of thing, you can do whatever you want with your coins ^^

whywefight

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Quote from: ignitiondefect on February 06, 2016, 03:44:14 PM

This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

are you the lucky7coin dev, now looking for help?? Cheesy

The Sceptical Chymist

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Quote from: richardsNY on February 06, 2016, 03:57:13 PM

Nearly impossible, but you can have some one you closely trust convert your coins into cash or whatever you want. You can also convert them into a solid altcoin and slowly sell everything in other exchanges for BTC and then mix them, and no one will know your coins are marked.

It's not nearly impossible at all. Local meetup is one way, for straight-up cash. The buyer doesn't have to know the provenance of the coins beforehand nor your identity. Mixing the coins is another way as mentioned. And you could probably buy gold/silver online without having to provide your real identity since you're not using a CC. But you'd be giving the seller your address. Even then, you could get around that--if you were motivated enough to do so, there are plenty of ways.

European Central Bank

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Coins like that are out there. If you have half a brain then you drip feed the sales over a long period of time. The idiot who stole a pile of coins from Sheep marketplace went right out and started buying houses through his girlfriend. He didn't last too long before the authorities came knocking.

richardsNY

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Nearly impossible, but you can have some one you closely trust convert your coins into cash or whatever you want. You can also convert them into a solid altcoin and slowly sell everything in other exchanges for BTC and then mix them, and no one will know your coins are marked.

ignitiondefect

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This is a question I've long been curious about. Its entirely academic for me because I have no BTC at all, let alone ill-gotten BTC. But how would you convert huge amounts of your illicit BTC into cash, gold, and other fungible items without implicating yourself?

Topic: What to do with ill-gotten Bitcoin? (Read 2414 times)