Why do people need to use Bitcoin for Money laundering? - page 10.

vik254

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Quote from: Kprawn on March 03, 2018, 10:36:39 AM

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this. Roll Eyes

https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

Why are we seeing such double standards, when Bitcoin is involved?

In every b venture there are both negative and positive aspects of it. the main issue being faced at the moment is that mot of the peopkle are focusing on the negative aspects of bitcoin. with time people will appreciate the essence of it. by the fact that most criminals are using it to transact doesn't mean it does not offer many benefits to people who are using it in the right manner.

Jeffpod

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Every bitcoin transaction can be done and completed without any personal information if done correctly. Transactional information is displayed but your identity is completely confidential. Because of the anonymity of bitcoin and unmanaged, criminals can use this currency as a trading method. Hackers may be trying to attack multiple bitcoins to steal large amounts of money and money laundering can happen easily.

Dmitry.Vastov

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Quote from: Kprawn on March 03, 2018, 10:36:39 AM

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this. Roll Eyes

https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

Why are we seeing such double standards, when Bitcoin is involved?

Bitcoin is very sustainable and versatile crypto currency and it is like use by almost every people around the world and the best part is that it has very safe and secure transaction and that’s why people find bitcoin much trust worthy and the best part about its transactions and the thing that makes its transactions that much secure is its user anonymity that means its transactions are not involving any third party seizure and I think this advantage of bitcoin is misuse by some social defaulters in money laundering and other illegal activities too.

NelfiNovita

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Because it allows people to be almost anonymous, bitcoin is a powerful tool for money laundering will always be the best way for people to avoid taxes and launder money. That is also the reason why some governments are against it, and worries about bitcoin will be a weapon for criminals to remove tracks from tracking.

maloibtc

member

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I hear about this for the first time but I think that this is due to the advantage of the crypto like confidentiality, any operations are safe and well-protected. Maybe this is the main reason. I am not sure but think this can be the reason

Jonhfist

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There is an opinion of specialists that it is more difficult to launder money through Bitcoin than through fiat money and real estate.

hector3115

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Quote from: elygil2022 on June 10, 2018, 01:20:23 PM

These people probably want to avoid the taxman and law enforcers. Bitcoin attracts the criminal types because of its anonymity and untraceability feature.

In some part time agree with you. Because of anonymity of using bitcoin criminals can use it for sure own features. But I still think that it is the problem of governments.

Publicatoa

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to avoid their asset to be tracked. but i think only some peoples do that.
most peoples who buy bitcoin is for investing, or for trading i believe.

prehisto

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Merit: 112

Your Data Belongs To You

Quote from: Kprawn on March 03, 2018, 10:36:39 AM

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this. Roll Eyes

https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

Why are we seeing such double standards, when Bitcoin is involved?

I believe that case of Ross Ulbricht is very difficult. For me it is very sad to read about him and the double standards. And moreover that no one is looking at the drug problem in essence. It will never disappear if people around the globe will stop playing the game of cat and mouse.
Although i think we have to live healthy, I believe that he never promoted the sell of drugs, in some ways he made it better and safer.

Back to the topic , i think that they got only slap on the wrist because they are fucking rich and powerful, Ross Ulbricht never had such vast amounts of money, thats why they got way with it.

Ethan Argu

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There are many criminals as of now that they used bitcoin to transact. Because goverment can't access in transaction. They pay using bitcoin not a real money or bank transaction because bank transaction can easily detect. It will take a lot of time to explore the transaction. Criminals use dummy people to secure thier identity.

Market-desi

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because bitcoin is already a lot of people who serve the exchange with paper currency. actually not just bitcoin gan. etherium is also very easy for me to exchange with paper money. because many people are serving .

BitHodler

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Quote from: zwiggel on July 05, 2018, 12:42:06 PM

Because Bitcoin transactions are highly anonymous, Bitcoin can become a tool for criminals, such as money laundering, drug trafficking, tax evasion, illegal transactions.

That's a lot of trust you have in Bitcoin's anonymity. It's probably safe to say that when you get involved in all activities you stated and use Bitcoin as tool to work for you, you won't be enjoying freedom for long.

Three letter agencies aren't stupid. People are. Bitcoin has never really been anonymous, and even less so with how regulated and filtered this market has become. Everything you do is closely being monitored, that's a guarantee.

rehydrogenated

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I really don't think bitcoin is used for money laundering as much as the banks and governments want you to believe. It's like "human trafficking". How do you know how much criminal activity 'actually' happens? The cops have an incentive to make the number look crazy high so they get as much funding as possible and nobody else really studies the subject. Any sort of crime stat that estimates how much money laundering really goes on is making at best an educated guess.

ASHANABEY

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Because it is the best way to launder money by bypassing the traditional banking system and government organizations by keeping no trace about the personals who are involved because the identity of a person is decided on the private key which is not shared among anyone but the owner and there is no centralized place that keeps about transaction which makes government's helpless in many ways so unlike traditional and complicated methods to move large amount of money Bitcoin is the best way to do the same thing in seconds without any risk which makes it the best way to launder money

muneeb.zain

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As the bitcoin is becoming popular among the public people use it for the money laundering or for the transfer of the black money from one part of the world to another because it's the decentralized digital currency had stored in the digital violet and the person whos violet has it can only reach it and transfer the currency and it's pretty hard to find the transaction.

zwiggel

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Because Bitcoin transactions are highly anonymous, Bitcoin can become a tool for criminals, such as money laundering, drug trafficking, tax evasion, illegal transactions.

Shtamm_oval

full member

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Anything can be used illegally, but it does not make it dangerous. The same with the bitcoins. If someone uses it for illegal operation this does not mean that the problem is in the crypto currency itself

robertdhags

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Quote from: Dod Ong on July 05, 2018, 12:13:15 PM

Quote from: Kprawn on March 03, 2018, 10:36:39 AM

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this. Roll Eyes

https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

Why are we seeing such double standards, when Bitcoin is involved?

I think why some people used bitcoin for money laundering because most of people are have a bad plan. Most of people using bitcoin for money laudering are people who don't want to use the bitcoin. It is one of the problem of bitcoin, because of some people do that to broke the image of bitcoin to other people.

they tend to influence other that bitcoin are not good cause they dont want to know this that this is a such a good currency.

markiplier.jack

jr. member

Activity: 66

Merit: 1

Quote from: Leo Barnes on July 03, 2018, 09:44:32 PM

Quote from: Kprawn on March 03, 2018, 10:36:39 AM

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this. Roll Eyes

https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

Why are we seeing such double standards, when Bitcoin is involved?

Money laundering, drug cartel, finance of terrorist, etc., all these things are a black propaganda against bitcoin well-organized criminals don't use bitcoin or accept bitcoin because they cant convert it to cash easily.

I think there is a way. As one of my friends gave me some satoshis for cash. So if there will be some rich ppl who have money and want BTC, they will trade it for their cash. even rare, but there are chances of conversion.

markiplier.jack

jr. member

Activity: 66

Merit: 1

Let me bring out this point that bitcoin isn't completely anonymous. If your address is ever linked to your identity, every transaction will be linked to you. Even if you use new addresses every time, it is not enough to guarantee full anonymity due to multi-input transactions. But all this said, it is still a better way than using real currency which involves banks, and with banks comes regulations. So yes ppl will keep using btc for money laundering if needed because of that extra layer of protection.

Topic: Why do people need to use Bitcoin for Money laundering? - page 10. (Read 1994 times)