Why do people need to use Bitcoin for Money laundering? - page 11.

Dod Ong

full member

Activity: 323

Merit: 100

Quote from: Kprawn on March 03, 2018, 09:36:39 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.

violet catona

newbie

Activity: 85

Merit: 0

All bitcoin transactions are completely anonymous and can not be reversed, so for salespeople, they can be assured of fraud. Because of the anonymity of bitcoin and not Who controls, criminals can use this currency as a mode of transaction. Hacker may be trying to attack multiple bitcoins to steal large amounts of money and money laundering can happen easily.

victorski

member

Activity: 238

Merit: 10

Because people's hearts are evil, all the way down to the roots. If people would not be so bad, bitcoin would not be so dangerous, and money laundering is not a problem of Bitcoin, it is a problem of people doing that.

honghue28739489837@gmail.

newbie

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They use the characteristics of BLockchain as well as Bitcoin to do bad things. Because Bitcoin trading is anonymity, so many people use and transfer unright currencies into legitimate currencies.

Leo Barnes

newbie

Activity: 154

Merit: 0

Quote from: Kprawn on March 03, 2018, 09:36:39 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.

avadonne

member

Activity: 183

Merit: 10

https://vulcanforged.com/

Because it is easy to hide all your wealth just by buying Bitcoin and other cryptocurrencies. Instead of buying property or any other type of assets, those wealthy individuals have the idea of purchasing Bitcoin because the government cannot trace their identity. Moreover, the other factor is, no tax will be imposed when they buy Bitcoin.

knightmairesaint

sr. member

Activity: 490

Merit: 262

privacy preserving smart contracts and beyond

Quote from: dkaye on July 03, 2018, 06:25:14 PM

It is easy to launder money by buying Bitcoin. Since transactions yet traceable, they are still anonymous. So people used this as an advantage for money laundering.

yeah they find it easy because people whom they have fooled won't be able to show any proofs if things go bad. Here in country, bitcoin is used for scamming and many have been put into jail because of it. Investing is a must at this time and scammers have found a good tool to be used for stealing money. It is affecting the image of bitcoin negatively and even if we who knows that bitcoin is not scam, other people is still getting a bad idea about it.

Kittygalore

member

Activity: 868

Merit: 63

Quote from: Kprawn on March 03, 2018, 09:36:39 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?

Corrupt people and criminal entities found a good hiding spot in bitcoin. They are abusing bitcoin's anonymity feature and uses it to mediate their unjust transactions without the fear of being tracked by authorities in the process. That's why they are making sure that bitcoin doesn't die, because if it does so dies, they would lose a valuable asset.

dkaye

newbie

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It is easy to launder money by buying Bitcoin. Since transactions yet traceable, they are still anonymous. So people used this as an advantage for money laundering.

Briella18

member

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Merit: 10

The answer is pretty simple, because bitcoin anonymous, you don't need any id or any type of identification or personal information to get your hands on bitcoin, so it makes it easier for anyone trying to hide their tracks and escape from paying taxes to the government, or launder illegal money.

lukeclick

newbie

Activity: 164

Merit: 0

People don't need to use BTC for money laundering, but its quit unfortunate that they are actually using it to, Tis s mainly because BTC cannot be traced as the transactions are almost impossible to trAck, this however is not a good thing as its one of the reasons as to why BTC IS banned in some countries

Gyromancer

member

Activity: 336

Merit: 10

People use bitcoin for money laundering because bitcoin offers security that allows the perpetrators of these crimes to be untraceable. Transactions with bitcoin are very secure and the controls are on the bitcoin owner itself. This system is called decentralization. This system allows the owner of bitcoin as full control and holds a single control over their bitcoin. Other than, that bitcoins are equipped with anonymous facilities that allow bitcoin owners to make transactions not using their real identities. Another advantage of this anonymous facility is that our personal data can not be stolen and misused. This is what makes the perpetrators of crime difficult to track his actions because bitcoin offers transaction security.

jademacoy

jr. member

Activity: 224

Merit: 8

well bitcoin is decentralized system and it offers anonymous during the trade so it attract more people who whose only intent is to make more money or laundering money. Anyway some of the exchange has done regulations and implementing KYC so that it could be noticeable if someone will do money laundering.

CryptoSmile

full member

Activity: 770

Merit: 102

Because the bitcoin ownership process does not require full personal data information, and everyone can have as many bitcoin addresses as possible. So they can be very free to do money laundering through bitcoin, and it will be difficult to know who the owner of the address is, although the transaction can be known but will not be known who the owner of the address bitcoin. For that reason, in the future, bitcoin can protect itself to avoid criminal acts committed by those who are not responsible, by better improving ownership process and security system and better transactions.

didik12

member

Activity: 124

Merit: 10

No, because People use bitcoin because in bitcoin they have a lot of money there in a simple way like posting in a signature campaign and other method you can earn money. Government have a power to do the money laudering but the ordinary people cant the that. Other users of bitcoin like me it is my source of income.

BitHodler

legendary

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Merit: 1179

Quote from: allthingsluxury on July 03, 2018, 07:20:24 AM

They don't, they could also use cash, or many other forms of currency which they do. However, of course Bitcoin could be used. But why would you? There are much better cryptos for doing this, than Bitcoin.

I think it's more related to other coins lacking adoption and liquidity. If you ask 100 people if they want to conduct business with you in Bitcoin, 99 will say yes. With Monero it will be closer to 10 or something.

That being said, maybe a lot of the illicit transactions are already being settled in privacy focused coins. We don't know because it's always Bitcoin that's being blamed and featured in articles. It's too much of an easy target.

I'm sure that eventually with more crypto adoption and less ignorance coins as Monero and Zcash will gain more ground. I'm perfectly fine with that since it will result in less negativity going towards Bitcoin.

glongsword

full member

Activity: 314

Merit: 100

many Chinese firms use bitcoin as money laundering because, firstly, it is very popular there, and secondly, it can be used to anonymously transfer funds abroad, bypassing China's control over the capital. this is only one of the possible schemes. all of them you can come up with a lot.

jackjones53

full member

Activity: 294

Merit: 100

For money laundering, banks are always used to this day. the withdrawal of money into the crypto currency does not add to the laundering of legality. it is rather an unsafe method and an extra one. Crypto-currencies themselves need a kind of "laundering", in the sense that they need to be transformed into the usual financial instruments. The key element in the laundering, that is, the legalization of the proceeds from crime, are the banks - at all stages of laundering.

Argoo

sr. member

Activity: 2352

Merit: 245

Government officials do not like the decentralized crypto currency at all, which can not be fully controlled and managed. Therefore, they come up with various shortcomings of the crypto currency to justify why they do not want to legalize it. The use of information that bitcoin is often used for criminal purposes because of its anonymity is a common explanation for such inaction. However, this is not true, because according to studies, bitcoin has been used for illegal purposes in no more than ten percent of cases due to its relative anonymity.

Elachious12

newbie

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Merit: 0

The reason is simple because they can easily accumulate much bitcoin in which no body will know the worth, but if is in their local currency they may get cut by the government since the money will be saved in the Bank but for bitcoin you have not business with the bank

Topic: Why do people need to use Bitcoin for Money laundering? - page 11. (Read 2094 times)