Topic: Why do people need to use Bitcoin for Money laundering? - page 19. (Read 2095 times)
Bitcoin is clearly not the main problem, but it helps criminals to laundering money easier.Bitcoin is in fact use for people and criminals to hide money from governments for many reasons. If they had to use US$ the laundering is more difficult. Using Bitcoin the laundering is much easier because it can be value transfer between individuals, across international borders, and so forth. Using dollars is easier to track and catch criminals.
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.
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?
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.
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 can be used anonymous, I think that is why most of criminals use it for money laundering. Because of its decentralization, almost all countries hate it as well. I believe it is more dangerous if it not regulated real fast globally. It has a side effect which is price might fall deeper but it will find its way to be clean from the dirty hands.
The double standard makes perfect sense when you consider that the entire foundations of our fiat economy are dependent on the the success of banks. Hence the phrase "too big to fail; too big to jail". They can make an example of Ross Ulbricht because the US economy won't collapse as a result. If the US locked up every banker that did something wrong and fined banks amounts that were more proportionate to their crimes, they'd effectively be shooting themselves in the foot head. It would be fatal if major banks went under, so they'll keep doing everything they can think of to prevent that happening.
Eventually, though, the banks will take that one step too far, where there's no coming back from it. They're on borrowed time. The bill comes due. Until that point comes, a slap on the wrist is all they're ever going to get.
Eventually, though, the banks will take that one step too far, where there's no coming back from it. They're on borrowed time. The bill comes due. Until that point comes, a slap on the wrist is all they're ever going to get.
It turns out that bitcoin is a terrible tool for money laundering. The trouble is that all bitcoin transactions are tracked so if they want to catch you, they can go back into the system and figure out who you are.
Bitcoin bypasses the banking system, but my personal experience is that at least in the Pearl River Delta, that there is less dirty money in the bitcoin ecosystem than in the traditional banking system, which is one reason the Chinese government tolerates and even encourages bitcoin.
I have not heard the Chinese government encourage the use of bitcoins. All governments don't like bitcoin. But some governments forbid bitcoin by a strong-willed decision and some governments take a wait-and-see attitude. They do not prohibit or permit it. Fake money laundering using bitcoin invented banks to fight its main competitor. Bitcoin bypasses the banking system, but my personal experience is that at least in the Pearl River Delta, that there is less dirty money in the bitcoin ecosystem than in the traditional banking system, which is one reason the Chinese government tolerates and even encourages bitcoin.
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. 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?
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.
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?
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