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Author Topic: Money laundering  (Read 2557 times)
grondilu
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October 01, 2010, 02:48:13 AM
 #1

You know what ?

I don't give a sh.t if Bitcoin can be used for money laundering !
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FreeMoney
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October 01, 2010, 02:52:08 AM
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One time I heard that some people used dollars for money laundering. I expected that would be the end of the dollar, still waiting...

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The Madhatter
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October 01, 2010, 04:33:27 AM
 #3

When everything is illegal, all money will need laundering.
Sjalq
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December 29, 2010, 03:31:37 PM
 #4

When everything is illegal, all money will need laundering.


Profound

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December 29, 2010, 03:49:07 PM
 #5

place all money into mtgox.com
wait for transactions to happen
withdraw money is laundered

more smaller transactions more anonymity

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caveden
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December 29, 2010, 04:10:11 PM
 #6

Isn't there a confusion here?
Making anonymous transfers is not money laundering. As far as I understand, money laundering consists in converting "dirty income" into official, tax-paying income. So, it's not anonymous transfers a money launder needs, it's "fake transactions" that really look like an official one. It's better not to try to cover your traces with anonymous transactions because that may raise even more alerts...
I mean, suppose you have a dirty income. Throwing it into an "anonymous gateway" like bitcoin services won't make it clean.... you'll still need to find an official justification for your income.

I confess I'm not at all an expert in money laundering so I may be missing something. Cheesy

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December 29, 2010, 04:20:19 PM
 #7

There's bitcoinlaundry.com, but I'm not sure it is effective.  All the transactions are still in the block chain, so you could just compare timestamps and amounts.  Am I wrong?

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December 29, 2010, 04:21:55 PM
 #8

Okay then dont tell anyone you have dirty money as it exists on a second invisible person use it to buy some virtual good like your own art on pastecoin/bitcoinconnection and claim it as legit money

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Gavin Andresen
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December 29, 2010, 08:21:02 PM
 #9

There's bitcoinlaundry.com, but I'm not sure it is effective.  All the transactions are still in the block chain, so you could just compare timestamps and amounts.  Am I wrong?

You need a service that will let you send multiple, random-looking amounts at different times, and then, some time later, send an amount to the destination.   And then refunds any extra you sent (and you should send extra).  And if you're really paranoid, it should allow you to give several refund addresses, and random amounts of coins get refunded to each.

Then you need to trust that service, which is the really big security hole.  What better way to catch money launderers than to setup a money laundering service for them?

You're probably better off doing what has been suggested several times-- move coins between 'shared wallet' services like MyBitcoin or MtGox (and/or ClearCoin) or just between two machines of your own that are both running bitcoin.


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December 29, 2010, 09:48:59 PM
 #10

Send cash in the mail then get bitcoins in return. Money successfully laundered .  Cheesy
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December 29, 2010, 11:26:50 PM
 #11

Did anyone see that movie "Mickey Blueeyes"?

One of the gangsters is in therapy and makes lousy paintings of his worst deads.

Then the other gangster sells them at an auction, the presumed bidder is one of their associates, which needs a legal way to deduct his payments for "services".

Only prob. is now that the painter is famous, other people starts bidding fantasy prices for the pictures as well.

Hillarious, and educative.

Personally I don't think I'd ever have to explain where I got black money from, there are plenty of spending-holes that don't show to stuff them in :-)

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