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Author Topic: Money laundering via BTC  (Read 27202 times)
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January 13, 2017, 09:09:44 AM
 #141

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

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January 13, 2017, 09:15:02 AM
 #142

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

i just like the instant activation of the tx, even years later, kind of a cool way to go

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January 13, 2017, 09:16:06 AM
 #143

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

There are some perfect ways to do it. First you need to know to create different wallets under the Electrum wallet. Do not link them to one another by doing transaction to each other. Name them with different names, they all should have different seeds so when creating one make sure to click CREATE NEW SEED.

This is the first step. Second step is convert Bitcoin to Monero which is an untraceable currency. Wait a few days, convert back to bitcoin and withdraw to those different wallets.

Now as the final step mix them through the mixer in my signature campaign which is absolutely the best one. And get them preferably in a new Multibit or hardware wallet.

That's it, no traces left behind, only your IP (if you use TOR+VPN you erased these traces too).

This is the most perfect way to me, but much more experienced users can have their saying too.
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January 13, 2017, 09:20:58 AM
 #144

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

There are some perfect ways to do it. First you need to know to create different wallets under the Electrum wallet. Do not link them to one another by doing transaction to each other. Name them with different names, they all should have different seeds so when creating one make sure to click CREATE NEW SEED.

This is the first step. Second step is convert Bitcoin to Monero which is an untraceable currency. Wait a few days, convert back to bitcoin and withdraw to those different wallets.

Now as the final step mix them through the mixer in my signature campaign which is absolutely the best one. And get them preferably in a new Multibit or hardware wallet.

That's it, no traces left behind, only your IP (if you use TOR+VPN you erased these traces too).

This is the most perfect way to me, but much more experienced users can have their saying too.

except for the myriad in and out tx's of the public mixer.  you can spin those addresses back and forth over and over, using hundreds of addresses and there is still x funds into the mixer and a collection of x-fee's out, confusing to the eye, but any computer can parse the outgoing transaction in a given period of time and mix and match until the outputs are grouped into groups that match the right numbers

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January 13, 2017, 09:41:01 AM
 #145

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?

again, you simply manually script in all the transactions, move the "bulk" as thousands of small transactions, all at the same time, to different addresses.  


yes, i agree. you're all correct about covering tracks and i would do that too if i had that much supply to move. but that was not my point. my point is that there isn't much bitcoins to do that. how many people all over the world have bitcoins? who is the one person who holds the most amount of bitcoins?

in 2013(?)... was that the silk road incident, when the US seized $25 million in bitcoins? whatever happened to those bitcoins after they were seized? does anyone know? so those seized bitcoins aren't in circulation anymore, right? And as of 2014, the total amount of bitcoins in circulation was 12 million (according to reports). How much is in circulation now?

So if one person in Asia, wanted to move just a million dollars and then another in Europe wanted to move another million, where would these two get the equivalent amount of their holdings in bitcoins? To think that they aren't the only two all over the world who wants to discreetly move their funds somewhere else. There wouldn't be enough bitcoins because the coins are dispersed all over the world with only 12 million in circulation...
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January 13, 2017, 10:05:46 AM
 #146

in 2013(?)... was that the silk road incident, when the US seized $25 million in bitcoins? whatever happened to those bitcoins after they were seized? does anyone know? so those seized bitcoins aren't in circulation anymore, right? And as of 2014, the total amount of bitcoins in circulation was 12 million (according to reports). How much is in circulation now?

The coins that the FBI had seized from Silk Road were allegedly sold at auctions

Whether they remain in circulation now and did they actually sell them to an independent entity (or a group of these) is a big question, though. As I understand it, the law requires to sell confiscated property at special auctions, but if the authorities are not interested in doing that (for whatever reason), they certainly have the ways to sell this property to affiliated parties (basically, to themselves)

So if one person in Asia, wanted to move just a million dollars and then another in Europe wanted to move another million, where would these two get the equivalent amount of their holdings in bitcoins? To think that they aren't the only two all over the world who wants to discreetly move their funds somewhere else. There wouldn't be enough bitcoins because the coins are dispersed all over the world with only 12 million in circulation...

Bitcoiners are small fish, no one wanting to transact a few million dollars will ever look at Bitcoin as an intermediary
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January 13, 2017, 10:34:13 AM
 #147

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?

again, you simply manually script in all the transactions, move the "bulk" as thousands of small transactions, all at the same time, to different addresses.  


yes, i agree. you're all correct about covering tracks and i would do that too if i had that much supply to move. but that was not my point. my point is that there isn't much bitcoins to do that. how many people all over the world have bitcoins? who is the one person who holds the most amount of bitcoins?

in 2013(?)... was that the silk road incident, when the US seized $25 million in bitcoins? whatever happened to those bitcoins after they were seized? does anyone know? so those seized bitcoins aren't in circulation anymore, right? And as of 2014, the total amount of bitcoins in circulation was 12 million (according to reports). How much is in circulation now?

So if one person in Asia, wanted to move just a million dollars and then another in Europe wanted to move another million, where would these two get the equivalent amount of their holdings in bitcoins? To think that they aren't the only two all over the world who wants to discreetly move their funds somewhere else. There wouldn't be enough bitcoins because the coins are dispersed all over the world with only 12 million in circulation...

firstly, the $12M is an estimate and those $25M are more than half back in circulation.  the same concept that the gov used to trace the coins for the bust was used by a small team of coders several months later to trace them back into the "pool", just a choice of words and obviously not a pool.

but, let's pretend that the $12 is accurate and that it is not just a basically guessed at number using a few bits of data.  let's lower it to $10 even. the standard economic law of 80/20/20/80 is slightly different off with BTC, but we can use that.  That means that 20% of BTC holders have 80% of the BTC, or $8M worth.  and that select group, while spread throughout the world and business is still pretty tight knit and many of them know each other.  it is not hard to move money within that area of business.

as for bitcoins not being used for medium scale laundering, we personally have six clients that move numbers like that over the course of six months.  we do this for several people that need discreet fund movement and true anonymity.  one of the things we recently added as a layer of confusion is fee randomization.  using a mixer as an example again, these public joke mixers use hard fees, like exchanges, and they are just taking people's money for nothing.  say you tried to use an exchange and a top out, single layer humphrey mix.  the exchange fee is 3% and you are trying to clean 10 BTC.  the 10 BTC are on address 14XXXXXX, that address splits out of ten new generation addresses, at the same moment 50 other tx's fire totaling 40 BTC, total output for the timestamp range is 50 BTC plus 3%, so 51.5 BTC.  grab a pen and paper and you can find the answer within hours, a computer can do it within seconds, 10 of those 50 TX's, when added will equal 10.1 BTC, watch those addresses and be guaranteed that over a period of time they will filter down to a few addresses if not one, and eventually one.  that is a simple hump mix, but shows that a static fee is an issue.

we randomize the fee between 1.5 and 8 percent.  in the end the client will never pay more than 5% average.  10 BTC at 1.5 percent is 10.15 and at 8 it is 10.8.  when the real numbers are much bigger than that, the possibility range gets very big.  add to that the use of several mix systems and many other tricks, combined with the fact that we are not out there on the internet advertising the services and we are nearly impossible to trace.

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January 14, 2017, 12:20:04 AM
 #148

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

There are some perfect ways to do it. First you need to know to create different wallets under the Electrum wallet. Do not link them to one another by doing transaction to each other. Name them with different names, they all should have different seeds so when creating one make sure to click CREATE NEW SEED.

This is the first step. Second step is convert Bitcoin to Monero which is an untraceable currency. Wait a few days, convert back to bitcoin and withdraw to those different wallets.

Now as the final step mix them through the mixer in my signature campaign which is absolutely the best one. And get them preferably in a new Multibit or hardware wallet.

That's it, no traces left behind, only your IP (if you use TOR+VPN you erased these traces too).

This is the most perfect way to me, but much more experienced users can have their saying too.

You understand there's no money laundering in those operations, right?
You start with black money, and you still have black money at the end.

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January 14, 2017, 01:11:54 AM
 #149

Money laundering is done a lot with bitmixer but I do not know any other methods to simply do this right now.
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January 14, 2017, 01:24:21 AM
 #150

There is always a way to do it, like others have stated, but there is a way to trace it from place to place if you want to take the time to do it.  The concern is not the trace from, but the trace as to where it exists the system, if it is being transferred back to another currency.  The government can do almost anything if they really want it.  If it can be hacked, which it can, it can be traced in some form.

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January 14, 2017, 01:28:06 AM
 #151

Money laundering is done a lot with bitmixer but I do not know any other methods to simply do this right now.

That is the most popular method and probably the most effective but I think that in most cases people who want to launder illegal funds just exchange them to bitcoins in some anonimous way and don't even use mixers. In many countries that is enough to mask the money flow.

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January 14, 2017, 02:09:11 AM
 #152


firstly, the $12M is an estimate and those $25M are more than half back in circulation.  the same concept that the gov used to trace the coins for the bust was used by a small team of coders several months later to trace them back into the "pool", just a choice of words and obviously not a pool.

but, let's pretend that the $12 is accurate and that it is not just a basically guessed at number using a few bits of data.  let's lower it to $10 even. the standard economic law of 80/20/20/80 is slightly different off with BTC, but we can use that.  That means that 20% of BTC holders have 80% of the BTC, or $8M worth.  and that select group, while spread throughout the world and business is still pretty tight knit and many of them know each other.  it is not hard to move money within that area of business.

as for bitcoins not being used for medium scale laundering, we personally have six clients that move numbers like that over the course of six months.  we do this for several people that need discreet fund movement and true anonymity.  one of the things we recently added as a layer of confusion is fee randomization.  using a mixer as an example again, these public joke mixers use hard fees, like exchanges, and they are just taking people's money for nothing.  say you tried to use an exchange and a top out, single layer humphrey mix.  the exchange fee is 3% and you are trying to clean 10 BTC.  the 10 BTC are on address 14XXXXXX, that address splits out of ten new generation addresses, at the same moment 50 other tx's fire totaling 40 BTC, total output for the timestamp range is 50 BTC plus 3%, so 51.5 BTC.  grab a pen and paper and you can find the answer within hours, a computer can do it within seconds, 10 of those 50 TX's, when added will equal 10.1 BTC, watch those addresses and be guaranteed that over a period of time they will filter down to a few addresses if not one, and eventually one.  that is a simple hump mix, but shows that a static fee is an issue.

we randomize the fee between 1.5 and 8 percent.  in the end the client will never pay more than 5% average.  10 BTC at 1.5 percent is 10.15 and at 8 it is 10.8.  when the real numbers are much bigger than that, the possibility range gets very big.  add to that the use of several mix systems and many other tricks, combined with the fact that we are not out there on the internet advertising the services and we are nearly impossible to trace.

yes, i used a small amount just as an example because had i used a larger one like say $1B, where would you get that equivalent amount in BTC? but you mentioned that links with a select group of btc holders will make it possible and it can come from the bitcoin richlist https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

so i suppose, yes, it could be done if owners in that bitcoin richlist are in on the laundering business...
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January 14, 2017, 06:19:38 AM
 #153

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It is definitely yes! any people here in this industry which bitcoin world, they can do money laundering, but there is really a big risk, but as much a possible we shouldn't do these by any member here especially to those member here who have lots of money or BTC.

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January 14, 2017, 06:35:05 AM
 #154

The coins that the FBI had seized from Silk Road were allegedly sold at auctions


30,000 Bitcoins seized during the Silk Road bust were auctioned off by the U.S. government on July 1st 2014

Whether they remain in circulation now and did they actually sell them to an independent entity (or a group of these) is a big question, though. As I understand it, the law requires to sell confiscated property at special auctions, but if the authorities are not interested in doing that (for whatever reason), they certainly have the ways to sell this property to affiliated parties (basically, to themselves)


Looks like they're in circulation. Check the address 1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55

Source: http://www.sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-bitcoin
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January 15, 2017, 12:33:39 PM
 #155

Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.
Actually a bitcoin can also be tracked, if we buy a bitcoin of exchanger could certainly easily tracked. I think though the anonymous, State with a variety of tools will be easy to found. Let's use the bitcoin wisely.
Yes i agree with you, Let's use bitcoin wisely and i don't agree with statement bitcoin is place for money laundering  is like on title this thread, because it will make missunderstanding bad image about bitcoins and the aim of bitcoins is not for money laundering.
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January 15, 2017, 02:00:44 PM
 #156

It is 100% possible. It is virtually anonymous when done correctly, low fees and instantaneous transactions(mostly).
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January 15, 2017, 02:28:44 PM
 #157

Money laundering can happened with any type of currency same as with bitcoin, but when you are transacting with fiat currency government will easily identify the transaction but through bitcoin it is not possible because each person has different address with no names, no banks involved in it. So it is very hard to find with bitcoin to whom we are transferring.
Actually a bitcoin can also be tracked, if we buy a bitcoin of exchanger could certainly easily tracked. I think though the anonymous, State with a variety of tools will be easy to found. Let's use the bitcoin wisely.
Yes i agree with you, Let's use bitcoin wisely and i don't agree with statement bitcoin is place for money laundering  is like on title this thread, because it will make missunderstanding bad image about bitcoins and the aim of bitcoins is not for money laundering.
It doesn't matter how "wise" people use Bitcoin. Whether it's Bitcoin or fiat in physical form, there is no way to prevent others from using it for their shady purposes.

That's why I personally don't mind that Bitcoin is being used for bad purposes. Just like is the case with fiat, there is no way to stop/prevent this.

Bitcoin is an interesting tool in which it allows everyone to use Bitcoin the way they want. It's called freedom. Instead of focusing on what others do, better focus on what you can do. Be productive and make money.

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January 15, 2017, 03:20:29 PM
 #158

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

Money laundering is one of the things that can be done very easily with the help of Bitcoin. The Bitcoin anonymous feature can be used to so such illegal activities. But if Bitcoin was not there, would money laundering would not be there.
NO is the answer. So we do not need to blame bitcoins for such activities.

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January 15, 2017, 04:45:04 PM
 #159

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
Of course people can launder their money with bitcoin since bitcoin is a currency and you can do that with any fiat, it is not surprising you could do that with bitcoin, there are probably hundreds of methods to do that but if possible try to avoid them so you avoid problems with your tax agency.



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January 15, 2017, 05:03:33 PM
 #160

If someone wanted to move $1,000,000 using bitcoins, they would need about 1,428.57142857BTC if the exchange rate was $700 per 1BTC

Anyone with that much BTC? Let's say they'll get it from an exchange. Then that exchange would have to halt trading just to serve one order. That's just for $1M... So would moving a much larger amount be possible with bitcoins provided that the exchange rate is still pegged at $700-$800?

you don't move the bulk, you script the entire amount to move in smaller pieces. you are not paying more, the fee is a percentage, so ten 1 dollar tx's pay the same amount as one $10 tx.  i used an exchange earlier as an example, but if you have $1M on an exchange, it is from trading and not dirty, or you moved it there for some stupid reason.  the exchange has your private key and the only scripting you can do is possibly through an API.

$1M dirty is in a wallet that you control and you have the ability to move it in bulk if you want, but you should be scripting smaller moves simultaneously


exactly, for it all to be clean, don't move in bulk. but laundering is equated with moving large volumes of cash from one place to another. then with bitcoin, it won't be possible move really large amounts. and with billions of people all over the world wanting to move large volumes of money undetected, would bitcoin and/or other cryptos be their option?
yeah there a lot of way to do it smoothly, you don't have to exchange all the bitcoin to cash in one day right? do it piece by pieces , day by day as natural as you can. have heard some stories about this kind issue before and it's always been a tough topic to be discussed, never easy to prevent money laundering in bitcoin with its feature.

There are some perfect ways to do it. First you need to know to create different wallets under the Electrum wallet. Do not link them to one another by doing transaction to each other. Name them with different names, they all should have different seeds so when creating one make sure to click CREATE NEW SEED.

This is the first step. Second step is convert Bitcoin to Monero which is an untraceable currency. Wait a few days, convert back to bitcoin and withdraw to those different wallets.

Now as the final step mix them through the mixer in my signature campaign which is absolutely the best one. And get them preferably in a new Multibit or hardware wallet.

That's it, no traces left behind, only your IP (if you use TOR+VPN you erased these traces too).

This is the most perfect way to me, but much more experienced users can have their saying too.

You understand there's no money laundering in those operations, right?
You start with black money, and you still have black money at the end.


Money laundering just is possible through different means and here bitcoin gives high security to its users, so laundering is there for which we cannot describe its unworthy. Black money holders just transact and give make it white when the amount spent.

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