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Author Topic: Money laundering via BTC  (Read 27142 times)
Yakamoto
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January 15, 2017, 05:17:29 PM
 #161

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?
While legally it is dubious and chances are it is illegal in whatever country you're residing in, and I do not advocate for breaking the law and you should respect your nation's x or y laws, yes, it is technically possible, and easier if you run it through a Bitcoin mixer. It would be possible to trace it otherwise, running it through a mixer makes it a lot harder.
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January 15, 2017, 05:42:30 PM
 #162

Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considering estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13 Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.


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January 15, 2017, 05:46:29 PM
 #163

Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.


Indeed, all of your comments are true.

There are many, many methods used to hide money flow, not just using money either!  Barter, etc.

"Money Laundering", as quietly defined by government, is owning any wealth that they do know about.  What government does not know, it cannot tax. 

Expect governments in the future to be more aggressive and more intrusive re our freedoms.
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January 15, 2017, 05:47:31 PM
 #164

Definitely, Bitcoin can be used in money laundering especially it's nature of transaction that can be processed without banks.  If the person who intended to launder money and hide it in BTC, he can just use localbitcoins and trade peer to peer in person with that person to avoid bank transaction and records.  


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January 15, 2017, 05:51:16 PM
 #165

Let set some facts straight here:
1. Bitcoin can be used as money laundering tool, but so can every digital or not currency with similar properties.
2. FIAT money is number 1 source of corruption, money laundering tool and crime powering asset in the world, bitcoin is not even close.
3. Considered estimated number of bitcoin users is around ~10 million (dramatically low compared to FIAT users), bitcoin current capitalization is $13Billion (again, rather pitiful compared to FIAT).
We realize that media's cry about bitcoin used as tool for money laundering is exaggerated rumor and is detached from reality.

Strictly speaking, these are not all the facts which we should take into account

First of all, if we consider Bitcoin as a tool for money laundering we should also consider it as such for any other illegal activity which fiat is used for as well. Second, it is not easy to use fiat for illegal activities unless we talk about cash. In other words, not all fiat is born equal, and the government seems to be fighting with these activities (at least, so they claim) by constantly reducing the amount of cash in circulation. Really, it you are not involved in anything such, non-cash fiat overall is more usable and handy than cash itself. And last (but likely most important in this regard), we shouldn't look at absolute figures, we should rather consider how many bitcoins are used for illegal operations per total number of coins mined. And here Bitcoin might beat fiat (even as cash) hands down
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January 15, 2017, 05:55:41 PM
 #166

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?

When someone buys BTC with "dirty" money that's not exactly a money laundering. Assume you have lots of BTC, now what? If you'd buy an expensive car or a house with those BTC it would be still suspicious as if you'd bought them with the "dirty" money. Money laundering is when you buy a business and then make it to appear that it is profitable, although in reality it is not, and make people believe you made a lot of money from that business. Thus you might lose 30% of your "dirty money", but 70% of it would be "clean".
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January 15, 2017, 05:58:06 PM
 #167

Any asset can be used for money laundering. It is not just bitcoin. But Governments can use this reason to ban bitcoin or even subject it to extreme regulation. We will have to wait and see how this will turn out in future. Corrupt individuals will use any method to turn black money into white.


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January 15, 2017, 06:01:10 PM
 #168

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?

When someone buys BTC with "dirty" money that's not exactly a money laundering. Assume you have lots of BTC, now what? If you'd buy an expensive car or a house with those BTC it would be still suspicious as if you'd bought them with the "dirty" money. Money laundering is when you buy a business and then make it to appear that it is profitable, although in reality it is not, and make people believe you made a lot of money from that business. Thus you might lose 30% of your "dirty money", but 70% of it would be "clean".

but this does not exclude the person in laundering money.  Whether 99.9% if it is clean and 0.1% is dirty money, the person is still laundering money and may compromise that 99.9%.  Best way is to avoid money laundering at all.  With bitcoin you can do that without being traced.  As long as you have never registered or link any of your file with your identity.




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January 15, 2017, 06:06:14 PM
 #169

money laundring is an illegal act. in my country the perpetrators get punished. because they have committed fraud against the state. bitcoin will indeed facilitate the perpetrators of money laundring. however I believe that the more people who use bitcoin properly compared to those without.

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January 15, 2017, 06:10:41 PM
 #170

money laundring is an illegal act. in my country the perpetrators get punished. because they have committed fraud against the state. bitcoin will indeed facilitate the perpetrators of money laundring. however I believe that the more people who use bitcoin properly compared to those without.
well nowadays we can say that its more responsible people who uses bitcoin unlike before where its just uses to some transaction inside dark web so we really can't avoid bitcoin being use for money laundering as he featured anonymous transaction.

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BillyBobZorton
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January 15, 2017, 06:14:44 PM
 #171

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?
While legally it is dubious and chances are it is illegal in whatever country you're residing in, and I do not advocate for breaking the law and you should respect your nation's x or y laws, yes, it is technically possible, and easier if you run it through a Bitcoin mixer. It would be possible to trace it otherwise, running it through a mixer makes it a lot harder.

Yeah I dont know why anybody would ask about how to launder money in a public forum, you are incriminating yourself, and you can't expect anyone to incriminate themselves too by giving you advice in basically how to commit a crime. So I hope you pay all of your taxes and get your bitcoins properly raped by the mighty taxmen.
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January 16, 2017, 12:36:09 AM
 #172

Any asset can be used for money laundering. It is not just bitcoin. But Governments can use this reason to ban bitcoin or even subject it to extreme regulation. We will have to wait and see how this will turn out in future. Corrupt individuals will use any method to turn black money into white.
very honestly bitcoin is the most easiest way of money laundering, because you can send any amount of money to anywhere in the world anonymously, therefore it is one of the most easiest way of money laundering.

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January 16, 2017, 03:25:08 AM
 #173

Any asset can be used for money laundering. It is not just bitcoin. But Governments can use this reason to ban bitcoin or even subject it to extreme regulation. We will have to wait and see how this will turn out in future. Corrupt individuals will use any method to turn black money into white.
very honestly bitcoin is the most easiest way of money laundering, because you can send any amount of money to anywhere in the world anonymously, therefore it is one of the most easiest way of money laundering.
Bitcoin cannot be controlled and the government cannot ban this, money laundering happens not only with bitcoin but with our transactions using fiat. I think the government will more focus on regulating the exchange sites and direct it's clients to comply with the governmental rules.

What is bitcoin after all if you cannot convert that to fiat?

If the exchange site allow to exchange client's bitcoin to fiat without proper identification in compliance with the KYC policy, they will be penalize by the government and will be having problem afterwards.


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January 16, 2017, 03:31:00 AM
 #174

This is very likely to happen, anonymous bitcoin so very effective for money laundering, but there is a big risk, when the price drops they will surely lose.
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January 16, 2017, 03:40:20 AM
 #175

it can't be happen, you know Ross Ulbricht veteran drug dealer in America that operate stores drugs Silk Road. Silk Road is Bitcoin market facilitating the sale of $1 billion in illegal drugs was caught and jailed for life in February 2015.

Satoshi Nakamoto create bitcoin with terdesentralisi principles, transparency and privacy with high security. Bitcoin is a form of resistance to the central bank which often bear the corrupt or financial criminals resulted in a lack of transparency and a system that centralistik of the banking industry itself.


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January 16, 2017, 04:49:32 AM
 #176

While bitcoin transactions are anonymous, the money going into is isn't that big compared to what's being laundered using our fiat money. People's motives differ when it comes to using resources at their disposal, and we cannot eliminate the fact that people are going to use something for illegal activities, be it bitcoin, or fiat, or some other thing that has value.
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January 16, 2017, 04:53:05 AM
 #177

Without any doubts this is possible but you should than pick more options to launder it on some way with bitmixers its already for a part possible.
Although bitcoins is possible be used for money laundering, unfortunately the aim of services mixing bitcoins are not for money laundering, there are no explaining that services mixing bitcoins are for money laundering on all of services bitcoins mixing.
The aim of services mixing bitcoins are for keeps anonymous and there are no people whom can track their transaction of bitcoin also  they are not criminal.
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January 16, 2017, 07:48:08 AM
 #178

Yes! it is absolutely bitcoin can be use as money laundering, because bitcoin can be use anonymously in every transaction in the business all around the world. Sometimes it depends on the laws of the country,.

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January 16, 2017, 08:29:51 AM
 #179

Yes! it is absolutely bitcoin can be use as money laundering, because bitcoin can be use anonymously in every transaction in the business all around the world. Sometimes it depends on the laws of the country,.
I think every country who has banks on it has an AMLA, it is an international law to combat terrorist or any illegal activities from the law offenders to try to clean the money from illegal source of funds. In my country, it's very strict as once you are in the watch list of the authorities, you funds will be freeze and you are not access it until you cleared your name. Bitcoin is the best way to launder but it does not mean it's safe already, the government has the capability to trace us once we are a high value target.

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January 16, 2017, 09:22:19 AM
 #180

I sure peoples that have many money not save their money to bitcoin, this is because they know the price bitcoin is not stable and full risky. If they want money laundering, maybe will save in the others name to save to bank.


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ICO: 15th October to 20th November


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WHITEPAPER
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