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Author Topic: Money laundering via BTC  (Read 27196 times)
morantis
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January 26, 2017, 03:17:57 PM
 #341

Easy, if we pursued by large government tax, then the bitcoin can be used as a place to hide our money, I am sure these things happen because a lot of people will choose the risk of loss rather than having to pay taxes.

money laundering has nothing to do with taxes

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January 26, 2017, 03:24:28 PM
 #342

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.


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January 26, 2017, 03:25:13 PM
 #343

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

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January 26, 2017, 03:27:08 PM
 #344

you can actually just say that you got it in campaign signature ads. you earn from it. if you just earned it on signature campaign ads. but if you do it on some illegal things like gambling, some banks considered it as illegal or investment. you should be think of more good answer. better not use or direct the bitcoin from the bank or some local wallets. try using another wallet so you can transfer it indirectly.

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January 26, 2017, 03:50:53 PM
 #345

I am surprised to hear that Bitcoins are being used for tax evasion. It is a very risky choice, due to the volatility in the exchange rates. Also, once you convert your unaccounted money to Bitcoin, it is difficult to convert it back to physical cash. Most of the Bitcoin buyers deal only through bank transfer or other similar payment modes. 


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January 26, 2017, 04:13:30 PM
 #346

I am surprised to hear that Bitcoins are being used for tax evasion. It is a very risky choice, due to the volatility in the exchange rates. Also, once you convert your unaccounted money to Bitcoin, it is difficult to convert it back to physical cash. Most of the Bitcoin buyers deal only through bank transfer or other similar payment modes. 

it is not being used for tax evasion

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January 26, 2017, 04:49:39 PM
 #347

Just a reminder here.  Just because "they" haven't come knocking on anybody's door yet doesn't mean that "they" don't already know where the money flows and from whence it flowed....I think that many here underestimate the capability of blockchain analytics.  Put it this way, if you give "them" a good enough reason, "they" will come.  In fact, they are probably recording all your transactions and interactions as we speak....so it's best not to entertain such notions as money laundering....bitcoin is not a good tool for that type of activity.
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January 26, 2017, 04:53:09 PM
 #348

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes
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January 26, 2017, 04:55:38 PM
 #349

Money laundering is a thing very concerned about many users, of course, there are fears bitcoin if used money laundering so as to make the State prohibit the bitcoin.

yeah it is because government can not tracked for what purpose for bitcoin transaction so bitcoin user can do money laundering without any one knows. i think this is serious problem that bitcoin user should prevent because if we are not make prevent, new people will only thinking that bitcoin is for illegal purpose and bitcoin can not be a good purpose and finally bitcoin has decrease on the value.

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January 26, 2017, 04:59:00 PM
 #350

Money laundering is a thing very concerned about many users, of course, there are fears bitcoin if used money laundering so as to make the State prohibit the bitcoin.

yeah it is because government can not tracked for what purpose for bitcoin transaction so bitcoin user can do money laundering without any one knows. i think this is serious problem that bitcoin user should prevent because if we are not make prevent, new people will only thinking that bitcoin is for illegal purpose and bitcoin can not be a good purpose and finally bitcoin has decrease on the value.
You cant really move this thing into the minds of people regarding on the negative side of bitcoin because it is really being used on money laundering and other illegal transactions because of its anonymity features which somehow gives negative image into bitcoin but well we cant stop those people since they use bitcoin on that way.

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January 26, 2017, 05:23:34 PM
 #351

Money laundering is a thing very concerned about many users, of course, there are fears bitcoin if used money laundering so as to make the State prohibit the bitcoin.

yeah it is because government can not tracked for what purpose for bitcoin transaction so bitcoin user can do money laundering without any one knows. i think this is serious problem that bitcoin user should prevent because if we are not make prevent, new people will only thinking that bitcoin is for illegal purpose and bitcoin can not be a good purpose and finally bitcoin has decrease on the value.
You cant really move this thing into the minds of people regarding on the negative side of bitcoin because it is really being used on money laundering and other illegal transactions because of its anonymity features which somehow gives negative image into bitcoin but well we cant stop those people since they use bitcoin on that way.

no reason to stop people from doing anything, moving money is a good thing no matter how it is done

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January 26, 2017, 05:30:32 PM
 #352

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

chances are they wash the money only for dimpan first, just to get rid of any traces let untraceable anywhere goings


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Harlot
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January 26, 2017, 05:51:34 PM
 #353

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

chances are they wash the money only for dimpan first, just to get rid of any traces let untraceable anywhere goings
Laundering money with Bitcoin is something that anyone can do. Of course there are many ways for you to have a bank account that will not associate to you. Banks also have the client secrecy in which they are not allowed to put your bank account in to someone's police investigation it is a violation of privacy. Bitcoin can be a tool in money laundering.

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[]
rchstr
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January 27, 2017, 03:13:33 AM
 #354

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes

maybe you can hide up on fake informations. For some bitcoin wallets dont require you to verify your informations. You can hide your persnoal informations if you are good enough on hiding things here on the web. And i would ask what did blockchain taking act about the illegal transactions down in deep web.

.


.
.



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L B X.


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The London Block Exchange
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morantis
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Activity: 812
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January 27, 2017, 03:23:43 AM
 #355

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes

maybe you can hide up on fake informations. For some bitcoin wallets dont require you to verify your informations. You can hide your persnoal informations if you are good enough on hiding things here on the web. And i would ask what did blockchain taking act about the illegal transactions down in deep web.

you are right and i am at the same time, lol. the trick is that the irs, at this time, has pretty much said to hold off on declaring profits directly from crypto, unless you have very well documented records.

this is because the irs has yet to settle on a finite source for the moment to moment price of bitcoin as a commodity.  new york and the sec currently has a set of protocols for pulling the price of say, "cotton 50 lbs" for any given moment, dating years back.  the price of btc for every this very moment differs too much across the board.  i brought it up this year with the irs and they have stated that by the end of 2018 they are hoping to have a system in place.

however, if you have always used the same exchange, and have a good set of records, then you can report the capital gains.  the benefit of this will be if the irs decides that once they have a good pricing system in place, to retroactively use the info.  if the 2019 tax season brings an easy capital gains report for btc, using that may cause a future audit if a tax payer is not careful. but, as of the moment, the irs "says" that crypto exchange gain reporting is fully optional

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rchstr
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January 27, 2017, 03:31:09 AM
 #356

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes

maybe you can hide up on fake informations. For some bitcoin wallets dont require you to verify your informations. You can hide your persnoal informations if you are good enough on hiding things here on the web. And i would ask what did blockchain taking act about the illegal transactions down in deep web.

you are right and i am at the same time, lol. the trick is that the irs, at this time, has pretty much said to hold off on declaring profits directly from crypto, unless you have very well documented records.

this is because the irs has yet to settle on a finite source for the moment to moment price of bitcoin as a commodity.  new york and the sec currently has a set of protocols for pulling the price of say, "cotton 50 lbs" for any given moment, dating years back.  the price of btc for every this very moment differs too much across the board.  i brought it up this year with the irs and they have stated that by the end of 2018 they are hoping to have a system in place.

however, if you have always used the same exchange, and have a good set of records, then you can report the capital gains.  the benefit of this will be if the irs decides that once they have a good pricing system in place, to retroactively use the info.  if the 2019 tax season brings an easy capital gains report for btc, using that may cause a future audit if a tax payer is not careful. but, as of the moment, the irs "says" that crypto exchange gain reporting is fully optional

good informations, though im still new to this crypto currency i learned something everyday. It is better on reading things here on the forum as i learned from other members. I just have a question. What does irs means. I cant fully relate to your reply though i understand the point. Thank you and god bless

.


.
.



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L B X.


■                         ■                        ■                        ■                        ■                        ■                         ■
The London Block Exchange
■                         ■                        ■                        ■                        ■                        ■                         ■
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Zadicar
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January 27, 2017, 03:33:50 AM
 #357

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes

maybe you can hide up on fake informations. For some bitcoin wallets dont require you to verify your informations. You can hide your persnoal informations if you are good enough on hiding things here on the web. And i would ask what did blockchain taking act about the illegal transactions down in deep web.

you are right and i am at the same time, lol. the trick is that the irs, at this time, has pretty much said to hold off on declaring profits directly from crypto, unless you have very well documented records.

this is because the irs has yet to settle on a finite source for the moment to moment price of bitcoin as a commodity.  new york and the sec currently has a set of protocols for pulling the price of say, "cotton 50 lbs" for any given moment, dating years back.  the price of btc for every this very moment differs too much across the board.  i brought it up this year with the irs and they have stated that by the end of 2018 they are hoping to have a system in place.

however, if you have always used the same exchange, and have a good set of records, then you can report the capital gains.  the benefit of this will be if the irs decides that once they have a good pricing system in place, to retroactively use the info.  if the 2019 tax season brings an easy capital gains report for btc, using that may cause a future audit if a tax payer is not careful. but, as of the moment, the irs "says" that crypto exchange gain reporting is fully optional

good informations, though im still new to this crypto currency i learned something everyday. It is better on reading things here on the forum as i learned from other members. I just have a question. What does irs means. I cant fully relate to your reply though i understand the point. Thank you and god bless
Im glad that you could able to learn everyday and you are right this forum have do lots of useful informations on anything that is related to bitcoin. I dont know about IRS though but its something connected to Tax  correct me if im wrong. Bitcoin could really be used on money laundering because of its anonymity features.

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January 27, 2017, 03:36:14 AM
 #358

How can Bitcoin be used as a money laundering method? As a result, they will be asking for the source of these dollars when we convert our BTCs and transfer my bank account in dollars.

They will ask us how we won these BTCs. Then how we will give they an answer.

You are right but you are not converting millions and millions of dollars at a time, if you convert little amount of money we can definitely answer how we can earn the answer is through trading. Definitely they will deduct taxes from it, once we are doing transaction in online definitely they will trakc each of your transaction.

you cannot be taxed on commodity trading

You obviously seem to be confusing something. I've been trading gold and oil at commodity&futures markets, and at the end of the year your gains will be taxed and reported by your broker (provided you earned something, of course). Moreover, your losses from previous years (if you had some) will be accounted for, so you get a sort of tax exemption (for the last three years, at least, where I live). If you are in the US, look here for more info. The system is basically the same in other countries...

Just in case, Bitcoin is considered as a commodity in the US for taxation purposes

maybe you can hide up on fake informations. For some bitcoin wallets dont require you to verify your informations. You can hide your persnoal informations if you are good enough on hiding things here on the web. And i would ask what did blockchain taking act about the illegal transactions down in deep web.

you are right and i am at the same time, lol. the trick is that the irs, at this time, has pretty much said to hold off on declaring profits directly from crypto, unless you have very well documented records.

this is because the irs has yet to settle on a finite source for the moment to moment price of bitcoin as a commodity.  new york and the sec currently has a set of protocols for pulling the price of say, "cotton 50 lbs" for any given moment, dating years back.  the price of btc for every this very moment differs too much across the board.  i brought it up this year with the irs and they have stated that by the end of 2018 they are hoping to have a system in place.

however, if you have always used the same exchange, and have a good set of records, then you can report the capital gains.  the benefit of this will be if the irs decides that once they have a good pricing system in place, to retroactively use the info.  if the 2019 tax season brings an easy capital gains report for btc, using that may cause a future audit if a tax payer is not careful. but, as of the moment, the irs "says" that crypto exchange gain reporting is fully optional

good informations, though im still new to this crypto currency i learned something everyday. It is better on reading things here on the forum as i learned from other members. I just have a question. What does irs means. I cant fully relate to your reply though i understand the point. Thank you and god bless

in the USA, it is the internal revenue service.  it is a private corporation that has been tasked by the government with the collection of income information on the citizens and calculate mainly income taxes.  the trick is that this simple "income tax" has all the other tax info mixed in.  all of our tax, not counting sales tax, property tax and other local and/or state taxes are handled by the IRS.

easy version, every year each citizen reports their income and other pertinent info to the irs, the irs then calculates the amount that is owed to the citizen or the government and handles that payment.  that have been given several "special powers" by the government.  people have various opinions about all of this, so i think that i covered what is fact and not included any personal opinions

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January 27, 2017, 04:06:22 AM
 #359

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 laundering via bitcoin is also possible, especially because bitcoin is anonymous, then, the criminals or anyone that is doing illegal things here in the virtual world will take this advantage, for them to freely do whatever they want even though they will cause harms or problems in their country. They will continue on doing it because the they are only thinking for themselves and not the other people lives that they might destroy because of their illegal deeds.

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January 28, 2017, 02:47:00 PM
 #360

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 laundering via bitcoin is also possible, especially because bitcoin is anonymous, then, the criminals or anyone that is doing illegal things here in the virtual world will take this advantage, for them to freely do whatever they want even though they will cause harms or problems in their country. They will continue on doing it because the they are only thinking for themselves and not the other people lives that they might destroy because of their illegal deeds.
Yeah!money laundering via bitcoin can be done.And which is the main reason many governments of this worlds still fearing bitcoin also there legal status of bitcoin varies substantially from country to country as the reason bitcoin get banned.Bitcoin is also a powerful tool for financing crime,it also used to fears of money laundering in many nations.
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