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Author Topic: Money laundering via BTC  (Read 27171 times)
Gembul
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February 03, 2017, 12:57:46 AM
 #381

it's might happen remember not require personal identity to transact it is a perfect way for money laundering but all bitcoin transactions recorded in blockchain. but I read some articles there are some people caught because bitcoin

Yes, some bitcoin news sites have been many who preach about people who commit illegal activities with bitcoin caught by law enforcement. And as we know bitcoin is not perfect, those gaps are used by law enforcement to catch these people.

Bitcoin does not need at the identity verification process, but some providers wallet and exchangers typically use such a verification process. Thank you
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February 03, 2017, 01:12:56 AM
 #382

Bitcoin is good for money laundrying because it is highly anonymous, but not fully anonymous, it is semi-anon. Actually there are altcoins for full-anon, XMR, DASH and so forth. XMR and DASH are darkmarket dealers' favorite currency, more anonymous than bitcoin, people can't find the transaction details like that on bitcoin blockchain.
Surely, I am sure the parties could control the bitcoin include XMR, DASH and more cryptocurrency transaction State intelligence, we all know that leaving a trail of each transaction, and no doubt the traces that can be used to find anyone who wanted to look for.
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February 03, 2017, 01:24:02 AM
 #383

i think bitcoin is the best way to people do money laundering because bitcoin is anonymous and some site offer btc mixer of course its will easier to money laundering. Because of anonymous some villain use bitcoin to money laundering for their criminal activity its unfortunate but it is bitcoin, created with anonymous feature Smiley
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February 03, 2017, 01:33:41 AM
 #384

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?
Well we all know even if it is not bitcoin money laundering can be made,
but I guess bitcoin is much more easier to launder since government can't hold the user's transaction.


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February 03, 2017, 01:50:03 AM
 #385

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?
Yeah I think it is possible to do money laundering via bitcoin,
bitcoin just make it easier to do it since the user are anonymous to other or the government.

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February 03, 2017, 01:59:41 AM
 #386

i think bitcoin is the best way to people do money laundering because bitcoin is anonymous and some site offer btc mixer of course its will easier to money laundering. Because of anonymous some villain use bitcoin to money laundering for their criminal activity its unfortunate but it is bitcoin, created with anonymous feature Smiley

I think so too. But who will do a money laundering when it is not so big? how will he put it back to dollar again? isn't it going to make a dip in the price? I think if many politicians will do a money laundering, then probably the price won't go stable specially if they do it just to wash the money and pull it out immediately. But it's good for the price if they are going to invest it for a long time in bitcoin.  Smiley

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February 03, 2017, 02:30:59 AM
 #387

it's might happen remember not require personal identity to transact it is a perfect way for money laundering but all bitcoin transactions recorded in blockchain. but I read some articles there are some people caught because bitcoin

yes trading using bitcoin not requiring you to indicate a personal identity to transact it. and bitcoin is the perfect way for the money laundering. recording in blockhain history of all transactions even the illegal transaction will have no use if we dont know who uses that transaction. so better yet having an identity for using blockchain technology will prevent any illegal things.

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February 03, 2017, 02:37:23 AM
 #388

Laundering can be done through any type of currency especially with bitcoin, because bitcoin is biggest value coin where huge money can be transferred in single transaction through bitcoin, but it is not possible with fiat currency. Bulk transaction can be easily identified by banks, so it is very hard to transfer bulk transaction with fiat currency.

Are you sure it is impossible? There are maaany ways you can do this with fiat. You do not need to carry a million banknotes in a bag in order to transfer $1.000.000 to someone else without anyone knowing about it. But criminals existed even before Bitcoin, so it's certainly not the only way to launder money..

That true, not only for bitcoin that you can launder money. But now, with bitcoin it is very easy and anonymous that is why there are many transaction in dark web doing illegal services to selling illegal substance and bitcoin is payment.

I think the most easy to use to commit money laundering is bitcoin. but to start well-known and widely used. but bitcoin has features such as anonymous it will give a plus

Yes, that is why they are taking this advantage since bitcoin is anonymous. They are free whatever they wanted to do, and money laundering in one of the examples. Others are using it also on buying illegal stuffs on the black market on the Deepweb, using TOR browser and a VPN, for them to be completely anonymous and can't be easily track by just a normal person.


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February 03, 2017, 02:47:06 AM
 #389

Laundering can be done through any type of currency especially with bitcoin, because bitcoin is biggest value coin where huge money can be transferred in single transaction through bitcoin, but it is not possible with fiat currency. Bulk transaction can be easily identified by banks, so it is very hard to transfer bulk transaction with fiat currency.

Are you sure it is impossible? There are maaany ways you can do this with fiat. You do not need to carry a million banknotes in a bag in order to transfer $1.000.000 to someone else without anyone knowing about it. But criminals existed even before Bitcoin, so it's certainly not the only way to launder money..

That true, not only for bitcoin that you can launder money. But now, with bitcoin it is very easy and anonymous that is why there are many transaction in dark web doing illegal services to selling illegal substance and bitcoin is payment.

I think the most easy to use to commit money laundering is bitcoin. but to start well-known and widely used. but bitcoin has features such as anonymous it will give a plus

Yes, that is why they are taking this advantage since bitcoin is anonymous. They are free whatever they wanted to do, and money laundering in one of the examples. Others are using it also on buying illegal stuffs on the black market on the Deepweb, using TOR browser and a VPN, for them to be completely anonymous and can't be easily track by just a normal person.



thats why bitcoin developers and blockchain technology must take actions about the said illegal things. it matters a lot for it is the way doers can be anonymous so they have no fear in going to prison or being busted. they should take care of the users of bitcoin so that many will use it. maybe it can be official if that happend

   

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February 03, 2017, 02:56:46 AM
 #390

i think bitcoin is the best way to people do money laundering because bitcoin is anonymous and some site offer btc mixer of course its will easier to money laundering. Because of anonymous some villain use bitcoin to money laundering for their criminal activity its unfortunate but it is bitcoin, created with anonymous feature Smiley

I think so too. But who will do a money laundering when it is not so big? how will he put it back to dollar again? isn't it going to make a dip in the price? I think if many politicians will do a money laundering, then probably the price won't go stable specially if they do it just to wash the money and pull it out immediately. But it's good for the price if they are going to invest it for a long time in bitcoin.  Smiley
The temporary effect which is the price increase would already help and will attract people to invest. Although they are just laundering there money, but the actions will result to creating a demand and we know when there is a demand, the price will increase especially with big volume.

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February 03, 2017, 03:07:06 AM
 #391

it's might happen remember not require personal identity to transact it is a perfect way for money laundering but all bitcoin transactions recorded in blockchain. but I read some articles there are some people caught because bitcoin

I have come through the news that many people caught because of bitcoin, government are not forcing people to use bitcoin but in the same way government should take some precaution about these bitcoin laundering. The man behind bitcoin create with a cause but some people are miss using it.

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February 03, 2017, 03:40:55 AM
 #392

Its an illegal act and is punishable by law when bitcoin is used on laundering money, because that is not transparent to the government regulation and through laundering illegal transactions is prone to happen. We don't want bitcoin to have bad reputation right? So if we knew something involved to any cases like this linked to btc laundering, it should be reported so that i will be stopped in an earlier time.

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February 03, 2017, 04:01:11 AM
 #393

it's might happen remember not require personal identity to transact it is a perfect way for money laundering but all bitcoin transactions recorded in blockchain. but I read some articles there are some people caught because bitcoin

I have come through the news that many people caught because of bitcoin, government are not forcing people to use bitcoin but in the same way government should take some precaution about these bitcoin laundering. The man behind bitcoin create with a cause but some people are miss using it.
You are right people are really misusing it but we cant blame them at all because its part of bitcoin itself because of its anonymity then people will surely make any transactions as they want because of it.We cant blame the creator because the main purpose on creating bitcoin is just for peer 2 peer transactions but we are now going beyond that thing.

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February 03, 2017, 04:44:33 AM
 #394

Its an illegal act and is punishable by law when bitcoin is used on laundering money, because that is not transparent to the government regulation and through laundering illegal transactions is prone to happen. We don't want bitcoin to have bad reputation right? So if we knew something involved to any cases like this linked to btc laundering, it should be reported so that i will be stopped in an earlier time.

First and foremost, how will catch them? If you can see one, then probably they doing it in public and probably it's not an illegal money. A clever man who wants to do a laundering, they won't show it to you or publicly, unless you are close to them, with that, you can't just report them, it's like those who are having a friend who has a illegal electrical connection, you can't just tell the authority about them.  Smiley

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February 03, 2017, 06:36:21 AM
 #395

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.
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February 03, 2017, 06:58:23 AM
 #396

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.

It is not a weakness, it's a good feature, everyone should be free to use bitcoin and that is what makes bitcoin great and much greater in the future... When everyone is using it, it will be strong... So I don't see it as a weakness totally, but partly yes, since it is not like bank who asks many things about the one holding an account...  Smiley But I have a thinking that bitcoin has only just began, and maybe in the future, there will be a solution to that...

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February 03, 2017, 07:25:18 AM
 #397

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.

It is not a weakness, it's a good feature, everyone should be free to use bitcoin and that is what makes bitcoin great and much greater in the future... When everyone is using it, it will be strong... So I don't see it as a weakness totally, but partly yes, since it is not like bank who asks many things about the one holding an account...  Smiley But I have a thinking that bitcoin has only just began, and maybe in the future, there will be a solution to that...

I think so, this is a nice feature, we all know that the price of the bitcoin can be very dynamic, up and down hundreds of percent in a year. I'm sure, although bitcoin is a safe place for money laundering, but there is a big risk. Example: someone buy 1 bitcoin with price at $1,000 and then he bought 1,000 btc, then when the price becomes $700, for sure he will crying. Believe me, it is not possible be people making bitcoin as money laundering.
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February 04, 2017, 04:00:45 AM
 #398

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.

It is not a weakness, it's a good feature, everyone should be free to use bitcoin and that is what makes bitcoin great and much greater in the future... When everyone is using it, it will be strong... So I don't see it as a weakness totally, but partly yes, since it is not like bank who asks many things about the one holding an account...  Smiley But I have a thinking that bitcoin has only just began, and maybe in the future, there will be a solution to that...

I think so, this is a nice feature, we all know that the price of the bitcoin can be very dynamic, up and down hundreds of percent in a year. I'm sure, although bitcoin is a safe place for money laundering, but there is a big risk. Example: someone buy 1 bitcoin with price at $1,000 and then he bought 1,000 btc, then when the price becomes $700, for sure he will crying. Believe me, it is not possible be people making bitcoin as money laundering.

for now it is good for us bitcoin users. But in the long run maybe it will be the same as fiat money. They can let us give taxes if the government told so. So better if we use it now and feel free to use its features before its too late.

   

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Botnake
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February 04, 2017, 05:10:38 AM
 #399

It is quite possible, if people know how easy it is to save money so that avoid taxes certainly bitcoin is the place. This is one of the weaknesses of the bitcoin too free to use by anyone. I think this should be repaired immediately because it could create a state block bitcoin.

It is not a weakness, it's a good feature, everyone should be free to use bitcoin and that is what makes bitcoin great and much greater in the future... When everyone is using it, it will be strong... So I don't see it as a weakness totally, but partly yes, since it is not like bank who asks many things about the one holding an account...  Smiley But I have a thinking that bitcoin has only just began, and maybe in the future, there will be a solution to that...

I think so, this is a nice feature, we all know that the price of the bitcoin can be very dynamic, up and down hundreds of percent in a year. I'm sure, although bitcoin is a safe place for money laundering, but there is a big risk. Example: someone buy 1 bitcoin with price at $1,000 and then he bought 1,000 btc, then when the price becomes $700, for sure he will crying. Believe me, it is not possible be people making bitcoin as money laundering.

for now it is good for us bitcoin users. But in the long run maybe it will be the same as fiat money. They can let us give taxes if the government told so. So better if we use it now and feel free to use its features before its too late.
The amount of money that is circulating is bitcoin network is already big, it is enough to raise the government in making actions that will necessitate the users to comply with the law. The law says, money laundering is illegal and it is punishable by law, if we will not comply it we will be jailed.
The government can detect or trace us if they chooses to, they just do it based on priority and bitcoin is not a big threat for them yet.


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February 04, 2017, 07:26:51 AM
 #400

Its an illegal act and is punishable by law when bitcoin is used on laundering money, because that is not transparent to the government regulation and through laundering illegal transactions is prone to happen. We don't want bitcoin to have bad reputation right? So if we knew something involved to any cases like this linked to btc laundering, it should be reported so that i will be stopped in an earlier time.
i think that there is only one solution for that, that governments should consider bitcoin as legal. and after they they can also impose tax on it and can also put tax on it on transaction of bitcoin from one country to another. although it is loosing difficult but i think it is not such  big problem for the governments to do arrangements for that.

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