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Author Topic: Money laundering via BTC  (Read 27219 times)
vennali
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February 06, 2017, 03:23:24 PM
 #421

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc
Most of the big exchanges are now asking for KYC if you want to trade over a certain amount. So, you cannot launder money by buying Btc through Bitcoin exchanges. It has to be through traders or miners, through which you can launder BTC. I'm not an expert on laundering money but I can say that if there's anything that holds good value, I can say for sure that someone must be laundering it. Be it, cigarettes, coffee, fiat currency or Bitcoins.
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February 06, 2017, 03:34:40 PM
 #422

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc
Most of the big exchanges are now asking for KYC if you want to trade over a certain amount. So, you cannot launder money by buying Btc through Bitcoin exchanges. It has to be through traders or miners, through which you can launder BTC. I'm not an expert on laundering money but I can say that if there's anything that holds good value, I can say for sure that someone must be laundering it. Be it, cigarettes, coffee, fiat currency or Bitcoins.

Thats the point however since we are talking about money laundering here lets just focus on the currencies. We cant control money laundering with regards to whatever kind of currencies that we used. However the only thing that we could do for now is to monitor  and minimize it.
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February 06, 2017, 03:40:43 PM
 #423

it depends upon how much intelligent the user is. if he/she is intelligent or at least knows something about internet and bitcoin then he/she might not become  victim of money looters and scammer, even i was scammed initially becuse i had no knowledge of bitcoin but now i am quite smart with bitcoin (lol kidding). just stay away from investment and you are safe.

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February 06, 2017, 04:03:26 PM
 #424

This is one of the reason that some governments are frowning at bitcoin which actually makes its more difficult to protect the anonymity of bitcoin with the details of KYC they keep on asking. But looking at it intuitively, its not impossible to do because countries that have strict rule against capital repatriation then they are left with no choice than to go look for another way to do the transfer and bitcoin could come into mind in that regard...
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February 06, 2017, 05:15:45 PM
 #425

Bitcoin is definitely used for money laundering but so is just about any conceivable way to do it with fiat too. How many foreign guys do you see on parking lots doing car washes? They'll be money laundering too.

I used to know a drug dealer who owned a flower shop, guess what he was doing, yep washing money to get it into the bank.





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February 06, 2017, 05:21:06 PM
 #426

it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address
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February 06, 2017, 05:30:58 PM
 #427

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc

In deed Bitcoin is traceable , so I guess Bitcoin is actually an anti money laundering tool, while fiat money is more anonymous, because if you spend money, there is no recorded transaction aside from the receipt, and there is no way other people can verify it to where is that money sent unless publish by the one who did the transaction.



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February 06, 2017, 06:05:37 PM
 #428

Bitcoin is definitely used for money laundering but so is just about any conceivable way to do it with fiat too. How many foreign guys do you see on parking lots doing car washes? They'll be money laundering too.

I used to know a drug dealer who owned a flower shop, guess what he was doing, yep washing money to get it into the bank

Should we thus conclude that all flower shop owners are money launderers?

When I start thinking about that and I invariably come to a conclusion that a few guys that I know might have in fact been laundering money too. Though none of them is a flower shop owner but one guy is a real pawnshop owner. I guess this business is more promising in this regard since you can easily lend money to yourself, and the interest you would thus earn will be washed money already. Someone here has been talking something about banning usury interest rates, but it seems that he doesn't have a clue about genuine money laundering that big guys are busy with



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boyptc
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February 07, 2017, 12:19:12 AM
 #429

it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address

Bitcoin can be a medium in money laundering and I know there are people out there who are using bitcoin to convert their wealth so that they cannot be implied with taxation. It really depends on how strength the law in your country so if they are strictly implementing money laundering they will look into bitcoin transaction but if not, your lucky.

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February 07, 2017, 12:43:21 AM
 #430

it's possible for the government or any other higher-ups to hide the money via online account
this cannot be tracked easily after somebody transfer the money and sent it to specific address
of course, I'm sure you will not know how many bitcoin address that I have and how much money I save in bitcoin, thats why bitcoin it is suitable for use as money laundering

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February 07, 2017, 02:04:44 AM
 #431

Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.
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February 07, 2017, 02:12:05 AM
 #432

Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.
Even with fiat currency money laundering cannot be simply stopped. And with cryptocurrencies entering the scene it become much more easier to launder money. But bitcoin is not used much in laundering and the main reason is the existence of hackers that targets wallets with huge volumes of bitcoin. And so money laundering through cryptocurrency is very risky and not safe.
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February 07, 2017, 02:20:22 AM
 #433

Our governments will always have a hard time controlling money laundering to a minimum because people always find ways to evade such government actions. Even if its by way of bitcoin or some other currency, it will not really matter because some people are smarter than the others and always one step ahead when it comes to stuff like these.
They can't control but they can prevent if from happening, at least just to mitigate it. Bitcoin for now is very effective as a tool for those money launderer as it is not yet fully regulated by the government, but when time comes that the risk for the government will be bigger, they will surely gonna focus on bitcoin.



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February 07, 2017, 02:23:51 AM
 #434

It is possible but it wont be easy especially if you are using our local wallet. if you have lots of btc in your account they will going to be suspicious if were did you get it. so if you dont want to get caught better use other wallet like blockchain.
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February 07, 2017, 02:43:46 AM
 #435

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc
Is the government realise the potentially of bitcoin will help the abuser is feeling easier to do his money laundry( fiat ) Through bitcoin today? I may think if it possible and that's why the government is trying to ban bitcoin from our environment.

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boris singer
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February 07, 2017, 04:09:48 AM
 #436

They would surely see the bitcoins disadvantage when they are planning to accept bitcoin on their place. They saw that bitcoin cant really be controlled because of its decentralized feature thats why government dont really like this thing. Money laundering is very possible on bitcoin.

There were a lot of exchanger sites that follows kyc policy so whatsthe point of banning bitcoin because of money laundering they say? If then they should banned fiat in the first place as well because obviously it was involved more than 1000x in money laundering than btc
Is the government realise the potentially of bitcoin will help the abuser is feeling easier to do his money laundry( fiat ) Through bitcoin today? I may think if it possible and that's why the government is trying to ban bitcoin from our environment.

During bitcoin kept anonymous, most governments will never approve it.

But because the vast global influence. Government uses bitcoin transactions tax of exchange market. For money laundering, there is no law that regulates it (cryptocurrency). So, Bitcoin be a great place to launder money. There are several cases of money laundering and sites like liberty reserve and paypal, but world can't prevent bitcoin, because a large market share throughout the country.
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February 07, 2017, 04:54:07 AM
 #437

It is possible but it wont be easy especially if you are using our local wallet. if you have lots of btc in your account they will going to be suspicious if were did you get it. so if you dont want to get caught better use other wallet like blockchain.
nope I do not think there are unsuspecting you if you have thousands of bitcoin though, because actually people will not know, which merupaka bitcoin address is yours? so they do not know how many bitcoin you save

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pinkpanther03
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February 07, 2017, 04:56:15 AM
 #438

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

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February 07, 2017, 05:11:33 AM
 #439

The fact that people fall for the concept of "good money" and "bad money" just shows how far we have come from a free society. People accepting the concept that the government should be able to track every transaction in the world just because some people in the world may use their money for bad things is just insane.

KYC and money laundering laws are just another way of saying "the government can track our every transaction".

Most people are ok with this because freedom is not a very high priority in most people's lives. If most people were asked if they want their freedom or a triple mocha latte, they would be sipping on a latte soon after.

PM me if you are ready to actually start seasteading.
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February 07, 2017, 05:55:14 AM
 #440

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?

Bitcoin nowadays is not a real money that can be consider, but it is a kind of virtual currency which can can be converted into a real one currency. Though in some other ways bitcoin can be use in money laundering it the depends on the people of how he/she going to use it, because it is an open source that can be use for good and bad purposes.

i think when people want to use bitcoin for money laundering, they can do with safe because no one will know what purpose they have when they are using bitcoin beside that we don't know for what transaction that in the network. the only thing that we know that there is a transaction that have been created in the network.
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