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Author Topic: Money laundering via BTC  (Read 27202 times)
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February 07, 2017, 06:58:22 AM
 #441

it is the black part of bitcoin, so what we see is only part of the negative side bitcoin? I think it's unfair, let's look at other online accounts also applies to the other to commit money laundering, let's look at the positive side also without prejudice from the downside, back on themselves, respectively, what can we prevent it? I think it was back in the black side of the bitcoin users instead of bitcoin

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February 08, 2017, 05:49:06 PM
 #442

It;s not possible because the idea of money laundering is to make illegally obtained money appear legally obtained. If you suddenly get a lot of money in bitcoin, the state wll assume it's illegally obtained. So no, you can't launder money using bitcoin, because it will never appear legit.
By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

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February 08, 2017, 06:09:40 PM
 #443

It;s not possible because the idea of money laundering is to make illegally obtained money appear legally obtained. If you suddenly get a lot of money in bitcoin, the state wll assume it's illegally obtained. So no, you can't launder money using bitcoin, because it will never appear legit.

By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

yeah probably logically incorrect. earning bitcoin in huge volume is not probably came from illegal things. sometimes huge amount of bitcoin we earn is from some investment that bitcoin gave us and some from trading altcoins. we should always think before we speak so i think money laundering is still possible in bitcoin even if it is monitored.

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February 08, 2017, 06:20:28 PM
 #444


 By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

Here's how it goes, there are persons who are making a daily withdrawals in our bitcoin local exchange for up to daily limit. Now if you are the owner of a bitcoin exchange and a registered company in a certain country, isn't it alarming that there are huge money circulating in your withdrawals everyday? Not every week, every month etc but only everyday.

Meaning an illegal activities may have chance that is currently happening on that period. When I say chances, it's rather legal or illegal one so expect things that will regulate bitcoin in various exchange. All country have different points of law about money transfer law so expect that if bitcoin will become a strong currency more, illegal activities like money launderng is possible anytime.

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February 08, 2017, 06:24:11 PM
 #445


 By that,you are trying to say the governments are invariably saying we all here and the entire bitcoiners are money launderers! That goes to show the laughable stance the governments have chosen to take against Bitcoin, but we know what's truth - Bitcoin is a torn in the flesh and they can't do anything about it, else they would have long time ago.

Here's how it goes, there are persons who are making a daily withdrawals in our bitcoin local exchange for up to daily limit. Now if you are the owner of a bitcoin exchange and a registered company in a certain country, isn't it alarming that there are huge money circulating in your withdrawals everyday? Not every week, every month etc but only everyday.

Meaning an illegal activities may have chance that is currently happening on that period. When I say chances, it's rather legal or illegal one so expect things that will regulate bitcoin in various exchange. All country have different points of law about money transfer law so expect that if bitcoin will become a strong currency more, illegal activities like money launderng is possible anytime.

yes this is correct. a large or huge amount of alt coins comming from another company that is circulating with the certain exchanger or some trading sites without knowing the company will be suspisious. they should have an investigation on why they dont know that huge amount of money circulating from this site and they should know about this.

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February 09, 2017, 01:21:20 PM
 #446

it is the black part of bitcoin, so what we see is only part of the negative side bitcoin? I think it's unfair, let's look at other online accounts also applies to the other to commit money laundering, let's look at the positive side also without prejudice from the downside, back on themselves, respectively, what can we prevent it? I think it was back in the black side of the bitcoin users instead of bitcoin
Well bitcoin has been always a way to stay anonymous and use money on the internet without people knowing your real id and that has given the opportunity to hackers and drug dealers to use it as a mean to sell their illegal services without getting traced down, and ensuring that the money they get is also not traced. Still, all these are not just due to bitcoins.

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February 09, 2017, 02:35:31 PM
 #447

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?

I agree, there are many ways to launder black money into clean and bitcoin is one of those various method. Because you can not know how much that people have and can not track what he/she was sent or received for. Cryptocurrency is a perfect method to do that anonimously. Actually, the first time I read about bitcoin is illegal, because they said that btc is used for drugs dealer, guns, girls,... or even a launder machine for black money.
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February 10, 2017, 05:50:24 AM
 #448

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.
That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.

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February 10, 2017, 06:04:24 AM
 #449

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.
That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.
I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

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February 10, 2017, 06:13:35 AM
 #450

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.
That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.
I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

Yes the regular bitcoin users cannot know if there are money laundering that is occurring but do not underestimate the government. If they will notice something is going on with the financial sector then they will conduct and investigation and later on they will find out where are the huge monetary transactions are going on and they can trace it even if it is with bitcoin.

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February 10, 2017, 09:41:05 AM
 #451

These are things that a person can be used to hide his money. We all know that keeping track of the funds in the bank can be done, but not with bitcoin. I'm sure many of the perpetrators of money laundering which utilizes bitcoin.
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February 10, 2017, 10:34:05 AM
 #452

It depends on the user who is use bitcoin. You if are smart then no once can launder money from instead you will be able to make free profit by using bitcoin and bitcoin will help you to make your wallet filled with some extra money. well all know that there are many bitcoin investment sites and cloud mining site before investing we should make a research on site that whether its legit or not.
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February 10, 2017, 11:21:05 AM
 #453

These are things that a person can be used to hide his money. We all know that keeping track of the funds in the bank can be done, but not with bitcoin. I'm sure many of the perpetrators of money laundering which utilizes bitcoin.
We might thing we are smart of using bitcoin in money laundering but we have to realize that the government are more smarter, they know the possible risk of using bitcoin and people with criminal activities are making it as their tool to hide their activities. However, we must not be too confident with that, the government has the power to trace transactions as we all end up converting our money to fiat.

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February 10, 2017, 11:32:52 AM
 #454

These are things that a person can be used to hide his money. We all know that keeping track of the funds in the bank can be done, but not with bitcoin. I'm sure many of the perpetrators of money laundering which utilizes bitcoin.

Off course bitcoin is not traceable and who is the person at the back end, but each and every transaction should be done through bank itself. When ever you want to exchange bitcoin,it might be very difficult to exchange in your local area and transaction should carry through bank itself than banks can easily identify you.


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February 10, 2017, 11:39:47 AM
 #455

These are things that a person can be used to hide his money. We all know that keeping track of the funds in the bank can be done, but not with bitcoin. I'm sure many of the perpetrators of money laundering which utilizes bitcoin.

Off course bitcoin is not traceable and who is the person at the back end, but each and every transaction should be done through bank itself. When ever you want to exchange bitcoin,it might be very difficult to exchange in your local area and transaction should carry through bank itself than banks can easily identify you.

What about anonymous debit cards, selling btc directly for cash, exchange btc for stuff like a car and such. Or they use a straw man who opens a bank account in exchange for some money. There are other ways than through a bank.
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February 10, 2017, 11:50:39 AM
 #456

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.

Money Laundering will enter the scene the moment you will convert your bitcoins to fiat currency. When it became fiat currency form the government can now trace your bank account and will ask you where did you get such amount. And so even if you are safe with bitcoins but if you convert it to fiat currency then you will still be identified by the authorities if you are involved with money laundering.

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February 10, 2017, 12:17:03 PM
 #457

There is no question that anybody can use Bitcoin or any cryptocurrency for that matter for the main purpose of money laundering. It is because in the first place Bitcoin is boasting of anonymity which can be the big advantage if you want to hide the source of your money. Bitcoin will not be able to investigate and refuse anybody's money. However, government agencies are now addressing this issue relative to Bitcoin and hopefully something can be done without killing the goose that lays the golden eggs. Smiley
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February 10, 2017, 12:31:12 PM
 #458

First, money laundering is a criminal action, you may be liable. You should not do it. Money laundering is an activity that can occur with any type of virtual currency, Bitcoin is the most typical. great value make Bitcoin become the focus of the criminal. We take advantage of Bitcoin to perform multiple offenses. This is really bad, I wish this was not happening


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February 10, 2017, 02:02:25 PM
 #459

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.
That's true, we can find that only in the blockchain record history through wallet address that we used. And since bitcoin is an open source that none of the government cannot trace it where does it come from or where to use it The decentralization is the reason why some of the bad guys they bitcoins for illegal activities like money laundering. I wish that we shouldn't abuse the good image of bitcoin as much as possible.
I think that how people can know that bitcoin is used for illegal activities? while each transaction does not include the purpose of such transactions? so I think even though people using bitcoin to illegal though it is not a problem? and it does not give a bad image in bitcoin #imo

Yes the regular bitcoin users cannot know if there are money laundering that is occurring but do not underestimate the government. If they will notice something is going on with the financial sector then they will conduct and investigation and later on they will find out where are the huge monetary transactions are going on and they can trace it even if it is with bitcoin

That may not help them

Really, if these transactions lead to offshore accounts, there is not much that governments can actually do. Some governments seem to be using these accounts themselves if they don't want to reveal their financial activity to other governments (e.g. if they trade with another government which is under sanctions). They could do it, for example, through dummy companies created specifically to cover their activity. In this manner, not only generic folks can be laundering money but whole countries as well
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February 10, 2017, 03:02:45 PM
 #460

First, money laundering is a criminal action, you may be liable. You should not do it. Money laundering is an activity that can occur with any type of virtual currency, Bitcoin is the most typical. great value make Bitcoin become the focus of the criminal. We take advantage of Bitcoin to perform multiple offenses. This is really bad, I wish this was not happening

yes any kind of laundering not just in money is a criminal action. doing it may lead you to be in prison so you just need to go away from doing such things. not just money laundering but any criminal actions on internet such as frauds and bullying. you should not do that because you can be in prison and be jailed. using bitcoin in illegal things is not a good idea because it can trace you.

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