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Author Topic: Money laundering via BTC  (Read 26436 times)
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February 12, 2017, 02:51:03 AM
 #481

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.


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February 12, 2017, 03:46:01 AM
 #482

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.
we cant say that bitcoin is not created to be the main purose is money laundering. we all know that bitcoin is anonimous so it is hard to trace who is the owner of the wallet. so we just wait to the developers to develop the security of users of bitcoin so that we cannot say that the bitcoin is being used as the way for money laundering

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February 12, 2017, 08:33:56 AM
 #483

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
but some irresponsible people who do that. not everyone in this world has a good nature.
we as part of bitcoin users should be able to prevent bitcoin from improper usage.

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February 12, 2017, 09:15:40 AM
 #484

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
although you say that it is a strange thing. but rather on the black market. bitcoin anonymity and decentralization is very helpful for those transactions. in fact bitcoin is very helpful to anything confidential

Yes even though bitcoin was not created for the purpose of money laundering, some people are abusing it and taking the opprtunity to use it in illegal activities such as.money laundering because bitcoin has full anonimosity and decentralization. No matter how illegal it is, they cannot be caught.
we cant say that bitcoin is not created to be the main purose is money laundering. we all know that bitcoin is anonimous so it is hard to trace who is the owner of the wallet. so we just wait to the developers to develop the security of users of bitcoin so that we cannot say that the bitcoin is being used as the way for money laundering
I think bitcoin created for a free transaction. regardless bitcoin related to illegal activities or not. it all back on each user, since there is no control of bitcoin itslef

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February 12, 2017, 11:12:17 AM
 #485

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

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February 12, 2017, 11:18:27 AM
 #486

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....  Smiley

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February 12, 2017, 11:43:28 AM
 #487

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....  Smiley
The system of bitcoin will not be interrupted and we can still normally trade just like what we do now, in addition spending bitcoin would be more easy. But with that progress, as we go bigger, the government are making measures to prevent money laundering and I believe it would not be hard for them to do it, they can trace transaction by requirement exchanges to comply with the laws.

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February 12, 2017, 11:48:59 AM
 #488

How can people launder money with bitcoins? Money laundering is the process of transforming the profits of crime and corruption into ostensibly 'legitimate' assets. Bitcoin is not legitimate in many countries, my logic says that some people need to launder money from bitcoin also. How can anyone explain money from bitcoin? And how would process go if someone wish to launer money via btc.

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February 12, 2017, 11:51:44 AM
 #489

Money laundering is very sensitive issue now in many countries.
For example, in my country since the beginning of this year, banks have to send info about all bank transactions of their clients to tax office.
If tax office find anything suspicious, they will call bank account owner and ask him/her to prove source of income.
If person can't, he/she will be punished by the law.
So, in our local bitcoin community is a lot confusion and fear how to explain and report income from bitcoin.















 

 

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February 12, 2017, 11:52:42 AM
 #490

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

Why would you care if people use Bitcoin for money laundering? Do you also care about people money laundering through Gold, businesses, or whatever other tool? Of course, if you follow the rules of the government, then yes, money laundering is a straight crime. But money laundering isn't always happening with money coming from theft, drugs, weapons, etc. It can also be considered you trying to 'clean' your undeclared profits that you gained with trading Bitcoin. If that's a heavy crime according to you, then probably the majority of the people here in this forum can be marked as criminal by you. Cheesy

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February 12, 2017, 11:54:15 AM
 #491

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.
it is the sad reality about the bitcoin that money laundering can be possible through it because it doesn't has any restriction for the sourse of the money.............

Lets not forget that governments are now starting to look for a way to prevent bitcoin being used in money laundering... Local central banks are now starting to make regulations on exchanges to prevent it being used as a tool in money laundering... Sooner or later, those people who will launder will be exchanging their money to bitcoin face to face....  Smiley
The system of bitcoin will not be interrupted and we can still normally trade just like what we do now, in addition spending bitcoin would be more easy. But with that progress, as we go bigger, the government are making measures to prevent money laundering and I believe it would not be hard for them to do it, they can trace transaction by requirement exchanges to comply with the laws.

it will be difficult for the government to be able to control Bitcoin and prevent negative behavior. Laundering money is a criminal act, we know that, but we can not prevent, in the future, technology will change and our work will be easier. However, criminals can still perform their acts row, unstoppable and can not be tamed. We can only hope this world has less crime, hopefully!


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February 12, 2017, 12:03:14 PM
 #492

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

Why would you care if people use Bitcoin for money laundering? Do you also care about people money laundering through Gold, businesses, or whatever other tool? Of course, if you follow the rules of the government, then yes, money laundering is a straight crime. But money laundering isn't always happening with money coming from theft, drugs, weapons, etc. It can also be considered you trying to 'clean' your undeclared profits that you gained with trading Bitcoin. If that's a heavy crime according to you, then probably the majority of the people here in this forum can be marked as criminal by you Cheesy

"The burden of proof is on the one who accuses"

In other words, if we consider Bitcoin money laundering as a straight crime, anyone should be considered as innocent unless proven otherwise. Really, if the law of a country of residence doesn't in any way regulate Bitcoin, how can you possibly be considered as cleaning "your undeclared profits that you gained with trading Bitcoin" if the law doesn't recognize such profits as income altogether?

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February 12, 2017, 12:28:46 PM
 #493

do not even think about money laundering, through bitcoin because bitcoin is not intended for it, it is one that aims ugly, let's do something positive in dealing with bitcoin.

yes it is not inteded by the bitcoin to launder some money.the developers can take action from it because we all know that the security of users of bitcoin is still in lack. they should develop the security of bitcoin to ensure more legal actions to be done in bitcoin. in that we can avoid some illegal stuffs like money laundering.

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February 12, 2017, 07:53:23 PM
 #494

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?

Its not as easy as you think to launder money and with bitcoin is merely a platform it doesnt make it more or less easy. Ypu could launder money by buying drugs and selling them off to dealers or fake companies or just buy black market gold and sell to a black market deal to get "clean" money.


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February 13, 2017, 09:20:31 AM
 #495

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?

Its not as easy as you think to launder money and with bitcoin is merely a platform it doesnt make it more or less easy. Ypu could launder money by buying drugs and selling them off to dealers or fake companies or just buy black market gold and sell to a black market deal to get "clean" money

I don't think that would count as money laundering

As others have already said (me included), money laundering is not about selling stuff and getting cash. It is about making this cash legitimate, i.e. making it look as if you obtained the money from legal sources or business. If you buy gold and sell it to a black market dealer, your money will still remain "dirty". Really, what are you going to say if asked by the financial authorities about the source of this money? Will you tell them that you are selling gold at the black market?

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February 13, 2017, 09:30:27 AM
 #496

Many people are convinced that the presence of bitcoin used for money laundering, according to me, this is very possible because bitcoin is very easy, simple and very safe to save money so it could be used for money laundering.


 
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February 13, 2017, 09:40:12 AM
 #497

I'm not sure people want to save their money in the bitcoin with in large numbers, as I know they would choose a safer bank as in Switzerland or Panama. Bitcoin very risky, so if down then it could go bankrupt.
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February 13, 2017, 09:54:46 AM
 #498

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.


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February 13, 2017, 10:43:48 AM
 #499

Money laundering via btc is not a good idea and it brings bad image to digital currency if those bad doers will adopt bitcoin to their illegal activities. Morality of bitcoin will decrease and reputation wise will gain bad impact to those who are learning bitcoin as a good source of fianancial needs.This is punishable by law if anyone caught to be laundering money to any individuals.

It does bring bad image to bitcoin we can't do anything about it, it's all up to the government how will they handle this kind of crime and how will they execute the investigation if they caught someone using bitcoin in money laundering. If the government is not careful enough about the investigation the suspect might get away from it.
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February 21, 2017, 09:39:44 AM
 #500

A good article about money laundering through bitcoin. It actually explains that is really not that easy as it seems..... “It’s difficult to push large amounts of Bitcoin secretly through mixing services. It’s extremely noticeable no matter how you do it. If you catch a dealer with drugs and cash on the street, you’ve caught them committing one crime. But if you catch people using something like Silk Road, you’ve uncovered their whole criminal history. It’s like discovering their books.”  Here"s the link https://cointelegraph.com/news/laundering-drug-money-why-mafia-cant-hide-behind-bitcoin


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