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Author Topic: Money laundering via BTC  (Read 27219 times)
Harlot
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February 22, 2017, 08:42:13 AM
 #521

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.

Yup, that is certainly true. Because money laundry is very against the law, so that if a bitcoin used for money laundry then everything will give bad impact. It's not just the perpetrators of money laundry but bitcoin will surely receive the effects of their behaviour, because the bitcoin can only be taken by those who have the correct key. If the perpetrators of money laundry does not give the key it will be very difficult to take their money back to be entered into the State Treasury.

We will see a lot of those money laundering activity in bitcoin in the coming years, local government should start to create a guideline or regulate the use of bitcoin in their locality so it can be prevented from happening, or else, their own economy will be the one who will suffer great on those activities if those money launderers are corrupt public officials...  Smiley
As long as the regulations are not more strict than those imposed on cash for money laundering it wouldn't be the end of the world.
One thing to realize that illegal transactions is one of the main drivers of the price of Bitcoin. I have read several articles about that, that in the deep web or dark web the currency use for buying drugs is Bitcoin because of its security and how it can make its users remain anonymous. It doubled the price of Bitcoin twice from different versions of Silk Road.

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February 22, 2017, 09:02:26 AM
 #522

One thing to realize that illegal transactions is one of the main drivers of the price of Bitcoin. I have read several articles about that, that in the deep web or dark web the currency use for buying drugs is Bitcoin because of its security and how it can make its users remain anonymous. It doubled the price of Bitcoin twice from different versions of Silk Road.

The dark market traffic is down quite considerably, as per the ground reports. Most of the dark markets have closed down, and most of the remaining are not very reliable. Use the dark markets only at your own risk. Never give your personal information to anyone (including your address) as you may be ordering drugs from an undercover agent.


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February 22, 2017, 10:58:48 AM
 #523

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?
It is possible to launder money via Bitcoin, it is different than with cash.
But I think someone has found a way to do it.
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February 22, 2017, 11:10:48 AM
 #524

I would say it is not that easy to do as it was when it wasn't well known what bitcoin was and it's potential worth. Since it is rivaling gold's price now more and more people are gaining interest in knowing more about it.
So in hind sight there are a lot more agencies that are tackling the problem with money laundering because of it's popularity rising to new levels then before when it first came to be.



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February 22, 2017, 11:22:34 AM
Last edit: February 22, 2017, 02:36:36 PM by deisik
 #525

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today

I don't quite understand how this method would work in practice

Do you mean to say that you try to sell something at an auction which purportedly has some historical value and then buy it yourself for a lot of cash through a straw man? Do you really know that this works in practice? As I see it, the auction houses should confirm that the item you are going to auction really has any such value (e.g. the Roman sword you are selling wasn't actually forged a few years ago and then artificially tarnished). So your method may not be quite feasible in real life



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CoinBreader
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February 22, 2017, 11:40:09 AM
 #526

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?

The majority of Bitcoin users are law-abiding people motivated by privacy concerns or just curiosity. But Bitcoin’s anonymity is also a powerful tool for financing crime: The virtual money can keep shady transactions secret. The paradox of cryptocurrency is that its associated data create a forensic trail that can suddenly make your entire financial history public information.
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February 22, 2017, 02:22:42 PM
 #527

I guess there were peole who uses btc for laundering because they always abuse the freedom of bitcoim through being anonymous accounts through the web. If these people continues to do illegal act I know time will come for them thay will be punishable by law, if you knew some of these people, you should report them to authorities. Money laundering through btc will bring bad reputation to bitcoin and most of the law abiding users will be much affected.

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February 22, 2017, 03:26:23 PM
 #528

You could launder it I would believe just keep it on the low as of any other thing suspicious you would do however personally I wouldn't go through with it but if you were to say down on your luck then yeah I guess you could try.
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February 22, 2017, 04:46:45 PM
 #529

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?

Money laundering via btc is very much possible even those us buying and selling it could be intepreted to mean money laundering even though the volume is not much if government wants to go to the extreme in discouraging the use of bitcoin and its because money moves without declaration and thats exactly btc is all about. Also, one of the reasons for the clamp down on exchanges in China and other countries simply because of the issue of money laundering at least one valid reason they have got against bitcoin.

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February 22, 2017, 07:11:28 PM
 #530

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today

I don't quite understand how this method would work in practice

Do you mean to say that you try to sell something at an auction which purportedly has some historical value and then buy it yourself for a lot of cash through a straw man? Do you really know that this works in practice? As I see it, the auction houses should confirm that the item you are going to auction really has any such value (e.g. the Roman sword you are selling wasn't actually forged a few years ago and then artificially tarnished). So your method may not be quite feasible in real life

I've never considered laundering money in any form; however, this is how it "could" work: use cash to buy valuable artwork, sell valuable artwork at auction.  When the artwork (or other collectible) is submitted to auction, there is no reference to, nor record of, the price paid for the article because cash was used in its purchase but there is record of its selling price which can be reported.  Same with coins: purchase rare mint coin with cash, sell rare mint coin at auction....On the books, the coin was found in pocket change at face value, but sold at auction for rare mint collection value.

http://www.nytimes.com/2013/05/13/arts/design/art-proves-attractive-refuge-for-money-launderers.html
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March 28, 2017, 12:48:36 PM
 #531

 :)Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.
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March 28, 2017, 01:58:46 PM
 #532

This is not new to bitcoin. That certainly has always happened, it is associated with bitcoin and criminals. Bitcoin is created for business and trading purposes, however, besides the convenience, there is always a darkness surrounding it, which is easily exploited to do the illegal work, it can not be So, the crime is easy to use it to commit law offenses, money laundering, bribery and corruption ... etc ... we can not avoid it.
It is associated with bitcoin.


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March 28, 2017, 02:25:56 PM
 #533

 :)Not really. Bitcoin is pseudo-anonymous meaning that one can trace back the money to the person who transferred it. Otherwise it is pretty much the same as any fiat.
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March 28, 2017, 02:30:52 PM
 #534

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?
Yes,for that reason i think most of corrupt people in india invested in bitcoin to hide their black money when demonitization was in progress.Now the government is getting suggestions to announce bitcoin as illegal.
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March 28, 2017, 02:37:59 PM
 #535

 :)Actually bitcoin it self is cleaner than any currency, we don't have any dirty money only literally and people only need to launder money when they are not able to explain and provide a legal reason as to how they've got and obtained that money.
People trying to do it with bitcoin, not possible if miners refuse to sell or any coin holder refuses to sell but when you get your coins you are no longer need to be worried because just after a mix no government can link you to anything whatsoever.
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March 28, 2017, 03:28:22 PM
 #536

:)Very simple stuff. Create business, build business, accept btc and buy your own service with your own btc. Pay the small amount of tax and you have clean money. One simple method of hundreds or thousands out there.
And where would the money actually be coming from? You're paying bitcoin to yourself, then how are you converting it to real money? Don't you need third party for that?
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March 28, 2017, 05:24:53 PM
 #537

Money laundering via bitcoin is possible as this is anonymous and cannot controlled by the government. As this can hide the identity of a users. As long the process can adopt by the users its possible.

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March 28, 2017, 06:17:08 PM
 #538

Almost any form of currency can be used for money laundering.  However, some forms are more efficient than others, some are quicker than others, and some are less transparent than others.  So, while bitcoin can be used to launder money....it is not the most efficient, nor the least transparent means to accomplish that task.  Cash for art....art to auction....is the biggest method of laundering money today

I don't quite understand how this method would work in practice

Do you mean to say that you try to sell something at an auction which purportedly has some historical value and then buy it yourself for a lot of cash through a straw man? Do you really know that this works in practice? As I see it, the auction houses should confirm that the item you are going to auction really has any such value (e.g. the Roman sword you are selling wasn't actually forged a few years ago and then artificially tarnished). So your method may not be quite feasible in real life

I've never considered laundering money in any form; however, this is how it "could" work: use cash to buy valuable artwork, sell valuable artwork at auction.  When the artwork (or other collectible) is submitted to auction, there is no reference to, nor record of, the price paid for the article because cash was used in its purchase but there is record of its selling price which can be reported.  Same with coins: purchase rare mint coin with cash, sell rare mint coin at auction....On the books, the coin was found in pocket change at face value, but sold at auction for rare mint collection value

It seems that I see where you are getting at

But you still kinda miss an important thing here. You may buy some valuable stuff from somebody via cash, of course, but your seller might report on his sale since he should also somehow prove the origin of all this huge sum of money. So he declares his income, from whom it came, and then you are basically done. For example, in the US all purchases involving cash in the amounts exceeding 10k dollars should be declared to the IRS including the identity of the person (or entity) whom this money was received from



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Mr.grin
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March 28, 2017, 06:54:18 PM
 #539

Money laundering via bitcoin is possible as this is anonymous and cannot controlled by the government. As this can hide the identity of a users. As long the process can adopt by the users its possible.
Well, in fact it may have been frequent. there are some sites that make an imprint of the mixer bitcoin transactions actually become impossible to be tracked, and is sometimes used for something very confidential transaction.

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rajasumi3
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March 28, 2017, 07:07:07 PM
 #540

Money laundering through bitcoins has been at its peak when demonetisation is at its peak when the price of bitcoins gone high the most .in india here one politician from the member of the parliament declared bitcoin as the ponzi scheme .well that explains education is required.
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