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Author Topic: Money laundering via BTC  (Read 27196 times)
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March 28, 2017, 07:12:18 PM
 #541

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.

Yes, education is needed, maybe this politician declared Bitcoin as a ponzi scheme because indian scammers are creating ponzi schemes with Bitcoins and organizating meeting in clubs and hotels to lead people to invest in such schemes. Not only with Bitcoins, but they create fake alt coins (ponzi) to lure people into this trap, promising high returns.

I already saw many pictures on Facebook about these events.

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March 28, 2017, 08:16:33 PM
 #542

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 it is, this is the reason why before bitcoin became banned in the other country, due to other nation thought that bitcoin will be a gateway to use by the bad person who will going to use it for illegal activities. Though we all know bitcoin was very open unto it because its an open source instead.


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March 29, 2017, 06:47:05 AM
 #543

I dont see why soo many problems, before crypto word money laundering were already an issue, and people hide and made their dirty money into clean with a fake business, even looking clean business. Bitcoin and crypto world has helped a lot of them already and will keep, but i doubt they wanna to risk their money and business into crypto world thats has a lot volatil moments.


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March 29, 2017, 08:56:34 AM
 #544

I believe Bitcoin is viable to be used to launder money today.
But how was it viable to do the same back 7 to 8 years ago when the price was dirt cheap and the market cap was just some small millions?
Not to forget back in those days there were no exchanges and no P2P market to facilitate Bitcoin-fiat transactions.
So far I have yet to see any actual solid evidence of money laundering with Bitcoin except unvalidated MSM news about it.


     
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March 29, 2017, 09:01:56 AM
 #545

It turns out that bitcoin is a terrible tool for money laundering. The trouble is that all bitcoin transactions are tracked so if they want to catch you, they can go back into the system and figure out who you are.
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March 29, 2017, 09:03:11 AM
 #546

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.
Anonymity is a major reason that helps users to involve into money laundering using bitcoin. At the same the number of people into such services were not much aware of digital currency. Based on this the money laundering through dollars were high compared to bitcoin and other digital assets.




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March 29, 2017, 09:07:56 AM
 #547

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.
Anonymity is a major reason that helps users to involve into money laundering using bitcoin. At the same the number of people into such services were not much aware of digital currency. Based on this the money laundering through dollars were high compared to bitcoin and other digital assets.

That is true to some extent but the reason to create Bitcoin was for the silk route to transfer money through Bitcoin, but when silk route was vanished by FBI after that bitcoin became public and even then their are users who are using bitcoin for so many illegal activities and money laundering is one in them.
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March 29, 2017, 09:26:40 AM
 #548

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.
Yeah right, this is a big problem because the Government did not have access to control the bitcoin. This was the reason the Government prohibits bitcoin, I worry bitcoin can not survive for a long time.
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March 29, 2017, 09:35:12 AM
 #549

I don't know why people blaming bitcoin, Fiat is under government control there are many people who are doing illegal activities with fiat currency also. It completely depends on the people who are doing it for illegal activities, don't blame the bitcoin, blame the people who are not using it wisely.

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March 29, 2017, 09:45:32 AM
 #550

It turns out that bitcoin is a terrible tool for money laundering. The trouble is that all bitcoin transactions are tracked so if they want to catch you, they can go back into the system and figure out who you are

In fact, the final outcome may depend greatly on the efforts applied

Basically, I agree that Bitcoin is not very overall for money laundering (for the reasons you mentioned). But there are a few ifs that could make laundering money a viable option (a disclaimer, the following is purely for educational purposes, I don't in any way endorse money laundering). First, you can transfer bitcoins without leaving a trace on the blockchain, e.g. by using Bitcoins sticks like Opendime devices which allow hand-to-hand transactions in pretty much the same way as with cash money. Second, with the advent of off-chain payments (e.g. with the introduction of Lightning Network), you would be able to transfer massive amounts of wealth without leaving a trace on the blockchain either. As an aside, mixers like miners should be strongly opposing LN since, essentially, payment channels which could be set up after LN is activated would work as instant mixers on their own but with substantilly low fees and in a more distributed (read secure) manner
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March 29, 2017, 10:03:39 AM
 #551

I don't know why people blaming bitcoin, Fiat is under government control there are many people who are doing illegal activities with fiat currency also. It completely depends on the people who are doing it for illegal activities, don't blame the bitcoin, blame the people who are not using it wisely.
I think it is not wrong, when there are opportunities to make the bitcoin as a money laundry course will be used. but I think saving money with bitcoin there is a risk big price drops and loss.

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March 29, 2017, 12:39:20 PM
 #552

You would have to be careful and smart and money laundering with Bitcoin because everything is on a public Ledger that anybody can view. There are a lot of bit mixing Services out there that can mix coins and make them anonymously even coins that are dedicated to doing things like Bitcoin dark.
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April 07, 2017, 08:58:42 PM
 #553

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.
You have a point in that thing, using any debit card and in exchange it can be traceable anyhow. Though bitcoin is pseudonymous, its one of the factor why the identity of the bitcoin owner is very safe and protected.

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April 07, 2017, 09:12:56 PM
 #554

You can track where the money goes in terms of the public keys so at some point it seems that it could be traced to a bank, merchant, or exchange if someone tried to get the money out. I don't think there is complete anonymity.

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April 07, 2017, 09:27:02 PM
 #555

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.
The exchanges can secure that way of transactions as they are collecting the identity of their users and those users will not want to do any illegal act with that address from that exchange because they know their ientity is with them.


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April 07, 2017, 09:37:52 PM
 #556

Actually we don't have any controll on this illegal act because bitcoin users were anonymous, they can hid their identity. In any aspects you can prevent this by having strict filtering but I don't think it's a good idea, because transactions will be much delayed if you add more processing confirmations of digital currency transactions online.
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April 07, 2017, 09:39:00 PM
 #557

You can track where the money goes in terms of the public keys so at some point it seems that it could be traced to a bank, merchant, or exchange if someone tried to get the money out. I don't think there is complete anonymity.

Correct, there is no complete anonymity. But it depends only on the senders intention to launder money,just like fiat also.In bitcoin, you don't know the purpose of the transaction unless you identified the person who is doing it and connect or trace back the address to him.


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Janation
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April 07, 2017, 09:44:04 PM
 #558

It is possible, though the problem is how will you convert that money unto bitcoin, these types of money are really big so there might be some questions before you can convert your money into bitcoin, and I guess you just gave a criminal a good idea, hahaha  Cheesy
You can create bitcoin wallets anonymously and you can create lots and lots of wallets and store them equally with these multiple wallets, in that way you can avoid the questions about these big money. But I dont really prefer bitcoin to be used in such ways bwcause it is a reason that digital currencies will be banned in a country.

besila
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April 07, 2017, 10:01:53 PM
 #559

I think is possible since bitcoin allows you to do transactions anonymously, there could be many people doing out there. I think you would need certain rules on your site that will allow people to come back later and return the bitcoins because if you dont do that you might loose your bitcoins for good.
That's my opinion but other people might have their own
TryNinja
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April 07, 2017, 10:17:33 PM
 #560

In my opinion, is not only possible but its actually already happening. The basic concepts of Bitcoin already make it easier to do this type of activity because of its anonymity and lack of regulation. I would use Bitcoin to launder money if I had to.

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