chididu (OP)
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February 14, 2017, 10:04:58 AM |
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Hi,
I please, i want to find out how liberty reserves was shut down for laundering and bitcoin is thriving, or would it happen one day that bitcoin becomes illegal? since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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OmegaStarScream
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February 14, 2017, 10:12:53 AM |
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Liberty Reserve shut down in $6bn money laundering case - Federal prosecutors have shut down a digital currency operator at the heart of one of the biggest money laundering scheme ever uncovered, accused of fuelling child pornography, drug trafficking and credit card fraud around the world. I guess It's impossible to deny that bitcoin is used for the same things and that's why It's the main currency on the darknet but that doesn't change the fact that It's also used for legit transactions too. The difference between Liberty reserve and bitcoin is "decentralization" , It's impossible to stop bitcoin even by making it illegal to use because people need it and will still use it since It doesn't any third party servers , It's P2P and decentralized just like torrent and that was not the case for LR. |
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Xester
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February 14, 2017, 10:29:58 AM |
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Hi,
I please, i want to find out how liberty reserves was shut down for laundering and bitcoin is thriving, or would it happen one day that bitcoin becomes illegal? since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
It will not happen if the government will adopt bitcoin and place some rules and regulations and some measures through a third party group to monitor and check suspicious transactions. Aside from that if government has adopted bitcoin they will require all exchanges to submit reports to the central banks as well as require all users of that exchanges to submit valid ids and other pertinent documents before they can exchange local currency to bitcoin and vice versa. But if the government will not mind bitcoin then money laundering will surely happen. |
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NorrisK
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February 14, 2017, 11:31:35 AM |
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Bitcoin can be used for money laundering, as can fiat be used for money laundering.
Although, with bitcoin, there will be an undeletable history of all transactions to and from certain addresses, so coins can in theory always be linked to eachother. Doesn't seem like the best way to launder money to me.
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Zadicar
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February 14, 2017, 11:45:58 AM |
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Bitcoin can be used for money laundering, as can fiat be used for money laundering.
Although, with bitcoin, there will be an undeletable history of all transactions to and from certain addresses, so coins can in theory always be linked to eachother. Doesn't seem like the best way to launder money to me.
Yes you can able to trace those addresses but speaking of making those transactions more traceable people would surely use mixers and with that its really hard to trace them up thats why government doesnt really like bitcoin at all because of its anonymity property. |
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tokenmarket
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February 14, 2017, 12:03:22 PM |
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Hi,
I please, i want to find out how liberty reserves was shut down for laundering and bitcoin is thriving, or would it happen one day that bitcoin becomes illegal? since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
I really doubt for bitcoin to become illegal, considering the investment that even commercial banks are putting in it. as money laundering there are a lot of ways to do it, not only the bitcoin. it's general misperception and brainwashing media. |
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zahra4577
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February 14, 2017, 12:09:09 PM |
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Liberty Reserve shut down in $6bn money laundering case - Federal prosecutors have shut down a digital currency operator at the heart of one of the biggest money laundering scheme ever uncovered, accused of fuelling child pornography, drug trafficking and credit card fraud around the world. I guess It's impossible to deny that bitcoin is used for the same things and that's why It's the main currency on the darknet but that doesn't change the fact that It's also used for legit transactions too. The difference between Liberty reserve and bitcoin is "decentralization" , It's impossible to stop bitcoin even by making it illegal to use because people need it and will still use it since It doesn't any third party servers , It's P2P and decentralized just like torrent and that was not the case for LR. The difference between liberty reserve and bitcoin is that bitcoin is decentralized and Is under no ones control. If someone uses bitcoin for any illicit purpose, it is not bitcoin's fault because bitcoin is a medium and it won't get benefit from any such activities. Liberty reserve was run by a bunch of people who musused it for their personal gains. |
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talkbitcoin
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February 14, 2017, 12:12:07 PM |
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because people are using fiat to launder their multi mullion dollars of dirty money and they are doing it easily through fiat channels and without the hassle of cryptocurrencies and their restrictions. besides when you use bitcoin all your transactions are saved up on blockchain view-able by all. but with fiat the blockchain is your books and what you put in them and you can write anything in them and easily launder money (fiat).
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franky1
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February 14, 2017, 12:18:51 PM
Last edit: February 14, 2017, 01:17:54 PM by franky1 |
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liberty reserve was not shut down for making an alternate currency. liberty reserve was shut down for trying to emulate fiat, which is called counterfeiting. Deposited funds were then "converted" into Liberty Reserve Dollars or Liberty Reserve Euros, which were tied to the value of the US dollar and the euro respectively liberty reserves model was completely different than bitcoin. also liberty reserve was found actively running its system without having a money service licence even though it was handling 'fiat'. it failed the most basic concept of 'convertibility' (pegged to fiat). in short if you have an altcoin that is pegged 1for1 to fiat.. that altcoin is then deemed equal to fiat and requires a money service licence. if you have bitcoin not pegged to fiat and the value fluctuates and is used to swap with other things not fiat. then its not fiat. its just currency
separately. if found laundering money, whether its done by trading paintings in an auction house. trading gold. or even trading caviar, if your caught, your caught. the type of 'currency' used wont protect you |
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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fortunecrypto
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February 14, 2017, 12:31:24 PM |
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Hi,
I please, i want to find out how liberty reserves was shut down for laundering and bitcoin is thriving, or would it happen one day that bitcoin becomes illegal? since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
There's a big difference between the two liberty reserves has an office being managed by group of individuals,you cannot find that on Bitcoin,Bitcoin has no office,no staffs and every users manage their own wallet and funds in their own because it is decentralized,they cannot shutdown Bitcoin like they shutdown Liberty reserves. |
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Raja_MBZ
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February 14, 2017, 12:34:26 PM |
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Liberty Reserve was a company, and its own owner was involved in many worst cases. Bitcoin is a totally different model, and can't be banned either.
USA cannot ban bitcoin like it banned Liberty Reserve even if they want to.
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Slark
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February 14, 2017, 12:45:55 PM |
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Another bitcoin myth spread by people who have no idea what bitcoin network works and how it is different from centralized companies.
1. Liberty Dollar was a private currency system with central point of failure and one company behind it.
2. As far as I am aware this project was closed because Liberty Dollar silver coins supposedly resembled US currency.
3. Bitcoin is not trying to claim to be 'dollar' and do not resemble U.S. currency, there is zero similarities.
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ImHash
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February 14, 2017, 12:55:53 PM |
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Yes, I am doing some few thousands $ laundering money but can you tell? this is the beauty of bitcoin that you have absolutely no frigging idea who does what and has how much. other than the first 1 million coins there is no indication who has hold of the rest of the coins. that is why is important for individuals not to get rid of their bitcoins so easily due to the fact of bitcoin being a genuine cryptocurrency with no central point of origin any one with more holdings could potentially and literally control a portion of future's economy. Liberty reserve my behind  |
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mobnepal
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February 14, 2017, 01:04:07 PM |
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Liberty reserve and bitcoin are quite different things. Liberty reserve was centralized payment system so it was easier for government to shut it down but bitcoin is decentralized that mean if authority want to shut down bitcoin network, government have to shut down all the bitcoin nodes which is practically impossible. So even if bitcoin is used for money laundering or in any other illegal transactions it can't be brought down like LR.
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bitbunnny
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February 14, 2017, 01:22:18 PM |
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It has nothing to do with Liberty Reserve but unfortunately Bitcoin is used for many illegal activities including money laundering. But this is hard to detect and it's very hard to trace the money that is what makes it even more popular. But this is also one of the reasons why Bitcoin has bad reputation especialy in some countries.
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Rinder
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February 14, 2017, 01:26:55 PM |
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Liberty reserve were a hiden payment processor, only buy and seller were able to see the transactions, at bitcoin anybody can see the adress and the volume of the transaction, even with some people using bitcoin to bad things it wont be the same as liberty reserve never, be sure of that.
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jtipt
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February 14, 2017, 01:40:11 PM |
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Hi,
I please, i want to find out how liberty reserves was shut down for laundering and bitcoin is thriving, or would it happen one day that bitcoin becomes illegal? since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
yeah, it's true that bitcoin is used for a lot of illegal transactions, especially on the deep web. Money laundering is one of those, tbh it's fairly easy to launder money with bitcoin because it being decentralized and very easy to hide. But currently it's not a popular method of money laundering, quoting from wikipedia "UK national risk assessment of money laundering and terrorist financing" (2015 October) found that, of the twelve methods examined in the report, Bitcoin carries the lowest risk of being used for money laundering, with the most common money laundering method being the banks." |
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Catmony
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February 14, 2017, 02:46:03 PM |
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since most all the transactions are anonymous, could it be that one day money laundering on bitcoin will be the fight?
Bitcoin is already being used for purchase of illegal items from darknet and may be some are using bitcoin as payment method for money laundering. However there is no way for goverments to stop this like they have stopped liberty reserve or may be perfect money in future. No need to worry, bitcoin will be always as strong as it is right now. |
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