Bank system better at tracking illegal activity than bitcoin

[StockBet.com]

Here comes the bankers, criticizing Bitcoin again:

Bank system better at tracking illegal activity than digital currencies like bitcoin, says BofA CEO Moynihan
https://www.cnbc.com/2017/10/26/banks-beat-bitcoin-at-tracking-illegal-use-says-bofa-ceo-moynihan.html

• Bank of America CEO Brian Moynihan says digital currencies like bitcoin raise worries about how their anonymous nature limits authorities' ability to track illegal use of funds.
• Speaking on CNBC's "Fast Money Halftime Report," Moynihan also says the banking system today tracks money flows well and authorities can use that data to find those involved with illegal activity.
• BlackRock CEO Larry Fink earlier this month called bitcoin an "index of money laundering."

Okay, cough it up.

Which one of you out there is laundering money?

[RGBKey]

IMO Bitcoin is no harder to track than normal money transfers, if anything it's easier. The blockchain allows you to track exactly where the money went. Sure there are ways to minimize that effect, but there are with USD too. These bankers are just upset that they could be kicked out.

[Don Pedro Dinero]

Well, it’s not surprising that statement coming from him, as he is an interested party on the matter.

Bank system is not better to track illegal activity from the biggest fraudsters in the world, only small and medium fraud. Big fraud is done via sets of societies and many international transfers going through tax havens, so when a judge is investigating big fraud he must send requests to different countries to access the info. Some of them are tax havens and may not respond to the request. So it’s no panacea.

[Squidoogeek]

Sure, banks could be pretty good about pinning down illegal activity if they bothered to exert themselves beyond the legally required CYA maneuvers. But don't assume that they even care about who uses their banks, and for what purposes, as long as they can profit off of it. Bitcoin at least leaves an unassailable "paper trail" that can be followed by anyone who cares about pinning down any given transaction.

[Patatas]

Here comes the bankers, criticizing Bitcoin again:

Bank system better at tracking illegal activity than digital currencies like bitcoin, says BofA CEO Moynihan
https://www.cnbc.com/2017/10/26/banks-beat-bitcoin-at-tracking-illegal-use-says-bofa-ceo-moynihan.html

Those Government,commercialised pieces of shit have nothing better to do in life than give their unwanted opinions.Whoever Bofa is ,sounds like a complete turd to me.Nonetheless,these critics are paid to pew shit out of their mouths unlike honest users of bitcoin.

Okay, cough it up.

Which one of you out there is laundering money?

Government is laundering money since it's existence.By hiding their ledgers from the public who even knows what's what ? Like I said,Bofa needs to slap himself with a book or two and study economy once again.

[HabBear]

Hahah. Yeah, because drug dealers and gun runners set up checking accounts to run their transactions through! These guys are grasping at straws. A system where every transaction (nearly) MUST be tracked on a decentralized ledger is a much better way to track illegal transactions.

It used to be funny that banks and media frequently misreported/misrepresented Bitcoin. Now it's starting to get embarrassing.

[fabiorem]

Yes, they are better at tracking taxes.

[joseafonso123az]

Well a corporate will always say that banks are always better than other virtual banks, and other currencies that are appearing! They have to defend their environment in order to continue profiting from it! It's natural I guess.For money laundering, even before BTC existed, money laundering happened with the currencies that existed, so I dont think it's a valid issue to bring BTC down. Of course Blockchains, has a technology can make it more easier to track it and get knowledge to where it goes( the money), but this also needs to be careful, so users dont lose their privacy.

[HabBear]

At least CNBC is reporting both sides. A link from that same article on Law Enforcement Getting Better at Tracking Bitcoin Transactions.

Yes, they are better at tracking taxes.

Let's be honest with each other. If Bitcoin is used to avoid paying taxes Governments will outlaw it. Not that their regulations will have full effect, but it will end the world as we know it today, it'll make things much more difficult and with that comes a decline in value.

[gentlemand]

At this stage of the game anyone using Bitcoin for evil ends expecting to be invisible is going to be in for an exceedingly rude surprise. It's useless for that type of thing. Stick to the coins designed for it.

[Xavofat]

The British bank HSBC recently had over $500,000,000 laundered through it.  Banks have had huge problems attempting to prevent illegal activity.

Furthermore, this relies on the assumption that the law is necessarily correct and ethical.  The law differs between many different countries and in each, banks legally have to abide by these laws.  Hypothetically, if the government said that no one could have a credit card anymore (alright, they wouldn't have a reason to do that, but there's all sorts of things that they do have incentives for), what could the banks do except abide by the new law?

A decentralised system doesn't rely on legality, and monetary systems shouldn't have to.  Illegal activity is a side effect of money that is free, just like cash, but it's not the entire reason for it to exist.

I think that people like this can do a much better job of criticising BTC with actual criticisms.  That's why I hang around r/buttcoin sometimes - to get a negative point of view that actually makes sense.

[dothebeats]

I might be evading taxes since I'm getting a ton of profits for over a year now, but then again, no such laws exist about me laundering money ergo making me an innocent lad that just knows about the tech/currency and taking advantage of its current state. Banks can track laundered money pretty easily, sure. But can they prevent it from happening? No. They only know that it happened, same as what bitcoin can do.

If they come up with a factual report about banks stopping money laundering then they can shit all over bitcoin and throw those stats at our face, but then again it won' happen