Bitcoin Forum
January 16, 2019, 09:23:12 AM *
News: The copper membership price will increase by about 300% around Friday.
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: I was posed an interesting question today, about money laundering.  (Read 1233 times)
gweedo
Legendary
*
Offline Offline

Activity: 1246
Merit: 1000


Java, PHP, HTML/CSS Programmer for Hire!


View Profile WWW
August 20, 2013, 12:51:25 AM
 #1

Can't any bitcoin business where they setting up a seller part and buyer part be considered a money laundering operation?

I was posed this question from someone that I was talking to about bitcoin businesses. It stunned me and I really didn't know how to answer.

Example:

Seller A setups up store at bitcoin business A. Seller A then buys Item A from Seller A. For a very low fees, it would more than likely come from a shared wallet, and could be considered a mixer.


How would you answer this?

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
1547630592
Hero Member
*
Offline Offline

Posts: 1547630592

View Profile Personal Message (Offline)

Ignore
1547630592
Reply with quote  #2

1547630592
Report to moderator
1547630592
Hero Member
*
Offline Offline

Posts: 1547630592

View Profile Personal Message (Offline)

Ignore
1547630592
Reply with quote  #2

1547630592
Report to moderator
1547630592
Hero Member
*
Offline Offline

Posts: 1547630592

View Profile Personal Message (Offline)

Ignore
1547630592
Reply with quote  #2

1547630592
Report to moderator
PLAY NOW
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1547630592
Hero Member
*
Offline Offline

Posts: 1547630592

View Profile Personal Message (Offline)

Ignore
1547630592
Reply with quote  #2

1547630592
Report to moderator
eleuthria
Legendary
*
Offline Offline

Activity: 1750
Merit: 1002



View Profile
August 20, 2013, 01:02:38 AM
 #2

This is the same situation for every business regardless of Bitcoins or not.  By law, sales are reported on your income.  Buying from yourself, you'd have record of a sale, and income to go with it, creating taxable revenue which is now "clean".

There's a reason you would always see movies involving organized crime taking place inside restaurants and other "family owned businesses".  It's one of the many ways to convert dirty money into clean money.

RIP BTC Guild, April 2011 - June 2015
franky1
Legendary
*
Online Online

Activity: 2296
Merit: 1346



View Profile
August 20, 2013, 01:12:10 AM
 #3

ANY business, whether FIAT or bitcoin can be a money launderer. the main difference between a legit business and a money launderer is if their morals are low enough to not care if the funds they deal with are 'dirty' proceeds of crime. and if the main objective of this low moral business is to clean up the funds, where its advertised business is just a front, and not the main profit making part of the business

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
CompNsci
Sr. Member
****
Offline Offline

Activity: 327
Merit: 253


View Profile
August 20, 2013, 03:56:20 PM
 #4

the main difference between a legit business and a money launderer is if their morals are low enough to not care if the funds they deal with are 'dirty' proceeds of crime.

Or perhaps if their principles are high enough that they don't believe the government should be snooping in everyone's life and business.
prophetx
Legendary
*
Offline Offline

Activity: 1442
Merit: 1000


he who has the gold makes the rules


View Profile WWW
August 21, 2013, 02:32:09 PM
 #5

Can't any bitcoin business where they setting up a seller part and buyer part be considered a money laundering operation?

I was posed this question from someone that I was talking to about bitcoin businesses. It stunned me and I really didn't know how to answer.

Example:

Seller A setups up store at bitcoin business A. Seller A then buys Item A from Seller A. For a very low fees, it would more than likely come from a shared wallet, and could be considered a mixer.


How would you answer this?

You mean like if I open up a pizza shack and my uncle Vinnie comes and buys my overly priced pizzas for his  construction crew building a bridge to japan to pay me back for the the hit I did on Joe Fishlips for ratting us out to the Feds?

WINGS Beta is live - list your project for only 200 WINGS (erc20 coin) at https://wings.ai - over $750 Million raised by ICOs with WINGS
Swordsoffreedom
Hero Member
*****
Offline Offline

Activity: 952
Merit: 1000


Trumpin it up for a bit


View Profile WWW
August 21, 2013, 11:00:32 PM
 #6

Wasn't that related to
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Pages: [1]
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!