Money Laundering is Less Than One Percent of All Bitcoin Transactions

[imyashir]

Disclaimer thats my opinion only:
I think that AML should implement the local exchanger of our country as it begins entering bitcoin from fiat currencies. For example if a politician depositing their bitcoin money they could be caught because every local exchanger of our country has a full details of our identity before we can access their services. I think the sale of bitcoin peer to peer. fiat to bitcoin that does not pass through a local exchanger I can say that there is a blurring of Anti Money Laundering. Because of their exchanges, the seller must meet and the buyer provides the items. Bitcoin transaction is very annonymous if there is no local exchanger without law of AML/KYC.

[Caledfwlch]

Unfortunately a number of banks here in the UK have started to ban people using their profits via Bitcoin/Crypto's as a deposits on housing.

Their reasoning is that it can't be proven that it hasn't come from the proceeds of money laundering so unless you have 6 months to a year of financial records to show where it is coming from you can't use it :/

So regardless of the percentage of transactions used for illegal transactions its having a wide ranging impact which is a pain, particularly if it escalates to paying off mortgages, debt and whatever else.

[QuestionAuthority]

I guess they think the entire world is fucking retarded.

They claim to know what everyone on the deep web and dark web is doing.
They are capable of tracking what btc is spent on even when it’s run through a mixer.
They know what is happening when two private individuals exchange coin.
They know where every coin came from that’s deposited on every exchange.
They know every transaction detail that happens on localbitcoins.

That “study” (and I’m using the term very loosely) isn’t worth the gunpowder to blow it to hell. I’ve wiped my ass on more valuable toilet paper. If they truly knew all that they’re claiming to know about every transaction made with bitcoin, then bitcoin is broken and no one should use it at all.

Surely no one here, knowing what you know about bitcoin, believes that load of bullshit is true.

[eaLiTy]

Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.

Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”

The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.

In the past it was used mainly for money laundering by drug peddlers ,i am not sure from where these statistics are taken about only one percent is used for money laundering, even i do think that the stats are flawed,there are many countries that have no regulations and anything can happen,it can be used to hide your assets and so on  .I am not sure about Elliptic you are talking about,what is their reference in terms of money laundering.

[QuestionAuthority]

Once again, cointelegraph prints news that’s so far from the truth it’s laughable. The non-profit Foundation for Defense of Democracies is about as biased an organization as it’s possible to make. Every report they write is directed at taking democracy and aiming it toward anarchy by fighting against the truth at all costs.

Elliptic is three former members of this forum that went on to form a “bitcoin police” agency that milks money out of ransomware victims. They are only about the cash. This is prominently placed around their website, “If you are interested in learning more about Elliptic’s products and services, please contact us.”

The US Government knows that statement isn’t true. They have taken down exchanges due to the huge volume of money laundering.

In the past it was used mainly for money laundering by drug peddlers ,i am not sure from where these statistics are taken about only one percent is used for money laundering, even i do think that the stats are flawed,there are many countries that have no regulations and anything can happen,it can be used to hide your assets and so on  .I am not sure about Elliptic you are talking about,what is their reference in terms of money laundering.

FDD and Elliptic wrote the study as a joint effort. I guess they think they can just make stuff up and everyone will believe it. What they said is comparable to me saying I know what every single copper penny in existence has been used to buy. Utter nonsense.

[Pleione527]

Home come did they know bitcoin is decentralized without any transaction history and I think their records was only based on what is only seen but the truth is there is really a money laundering which was only not yet discover and surely different countries has it. The only way they can provide accurate information is by having a regulations and control over bitcoin transaction which as far as I know is quite impossible to happen now

[nick_nick]

https://cointelegraph.com/news/bitcoin-laundering-less-than-one-percent-of-all-transactions

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

    “The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

Very interesting to know. I believe the skeptics and negated stories about Bitcoins being the root of all scams and nefarious transactions would be over now.

[Vatimins]

Nothing new here, the same claims were already made in by the FBI in not such a distant time ago. It's obvious that there are far better options out there for money laundry, like monero, since it's a much more private coin than bitcoin right now. I'm not sure how things will stay, when the lightning network arrives, since it does not only helps BTC in it's scale issues, but it adds another layer of privacy, since it uses something like Tor onion routing applied to tx, and BTC will get a huge boost when it comes to private transactions. Anyway, LN will provide an increase number of transactions all around the world, so even if the money laundry % increases after it gets deployed, I doubt it will increase more than the legal commercial txs.

    I agree this surely isn't such a shocking news. Since it has been around already.and yes! Criminals would be using monero nowadays since bitcoins really do have a lot of supporters despite the things it is facing now. Sooner or later people will be buying back again. No doubt about that. And the numbers will probably doubled. And become even higher because of the lightning networks.

[1BTC EQUALS 1CAR]

Of course, less than one percent are on bitcoin. And you know where the 99% of money laundering acts came from, yes it is from "FIAT".  Why anti-bitcoin always blame it on bitcoin when it's rampant on their side?