Linhkej
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Activity: 350
Merit: 10
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August 27, 2018, 11:32:51 AM |
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Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the Bank got jail time for doing this.  https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated the sale of $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? People use Bitcoin to clean their money because Bitcoin removes banks from transactions. It also maintains information security for users and goes beyond the management of all state management systems. This makes trading activities easier. And illegal actions can also recognize this vulnerability to exploit exploits. |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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ailyn47
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Activity: 16
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August 27, 2018, 11:50:02 AM |
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Since bitcoin is decentralized, its ability to be traced would be difficult and this is one of the best way on money laundering. Thus, the money could be impossible to locate given that once the transaction has been committed then the information of the sender and the receiver is anonymous.
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gorokill
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August 27, 2018, 12:02:48 PM |
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Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated the sale of $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? Bitcoin's anonymous nature can be used by anyone, without exception. this is exploited by criminals for money laundering. Because of decentralization, almost all countries also hate it. I believe it is more dangerous if it is not regulated rapidly globally. It has side effects that prices may fall deeper but will find a way to be clean from dirty hands. |
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basyang
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August 27, 2018, 12:12:12 PM |
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Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated the sale of $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? It seems to me that, All people can use Bitcoin even a students, employee, housewife, teenager, adult or a person with disable . There is no requirements for all of us to use it as long as we have a gadgets like phone, laptop or personal computer still we can use it. We are all anonymous here so we did not know who is using bitcoin in laundering or frau, it conscience if we are using bitcoin for bad purposes. |
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muneeb.zain
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Activity: 140
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August 27, 2018, 12:29:28 PM |
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Now a days as bitcoin become familiar to the peoples they are trying it to use according to them bitcoin is used for the money Laundering because you just have to pay the transfer fee on time and in that one time you may transfer how much you can the transfer fee has no effect on it with the transfer fee.
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PalindromemordnilaP
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August 27, 2018, 01:55:11 PM |
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Since bitcoin is a decentralized cryptocurrency, then i think it's just a very good tool for money laundering and not only for money laundering but for some other criminal acts that involves money. Because of that, other countries feel that they are intimidated by cryptocurrencies that's why some countries declare a total ban of cryptos.
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lamcouz
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Activity: 322
Merit: 10
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August 27, 2018, 01:59:57 PM |
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Although investments value of bitcoin outweigh its status as a currency does not mean bitcoin has failed entirely in being a currency. For bitcoin to have withstood all the backlashes, especially form this year and still exist should tell you that bitcoin is just very near to being accepted as normal currency + thus its popularity for laundering.
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dekcutbusu33
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Activity: 166
Merit: 0
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August 27, 2018, 02:23:55 PM |
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Of course, because Bitcoin is anonymous, we don't need any ID or type of identification or personal information to get Bitcoin, making it easier for anyone trying to hide their tracks and escape paying taxes to the government, or laundering illegal money. However, this is not true, because according to research, Bitcoin has been used for illegal purposes in no more than ten percent of cases due to anonymity
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Takzan
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Activity: 154
Merit: 0
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August 27, 2018, 02:31:54 PM |
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Because of its anonymity. Today, when the legal system is not tight, ICO scams, garbage, rampant, uncontrolled. This is an ideal environment for money laundering criminals.
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mmo_online_1981
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August 27, 2018, 02:40:20 PM |
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I really do not understand what your saying!
Bitcoin and altcoin are currently very good to buy on investment
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Dmitry.Vastov
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August 29, 2018, 05:55:45 PM |
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Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated the sale of $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? As each coin has two sides, bitcoin too have two sides, inspite of being so useful and providing employment to millions of people around the world, also have few dark sides like we all know that bitcoin is a decentralised crypto currency and there is no such proper authentic regulating body over bitcoin who could keep eye over all the bitcoin activities and thus leading to many illegal use of bitcoin like in selling drugs, explosives, money laundering any many more and also bitcoin transactions doesn’t involve any third party seizure so no third person can see the transaction between two and thus being used in money laundering. |
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stayeduptolate
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August 29, 2018, 06:06:38 PM |
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Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated the sale of $250 million worth of drugs. Why are we seeing such double standards, when Bitcoin is involved? We all know that bitcoin is a decentralised crypto currency and there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and this this defect is misused by some social defaulters as in many illegal activities like in selling drugs, explosives, money laundering etc and also it transactions does not involve any third party seizure thus no third person could see the transaction between two and thus bitcoin is exclusively used in money laundering and other illegal activities too. |
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Sutters Mill
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August 29, 2018, 06:46:12 PM |
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Why are we seeing such double standards, when Bitcoin is involved?
There's always double standards when it comes to the law and especially when those 'white collar' criminals tend to get little or lesser punishments or can even buy their way out of jail, but I think these cases are a little different for a couple of reasons and I don't think Ross was treated harsher just because he was using bitcoin. Ross created a site to directly facilitate the sale of drugs, not to mention he was also charged with money laundering I believe. Selling drugs is always going to get you more jail time than money laundering anyway, but I think they gave him a very overly harsh sentence just to make an example out of him. He was also charged as a drug kingpin as well I think which comes with a more severe sentance. It will be interesting to see how much time El Chapo gets when his trial gets underway shortly. If it's less than Ross' then that really will be a huge double standard. He will probably also get life though. |
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Sinancre
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August 29, 2018, 06:59:31 PM |
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bitkoyn becomes too popular and too risky for criminals, so they switch to more hidden cryptothermia. Bitcoin is only one of the currencies, and if bitkoyn does not exist, there will still be people laundering money. People will always find a way to launder money. although I do not think it's very easy to launder money with bitcoins, This is because bitkoyn is a decentralized currency that does not belong to banks or financial institutions.
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hffule
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Merit: 10
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August 29, 2018, 07:01:35 PM |
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Bitcoin is harder to be tracked by the government.
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Andrey13101991
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August 29, 2018, 07:09:47 PM |
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Currently, bitcoin is less commonly used for money laundering. There are other coins that are more anonymous and convenient for this purpose.
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Saldom12
Jr. Member
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Activity: 238
Merit: 1
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August 29, 2018, 07:15:05 PM |
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Because bitcoin is a money laundering tool that is truly perfect and good for use. Especially in the investment sector it will make you profit.
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Rj Manik
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August 29, 2018, 07:16:21 PM |
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Basically, peoples aren't going to have the need for Bitcoin to try and do almost any sort of dollars laundering. Many people simply just view Bitcoin to be a good choice to hide your money many people laundered due to the fact not many could imagine that this laundered dollars were being transformed into Bitcoin likewise persons can potentially obscure the connection to some sort of Bitcoin billfold.
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Ezenwanyi
Copper Member
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Activity: 336
Merit: 1
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August 29, 2018, 07:51:23 PM |
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People use bitcoin to launder money because there is no way of tracing the money to them offline.
This is due to the anonymous structure of the blockchain technology.
People now leverage off this weakness to perpetrate criminal activities.
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Sutters Mill
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August 29, 2018, 08:00:12 PM |
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People use bitcoin to launder money because there is no way of tracing the money to them offline.
This is due to the anonymous structure of the blockchain technology.
People now leverage off this weakness to perpetrate criminal activities.
Of course there are ways of tracing people, especially if you're not careful. Bitcoin isn't entirely untraceable, especially if you don't know what you're doing fully. Remember, bitcoin is an entire public ledger of every transaction that has ever happened and many people have been caught using it for dodgy things. I remember reading a story a while back about one of the owners of a big pirate torrenting site was identified by the donation address he used because he sent the coins straight to his own personal coinbase account in his own name and that was one of the big pieces of evidence used against him at trial. |
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