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Author Topic: Money laundering tools  (Read 1031 times)
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March 19, 2018, 04:01:14 PM
 #1

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
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March 19, 2018, 04:10:39 PM
 #2

For sure bitcoin its money laundering tool , a lot of scammers hackers carders and etc told BIG THX to satoshi that he did bitcoin , that all black money goes to crypto , because its very good for black money and this money in safe on this people , nobody could claim on it  or ask it back from system holder.

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March 19, 2018, 04:15:41 PM
 #3

That's not true. Try to change bitcoin to Fiat. Maybe you know a secret way to change cryptocurrencies bypassing exchanges? All exchanges require documents and money will be very difficult to wash. The cost of exchanging via black exchangers is higher than you will pay a legal income tax. You can launder money through investments in legitimate business.
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March 19, 2018, 04:24:26 PM
 #4

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

I was thinking ,you are admired with bitcoin by the profits.Now the price of bitcoin is increased,so the holders will get huge profit.Bitcoin is best to inverse your money as like in silver,gold and assets in market.You won't get this much profit in other asset as like a bitcoin.
If you have invest your money in bitcoin,your money  was in safer hand.In one day ,you will get double or triple of the investment.
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March 19, 2018, 04:46:02 PM
 #5

You would think it is simple and it is if you can find a peer to transfer to and get cash for. However, going through that process seems tough if you go through regulated exchanges. The only way to accumulate BTC without knowledge of authorities or exchanges is again through peers. Tough to get a lot of BTC that way I would imagine, but I have never sought it out myself.

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March 19, 2018, 06:27:08 PM
 #6

That's not true. Try to change bitcoin to Fiat. Maybe you know a secret way to change cryptocurrencies bypassing exchanges? All exchanges require documents and money will be very difficult to wash. The cost of exchanging via black exchangers is higher than you will pay a legal income tax. You can launder money through investments in legitimate business.

Very correctly said. In my country, if you have to invest even $10 in bitcoins, you will have to give KYC documents and get it verified in the exchange. Most of the common investors are using it as an investment medium. Some of the influential people however are using loopholes here also but it is no fault of bitcoins. We should try to catch these criminals instead of blaming the medium they are using.

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March 19, 2018, 07:29:55 PM
Merited by paxmao (1)
 #7

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool.

Nice troll attempt?    Shocked

The claim of bitcoin being a "money laundering tool" is a fantastical claim, and I'm certain many agree that fantastical claims demand fantastical evidence.  Wink

I would be interested to know which money launderers opt in for bitcoin with a public ledger and highly traceable transactions documenting their every move? Wouldn't cash be a superior option with its lack of a paper or electronic trail for investigators and law enforcement to follow?

The idea that bitcoin or crypto currencies in general are good options for money laundering could well be a media fabricated perspective. There isn't much evidence to support it. All indications are that banks and other financial institutions have laundered money for drug cartels, terrorists, shady russians and other illicit groups and never been punished or received more than a slap on the wrist for it.

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March 19, 2018, 08:03:47 PM
 #8

Wow.. Someone who have great mind that judging bitcoin as money laundering tool is so pathetic.. This is the stupidest opinion ever heard so far in this forum..

So if it is really made for that only purpose?? Your here in a Bitcointalk forum,, right?? for that same reason so may I call you a “money launderer” rather than a bitcoin user.. Then that’s for sure we would agree..

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March 19, 2018, 08:06:32 PM
 #9

In my opinion, bitcoin is not a money laundering tool, only those who abuse bitcoin feel bitcoin as money launderers. Instead I think bitcoin is a crypto currency exchange tool to fiat currency.
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March 19, 2018, 08:23:32 PM
Merited by paxmao (1)
 #10

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Money laundering is a trillion dollar industry and it existed long before Bitcoin was invented. The biggest tools that money launders use are the US dollar and banks. Nobody talks about shutting down banks just because money launders have used it. It is this kind of narrative that misses the big picture - the innovative technology represented by Bitcoin and other decentralized currencies.


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March 19, 2018, 08:43:21 PM
 #11

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Maybe you could say means to but not a tool. If you call it a tool, that means you are simply saying it is the purpose that bitcoin was created. You and I know that it wasn't the purpose. You also know that bitcoin is a super technological break-through.

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March 19, 2018, 08:58:51 PM
 #12

It is disgrace to call it a "money laundering" tool, everything have some pros and cons, bitcoin is never made for this purpose.
A knife is used in kitchen as utensil but some criminals are using it in criminal activities like to kill or rob? So is there any mistake of knife or it's creator?  

The purpose of BTC is to demolish current monopolized banking system and to give the power back to public.
If you believe that our current financial banking system is working properly then don't get into cryptos, but you can't deny the fact that future is all about cryptos.

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March 19, 2018, 09:14:48 PM
 #13

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
It is true that bitcoin provides anonymity to its users, giving the chance for those with the wrong intentions to make use of its nature, money laundering has existed long before bitcoin did and it won't ever stop, because there can't be a perfect system that prevents it, people will always find a way, so blaming it on bitcoin is just an excuse to bring it down, because some people can't benefit from it.
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March 19, 2018, 09:32:07 PM
 #14

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
I understand that you do not have any idea what market valuation is,i am not sure how you came up with a conclusion that it is just a money laundering tool,if you are aware that all the exchanges are strict when it comes to policy making and you cannot purchase these tokens without verifying your account in most exchanges and how do you think they can evade the law.If you are planning to do criminal activities you will get caught and prosecuted just like in fiat currency.

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March 19, 2018, 09:33:53 PM
 #15

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
There are both merits and demerits of technology, it's the user itself that decides whether he would like to use it in a good way or in a bad way. Bitcoin is also in the same dilemma, if you ask the people who are just like me then they would say that bitcoin is a pretty helpful tool that helps them to transact with people freely and without any hassle, but if you ask the same from a negative mind person then he would say that its bad as its used in ransomeware attacks and also in money laundering too.


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March 19, 2018, 09:35:01 PM
 #16

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool.
What a bold declaration. What made you think that way? IMO people(at least most of the users) does not use bitcoin for money laundering, they use it for speculation and as a currency online(for some users). I guess you can say the same thing to fiat if it is still not being used to pay everyday(since most of the money laundering transactions happens in it).
Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
Then do you know a way where one can get that money out without alerting the government about it? Most of the countries that still doesn't ban bitcoin requires documents before they can get the fiat currency from conversion.

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sparkystacey
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March 19, 2018, 09:42:27 PM
 #17

You are playing into the soundbites of the entrenched and afraid. If you look at facts, you see you fell into propaganda.

Quote
"A recent report tracking the circulation of funds within the bitcoin economy from 2013 to 2016 concluded that less than 1% of bitcoin transactions stemmed from coins of illicit origin. In comparison, it is estimated that between 2% and 5% of global GDP – or $800 billion to $2 trillion – in U.S. dollars is laundered annually. Not only is cryptocurrency harder to launder at scale, but its prevalence is significantly lower than fiat currency. Just don’t expect your government to tell you that."

Source: https://news.bitcoin.com/cryptocurrency-harder-launder-fiat-currency/
btc_angela
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March 19, 2018, 10:27:16 PM
 #18

In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.

Do you understand what you are saying here? You are probably trolling here.

Just look at your fiat and see how tainted this money are. I agree that its been used by criminals. But its not only being used for terrorism because bitcoin has lots of functions as well. More purchasing power to us. And if terrorist takes advantages of, they have to understand it not anonymous. Sooner or later the authorities can track them down thru blockchain.

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batang_bitcoin
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March 19, 2018, 10:41:33 PM
 #19

LOL All I can say. That era is now done when bitcoin was used for those type of trades but it's not a tool you know, there are other privacy coins that are being used that way now like monero. I wonder why you are seeing bitcoin this way but you are blind when it comes to your local currency/fiat money? How did you come up with this idea that bitcoin is a money laundering tool while it's not widely used? Everyone is hardly explaining here that bitcoin isn't created that way, you have to reply what can you say about it.

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March 19, 2018, 10:50:24 PM
 #20

In this business, different people has different opinion, when we say bitcoin is a laundering tools, well it can be also possible, because bitcoin can be used for multiple pusposes but it depends on the people on how the way they acts and used bitcoin. Many different issues about bitcoin used for any bad acts, but there is no evidences being prove that it's true. However, let us look forward on how bitcoin provide a good contributions to humanities, let's forget bad acts and bad things, and all we need to do are focus on the good future life by using bitcoin as a sharp tool to our good future success.

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