[2019-07-05] This Bitcoin money-laundering cartel was operating inside a prison

[buwaytress]

Bitcoin and altcoins has made it easier because the market is liquid and cryptocoins are very easy to move, keep and store.

Easier at first glance maybe, but not really if you think about how you can be held responsible for certain transactions even a decade later with how transactions once confirmed are recorded in the ledger for ever.

Now that you mentioned it, I'm actually wondering now if there could at least be some statute of limitations applicable for some things even for immutable records on a blockchain assumed to remain there in perpetuity. At least in the manner of financial compliance, records in most countries are kept only for a period of 7 years, and then can safely be destroyed, precisely because of these statutes. I'm sure of course if you used those funds for certain crimes, you wouldn't escape any pursuit of justice although you'd probably be okay from people trying to pin you down as criminal associates just because you received coins from or your coins were tainted by some unsavoury activity.

[1715683088]

1715683088

[Vishnu.Reang]

I see nothing unusual in this news. Almost all inventions of mankind can be used with a criminal purpose. It has always been and it always will be. People sit in prison and try to use the free time that appears to make money. Earn someone as you can. However, almost every use of cryptocurrency with a criminal purpose gets into the news channels. This creates a bad cryptocurrency image.

The mainstream media shapes public opinion. They decide whether an individual, an organization or an asset should be having a positive image or a negative one. If they decide for the latter, then they will publish all sort of negative news and unfortunately a lot of people (especially the middle-aged and the elderly) still relies on mainstream media more than the social media for their daily dose of news.

[bbc.reporter]

Bitcoin and altcoins has made it easier because the market is liquid and cryptocoins are very easy to move, keep and store.

Easier at first glance maybe, but not really if you think about how you can be held responsible for certain transactions even a decade later with how transactions once confirmed are recorded in the ledger for ever.

Now that you mentioned it, I'm actually wondering now if there could at least be some statute of limitations applicable for some things even for immutable records on a blockchain assumed to remain there in perpetuity. At least in the manner of financial compliance, records in most countries are kept only for a period of 7 years, and then can safely be destroyed, precisely because of these statutes. I'm sure of course if you used those funds for certain crimes, you wouldn't escape any pursuit of justice although you'd probably be okay from people trying to pin you down as criminal associates just because you received coins from or your coins were tainted by some unsavoury activity.

This might be because many users had little understanding about bitcoin and blockchains before maybe 2016. They thought bitcoin was this anonymous and fast digital currency hehe. However, what would happen when criminals begin to use Monero.