Their real fight is versus the mixing services, is fun to see how they use artificial intelligence to try to decode those mixing services. But i think they will not be able to do it. But at least they are allowed to try it, since blockchain is public information anyone can play with the data as they want. But i don't like much the idea of private business tracking all transactions.
I don't think it'll be very revolutionary against mixing services, some government agencies nowadays are able to track these transactions via their own men, and it'll only just speed things faster, not track transactions that were unable to be tracked before.
This comes in as good news as this move will give authorities a better shot at tracking down output addresses from tumbling services. The only thing I'm waiting to see is how they will deal with time delay between input and output spends even when the amount of BTC would be high and big transactions keep popping up rapidly into the pool.
Either ways, this is good stuff as this will reduce money laundering in the form of Bitcoin over time and launderers will have second thoughts of using mixers.
It's not really the whole point of this. BTC is a very small amount of money laundering, and I don't think that this will be their primary focus, as I said before, a lot of large volume transactions are already able to be tracked by man.
It's not like money laundering is a crypto only issue. Of course if you're a major bank you can do it and pay a fine, without getting in trouble. At least with the blockchain the dirty laundry is harder to hide.
https://www.marketwatch.com/story/netflix-documentary-re-examines-hsbcs-881-million-money-laundering-scandal-2018-02-21"HSBC, Europe’s biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence “that senior bank officials were complicit in the illegal activity,” no HSBC executives faced charges for their actions. "
Exactly what I meant! BTC makes up a very small part of money laundering, and I'm hoping the new AI that is being developed isn't going to be purely crypto-related but will punish banks as well.
