Bitcoin Forum
March 29, 2024, 09:39:41 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: BitCoin and money laundering  (Read 3569 times)
Tukotih (OP)
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
May 11, 2011, 02:34:50 PM
 #1

I was just thinking. Doesn't BitCoin allow money laundering?

Donations always appreciated: 1GkRu9rZxk5iMRzsrcZxZ3BUHV1SWNZ9RB
IMPORTANT! Switch from deepbit: http://forum.bitcoin.org/index.php?topic=8653.0
1711705181
Hero Member
*
Offline Offline

Posts: 1711705181

View Profile Personal Message (Offline)

Ignore
1711705181
Reply with quote  #2

1711705181
Report to moderator
1711705181
Hero Member
*
Offline Offline

Posts: 1711705181

View Profile Personal Message (Offline)

Ignore
1711705181
Reply with quote  #2

1711705181
Report to moderator
The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711705181
Hero Member
*
Offline Offline

Posts: 1711705181

View Profile Personal Message (Offline)

Ignore
1711705181
Reply with quote  #2

1711705181
Report to moderator
kiba
Legendary
*
Offline Offline

Activity: 980
Merit: 1014


View Profile
May 11, 2011, 02:38:13 PM
 #2

Yes, but so does dollars.

ploum
Sr. Member
****
Offline Offline

Activity: 428
Merit: 253



View Profile WWW
May 11, 2011, 02:42:32 PM
 #3

I've yet to find a laundry that accepts bitcoins  Cheesy


Nefario
Hero Member
*****
Offline Offline

Activity: 602
Merit: 512


GLBSE Support support@glbse.com


View Profile WWW
May 11, 2011, 03:22:08 PM
 #4

Any currency that allows you to conduct any kind of business anonymously or without an identifying record can be used for laundering.

This leaves only electronic cash as recorded by banks that require users to register with several forms of I.D. (think Credit & Debit Cards) as the only currency that can in any way identify money laundering.

Cash(Euro, Pound, USD) all allow laundering more easily than bitcoin as they are more anonymous(cash doesn't have a block chain).

The only way to totally prevent laundering is to have every person prove that they legally obtained every penny they have, and that everything they bought was paid for with legal non laundered money. To an extent that should a police officer or person in authority ask, you must be able to provide a receipt for your item they are asking about (tv, car etc.) and the payslip showing you the money you earned to buy it.

Failing to do so would open you up to having those items and money that you have not proved legal ownership of removed from you. It doesn't happen much but it happens, and is legal (at least in Ireland, the Criminal Assets Bureau).


PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
caston
Hero Member
*****
Offline Offline

Activity: 756
Merit: 500



View Profile WWW
May 11, 2011, 03:30:49 PM
 #5

I bet we'll get the blame for a lot of it though. Perhaps though there wouldn't be so much money in breaking the law if the laws were different e.g. there wouldn't be an illegal drug trade if drugs weren't illegal and so on.

bitcoin BTC: 1MikVUu1DauWB33T5diyforbQjTWJ9D4RF
bitcoin cash: 1JdkCGuW4LSgqYiM6QS7zTzAttD9MNAsiK

-updated 3rd December 2017
Nefario
Hero Member
*****
Offline Offline

Activity: 602
Merit: 512


GLBSE Support support@glbse.com


View Profile WWW
May 11, 2011, 03:42:57 PM
 #6

I bet we'll get the blame for a lot of it though. Perhaps though there wouldn't be so much money in breaking the law if the laws were different e.g. there wouldn't be an illegal drug trade if drugs weren't illegal and so on.

Pretty much, a lot of laws have criminalised very normal behaviour, to the extent that there isn't an innocent person living in the world today, there is always some law thats being broken.

For example, a girl was raped on my college campus on Saturday, the college is trying to cover it up(we're in China), there is a law here making it illegal to start or spread rumors, specifically to prevent this sort of thing getting out.

Of course the rumors (which are right) have made criminals of nearly everyone on campus.

With a lot of the new financial laws, it's illegal to give friends or relatives foreign currency for local if you've just come back from holiday and other things.

Having a friend stay over breaks some of the new Bed and breakfast laws (that were created to stop courchsurfing and AirBnB).

People should really think in terms of right and wrong, not legal or illegal (although with regards to the later 2 care should be taken to conceal illegal, but harmless, right activity).

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
es.blofeld
Newbie
*
Offline Offline

Activity: 15
Merit: 0


View Profile
May 11, 2011, 05:19:12 PM
 #7

I think it is a valid concern. BitCoin can been seen as cash (anonymous) and is much more convenient to transact with... I'm pretty sure this will be one of the major argument used as soon as the governments will wake up. We better be ready with strong responses.
rezin777
Full Member
***
Offline Offline

Activity: 154
Merit: 100


View Profile
May 11, 2011, 07:04:06 PM
 #8

We better be ready with strong responses.

Like, "Do your worst! Muahahahahahahahahahahahahahahahahahahaha..."

Seriously, if bitcoin isn't resilient to government regulation, then it isn't what I think it is.
forgotmypassword6x
Newbie
*
Offline Offline

Activity: 8
Merit: 0


View Profile
May 11, 2011, 07:17:27 PM
 #9

I think it is a valid concern. BitCoin can been seen as cash (anonymous) and is much more convenient to transact with... I'm pretty sure this will be one of the major argument used as soon as the governments will wake up. We better be ready with strong responses.

Isn't the response contained in what you just said?  Anything done with BC can be done with cash.   Despite the possibility of laundering, we've been able to live with cash.
robm
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
May 11, 2011, 07:38:55 PM
 #10



Seriously, if bitcoin isn't resilient to government regulation, then it isn't what I think it is.

it probably isn't (both things)
nereer
Member
**
Offline Offline

Activity: 84
Merit: 10


Why settle for the lesser evil?


View Profile
May 11, 2011, 08:33:19 PM
 #11

There are other ways to digitally transfer money anonymously: through your mobile phone.

If you agree that Bitcoin needs a dedicated Q & A site please sign up for the Bitcoin StackExchange site!
rezin777
Full Member
***
Offline Offline

Activity: 154
Merit: 100


View Profile
May 11, 2011, 08:55:43 PM
 #12



Seriously, if bitcoin isn't resilient to government regulation, then it isn't what I think it is.

it probably isn't (both things)

And although I agree with most of the reasons you've listed, it's still the best I've seen so far.
Hal
VIP
Sr. Member
*
Offline Offline

Activity: 314
Merit: 3799



View Profile
May 11, 2011, 11:36:24 PM
 #13

Exactly what do you mean by money laundering?

Hal Finney
rezin777
Full Member
***
Offline Offline

Activity: 154
Merit: 100


View Profile
May 12, 2011, 01:25:05 AM
 #14

Exactly what do you mean by money laundering?

Turning naughty money into sweet money. If that makes any sense at all!

People have a hard time differentiating between the tool, the crime, and the criminal.
Anonymous
Guest

May 12, 2011, 01:29:39 AM
 #15

Money laundering is anything the state doesn't want you to do with your money.
Garrett Burgwardt
Sr. Member
****
Offline Offline

Activity: 406
Merit: 255


View Profile
May 12, 2011, 01:33:03 AM
 #16

Welcome back Atlas Smiley

Where've you been?
Anonymous
Guest

May 12, 2011, 01:41:48 AM
 #17

Welcome back Atlas Smiley

Where've you been?

Lurking, my friend. More consumption, less posting.
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2506
Merit: 1010


View Profile
May 12, 2011, 02:45:40 AM
 #18

Related:

Loosely Managed Digital Currency Could Be Avenue for Crime That's Hard to Block
April 15, 2011
By Colby Adams [Alert Global Media, publishers of MoneyLaundering.com]
 - http://bitcointalk.org/index.php?topic=5907.0

Unichange.me

            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █
            █


Nefario
Hero Member
*****
Offline Offline

Activity: 602
Merit: 512


GLBSE Support support@glbse.com


View Profile WWW
May 12, 2011, 04:30:01 AM
 #19

Welcome back Atlas Smiley

Where've you been?

Lurking, my friend. More consumption, less posting.

We'd thought "THEY" had got you.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
coffeetablesex
Newbie
*
Offline Offline

Activity: 23
Merit: 0


View Profile
May 12, 2011, 04:43:52 AM
 #20

technically, money laundering would be hiding the source of the money, which is easily done regardless of the currency involved
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!