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Author Topic: Money Laundering in Digital Currencies  (Read 1531 times)
jgarzik
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August 22, 2010, 07:31:24 AM
 #1

This was the US govt's thinking on the subject, as recent as June 2008:

     Money Laundering in Digital Currencies
     US National Drug Intelligence Center (NDIC)

For the record, I think bitcoin is less likely to be used for money laundering due to its small size (US$225k market value), its public transaction record, and the special nature of each coinbase.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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FreeMoney
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August 22, 2010, 08:03:11 AM
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Laundering always seems like the strangest way to describe a crime. I mean I get it, but connotation wise it just doesn't sound that bad at all.

"Yeah, the money was dirty so we cleaned it up a bit. It's freshly laundered now." It sounds like you did your chores!

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
ichi
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August 22, 2010, 08:41:10 AM
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Laundering always seems like the strangest way to describe a crime. I mean I get it, but connotation wise it just doesn't sound that bad at all.

"Yeah, the money was dirty so we cleaned it up a bit. It's freshly laundered now." It sounds like you did your chores!
Well, you did.  It's just that destroying evidence of a crime is a crime  Shocked
fresno
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August 22, 2010, 04:55:34 PM
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The titles and the slogans mean nothing in law: Copyright piracy means uncontrolled use of state-protected intellectual works. Health Care means corporate welfare for the drug and insurance industry. Financial Reform means welfare for the banking industry. Aid to Education means welfare for union voting blocs. The War On® means raw governmental control over whatever it chooses...

And money laundering means an uncontrolled economy, which really bothers most social engineers.

But the law doesn't look at this intentional misdirection. It looks at how these terms are defined in the written laws themselves, and black can indeed be defined as white. Go to the U.S. Codes, or the C.F.R.s and do some Googling on the terms money, cash, and currency. Do you really want Bitcoin to be associated with any of this guano?

Let the dealers take the heat. They are the ones that claim Bitcoin is worth X PayPals. We should be totally out of the exchanges, and above any exposure the the Great War On®.

I'm going to be away for a few weeks. Somebody else is going to have to carry the ball.


ichi
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August 22, 2010, 10:56:31 PM
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@fresno

That's well-stated, IMHO.  The part about dealers taking the heat seems rather cold, however  Roll Eyes  And yes, they'll need considerable tradecraft, or consultants who do.  Check out The Second Realm: Book on Strategy.
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August 22, 2010, 11:10:45 PM
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@fresno

That's well-stated, IMHO.  The part about dealers taking the heat seems rather cold, however  Roll Eyes  And yes, they'll need considerable tradecraft, or consultants who do.  Check out The Second Realm: Book on Strategy.

Just started reading, looks very good.

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fresno
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August 23, 2010, 12:15:20 AM
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@fresno

That's well-stated, IMHO.  The part about dealers taking the heat seems rather cold, however  Roll Eyes  And yes, they'll need considerable tradecraft, or consultants who do.  Check out The Second Realm: Book on Strategy.

Cold, yes, but what is more cold than business? Those dealers are the front line on reality, and they are either correct, or they lose their shirts. Brrr!

Great book, ichi! I want to say "yes!" and write little amplifications as I read it. But I have to stop before tomorrow morning, because it's off to work for me. I'm glad that there are a few people here that recognize the tricks of the Beast. I hope you'll have the character to call its name whenever it appears.

Bitcoin is a system to enforce honesty.






ichi
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August 23, 2010, 12:49:55 AM
 #8

@fresno

I'm touched  Smiley  (totally, absolutely no sarcasm!)

Anyway, I agree that it could use a good edit.  And it's authentic, IMHO -- no BS.

On a lighter note, I recommend (and probably have already) "Little Brother" by Cory Doctorow (free download by author), "For the Win" by Cory Doctorow (free HTML online), and "Halting State" by Charles Stross.
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August 23, 2010, 03:52:16 PM
 #9

@fresno

That's well-stated, IMHO.  The part about dealers taking the heat seems rather cold, however  Roll Eyes  And yes, they'll need considerable tradecraft, or consultants who do.  Check out The Second Realm: Book on Strategy.

If we do not act and implement more
liberty, the days of humanity might well be numbered.

This was music to my ears.
jgarzik
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August 25, 2010, 08:47:07 PM
 #10


Presumably, money laundering would be defined here as "transactions that nation-states don't like".  In practice this means transactions associated with individuals that a powerful nation-state has designated as criminals -- terrorists and drug lords being the current target that the US and other nations put effort into tracking and catching.


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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