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    Author Topic: Money Laundering "Not Possible" with Bitcoin?  (Read 2684 times)

    • arbitrage
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    February 03, 2016, 07:56:21 AM
     #61
    This is problem of human nature if you have money and don't spend it , you don't causing problems. But when you start spending for extreme cars..All that creating attentions and you are done.
    Only good possible way would be investing that money in legal business..

  • Dabs
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    February 03, 2016, 05:59:44 PM
     #62
    Quote from: NorrisK on February 03, 2016, 07:23:40 AM
    Nice theory, but even if you sell your bitcoins for cash you have to prove where you got them from.

    ...

    Telling them that you sold bitcoin for fiat is not enough, you'd have to explain where you got the coins from.

    I do? Who says I do? You're selling to another person, they don't usually ask where the coins are from, and who cares?
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  • lostintranslation
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    February 03, 2016, 06:04:02 PM
     #63
    Quote from: NorrisK on February 03, 2016, 07:23:40 AM
    Quote from: arbitrage on February 03, 2016, 07:07:34 AM
    1. Buy bitcoins from local or on street.
    2. Send them to mixer but not at the same time and then in small amounts to multiple exchanges.
    3. Buy sdc monero dash..and use their services from one to another wallet mixing , you will finally be 99 percent anonymous..
    4. Few days send those coins on multiple exchanges  every time in different amount.
    Sell them for btc and windraw slowly to different addresses and wallets ..

    weakness> you always must return to fiat and money can be folowed,
    maybe if you sell bitcoins anonimus on street.
    For all this you must use multiple wallets trading only via tor.. Cheesy

    Nice theory, but even if you sell your bitcoins for cash you have to prove where you got them from..

    The problem is not making it untraceable, but having a good explanation of how the money was earned. That is why often there are front companies involved that can put extra work in their books that didn't happen for instance.

    Telling them that you sold bitcoin for fiat is not enough, you'd have to explain where you got the coins from.

    But how could they monitor bitcoin transactions? They would need an official clearance for that, I mean, they would need to officially recognize bitcoins as a form of currency. US government making that acknowledgement would be great for the community.
     

  • jchst
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    February 03, 2016, 07:03:16 PM
     #64
    Yes I agree BTC is not a practical option at that at all, You can literally track the origin of each coins in addresses back to the place they came from. Even with mixers and the likes it would still link to the original origin of the coins.

  • Dabs
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    February 04, 2016, 05:51:20 AM
     #65
    With decent mixers, you can't link the coins because the link is broken. That's what traditional mixing does.

    With Coin Join and similar methods, everyone in that transaction is linked, so you get lost looking at it. You can no longer trace one input to another output because suddenly 100 inputs goes to 100 (or more) outputs all in the same transaction. Boom, lost in the crowd.

    And, if you just played on some dice sites, suddenly your inputs gets mixed with a whole bunch of others.
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  • owm123
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    February 04, 2016, 06:53:47 AM
     #66
    Quote from: Dabs on February 04, 2016, 05:51:20 AM
    With decent mixers, you can't link the coins because the link is broken. That's what traditional mixing does.

    With Coin Join and similar methods, everyone in that transaction is linked, so you get lost looking at it. You can no longer trace one input to another output because suddenly 100 inputs goes to 100 (or more) outputs all in the same transaction. Boom, lost in the crowd.

    And, if you just played on some dice sites, suddenly your inputs gets mixed with a whole bunch of others.

    With mixers you have to trust a third party, they they (1) dont run with you bitcoins, (2) dont log everything which transactions are which, (3) you dont get dirtier coins than your own, (4) they are not run or infiltrated by feds.
    Bitcoin is NOT anonymous: http://www.bitcoinisnotanonymous.com

  • randchingo
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    February 05, 2016, 06:49:26 AM
     #67
    I too think money laundering is impossible since you can know the origin of every coin from mining to now just following the blockchain, Even mixing the coins won't be extremely effective since the other coins being mixed are also not clean necessarily.
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  • mtnsaa
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    February 05, 2016, 08:34:53 AM
     #68
    After reading many posts here I think the conclusion is that if a person was under investigation then he will be exposed unless he can actually prove how it got its fortune. It really depends on the country but if you want to launder Bitcoin, you can create an online casino o similar site and forge the visits, income, etc. If they are incompetent investigators like most of the 3rd world they won't even notice or care what a blockchain or a Bitcoin is really. There should really be a lot of money involved for them to investigate at full capacity.

  • katana
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    February 05, 2016, 08:54:26 AM
     #69
    1. Use VPN or proxy to send the coins to mixers, get coins in different addresses.
    2. Sell localbitcoin, different exchanges
    3. Shop online accepting bitcoin
    4. buying gift cards and resell them
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