*** HOW USEFUL IS BITCOIN FOR MONEY LAUNDERING ? ***
Hypothetical:
I'm a construction tycoon in the USA. I build bridges, roads, public sector projects (canals) for a living. I have 0 conscience. To me it's all about the money.
- I'm going to expand my business - I want to work in places like India and Mexico.
- Nobody there in the gov hands out projects for free - everyone wants a cut.
Normal problem
1. Wire transfer bank to bank account bribe (USA -> Mexico/India)
2. Go to jail when the US Department of Justice finds out
No more problems anymore ?
1. Convert $1 mill to bitcoin
2. transfer bitcoin to gov officials in Mexico and India
3. Nobody knows who the money went to - and it can't be tracked ?
SO lads. Is bitcoin the ultimate tool for crooks like me ?
if you followed through on even one of your schemes, you'd already be rich or in prison. all talk no walk fuccboi
as much as i hate to say it. I am indeed a fuccboi. i dont have what it takes.
Still not as good as the Clinton Foundat...
Don't mean to be pedantic here, but "money laundering" (as the "launder" would indicate) is not hiding money--it's making illegitimate money appear legitimate. For example, running drug money through a restaurant's financial statement to make the money coming in and out of your drug organization appear legitimate.
Myth: Bitcoin (cryptocurrency in general) transactions can't be tracked.
Fact: They absolutely can be tracked, easily if authorities have access to your computers/devices. The blockchain keeps incredible records of all of your financial transactions.
http://www.sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-b…
This is the primary function of the currency. It's why it obtained exchange value at all.
Yes a fully traceable transfer that uses blocchain is a great idea.... Every person who uses the blocchain can completely trace every transfer. The only way for this to work is if you used cold wallets and even that is not really all that effective because once the wallet is used it can be traced.
Bitcoin remains the best money laundry platform out there. This is some governments don't allow her citizens to participate in it.
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