Cryptocurrency

[Hobosapien]

Having yourself and your bank account tainted by money laundering, terrorist financing etc - priceless.

So don't bank with a bank with such a history.

Crypto is as tainted as the $.

[ChimpMaster]

So don't bank with a bank with such a history.

Crypto is as tainted as the $.

Bitcoin has been the currency of choice for dark web criminals for 10 years. Can you imagine how much crypto those guys might be holding now.

Whoever said crime doesn't pay was an idiot

[Hobosapien]

Bitcoin has been the currency of choice for dark web criminals for 10 years. Can you imagine how much crypto those guys might be holding now.

Whoever said crime doesn't pay was an idiot

Still nowt compared to all the Scarface's of the world. They use Monero not bitcoin, if the $$$$$ get too big to handle.

[AtW]

Crypto is as tainted as the $.

No it's not.

When you get proper money you can prove it's not proceeds of crime by showing invoices, business relationship, contract etc.

With bitcoin it's not possible since you don't know who really sold it, unless you "mined" it yourself and then sold, but how to prove money don't come from money launderers?

[Andy2]

Bitcoin has been the currency of choice for dark web criminals for 10 years. Can you imagine how much crypto those guys might be holding now.

Whoever said crime doesn't pay was an idiot

not sure how they do it. When I bought BTC on coinbase , I had to give my address, phone number and Driving license copy etc. it doesn't seem anonymous to me.

[AtW]

I had to give my address, phone number and Driving license copy etc. it doesn't seem anonymous to me.

It was anonymous for drug dealers who handled it before you touched it

[ChimpMaster]

It was anonymous for drug dealers who handled it before you touched it

Exactly this.

The past 10 years of criminal proceeds are now easy to launder: $Billions being washed through into fiat every day. One might imagine, once the majority of these proceeds are converted to fiat, then crypto will only be held by the fools that think it actually has any real value. And at that point it will collapse.

And what's to stop anyone else creating a better blockchain or a better cryptocurrency? There is no regulation, law, restriction to market - anyone can do it.

[northernladuk]

What goes up.. must come down.

[Hobosapien]

It was anonymous for drug dealers who handled it before you touched it

So you only accept new notes issued from the printing press?

If they handled bitcoin before the recent price surges they'll have been lucky to get a pizza out of it.

Drug dealers are likely to have pre-owned any Mercedes or phased plasma rifle in the 40 watt range you may be tempted to buy used.

Exchanges where most will get their bitcoin are regulated with KYC just like banks.

[ChimpMaster]

So you only accept new notes issued from the printing press?

If they handled bitcoin before the recent price surges they'll have been lucky to get a pizza out of it.

Drug dealers are likely to have pre-owned any Mercedes or phased plasma rifle in the 40 watt range you may be tempted to buy used.

Exchanges where most will get their bitcoin are regulated with KYC just like banks.

If a criminal gave you a BTC - that he 'earned' 10 year ago - from his cold wallet, then how is anyone ever to know where it came from? He could move the BTC from his cold wallet to your exchange account, or he could give you the cold wallet and you simply add it to your (already authorised) account. And suddenly as if by magic the proceeds of crime have been laundered.