11–20 of 236 posts
Every dollar bill in your wallet has trace amounts of cocaine on it. They probably spent some time tucked in some dancers g-string too. All money is "dirty". It's just a question of how many times it needs to trade hands before we collectively agree to treat it as "clean" again.
uhhhhh ... that's not what they're talking about. nobody really cares about cocaine and pubes on dollar bills.
Every dollar bill in your wallet has trace amounts of cocaine on it. They probably spent some time tucked in some dancers g-string too. All money is "dirty". It's just a question of how many times it needs to trade hands before we collectively agree to treat it as "clean" again.
Let's say, you have a lot of Bitcoins and your buddy is a bitcoin miner. You craft your transaction such a way that you put all your coins as transaction fee. You send your transaction only to your buddy. Your buddy picks it up and solves the puzzle afterwards. Fees will be converted to brand new coins.
I think I've read more stories on bitcoin laundries than actual laundries... suprising given how long it has been around.
https://www.google.com/amp/s/www.vogue.co.uk/fashion/article...
I can tell one of the ways that is missing in the article. Let's say, you have a lot of Bitcoins and your buddy is a bitcoin miner. You craft your transaction such a way that you put all your coins as transaction fee. You send your transaction only to your buddy. Your buddy picks it up and solves the puzzle afterwards. Fees will be converted to brand new coins.
Probably easier for any serious criminal to just deal in cash and make deposits at the big banks, they have a long history of taking cartel money.
This is one of the reasons that common fronts for crime are companies that would be expected to handle a lot of cash :)
Also the major advantage of cryptocurencies in crime is their international nature. It means I can sit in a country that has no extradition treaty with the places I'm doing crime, safe in the knowledge that I won't be touched, as long as I'm careful who I target.
Probably easier for any serious criminal to just deal in cash and make deposits at the big banks, they have a long history of taking cartel money.
But cash isn't that useful if you're holding a company to ransom on the other side of the world. And normal bank transfers are very traceable. Banks need to report any transactions greater than $10K (or a series of smaller transactions that make up $10K). The consequences of a bank not reporting far exceed any profit they would make from it.