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The rise of crypto laundries: how criminals cash out of Bitcoin

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Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#81

Post by entropic88 »

A4ET8a8uTh0 wrote: post #76

I may be biased since I am holding and mining crypto, but I find recent slew of articles talking up the evils of crypto amusing. From eco evils to national security. Crypto is the culprit and banning it will bring salvation. Just today my superior shared WSJ opinion piece saying it should be banned altogether. I genuinely chuckled. It was ignored for so long, but only now when it may be genuinely hard to just put dow…

It's not just a recent slew of articles - calls to ban and framing it as tools for criminals and terrorists has been repeated like a broken record for a decade now.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#82

Post by brabel »

A4ET8a8uTh0 wrote: post #76

I may be biased since I am holding and mining crypto, but I find recent slew of articles talking up the evils of crypto amusing. From eco evils to national security. Crypto is the culprit and banning it will bring salvation. Just today my superior shared WSJ opinion piece saying it should be banned altogether. I genuinely chuckled. It was ignored for so long, but only now when it may be genuinely hard to just put dow…

That might be your bubble , because in mine, I've seen cryptocoins being attacked for as long as I've known about them.

It's not that banning it will bring salvation, it's just that it's one less evil to worry about, with no clear downsides as crypto really isn't used for anything good.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#83

Post by _wldu »

brabel wrote: post #82
A4ET8a8uTh0 wrote: post #76

I may be biased since I am holding and mining crypto, but I find recent slew of articles talking up the evils of crypto amusing. From eco evils to national security. Crypto is the culprit and banning it will bring salvation. Just today my superior shared WSJ opinion piece saying it should be banned altogether. I genuinely chuckled. It was ignored for so long, but only now when it may be genuinely hard to just put dow…

That might be your bubble , because in mine, I've seen cryptocoins being attacked for as long as I've known about them. It's not that banning it will bring salvation, it's just that it's one less evil to worry about, with no clear downsides as crypto really isn't used for anything good.

The same argument could be made for banning Tor. I disagree, though, as these technologies can be and are used for good/normal things. Not everyone is running guns, evading taxes or selling drugs. In fact, most people aren't.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#84

Post by crypto-cousin »

MikeDelta wrote: post #39
ccity88 wrote: post #14

I get that money laundering is always linked to criminal activity, but how have we always just accepted the lack of personal privacy when it comes to finance? Privacy is a feature, not a bug; and whilst crypto may not be the way forward, I hope one day we can reach a solution that has both privacy and also safety. The language used by law enforcement is quite alarming, it suggests that they should be privy to ALL tra…

I understand your point. However, privacy cannot shield one from tax and legal obligations. It is not just the proceeds from criminal activities, but also tax evasion (from the rich or companies) and terrorism financing.

At least in Western countries our definition of "terrorism" usually serves to demonize BIPOC.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#85

Post by A4ET8a8uTh0 »

brabel wrote: post #82
A4ET8a8uTh0 wrote: post #76

I may be biased since I am holding and mining crypto, but I find recent slew of articles talking up the evils of crypto amusing. From eco evils to national security. Crypto is the culprit and banning it will bring salvation. Just today my superior shared WSJ opinion piece saying it should be banned altogether. I genuinely chuckled. It was ignored for so long, but only now when it may be genuinely hard to just put dow…

That might be your bubble , because in mine, I've seen cryptocoins being attacked for as long as I've known about them. It's not that banning it will bring salvation, it's just that it's one less evil to worry about, with no clear downsides as crypto really isn't used for anything good.

They were attacked, but about two years ago it was an attack along the lines of 'Pfft, how can random mathematical equation busy work determine value?', which was a lot more reasonable. Current articles go for the emotional stuff.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#86

Post by Closi »

bsedlm wrote: post #72

I'm always left wondering about the invention (the encoding into laws) of "money laundering". I believe that this happened at some point during the 70s right around the time congress declared "war on drugs"? edit: aha, I refer to 91st USA congress: https://en.wikipedia.org/wiki/Bank_Secrecy_Act https://en.wikipedia.org/wiki/Comprehensive_Drug_Abuse_Preve...

They date back until at least 1930's with the prohibition :)

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#87

Post by ushakov »

exo762 wrote: post #46
MikeDelta wrote: post #39

Earlier quoted context omitted.

I understand your point. However, privacy cannot shield one from tax and legal obligations. It is not just the proceeds from criminal activities, but also tax evasion (from the rich or companies) and terrorism financing.

You can use cryptocurrency which hides all of your transactions (like zcash) and pay your taxes as a law abiding citizen. There is no conflict here. Tax systems rely on citizens reporting anyway.

> Tax systems rely on citizens reporting anyway

ever heard of CRS (Common Reporting Standard)?

https://en.wikipedia.org/wiki/Common_Reporting_Standard

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#88

Post by ozim »

tw04 wrote: post #59
tudorizer wrote: post #45

Earlier quoted context omitted.

Well, on "normal" bank accounts you would be hit by international policies and cover-ups, while on public ledgers, the only barrier is the tech.

You think someone who is sophisticated enough to hide money in the international banking system isn't sophisticated enough to hide it in bitcoin? Congratulations, you tracked the transaction to a shell company and have no jurisdiction to unwind who the cash withdrawal went to? Ignoring the coin washing services referenced in the story.

Someone who is sophisticated enough to hide money in international banking system won't care about bitcoin.

There is enough bad guys that are not sophisticated enough and are thinking that bitcoin will do all hard work of hiding it for them.

Obviously they are wrong.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#89

Post by xwdv »

iand wrote: post #74
xwdv wrote: post #64

Earlier quoted context omitted.

Once chain analysis becomes trivial, a major selling point of cryptocurrencies will be defeated. What then is the point?

It doesn't defeat the point of cryptocurrencies which is to create a currency free from a single point of control.

That is only theoretical.

Re: The rise of crypto laundries: how criminals cash out of Bitcoin

#90

Post by [deleted] »

ccity88 wrote: post #14

I get that money laundering is always linked to criminal activity, but how have we always just accepted the lack of personal privacy when it comes to finance? Privacy is a feature, not a bug; and whilst crypto may not be the way forward, I hope one day we can reach a solution that has both privacy and also safety. The language used by law enforcement is quite alarming, it suggests that they should be privy to ALL tra…

[deleted]
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