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How to launder Bitcoins

blog.oleganza.com

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Re: How to launder Bitcoins

#61

Post by dinkumthinkum »

oleganza wrote: post #42
JSZZHlmumeUE wrote: post #39

Earlier quoted context omitted.

unknown money coming from other sources into local economy These centers actually exist even today. I personally know places where you can buy dollars using the local currency for something like a 10% discount on the market rate. They are obviously very shady and aren't used by anyone close to being respectable. If you use them and are big enough to matter, expect to be screwed over by law enforcement pretty much the…

> I believe printing money is actually a good thing. But let's not get into an economics argument here. You are confusing ethical argument with an economical one. I was talking economics, not ethics. Governments get a lot of power from ability to print money and censor transactions. Bitcoin removes these sources of power to a high degree regardless of whether it's good or bad. Like, when the internet got huge, moral…

I think economics is more complicated than what you suggest. I feel lie you think cryptocurrencies are a way to foil the big bad government...

Re: How to launder Bitcoins

#62

Post by eriksank »

All this talk about "the" government does not make sense. Which one of the 200+ governments? With more than 50% of the hashrate sitting behind the Great Chinese Firewall (GCF), the question is whether the NSA really wants to provoke the Chinese government into re-targetting their thermonuclear warheads on New York and Washington DC. As soon as the NSA crosses the GCF with their shenanigans, God knows that the Chinese will repay the insult in kind. Same for the Russians. They will not take any bullshit. All of us know that respect eventually rests on the fear for reprisals. With the arrogance going way to far now, it has become time for the Chinese and the Russians to clarify a thing or two and to retarget their thermonuclear warheads on New York and Washington DC.

Re: How to launder Bitcoins

#63

Post by jafaku »

josephagoss wrote: post #51
cheesylard wrote: post #12

I'm starting to get sick of these Bitcoin posts.

Yeah I can actually understand where you are coming from. I spend a lot of time with Bitcoin but never come to HN for Bitcoin information, I prefer my HN being startups and programming/algorithm stuff. I think one of the reasons Bitcoin is becoming more popular on HN is that a lot of us are interested in fun/challenging tech ways to make a decent living or even make a million bucks. At the moment Bitcoin is making a…

Bitcoin is programmable money, so I don't understand how there can be programmers who find it boring.

Re: How to launder Bitcoins

#64

Post by jafaku »

FreedomDealer wrote: post #43
nwh wrote: post #2

Pretty much just CoinJoin, which is in development. https://bitcointalk.org/index.php?topic=279249.0

It seems people can already use CoinJoin at blockchain.info. See https://twitter.com/blockchain/status/402224010492006400/

Yeah, through a centralized UK-based service. No thanks.

Re: How to launder Bitcoins

#65

Post by icebraining »

eagsalazar2 wrote: post #59
keeganpoppen wrote: post #57

Earlier quoted context omitted.

This is where the comma should be in that sentence. (nowhere)

Very useless pov. Thanks for sharing. Nothing is more irritating in the middle of a good conversation than someone who rebuts by nitpicking grammar.

"This is where I stopped reading ” is never good conversation.

Re: How to launder Bitcoins

#66

Post by eriksank »

JSZZHlmumeUE wrote: post #44
oleganza wrote: post #38

Earlier quoted context omitted.

I'm not an expert in Tor. In one of Snowden's documents NSA admitted that Tor is hard to infiltrate even for them. I myself don't want to live in a world where you need to actively hide from huge adversaries. I'd prefer a more careless world with smaller adversaries. Hopefully, widespread adoption of Bitcoin will take a lot of power from governments, so we won't have massive money wasting TLAs that create misery all…

I interpreted the NSA documents to mean that Tor is harder than no-Tor. They already know who you are if you don't use Tor, but if you do, they probably have to do some analysis to figure it out. Let's work this out though. What do we know about the NSA programs? 1. They collect metadata on packets originating from computers connected to pretty much all the US ISPs and many other countries' ISPs. 2. The list of Tor e…

The NSA are also targeting non-American Tor users with their shenanigans. This is very insulting. With all respect eventually based on the fear for reprisals, I think it it is about time that the Chinese and Russian governments announce that they are now retargeting their thermonuclear warheads on New York and Washington DC and that with the next insult they will not hesitate to press the button. God knows that they will have asked for it.

Re: How to launder Bitcoins

#67

Post by [deleted] »

JSZZHlmumeUE wrote: post #34

The issue with money laundering in the real world isn't the technical difficulty. It's easy as pie to launder cash if you ignore the laws surrounding it. I'd imagine that if Bitcon becomes prevalent, governments would ask you to "voluntarily" declare your "salary" wallet. And then if they spotted any sort of suspicious laundering-like activity happening from that wallet, they would very quickly obtain warrants and sh…

[deleted]

Re: How to launder Bitcoins

#68

Post by oleganza »

jamhan wrote: post #54

That is not what structuring is at all. Structuring is conducting transactions in a way that will avoid triggering reporting requirements. If the legislation in your country requires financial services providers to report any cash transaction greater than or equal to say, $10,000, and you go and deposit $9500 five times with the sole purpose being to avoid these reporting requirements, then you are in breach of struc…

The financial regulations are pretty complicated and can be interpreted or retroactively changed as guys in your government want. Especially in US. There are already "anti-hidden compartment laws": http://www.aei-ideas.org/2013/11/america-heres-your-war-on-d...

So if you want to hide your bitcoin traces, it's better to make them completely diffused in the rest of the blockchain history to avoid attracting any extra eyes.

Re: How to launder Bitcoins

#69

Post by sturmeh »

sliverstorm wrote: post #49
dobbsbob wrote: post #48

Bitcoin wiki tells you exactly what you need to do. Generate addresses offline or proxied through Tor or JonDonym. Use different addresses for every input. Use CoinControl program to send coins https://bitcointalk.org/index.php?topic=144331.0 Never post your bitcoin address anywhere you can be identified, such as a msg forum signature, or directly to an exchange for withdrawal/deposit. Use addresses not linked to you…

Managing addresses seems like the easy part, to me. The real challenge is getting money in & out of BTC, at least until you can spend it just about anywhere.

It'll get significantly easier soon enough, but at the moment it's no easier to load your PayPal with money.

Re: How to launder Bitcoins

#70

Post by oldmanbentback »

JSZZHlmumeUE wrote: post #44
oleganza wrote: post #38

Earlier quoted context omitted.

I'm not an expert in Tor. In one of Snowden's documents NSA admitted that Tor is hard to infiltrate even for them. I myself don't want to live in a world where you need to actively hide from huge adversaries. I'd prefer a more careless world with smaller adversaries. Hopefully, widespread adoption of Bitcoin will take a lot of power from governments, so we won't have massive money wasting TLAs that create misery all…

I interpreted the NSA documents to mean that Tor is harder than no-Tor. They already know who you are if you don't use Tor, but if you do, they probably have to do some analysis to figure it out. Let's work this out though. What do we know about the NSA programs? 1. They collect metadata on packets originating from computers connected to pretty much all the US ISPs and many other countries' ISPs. 2. The list of Tor e…

if you use a mixnet that is higher latency between hops than tor you can create a network that even a global adversary can't penetrate passively. i2p-bote and mixminion being two real world examples.
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