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"Mixing" is bitcoin speech for "money laundering" and it doesn't end well for whoever is doing the laundry, no matter how much technobabble you put on top of it
by revelation 9y ago
"Mixing" is bitcoin speech for "money laundering" and it doesn't end well for whoever is doing the laundry, no matter how much technobabble you put on top of it.
- zhte415 9y agoThis.
- dfox 9y agoMixing is not laundering. Money laundering is about converting money to something that can be passed as income from legal transactions. Mixing is only about disguising where the money came from (which is something that you essentially don't have to do for physical cash)
- revelation 9y agoWhat on earth is money laundering if not disguising the origin of lots and lots of physical cash? As always, a lot of this has its origins in drug trade. Money laundering is disguising the origin in general, which is of course the point of mixing. It's not some kind of theoretical bitcoin boner exercise, it's intended so you can maybe at a later date withdraw some bitcoins without the party providing the cash (and the feds) immediately making the connection to the crime.
- dfox 9y agoMoney laundering is not about simply disguisng the origin, but about disguising the origin such that it looks like some legitimate (typically taxable) endeavor. Bitcoin mixing disguises the origin only as far as the blockchain is concerned, you still end up with X BTC that you have no explanation for how you earned them.
- mjevans 9y agoWould it be more like using shell corps or something similar? Still obfuscating the source of funds or making it harder to trace is what both Money Laundering and Privacy are about. Sadly, politicians don't make it easy to be 'almost private' (to everyone but the government it's a secret).