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Money laundering and terrorist financing are two potential uses (risks) explored by the Financial Action Task Force in this report: http://www.fatf-gafi.org/med
by fjarlq 9y ago
Money laundering and terrorist financing are two potential uses (risks) explored by the Financial Action Task Force in this report: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf http://www.fatf-gafi.org/media/fatf/documents/reports/Guidan...
- nlperguiy 9y agoMoney laundering and terrorist financing can be done and is done with fiat currencies too. Bitcoin is also not a private coin, ledger is public and anyone can analyze the flow of money. The only private coin I know of is Monero (XMR). Analyzing Monero ledger is like looking at random data, there's no amounts, there's no receivers, there's no senders. Everything is fully, by default, encrypted. Even receivers can't know who the sender was.
- paulpauper 9y agomixers can hide the trail
- TrickyRick 9y agoHow does a private coin work with blockchain tech? If you can't know who the sender and receiver are how can you verify transactions?
- nlperguiy 9y agoThere's an optionable Payment ID you can attach (also encrypted), so receiver can confirm that the payment received was for a particular purpose. Let's say payment id is user id + product id, so receiver could easily confirm that transaction was from a particular user for a particular product.