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This same argument would work with cash, wouldn't it? If this is an effective way to launder money with any currency that doesn't have traceable records, do you
by XMPPwocky 6y ago
This same argument would work with cash, wouldn't it? If this is an effective way to launder money with any currency that doesn't have traceable records, do you think it's commonly done with cash? If it's not, why not, and why don't those reasons apply to crypto?
At least thinking about it myself, it seems like the conversation with an investigator might go something like this-
"Where did you get this money"
"I made this art, and then bought it from myself."
"Why?"
"No comment."
"...okay, where'd you get the money to buy it from yourself?"
...and now you're in the exact place you were before you tried the art thing, except you now look extra suspicious. There may, however, be some emotional benefit from letting your creative juices flow and expressing yourself, so I guess it's not all bad.
Or did I misunderstand what you were asking? Sorry- getting a bit late here.
- seibelj 6y agoI can’t dive too deeply in this subject but there are many ways to convert crypto into legitimate income. I hinted at one simple way (selling art) but it wouldn’t stand up under scrutiny. However someone motivated enough would easily escape this conundrum.