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And how is it easy to convert crypto back into cash in the money laundering process. As far as I can tell, that's actually rather tricky.
by helloworld11 6y ago
And how is it easy to convert crypto back into cash in the money laundering process. As far as I can tell, that's actually rather tricky.
- vmception 6y agoIts not and for you to write that you didn't really visualize what I described At the bare minimum you should realize that any KYC’d individual can convert billions of dollars of crypto to US Dollars in a day without moving the markets more than a few percent and after that you should realize that classifying a transaction as clean is not difficult But if you don't want any transaction associated with anyone’s identity it is simply more time consuming, eventually you are still getting to a KYC’d individual that can receive a wire transfer in dollars at any meaningful amount in a day And finally, you can try to reread what I wrote earlier, jot the steps down on a napkin if you need to, its not that complicated you are just starting from a place that assumes an omniscient state and a culture of stigmatizing the movement of money, and thats just flawed
- thebean11 6y agobased on your comments, this all seems pretty pointless. why mess with binance when you could just use a distributed service like coinjoin. Seems like money laundering is easy! > And finally, you can try to reread what I wrote earlier, jot the steps down on a napkin if you need to give me a break bud. talking down to people makes me assume you're clueless.
- ryanlol 6y agoI just collected one million AED (~270k usd) from a localbitcoins exchanger. This cost me nothing, the guy didn’t even ask for my name. In Europe I could sell cryptocurrency for cash at a price several % above market value, people are desperate to get rid of paper money. It’s only a bit challenging if you want money in your bank account.