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That's an interesting angle to cash out... just start sending to 1,000s of addresses - who's to say which addresses are owned by the criminals, and which are ow
by chrisa 5y ago
That's an interesting angle to cash out... just start sending to 1,000s of addresses - who's to say which addresses are owned by the criminals, and which are owned by other people?
They'd get less than cashing it all out themselves obviously, but it would take forever to unravel what actually happened (if possible ever)
- danielrpa 5y agoYou could use also do that to embarrass/blackmail politicians or other prominent people. Imagine the threat "You either do what I want or I'll send you 1 million dollars" :)
- cgb223 5y agoWhat politicians accept Bitcoin as donations?
- wyck 5y agoI think whole bunch of them do, Eric Swalwell accepts like 6 of them.
- canadianfella 5y ago6 bitcoins?
- jimmydorry 5y agoBTC plus five altcoins, I imagine is what he meant.
- saas_sam 5y agoWasn't that the one associated with a known CCP spy? https://www.axios.com/china-spy-california-politicians-9d2dfb99-f839-4e00-8bd8-59dec0daf589.html https://www.axios.com/china-spy-california-politicians-9d2df...
- roywiggins 5y agoMore like "targeted by."
- tamrix 5y agoHow else do you suppose they pay for their crimes?
- ric2b 5y agoJust tell them you're willing to donate them more than $5K and they'll figure it out. Politicians are surprisingly cheap, as I've learned over the years from various reports.
- jbverschoor 5y agoThis is essentially what a tumbler does
- pennaMan 5y agoThe suggestion is a philanthropic variation of a tumbler.
- lancepioch 5y agoThey could just setup their own Bitcoin tumbler
- fireland 5y agoTumbling on bitcoin doesn't work like it used to a few years ago. There are now multiple companies dedicated to blockchain tracking and analysis. All coins coming from tumblers are flagged. It's possible because the bitcoin blockchain is public and every balance and transaction is visible to the whole world. Many exchanges refuse to accept coins that have passed through a tumbler. If you attempt to deposit these coins, the exchange will refuse to credit you unless you provide copious amounts of documentation. Currently they do not seize your coins but will force you to withdraw them. Some exchanges are even going through users' deposit histories and are retroactively flagging deposits from coin mixing services: https://twitter.com/kristapsk/status/1374336620158140419 https://twitter.com/kristapsk/status/1374336620158140419 This is why many criminals are moving away from Bitcoin into Monero, which has anonymized transactions and doesn't suffer from the chain analysis problem.
- atat7024 5y agoSo if someone buys a stick of gum from me after taking rent money from a tainted BTC address, I get flagged?
- o-__-o 5y agoCurrency of the future
- londons_explore 5y agoIt only takes a few exchanges refusing to flag coins and the whole flagging system fails. The bad money gets mixed with the good in the exchanges wallet, and sent to random people...
- chii 5y ago> a few exchanges refusing to flag coins they may not have a choice if the gov't regulation forces them to flag it.
- the_local_host 5y agoI had the same idea, and it would be funny, but investigators wouldn't have to unravel the whole thing. They'd just have to look at anyone unwise enough to use the money instead of turning it over to authorities (or abandoning the wallet).
- ClumsyPilot 5y agoMost people wouldnt actually know that the money is illicit
- mattigames 5y agoAlmost nobody would turn to authorities, people just think it's their lucky day and spend it, so they would target a lot of innocent people.
- social_quotient 5y agoHow about universal basic income? Send some to everyone monthly. Would be curious the social implications of elicit money used as a welfare utility.
- hervature 5y agoYes, look forward to my $20 check that lasts one month.
- issamehh 5y agoI'd take that over still not receiving a stimulus check despite needing them more than ever.
- hervature 5y agoYea, my comment was more that $7.5B is $1 per person in the world or $20 for people in the US. Nowhere near something to be considered UBI. I hope you get the assistance you need.
- social_quotient 5y agoOkay so I was actually thinking based on wallet counts (64 million currently) I agree it still doesn’t go too far
- Johnny555 5y agoYou don't need to start with an entire country, start with a city or state. Then steal more. Not sure how you'd target a geographical area though.
- water8 5y agoDon't worry, the printer is just out of ink. They're coming soon!
- geoduck14 5y agoI know of plenty of people who consider taxes "elicit money", and we spend that money EVERYWHERE
- ASalazarMX 5y agoSend it to 7,500 random wallets, including your own, and you can keep as many millions as wallets you have. Most people will keep the money, making them indistinguishable from your own wallets. IANAL, but if crime prescription is possible, you could transfer to 5,000 wallets and keep the rest for your pirate-themed retirement island.
- vmception 5y agoWe’ve done that on a number of projects Basically communities freak out when they think founder/team is selling any of the project’s tokens no matter how long its been or whether what the stated vesting conditions were So we just bundle it in monthly distributions in multisend transactions to new addressses, some of the transactions are monthly vesting payments to marketers, some of the payments are to ourselves. Not possible to distinguish. (This is also possible because communities also demand that issuers put funds and the tokens into liquidity pools, which is not always compatible with having a ton of other tokens just sitting in separate vesting treasuries. So liquidity pool shares are vesting and they can be sent anywhere and unbundled)
- RhodoGSA 5y agoWhat'd you really do is just send it to a liquidity smart contract and use a function parameter to send it to different wallet(s). These pools pay out big money to alot of different wallets, you'd never be able to track it out the other side.
- codethief 5y agoCame here to ask about this… Does anyone know whether this has happened before?