15 ms·
Who is going to exchange their Monero for your Bitcoin when the Bitcoin you give them can be seized? At what discount?
by wahern 5y ago
Who is going to exchange their Monero for your Bitcoin when the Bitcoin you give them can be seized? At what discount?
- lumost 5y agoNow that El Salvador has made BTC legal tender, they may take issue with their citizens having their BTC randomly seized by other governments. The ability to seize BTC is dependent on the jurisdiction of the seizing authority, and their ability to access the wallet. Money launderers will likely concentrate in locations where the local authorities look the other way. Exchanges will charge fees to payout potential seizures in jurisdictions where they can be seized.
- hajile 5y agoI should restate. Mary wants to buy from John, but the dollar exchange won’t convert for her. She exchanges her Bitcoin for monero. That monero is sent to John. John now converts it back into Bitcoin. When it converts to Bitcoin, the money is perfectly laundered and ready for conversion to dollars.
- erentz 5y agoThe problem is that when John converts to Bitcoin he may receive Bitcoin that has a criminal history attached tainting it. That taint may prevent John from using his Bitcoin at certain places or exchanging it elsewhere. It may also mean the US decides at some point that his Bitcoin should be seized due to that criminal history. How does John know he is getting Bitcoin with only a clean history?