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I have always wondered how much money laundering is in mining. It seems pretty benign to buy a whole bunch of CPU/GPUs on the used market and then have them mi
by maerF0x0 4y ago
I have always wondered how much money laundering is in mining.
It seems pretty benign to buy a whole bunch of CPU/GPUs on the used market and then have them mine you cryptocurrencies (not just monero, but notably monero is CPU favorable). This might be a massive onramp for fiat to cryptocurrencies.
A quick google talks a lot about tumblers and other buy/sell strategies, but I'm curious about mining.
I would hate to be the lackey who suggested it to their boss last fall only for them to see their laundered money fall > 50% though.
- selectodude 4y agoI admit that this is speculation because I don't have the free time or desire to do some sort of deep dive, but the NFT market absolutely reeks of money laundering. Point being - why bother going through all that effort to actually mine stuff when you can just buy and sell NFTs a few times to clean money.
- soco 4y agoBut can you actually clean real money with NFTs? I assume no bank will accept your answer "I just exchanged my stock of coins"...
- maerF0x0 4y ago> through all that effort to actually mine stuff when you can just buy and sell NFTs Because buy and sell NFTs leaves a ledger trail that can lead you to your cash onramp being illegitimate money. Whereas minted money is legitimate by default (and has no ledger history). I suppose the IRS could ask "where'd the money to buy 1000 GPUs come from" though? IDK, I'm not smart enough to be a criminal :lol: