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Money laundering has been illegal for a long time, you don’t get a pass because you’re doing it dressed up with new technology. Especially when you’re making g

Money laundering has been illegal for a long time, you don’t get a pass because you’re doing it dressed up with new technology. Especially when you’re making gobs of money doing it. Especially when the narrative around your new money majorly focuses on how it is secret and evades government control.

chaosbolt 4y ago
Oh boy HN sure has changed, every other comment is some conformist cope against privacy giving bogus arguments, and it's weird coming from people whose job is basically logic. >Money laundering has been illegal for a long time Sure if I launder my money to avoid paying taxes I'll be breaking the law. >you don’t get a pass because you’re doing it dressed up with new technology That's like saying that the guy who developed Monero should be in jail because it's used to buy drugs, the guy developed a tool, the people who use the tool to launder their money are the ones breaking the law, if you make cars and some people use them to smuggle drugs you're not breaking the law... >Especially when you’re making gobs of money doing it ...doesn't matter how much money you make selling your cars. >Especially when the narrative around your new money majorly focuses on how it is secret and evades government control. The narrative around anything shouldn't be a factor in you being free or in prison, also tornado wasn't money and it's not even a crypto.
homeland221 4y ago
Pretty much anything with money transactions can be classified as laundering. If governments dont like you aby transaction you made can be classified as such. Money laundering is basically like a catch all tools by law enforcers who cant do their job properly and need a cheatcode to do so. Cash is widely use in laundering as well. Guess how government enforce money laundering on that since it is so hard for then to trace, civil forfeiture. We should always boycott and saturate law enforcers and politicians whenever they touch on this area. Their overhand is getting worst everyday.
mccorrinall 4y ago
Just because someone uses a mixer/coinjoin/atomic swaps etc it isn’t money laundering. If the US really know that money is being laundered, they can send an email to the developer and tell him to not accept funds from those addresses. I doubt that this happened.
- superchroma 4y ago
  Only criminals need this technology, and usage from non-criminals helps hide real laundering. I see people are downvoting this post. Name a legitimate usage. I sure as hell can't think of one.
  - colechristensen 4y ago
    The basis for crypto transactions on most blockchains is a public ledger whereby if you don't launder your money, anyone can see every transaction you make, anyone you transact with can see your whole history. "need" is a value judgement, but people in general would certainly dislike the premise of using money where everything you did was public knowledge.
    - salawat 4y ago
      Welcome to why cryptocurrency was a bad idea touted as the biggest thing since sliced bread, and why authorities may actually push things in that direction once they have the tooling right Y'all played yourselves tbqh.
    - superchroma 4y ago
      Ok, so there's no need. There's want, but no need.
- saalweachter 4y ago
  > Just because someone [does something mechanically identical to money laundering] it isn’t money laundering. I'm not actually sure this is the case under the law. Removing the technology from the mix, one of the better-known AML laws is that you can't structure your transactions for the purpose of avoiding the $10,000 transaction threshold (at which point the banks report the transaction to the feds for them to keep track of it). Note that -- as it is commonly stated, anyway, I haven't read the statute in question -- it doesn't matter why you are structuring your transactions to avoid the threshold, just doing it gets you in trouble.
  - deleted 4y ago

chaosbolt 4y ago

Oh boy HN sure has changed, every other comment is some conformist cope against privacy giving bogus arguments, and it's weird coming from people whose job is basically logic. >Money laundering has been illegal for a long time Sure if I launder my money to avoid paying taxes I'll be breaking the law. >you don’t get a pass because you’re doing it dressed up with new technology That's like saying that the guy who developed Monero should be in jail because it's used to buy drugs, the guy developed a tool, the people who use the tool to launder their money are the ones breaking the law, if you make cars and some people use them to smuggle drugs you're not breaking the law... >Especially when you’re making gobs of money doing it ...doesn't matter how much money you make selling your cars. >Especially when the narrative around your new money majorly focuses on how it is secret and evades government control. The narrative around anything shouldn't be a factor in you being free or in prison, also tornado wasn't money and it's not even a crypto.

homeland221 4y ago

Pretty much anything with money transactions can be classified as laundering. If governments dont like you aby transaction you made can be classified as such. Money laundering is basically like a catch all tools by law enforcers who cant do their job properly and need a cheatcode to do so. Cash is widely use in laundering as well. Guess how government enforce money laundering on that since it is so hard for then to trace, civil forfeiture. We should always boycott and saturate law enforcers and politicians whenever they touch on this area. Their overhand is getting worst everyday.

mccorrinall 4y ago

Just because someone uses a mixer/coinjoin/atomic swaps etc it isn’t money laundering. If the US really know that money is being laundered, they can send an email to the developer and tell him to not accept funds from those addresses. I doubt that this happened.

superchroma 4y ago
Only criminals need this technology, and usage from non-criminals helps hide real laundering. I see people are downvoting this post. Name a legitimate usage. I sure as hell can't think of one.
- colechristensen 4y ago
  The basis for crypto transactions on most blockchains is a public ledger whereby if you don't launder your money, anyone can see every transaction you make, anyone you transact with can see your whole history. "need" is a value judgement, but people in general would certainly dislike the premise of using money where everything you did was public knowledge.
  - salawat 4y ago
    Welcome to why cryptocurrency was a bad idea touted as the biggest thing since sliced bread, and why authorities may actually push things in that direction once they have the tooling right Y'all played yourselves tbqh.
  - superchroma 4y ago
    Ok, so there's no need. There's want, but no need.
saalweachter 4y ago
> Just because someone [does something mechanically identical to money laundering] it isn’t money laundering. I'm not actually sure this is the case under the law. Removing the technology from the mix, one of the better-known AML laws is that you can't structure your transactions for the purpose of avoiding the $10,000 transaction threshold (at which point the banks report the transaction to the feds for them to keep track of it). Note that -- as it is commonly stated, anyway, I haven't read the statute in question -- it doesn't matter why you are structuring your transactions to avoid the threshold, just doing it gets you in trouble.
- deleted 4y ago