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Wouldn't 'laundering' look exactly like 'sending the BTC to any of the dozens of services which store BTC for you in a centralized account, (SR, instawallet, et
by Bakkot 14y ago
Wouldn't 'laundering' look exactly like 'sending the BTC to any of the dozens of services which store BTC for you in a centralized account, (SR, instawallet, etc) and then withdrawing that same amount? This produces bitcoins not visibly linked to the originals - it's exactly like depositing and then withdrawing money from a bank (a bank which doesn't make a record of people's identity).
- politician 14y agoIf the authorities observe transactions in the block chain sent to known actors (like a centralized BTC bank), the actor can be subpoenaed, raided, or shutdown.
- Bakkot 14y agoYou think? I'm pretty sure they already have sufficient motivation to shutdown Silk Road, which for laundering purposes is essentially a bank. By what mechanism do you propose they raid Silk Road's records, assuming such even exist?