5 ms·
Use privacy preserving coins such as Monero instead of Bitcoin as it is much more safe. Not bulletproof, but much better. Monero also complicates any type of i
by Ms-J 11mo ago
Use privacy preserving coins such as Monero instead of Bitcoin as it is much more safe. Not bulletproof, but much better.
Monero also complicates any type of investigation much more than Bitcoin. It is very hard for investigators. They also don't want to burn techniques unless the case is absolutely massive.
Also make sure to never use an exchange that forces KYC.
- rajamaka 11mo agoSeems to be the case that the conversion to fiat is the part that is difficult to do while staying anonymous
- Ms-J 11mo agoAs long as one takes moderate measures to stay anonymous on the network level, an exchange that is P2P or doesn't force KYC can be used to convert. There are many of them out there. Fees may be higher is a note.
- chistev 11mo agoBut without p2p there is greater risk of scam?
- arevno 11mo agoYou can do it on Kraken just fine. As long as you're ok paying taxes on it (since Kraken is KYC), you're still shielding the source of the funds, which is the primary utility of Monero. Or to put it another way, it's good for "money laundering", but not "tax evasion".
- stef25 11mo agoWhy would Kraken just accept 100K worth of Monero coming in and sent out as fiat to a bank account ?
- deleted 11mo ago[deleted]
- red-iron-pine 11mo agocuz they get their cut and there is nothing anyone can do to unmask that transfer or prove that it's, fundamentally, fraudulent. IRS or CRA is getting their cut, so it's the regulator or the FBI's problem
- cheschire 11mo agoI also noticed on a darkweb site that keeping monero in an escrow account is used to further muddy the trail. Not sure how effective that actually is though.
- idiotsecant 11mo agoMonero is great so long as you don't care about conversion to cash. That part is ... tricky.
- SchemaLoad 11mo agoOf course it's difficult. Even if you could convert it to cash you wouldn't be able to deposit in any bank or meaningfully use it. The moment you do anything with it you'll trigger anti money laundering laws and have to explain where the money came from.
- metadat 11mo agoHot-dog sales outside NY stadium. Seriously though, the days of easy tax avoidance are long gone at this point. Welcome to The Matrix of America.. and China.
- epolanski 11mo agoYour post is a spot pro matrix, not against it.
- Ms-J 11mo agoIt isn't very difficult, see my earlier post. Once successfully converted the cash can be used in a multitude of different ways. With an imagination and taking proper anonymity safeguards, the possibilities are endless.
- solumunus 11mo agoWell yeah, you also have to launder the money if you’re a criminal enterprise…
- wmf 11mo agoFrom a criminal perspective you may not have to launder it. Just deposit your XMR/ZEC into an exchange and sell it. If they ask, say you bought it years ago at $10.