4 ms·
"Money laundering has never been so easy! Thanks E-stonia!"
by boh 12y ago
"Money laundering has never been so easy! Thanks E-stonia!"
- cpach 12y agoSo money laundering is the only reason for using cryptocurrencies? And who says cryptocurrencies can’t be regulated?
- boh 12y agoShell companies are one of the greatest instruments for graft ever devised. I'm not a fan of them, and they get easier to make with every passing year. I don't have an opinion on cryptocurrencies. I'm sorry if it seemed that way.
- cpach 12y agoYes, there is a hazard in this. But probably also lots of utility for benign causes. So I hope they will outweigh the malicious ones.
- zanny 12y agoI'm curious how you launder money in bitcoin. If you know that some btc was used for a "criminal" exchange, then you can track all the Satoshis through all their recipients. You can just blacklist the money in your country and any retailer using your blacklists would not accept it.
- cpach 12y agoOne example how it can be done: https://news.ycombinator.com/item?id=8130592 https://news.ycombinator.com/item?id=8130592
- zanny 12y agoI mean in a bitcoin economy. The only reason that example works is because the input fiat does not have the transparency of a blockchain behind it. If you were end to end using bitcoin, ie, drug dealer gets paid in bitcoin, then if you know its drug money you can blacklist it forever because its always traceable.
- cpach 12y agoThere are ways around that: https://en.bitcoin.it/wiki/Mixing_service https://en.bitcoin.it/wiki/Mixing_service
- kteofanidis 12y agoFrom the website: To apply for one, you need to make visit a Police and Border Guard office in Estonia – there you need to submit an application and provide biometrical data (your facial image and fingerprints) for background check. I don't think it works for money laundering in any way.