• Dutch arrest 10 men suspected of using Bitcoin to launder money
    23 replies, posted
[b]Dutch arrest 10 men suspected of using Bitcoin to launder money[/b] Via [url=http://www.reuters.com/article/us-netherlands-crime-bitcoin-idUSKCN0UY0V8?feedType=RSS&feedName=worldNews]Reuters[/url] ____________________ [quote]Ten men suspected of using the digital currency Bitcoin to launder up to 20 million euros ($22 million) of criminal money made from online drug deals have been arrested in the Netherlands, Dutch prosecutors said on Wednesday. The men, described as all in their 20s and with Dutch nationality, were arrested on Tuesday in coordinated raids on 15 locations around the country, said spokeswoman Valentine Hoen of the country's Fiscal Information and Investigation Service. Prosecutors believe the men laundered 15-20 million euros ($16-22 million) for drug dealers who sold their wares at online marketplaces on the "Dark Web" -- web sites that are invisible to search engines and only reachable using specialized software. Bitcoin is the preferred means of payment on such sites because it can be quickly transferred between users in any country without using a bank, making it difficult to trace.[/quote] Not the first time I read that Bitcoins are used to launder money.
Bitcoins literally exist for laundering money.
[QUOTE=kikomia;49569617]Bitcoins literally exist for laundering money.[/QUOTE] lol
[QUOTE=eirexe;49569814]lol[/QUOTE] It's true, though.
[QUOTE=kikomia;49569617]Bitcoins literally exist for laundering money.[/QUOTE] Anyone else remember that huge thing with Russian traders on TF2 exhanging ear buds for bitcoin or something as a means of laundering money?
[QUOTE=Pretiacruento;49569849]It's true, though.[/QUOTE] You can look up every transaction in a ledger. Laundering bitcoin is harder then laundering real money.
[QUOTE=Mega1mpact;49569936]You can look up every transaction in a ledger. Laundering bitcoin is harder then laundering real money.[/QUOTE] What you probably mean is the blockchain history. While it's true that every transaction is listed in there, it's impossible to associate it with individual people or even wallets.
[QUOTE=Pretiacruento;49569849]It's true, though.[/QUOTE] no it's not, bitcoin was not invented with that purpose
[QUOTE=eirexe;49570196]no it's not, bitcoin was not invented with that purpose[/QUOTE] Probably not. But like 99% of people use it for that purpose.
[QUOTE=royaldanney;49570463]Probably not. But like 99% of people use it for that purpose.[/QUOTE] I strongly doubt it. Not everyone does it and also there are many way to launder money right? And easier.
[QUOTE=DrDevil;49569950]What you probably mean is the blockchain history. While it's true that every transaction is listed in there, it's impossible to associate it with individual people or even wallets.[/QUOTE] It's not. Most of the mining(more than 50%) is done in China nowadays and US agencies have successfully used short time takeover of mining power to trace money. Given you can't just "skim" for that, you need to have an actual target. [editline]20th January 2016[/editline] A factor for using bitcoin for laundering is that the blockchain is so huge nowadays that it's just to expensive to use for regular transactions anyway so longterm until the next [url=https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.h4tzp5rce]inbound crash[/url] the only ones using it will be criminals because for them the loss of money through transaction fees higher than what any bank would charge is still profitable.
I'm honestly shocked Bitcoin is still a functioning thing. It's obvious that it has no future, but since there ar are enough gullible nerds who think it has value, it has value I guess.
[QUOTE=SPESSMEHREN;49570650]I'm honestly shocked Bitcoin is still a functioning thing. It's obvious that it has no future, but since there ar are enough gullible nerds who think it has value, it has value I guess.[/QUOTE] They were just loudly screaming IT'S THE FUTURE YOU DON'T UNDERSTAND BITCOIN HAS PLENTY OF USES NOT JUST MAKING MORE MONEY while never taking a moment to notice that nobody was actually selling or buying any legimate products with it - only buying and selling bitcoins for the purpose of buying and selling more bitcoins. I mean sure people can argue that people do similar things with real currencies but that's on a much lesser scale than what people did with Bitcoin.
[QUOTE=SPESSMEHREN;49570650]I'm honestly shocked Bitcoin is still a functioning thing. It's obvious that it has no future, but since there ar are enough gullible nerds who think it has value, it has value I guess.[/QUOTE] the same could be said with practically all modern currency since its all fiat and not backed by anything currency has value because people believe it has value
I'm surprised people thought it was still worthwhile after MtGox died. It was one of the better ways to convert Bitcoins to real money and vice versa...
What's with all the bitcoin hate? The core technology behind seems to be fine, the with one of the only big issues being poor leadership in the core development team and the huge spread in trading value. These are problems, but not permanent ones. Is unsubstantiated pessimism towards bitcoin the new trend now?
[QUOTE=yodaman888;49570773]the same could be said with practically all modern currency since its all fiat and not backed by anything currency has value because people believe it has value[/QUOTE] Bitcoin was flawed from the onset. As Bitcoin would become more-popular, returns from mining would become more-scarce. It was always going to hyper-deflate itself into irrelevance, but not before people close to the creation of Bitcoin would create a quick buck out of selling the coins they mined very early on.
gotta admit btc is great for buying drugs.
[QUOTE=cody8295;49575111]gotta admit btc is great for buying drugs.[/QUOTE] It isn't useful for much else, drugs or child porn is pretty much what you can buy with Bitcoin
[QUOTE=Starlight 456;49575123]It isn't useful for much else, drugs or child porn is pretty much what you can buy with Bitcoin[/QUOTE] Bitcoin is still pretty huge in the used electronics/computer components market.
[QUOTE=Starlight 456;49575123]It isn't useful for much else, drugs or child porn is pretty much what you can buy with Bitcoin[/QUOTE] Nope. Some stores now accept btc. You can buy many legal things on black markets. You can even trade for Amazon and other gift cards on the clearnet
[QUOTE=cody8295;49575142]Nope. Some stores now accept btc. You can buy many legal things on black markets. You can even trade for Amazon and other gift cards on the clearnet[/QUOTE] I buy CD keys with my Bitcoins.
A mall in my city has a bitcoin terminal, don't know if anyone uses it though
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