Post
Topic
Board Economics
Re: money laundering
by
thejaytiesto
on 17/05/2015, 15:22:39 UTC
is bitcoin open way forward money launderer to get safe money,i asked that because its appear that bitcoins is verry hard to control or track

As already said, it's not that hard to track.

There're other coins that declare being untraceable, but as far as I know, any bitcoin-based coin is easy to track. It's considered that cryptonote coins' transactions, though, are really imppossible to track Cool Cool Cool 

But to access cryptonote coins (namely Monero) you still need Bitcoin, and the Bitcoin transaction where you bought Monero with would still show up, so whats the point. Unless the Monero coins you have were mined, their origin will most likely be trade for BTC in some exchange.

The point is probably that after that, you cannot follow the monero coins any more.  That's the point.  Of course you can see that a guy deposited half a million $ in an exchange to get bitcoins.  Then you can trace those bitcoins to an exchange that has monero on its list.  And from there on, you don't know anything any more of where that money went, contrary to the bitcoin block chain.


And thats why the authorities would follow by asking, "where did that million dollars that went into X exchange then to XMR ended up at?"
You better have a convincing answer, but chances are you'll not.