What am I missing? Clearly, I don’t own any Bitcoin. But what would prevent someone from sending $100 million in Bitcoin and me withdrawing it in small amounts anonymously and depositing it in offshore bank accounts?
I was going to say he's wrong but maybe he's not, you can transfer money through bitcoin but money laundering means you need to pretend your money has a legitimate origin, laundering 100 million through bitcoin is pretty tough, you need to explain where the bitcoin came from and you will fail once you withdraw. Yeah, having a special account with infinite money that you can withdraw a little bit every week is in essence money laundering, the problem is that it isn't effective, to launder great amounts of money you need a big business to invest in.
It's called money laundering.
Our money.
Yep. Couldn’t agree more. No wonder Bitcoin is exploding through the roof. There is a lot of money that needs to be laundered.
Anyone that thinks you can launder money though bitcoin...
What am I missing? Clearly, I don’t own any Bitcoin. But what would prevent someone from sending $100 million in Bitcoin and me withdrawing it in small amounts anonymously and depositing it in offshore bank accounts?
I was going to say he's wrong but maybe he's not, you can transfer money through bitcoin but money laundering means you need to pretend your money has a legitimate origin, laundering 100 million through bitcoin is pretty tough, you need to explain where the bitcoin came from and you will fail once you withdraw. Yeah, having a special account with infinite money that you can withdraw a little bit every week is in essence money laundering, the problem is that it isn't effective, to launder great amounts of money you need a big business to invest in.
Russian mobster oligarchs have been using bitcoin to launder money from the start
Bitcoin isn't exploding, its the dollar that is melting.