Is BTC the best way to clean up/launder your illegal gains?
 

Just cash out, claim you bought thousands of coins when they were 1 cent each etc.

I am wondering is this what most of the criminals are doing, aka is this the #1 go to method for cleaning cash?

Ps: somebody on GFY (Bjorn) even mentioned that it was not taxed incole tax, lol. I laughed at t and said mos countries tax men think otherwise.
But anyway, even regular income tax would be all right for the cleanup.
Pps: Same Bjorn also wrote that Belgium introduced 30-50% income tax on that. If that is bgger than regular income tax, maybe they took into consideration all the shady possibilities and thus taxed it more?

yes it is the money launderers wet dream...but then again so is art or agriculture...

my favorite is,

1) get paid in btc,
2) go to exchange, sell btc buy some other alt coin.
3) move that alt coin to another exchange, sell this altcoin for cash.

4) ???
5) PROFIT.

untraceable money.

That would be a good way. I guess buy bitcoin with cash using local bitcoin. Then transfer to an exchange and transfer the money to your bank account. Pay the taxes on it.

there will be more rules, every country in Europe now has a different system. In Holland it is an investment. And you pay 1,2% on the money you have above 20.000 euro. not looking how much you made. Except of you do it as a profession with daytrading, than you pay income tax.

In Belgium they say you are doing high risk investments if you move from coin to coin and pay 33% tax. And if you do it everyday, it would be a business and you can pay up to 50%. I don't know what they do if you just buy 1 bitcoin and don't look after it.

They want European laws, so i guess they will come with a system so the governments make the most profit.

I see people saying that they will just transfer and keep it quiet. But when some guy in Holland thought he good fool the tax service by letting him out with epassporte, he get a 1 year sentence, only making a few hundred euros profit. We will see that coming, countries will make an example.

They'll get caught.

we can also do it the opposite way, if you are in a high tax country, i could cash the coins for you for a % so you can have some 'black' money.

You would still need to provide records of transactions to tax officials, just like any other asset acquisition/disposal.

One slightly convoluted way to convert Chinese Yuan into US Dollars (getting around currency exporting limits) is to mine coins. Pay for electricity in Yuan, then sell the mined Bitcoins for USD somewhere else in the world.

I would say it would be buying and selling real estate and properties like Chump does. He's the expert at money laundering!

but this is not what it is used for. there are people in the world sitting on billions of black money and want to have it white.

crypto is the only way where everybody can act like 2 different person
buy when it is cheap with clean money - than buy more with black money - cash the white money including profit out and it is superclean.
than buy more with more clean money and push the rate with the black money.

this is SO obvious what happens here (and you can see it at the volatility) and I am pretty sure that the governments even tolerate this at the moment because the untaxed money comes back into white circulation and has at least one chance to be taxed there.

but as soon this is under regulation it will stop immediately.
no question THAT just the WHEN is open.

No, all transactions are permanently stored in the blockchain and not anonymous. Some altcoins are focused on privacy.

There are Bitcoin mixing services which obfuscate the true source of funds, by mixing everyone's incoming funds together then splitting them into multiple outgoing transactions. If you see 97 transactions come in then 54 go out it's going to be very difficult to correlate them.

As suggested earlier in this thread the path would also be very difficult to trace if you traded across multiple alts and exchanges. Basically DIY mixing.

I am waiting for some Germans who want to cash out their profits for less taxes :) I ask only 5%. That will be the new market for people that want to cash out without high taxes. Ps, you can always sell it for cash on the street in most countries.

I am sure governemts don't care if black money comes back. Like my teachers said. there is no black money. It looks and smell the same. It keeps a whole part of the economy running. The guy that repairs your kitchen cheaper and black without paying VAT (21%). Rent a nanny on the 'black' market. If you want a house cleaner and pay her/him white in Holland... good luck finding one. As long as there are high taxes and forbidden drugs, there will be black money. And that isn't always bad.

look at Amsterdam 'Zuidas', that is the financial district of Amsterdam. Most office buildings are empty. But on paper there must be thousands of companies. Bono from U2 loves Holland, at least the tax system. same with Rolling Stones. And some corrupt oligarch from Ukrain. The Dutch government doesn't care about black money from big companies or criminals, only if they can fuck the man on the street they care. So why should i care?