AuthorTopic: Florida Judge Opens the Way For Money Laundering Using Bitcoin  (Read 1271 times)

Offline Eddie

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Re: Florida Judge Opens the Way For Money Laundering Using Bitcoin
« Reply #15 on: July 26, 2016, 01:13:35 PM »
I've never been Rolfed, but I've known about it since the 1970's. Most bodywork is a mystery to the medical/scientific establishment, but that's a serious blind spot on their part.
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Offline Eddie

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Re: Florida Judge Opens the Way For Money Laundering Using Bitcoin
« Reply #16 on: July 26, 2016, 01:23:44 PM »
I am surprised with this decision. I thought it could be tried under money laundering by declaring bitcoin to be an asset/commodity. I believe a reasonable case could be made for that seeing as how business who profit from bitcoin get charged capital gains tax. Did anyone also ask what was the source of funds that enabled this person to get bitcoins? I read the article and saw no mention of that which is rather peculiar. In any case if bitcoin got popular enough or it became clear that lots of crime/terrorism was being funded this way there maybe a crackdown. Governments and banks won't like bitcoin as it will be a direct competitor with real money so measures would be taken to curtail that threat if it got to that point...

It seems like a poorly considered decision, and I wouldn't be surprised to see it reversed, or at least modified to reflect that Bitcoin is a financial asset, and therefore COULD be used for laundering money.
What makes the desert beautiful is that somewhere it hides a well.

Offline roamer

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Re: Florida Judge Opens the Way For Money Laundering Using Bitcoin
« Reply #17 on: July 26, 2016, 02:49:14 PM »
Plenty of exchanges to turn bitcoin to $ and then deposit in your bank account.  Easy, fast, can be automated.  Cyrptocurrencies are a launders wet dream.  Chinese buisnessman liking it a fair amount for that reason. 

Offline JRM

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Re: Florida Judge Opens the Way For Money Laundering Using Bitcoin
« Reply #18 on: July 26, 2016, 03:30:23 PM »
From Wikipedia:

Quote
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins.[15] Besides being obtained by mining, bitcoins can be exchanged for other currencies,[24] products, and services.[25] When sending bitcoins, users can pay an optional transaction fee to the miners.

Um. Huh?
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