If you want to launder your bitcoin then you should at least use a couple of mixing services and move them to a dark coin and back so that your coins can’t be linked to the original crime. You then still have coins that you can’t explain how you got them but at least the FBI isn’t actively following them.
Then use them for any type of project that you can make look profitable even when it makes a loss and those profits are then reasonably clean.
The people getting caught are amateurs that got lucky when an exchange was ran by even bigger amateurs.
That’s fine for a couple million, but how do you do it with $5 billion worth of coins? That’s 2 billion more than Monero’s entire market cap. It’d be like trying to hide an elephant behind a small bush.
Was about to post this too. Third bullet is true of basically all economic activity. If you treat money coming into the system as an expense, then nothing makes money.
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This is my critique of McDonalds as a business:
The problem here is that the amount of actual money you can get out of selling hamburgers equals the amount of actual money that has been put in, minus the actual costs of the hamburgers. So the big picture is that although there may be winners, in aggregate the system loses money.
I’ve got some issues with diamond mining:
The problem here is that the amount of actual money you can get out of a diamond equals the amount of actual money that has been put in, minus the actual costs of mining. So the big picture is that although there may be winners, in aggregate the system loses money.
They would have plenty of time and I assume would be ok with 90% spillage or even more. Also you have to be a complete idiot to give your KYC info to anyone when you try to launder anything. Find some homeless person to use as a fall guy. Buy some fake or stolen identities on the dark web. You have plenty of bitcoin to throw around and the cool thing is you never have to do anything in person unlike when you have a suitcase full of $100 bills.
Trust based so not ideal. They can just walk away with all of it but some have been in existence for a long time and you are not sending one big amount to them. You send lots of smaller transactions over time and their cut in the end is bigger than them walking away with one of your deposits.
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Maybe also don’t move it into accounts with your name on it (like this couple did) and leave notes lying around your house or on spreadsheets that say “burner phone”, “fake passport” and “dirty wallet”. Masterminds.
I do not understand why anyone is trying to steal a billion. Hi, yes, please put me in jail for a crime that could never benefit me.
Steal $2 million and you can go sit on a beach and no one ever looks for you.
whoa what is this FIRE advice bullshit?!? you think you can afford an expensive beachfront retirement on 2 million in your 30s??? you’d need a side gig or hustle, like renting out your property as an air bnb to generate passive income, to make it work.
They stole $65 million and could definitely have laundered enough to sit on a beach somewhere without caring about the remaining coins becoming worth billions.
2 million is enough if you don’t mind living in Thailand or somewhere.
i’m sure there is lots of stuff you can pay for with bitcoin like luxury hotels where it never shows up anywhere to the gov.
I like how the LC thread is “tenured teacher mad restaurant manager makes 70k” and this thread is “$2 million cash in hand isn’t enough to put your feet up.”
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https://twitter.com/thomasg_eth/status/1492663192404779013
friendly reminder to everyone to be diligent with your security. this guy’s public twitter account is linked to his ens which holds 160 million usd in tokens, 120m of which was at risk with the particular exploit this social engineering scam would have been able to steal if he had been a little less skeptical.
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Currently an hour in to this video, which I know has already been posted. Probably 90% agree with it, at least regarding things I know. Definitely a good watch for the haters.
I watched it after seeing it was done by a guy whose channel I had subbed to based on his flat earth takedown, which is a solid vid.
Note that “the problem with nfts” is a bad title, as it’s more general.
once again i don’t understand these people that decide to hold 8 or 9 figures worth of coins or nfts in one wallet. Spread that shit out to multiple wallets people come on.
There hasn’t been a video with this much internet hype since Plandemic.
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I don’t understand anyone being a public figure with any large amount of crypto. Surely you’re asking to be kidnapped and fleeced?