Facilitating crime is and will always be the main usecase for crypto. Because conventional banks are already pretty good at all the regular stuff. Convenient, reliable, kinda trustworthy.
I don't think so. The amount of fraud in crypto is nothing compared to what has been exposed in the FinCEN leaks [0], which the fraud is even worse with the banks allowing the laundering of trillions of dollars for criminals, drug-lords and gangsters. The same is true with the Zelle payments platform also rife with rampant fraud. [1]
Crypto doesn’t solve any real problems, except for criminals who want to move money, launder it, all out of reach of gov’t.
Criminals that attempt to launder money on a transparent and traceable blockchain will be caught as soon as the money hits the exchange or frozen once swapped into stablecoins.
Criminals that attempt to launder money on a transparent and traceable blockchain
Remember the NFT craze? Use dirty money to pump the price of some flavor of NFT. Then use clean money to speculate on a sure thing and take out the profit. Money got laundered but nothing shows up on any chain that links the dirty money to the clean speculation profits. You have to be a little clever, but blockchains absolutely don't prevent money laundering.
Comments
I don't think so. The amount of fraud in crypto is nothing compared to what has been exposed in the FinCEN leaks [0], which the fraud is even worse with the banks allowing the laundering of trillions of dollars for criminals, drug-lords and gangsters. The same is true with the Zelle payments platform also rife with rampant fraud. [1]
Criminals that attempt to launder money on a transparent and traceable blockchain will be caught as soon as the money hits the exchange or frozen once swapped into stablecoins.
[0] https://www.icij.org/investigations/fincen-files/global-bank...
[1] https://www.nytimes.com/2022/03/06/business/payments-fraud-z...
Remember the NFT craze? Use dirty money to pump the price of some flavor of NFT. Then use clean money to speculate on a sure thing and take out the profit. Money got laundered but nothing shows up on any chain that links the dirty money to the clean speculation profits. You have to be a little clever, but blockchains absolutely don't prevent money laundering.