Comment by vkou 3 days ago
What if you tried your best to do everything that a money launderer does without actually doing any money laundering?
If you and your friends are just innocently idling in a your car wearing a ski mask in the middle of summer with a shotgun and a large duffel bag, in front of a bank that was robbed in this manner four times last month, you're highly unlikely to, at minimum, beat the ride.
Has anyone ever been convicted for doing a few on-exchange trades and conversions? You should be keeping your receipts for tax purposes, it's on you to provide them up to a statue of limitations.
Or is this just a theoretical concern for anyone who isn't laundering Bitcoin stolen through ransomware or from exchanges?
Chris Borden went to prison for Bitcoin related financial malfeasance.
You missed the point. The point was that there are many ordinary and mundane reasons why you wouldn't be able to prove the full chain of custody for the BTC you acquired in 2012. It would be a real practical concern if you are a law-abiding person. If you're a criminal, it's not much of a concern since laundering money is relatively easy.
Yes but the claim is those are hard to track details, and then what's described is a timeline of consistent interaction with the money which you're now planning to claim you have no knowledge of.
And some of those interactions are taxable events - e.g. if you are exchanging out of cryptocurrency denominations, then by US tax law as a US citizen that was a taxable event.
Sounds like that criteria would match about 50% of people with child support or alimony orders.
What I described is actually extremely mundane. Maybe you started with Bitcoin Core and later switched to a lighter SPV wallet like Electrum when the blockchain got too big. Maybe you bought a hardware wallet and moved your BTC offline. Maybe you sent some to Binance to invest in Ethereum at some point. There are countless reasons to shuffle BTC around - and countless reasons why you couldn't prove your full transaction history dating back to 2012 - none of which involve any crimes.