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Discussion Starter · #1 ·
Just coming around to the idea of something like bitcoin and curious if someone were able to use it to set up practically untraceable offshore accounts? Or is this what it is being used to do right now?

Is this how it might work?

Joe uses $4500 to put a bitcoin in his wallet. He has a public key to the wallet and a private key. The wallet is however anonymous. Nobody knows that Joe has the key to this wallet except Joe.

Joe then goes to the public library and emails the Bank of Uzbekibekistanstan and asks if they will set up an account under the name Dr. Prepper and if he can deposit funds in this account by using the bank's public bitcoin key. Joe transfers his bitcoin to the bank and the bank puts Uzbekibekistanstan dollars into Dr. Prepper's bank account. Joe then uses that bank account to buy and sell some conflict diamonds or something and earns enough to buy two bitcoins. He then has the bank convert the money into bitcoins and send it to his public wallet key.

So now Joe has a wallet with 2 bitcoins where he used to have 1 bitcoin. His local government (maybe he lives in the USA) has no clue that any of this has been going on or knows about the first bitcoin or the profit of the 2 bitcoins. It sounds like there is actually no practical way for them to ever know unless Joe was sloppy in obtaining the original keys for his wallet. I guess they might be able to see the initial and final transaction where dollars were converted to/from bitcoins.
 

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The US Government asks you to report foreign accounts. They might become hostile if they discovered an unreported one.

That said, I really doubt they have a way of scanning all of the possibilities, even without your bitcoin gambit.

Meanwhile, if you do have a way of doubling and redoubling, just go ahead and move to Uzbekibekistanstan and enjoy life there~!
 

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Joe then goes to the public library and emails the Bank of Uzbekibekistanstan and asks if they will set up an account under the name Dr. Prepper and if he can deposit funds in this account by using the bank's public bitcoin key.
I have never seen or heard of a bank which has a public bitcoin wallet. Banks do not accept bitcoin deposits. You have to use a bitcoin exchange to get a cash and make a normal deposit. Before that, you'll need to open an account, and that cannot be done without showing some valid ID. Note also that it's especially difficult for Americans to open a bank account abroad, because of information exchanges required by U.S. law.
 

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I have never seen or heard of a bank which has a public bitcoin wallet. Banks do not accept bitcoin deposits. You have to use a bitcoin exchange to get a cash and make a normal deposit. Before that, you'll need to open an account, and that cannot be done without showing some valid ID. Note also that it's especially difficult for Americans to open a bank account abroad, because of information exchanges required by U.S. law.

Times are changing. We'll start to see banks try to get their grubby mitts on crypto in the coming years.

https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/
 

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Discussion Starter · #6 ·
If bitcoins don't eventually gain acceptance by banks as deposits, then bitcoins are going to fail.

I have no reason right now to set up an offshore account but someone who wanted to do something in secret might want to do that and bitcoins might provide a way someday.
 

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The wealthy elite have been storing money in offshore accounts for years. The Samsung founder was just busted hiding billions in hundreds of offshore accounts. As was Saudi billionaire Prince Alwaleed bin Talal. Cash is much more untraceable than bitcoin. Every bitcoin transaction is recorded on the blockchain forever for everyone to see.
Monero and Dash seem To be the most anymonous coins.
 

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SBI group, an Asian bank is heavy into ripple XRP and NEM.
Stellar coin is partnered with IBM and several south Asian banks.
CMEGroup now trades bitcoin futures.
This summer cryptocurrency ETF will become available in the US.
JP Morgan will begin trading bitcoin futures in early 2018.
The Ethereum alliance now has over 200 members including, Microsoft, Toyota, Intel and every other big name tech company.
Cryptocurrencies are becoming commonplace in countries with failing fiat currencies such as Zimbabwe , Argentina, and Venezuela.
 

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The wealthy elite have been storing money in offshore accounts for years. The Samsung founder was just busted hiding billions in hundreds of offshore accounts. As was Saudi billionaire Prince Alwaleed bin Talal. Cash is much more untraceable than bitcoin. Every bitcoin transaction is recorded on the blockchain forever for everyone to see.
Monero and Dash seem To be the most anymonous coins.
Monero is truly anonymous. Dash is not because it's centralized and while Joe blow can't see the transactions or accounts, a government absolutely could press the powers that be at Dash to release every single transaction and there goes your anonymity.
 
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