Many of us don't need to launder money, mostly because we don't have that much money and and don't need to cover up its source. However, it seems to me you might be interested in how easy it is and how it's done.
To do it yourself, sign up for an account with a virtual world that has its own virtual currency, such as Second Life, then download and install the Bitcoin client. Then start converting real life dollars to Linden dollars, then Linden dollars to Bitcoins. If you think this is silly, take a look at this article from New World Notes. Here's a current Bitcoin chart tracking Second Life transactions. The Economist explains how Bitcoin works.
And you thought virtual worlds are silly.
This Alex comic strip (Charles Peattie and Russell Taylor) from The Telegraph (U.K.) might explain money laundering a little more (click on the image to see it larger).
What's a shady entrepreneur to do? You could ignore the new rules, since you're probably doing something illegal anyway. Or you could be too-big-to-fail, like HSBC. This cartoon by Adam Zyglis sums it up nicely:
This whole too-big-to-fail thing is just plain wrong.
-- Marge
To do it yourself, sign up for an account with a virtual world that has its own virtual currency, such as Second Life, then download and install the Bitcoin client. Then start converting real life dollars to Linden dollars, then Linden dollars to Bitcoins. If you think this is silly, take a look at this article from New World Notes. Here's a current Bitcoin chart tracking Second Life transactions. The Economist explains how Bitcoin works.
And you thought virtual worlds are silly.
This Alex comic strip (Charles Peattie and Russell Taylor) from The Telegraph (U.K.) might explain money laundering a little more (click on the image to see it larger).
Word on the street says the U.S. will be applying money-laundering laws to Bitcoin and other 'virtual currencies. The Wall Street Journal concurs.
What's a shady entrepreneur to do? You could ignore the new rules, since you're probably doing something illegal anyway. Or you could be too-big-to-fail, like HSBC. This cartoon by Adam Zyglis sums it up nicely:
This whole too-big-to-fail thing is just plain wrong.
-- Marge
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