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Prevent Money Laundering

#1

Hey everybody.

I have been following the case DC vs Larry Dean Harmon and the recent ruling to classify Bitcoin as money under the DC District Court.

I know Incognito markets it’s self as a privacy based side chain for several crypto currencies but I am worried about the possibility of using the service to launder money and the legal implications of that for Incognito and PRV.

How is the incognito side chain fundamentally different than a “Bitcoin tumbling” or “mixing” service? How is the incognito team protecting the investors and node owners from potential legal liability?

Thanks!

P.S. you can read the full court indictment here

3 Likes
#2

I wouldn’t be to worried criminals will use whatever they can that works. There’s other options out there multiple privacy coins. LTC working on a mimble wimble extension block. Plus criminals want dollars not crypto. They also just use the traditional financial system that already allows them to use there services. Incognito is what the everyday person will use along with some businesses. Incognito has a lot more to offer them than criminals. This doesn’t mean that every criminal won’t use incognito some probably will. Criminals use everything they can. We can’t go banning or getting rid of everything that is used by criminals or else there would be no humans we would be extinct. The tools aren’t the problem it’s the few using them. We can’t punish the majority because the actions of the few.

11 Likes
#3

Exactly otherwise they need to ban cash too. I know they wish they could and trying hard to do so. This is one of the reasons why we need the incognito chain. Once they stop cash we need an alternative decentralized unstoppable privacy solution.

4 Likes