Cryptocurrency and the bank secrecy act...

Discussion in 'Bitcoin and Cryptocurrency' started by Slammich, Feb 18, 2018.

  1. Slammich

    Slammich Member

    Ok crypto geniuses...I've been racking my brain on this one and am seeking input.

    If banks report 10k in accounts received, even small sums added up, then how does one get paid in crypto and get dollar bills for the crypto without triggering a bank to notify the authorities?

    Example: a person offers goods or services in exchange for crypto. In a 12 month span this person sells/performs 125 goods/services for 500 USD in crypto. Each time the person cashes out the crypto and it hits the bank. That's $62,500 USD over 12 months. Seems to me the IRS and most likely criminal investigators will want to know where the funds came from and or seize some assets. How is this avoided?
  2. Sk8man101

    Sk8man101 Member

    Soooo which source are you affiliated with?

    Well it's over 10k?
    Couldn't you claim it as income and just pay your taxes on it?
  3. Sk8man101

    Sk8man101 Member

    Ask your tax person man.

    Not that I don't admire your hustle, but it's painfully obvious that your either affiliated with a source or selling your home brew.
    Possibly threw multiple start up labs in the underground that got shot down.

    The only reason I bring it up is because your all over the underground. I'll let you respond before I look deeper into it.
    Mostly just cause I'm feeling lazy though.
    MindlessWork likes this.
  4. DrinkFlintWater

    DrinkFlintWater Member Supporter

    In short, don't send it to a bank. Research "other" options.
    ickyrica likes this.
  5. Slammich

    Slammich Member

    I posted about sourcing a while back and have always thought about it, but i don't. I've researched the shit out of it because it would be so fucking easy to test everything and do it safely yet nobody seems to want to follow meso protocol.

    Anyway, no, i don't source and i don't have any lab affiliations.

    That being does a source hide that money? I wonder if several small deposits from an accredited crypto site would even trip a banks interest. Maybe wouldn't even have to hide it...plain sight kinda thing.

    If i did source of course my deposits would be over 10k annual...otherwise not worth the time. Try to claim as income you'd essentially need a false self owned company that was legit to launder through. I doubt 24k, potg, squatch, etc are doing that. But they obviously are avoiding structured deposit alarms.
    Crypto always has to end up as cash in the bank to become real dollars. I know of zero crypto places that mail checks to users. Ideas?

    I have to go to my bank soon anyway. I will ask them directly about deposits that look structured to them. Its a start anyway.
  6. Sk8man101

    Sk8man101 Member

    Your asking meso how to launder drug money? Idk man watch some Breaking bad and figure it out.

    Also 24k was way before your time on meso so I'm a little surprised you mentioned him.
  7. Slammich

    Slammich Member

    Yes genius. Im asking how to launder money. Jesus fuck. Why get involved in the conversation if you're either:
    A., Missing key points


    B., Simply trolling

    I said nobody mentioned is likely laundering money. Yet they are obviously not getting hit for structured deposits. Seems either crypto deposits aren't a concern or they have another method.

    Also, 24k was before my time? Really? How long did i lurk/shop here before i officially signed up?
  8. master.on

    master.on Member

    Please clear
    as I believe your question ain't that IRS found your account used to SPECULATE/TRADE Btc and profit from price swings? (not illegal as long as you declare the profits to the IRS)

    rather, you intend to get paid (for God knows what, let's hope they're "just" webcams) in cryptos and want to turn that to greenbacks?
    In an hypothetical scenario, for information/entertainment* purposes only and not meant to actually break any laws:

    less chance of it being traced if cashed abroad
    selling cryptos with an account with either a fake ID (less chance prosecution, and easier/cheaper to get a fake ID/identity abroad) or an useful idiot handed a few $, but they always end up snitching when caught.

    If the exchange or even the credit card company asks where the cryptos come from a BS front business comes handy
    i.e. gay webcams
    * I said this answer was just meant for entertainment purposes, remember?
  9. Slammich

    Slammich Member

    Thanks, but i found my answer. I was simply over thinking.
  10. movingiron88

    movingiron88 Member

    What is the answer? It's something I always wondered.