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But how much of that transaction volume is legal use of Bitcoin as a currency? Sure, it's being adopted by criminals. Great. Not many startups opportunities th

But how much of that transaction volume is legal use of Bitcoin as a currency? Sure, it's being adopted by criminals. Great. Not many startups opportunities there, unless you want to risk a lifetime in jail.

CyberDildonics 9y ago
I can't believe people still think this about bitcoin here. I use bitcoin more than a credit card. Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin. There are billboards in non-tech cities advertising bitcoin ATMs. If it was all illegal transactions, why would the number of transactions go up so sharply when the prices rises and there is media hype? All the main stream exposure immediately translates to even more people buying drugs? There is no evidence of these kinds of biases and lots of evidence to the contrary. Coinbase said that they added a million new customers on this last price rise and is now valued at well over a billion dollars. They shutdown people's accounts when they trace their transactions to dark net market activity. And yet people still keep going on about bitcoin only being adopted by criminals. Are you really going to tell me that the thousands of bitcoin ATMs around the world are all being used for people getting on the TOR network, using encrypted messaging, and buying drugs from darknet markets over TOR hidden services? https://coinatmradar.com/ https://coinatmradar.com/
- lawrenceyan 9y ago
  I would argue yes. No one legitimately uses Bitcoin as a form of currency. The two types of people buying it are (1) those currently using it as a volatile investment vehicle and (2) those currently using it as a means of illicit transactions. Any other play is a losing one as your risk of huge devaluations in trying to use Bitcoin like cash make it incompatible to the average person. The usage of Bitcoin as it was originally envisioned is far from the truth.
  - kenpomeroy 9y ago
    You can't be serious... you are literally responding to someone who told you they use bitcoin more than credit card, and yet you still maintain that "No one legitimately uses Bitcoin as a form of currency." You think all of us who use bitcoin to buy things are just lying?
    - lawrenceyan 9y ago
      I apologize. Perhaps I should have been less colloquial with my writing. My meaning was meant to generally imply a lack of usage by the main stream population. Niche users who are generally early believers / proponents of a decentralized currency like Bitcoin, which I should point out I very much am and hold definitive stake within, don't count. Until Bitcoin as a whole stabilizes, the original vision that Bitcoin and other cryptocurrencies that soon arised were meant to advocate for, will never be realized.
- nugget 9y ago
  > Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin. Under current US tax laws, every time you purchase something with BTC, you need to calculate the cost basis in that individual lot of BTC and then determine if capital gains taxes are owed, and if so, then remember to include them on your tax return for the year. Do you have the discipline to do this? I don't. Hopefully the laws change to become more pragmatic in the future, but until then, it's pretty much DOA if you want to remain totally tax compliant.
  - CyberDildonics 9y ago
    Wallet software already keeps track of your transactions.
    - lawrenceyan 9y ago
      That sort of defeats the purpose of an anonymous decentralized transaction service no?
      - CyberDildonics 9y ago
        How so? It keeps track of them in the same place as the private keys - a local encrypted wallet file. Have you ever used bitcoin or any cryptocurency? Are you sure you actually understand them?

CyberDildonics 9y ago

I can't believe people still think this about bitcoin here. I use bitcoin more than a credit card. Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin. There are billboards in non-tech cities advertising bitcoin ATMs. If it was all illegal transactions, why would the number of transactions go up so sharply when the prices rises and there is media hype? All the main stream exposure immediately translates to even more people buying drugs? There is no evidence of these kinds of biases and lots of evidence to the contrary. Coinbase said that they added a million new customers on this last price rise and is now valued at well over a billion dollars. They shutdown people's accounts when they trace their transactions to dark net market activity. And yet people still keep going on about bitcoin only being adopted by criminals. Are you really going to tell me that the thousands of bitcoin ATMs around the world are all being used for people getting on the TOR network, using encrypted messaging, and buying drugs from darknet markets over TOR hidden services? https://coinatmradar.com/ https://coinatmradar.com/

lawrenceyan 9y ago
I would argue yes. No one legitimately uses Bitcoin as a form of currency. The two types of people buying it are (1) those currently using it as a volatile investment vehicle and (2) those currently using it as a means of illicit transactions. Any other play is a losing one as your risk of huge devaluations in trying to use Bitcoin like cash make it incompatible to the average person. The usage of Bitcoin as it was originally envisioned is far from the truth.
- kenpomeroy 9y ago
  You can't be serious... you are literally responding to someone who told you they use bitcoin more than credit card, and yet you still maintain that "No one legitimately uses Bitcoin as a form of currency." You think all of us who use bitcoin to buy things are just lying?
  - lawrenceyan 9y ago
    I apologize. Perhaps I should have been less colloquial with my writing. My meaning was meant to generally imply a lack of usage by the main stream population. Niche users who are generally early believers / proponents of a decentralized currency like Bitcoin, which I should point out I very much am and hold definitive stake within, don't count. Until Bitcoin as a whole stabilizes, the original vision that Bitcoin and other cryptocurrencies that soon arised were meant to advocate for, will never be realized.
nugget 9y ago
> Overstock, Steam, lots of VPS and VPN services, as well as many other online stores take bitcoin. Under current US tax laws, every time you purchase something with BTC, you need to calculate the cost basis in that individual lot of BTC and then determine if capital gains taxes are owed, and if so, then remember to include them on your tax return for the year. Do you have the discipline to do this? I don't. Hopefully the laws change to become more pragmatic in the future, but until then, it's pretty much DOA if you want to remain totally tax compliant.
- CyberDildonics 9y ago
  Wallet software already keeps track of your transactions.
  - lawrenceyan 9y ago
    That sort of defeats the purpose of an anonymous decentralized transaction service no?
    - CyberDildonics 9y ago
      How so? It keeps track of them in the same place as the private keys - a local encrypted wallet file. Have you ever used bitcoin or any cryptocurency? Are you sure you actually understand them?