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To what extent do you think the value of bitcoin is driven by its use as a black market exchange / laundering tool? I suspect virtually all of it. People dismi
by throwaway0255 9y ago
To what extent do you think the value of bitcoin is driven by its use as a black market exchange / laundering tool?
I suspect virtually all of it. People dismiss this viewpoint because they attribute it to Silk Road type activities, which can't explain the scale, but what I'm talking about is millionaires and billionaires funneling wealth out of China etc.
One thing that's certain is that bitcoin isn't really a currency. When you pay with bitcoin, the value is tied to and converted to USD, and the price paid is tied to USD. Bitcoin isn't the currency in those transactions, USD is. Bitcoin is more like a decentralized anonymous Western Union than it is a currency.
I also don't understand what proponents think the endgame is for bitcoin as an investment-grade asset. Everyone who buys some just becomes the world's first trillionaires, and we become a 2-tiered society of people who bought bitcoin and people who didn't?
Bitcoin might have some serious world-changing implications, but I seriously doubt it being an investable asset is one of them.