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>how much of it will be settled in actual BTC vs USD Exactly none of it, considering that Bitcoin as a currency is fairly useless unless you're buying drugs or

>how much of it will be settled in actual BTC vs USD Exactly none of it, considering that Bitcoin as a currency is fairly useless unless you're buying drugs or you're a botnet operator.

macromage 9y ago
Fairly useless unless you're part of a roughly $1-trillion dollar[1] global industry, you mean? [1] https://en.wikipedia.org/wiki/Illegal_drug_trade https://en.wikipedia.org/wiki/Illegal_drug_trade - Take the 2003 figure as a % of world GDP, apply to today's world GDP.
- deadmetheny 9y ago
  Ah yes, I'm sure all the people trading on Bitcoin futures are getting paid in Bitcoin and re-investing into the illegal drug market.
  - macromage 9y ago
    I don't see how that relates to the point you were making. Clarify? > Bitcoin as a currency is fairly useless unless you're buying drugs or you're a botnet operator You claim that Bitcoin is useless. This was to justify the point you made before (nothing will settle in Bitcoin) or maybe as a cheap dig. Either way, your statement as it stands is worded to be condescending and confusing. It's like saying "Mouthwash is fairly useless unless you don't want bad breath." Turns out, the market for people who don't want bad breath is pretty big. Calling it useless is wrong.
    - deadmetheny 9y ago
      What I'm getting at is that Bitcoin is essentially being traded as a security, where it's basically just how much electricity mining pools have wasted. Despite being designed as a currency, it sees very little use as such and mostly just gets moved around between people trying to get rich. >your statement as it stands is worded to be condescending That is intentional. I find Bitcoin is stupid and wasteful by design.
igorgue 9y ago
Or get a Shift Card (partner of Coinbase) and buy some nice coffee or gas or plane tickets... Everything is useless if you're a moron ;-). https://www.shiftpayments.com/ https://www.shiftpayments.com/
- deadmetheny 9y ago
  The places you use that aren't taking your Internet Fun Bucks though, it's just converting them into dirty fiat and giving that to merchants. Also, best hope that the $2 you spent on a carton of milk isn't worth $4 by the end of the week.
  - Frogolocalypse 9y ago
    That carton of milk cost me 50c because the value of my bitcoin on my wallet is 4x greater than when i put money in my wallet.
aoeusnth1 9y ago
It's pretty useless for those, too.
flignats 9y ago
I don't get it - btc is worse than cash for buying drugs and botnets. Cash is anonymous, how do people forget that?
- semi-extrinsic 9y ago
  For drugs easily available from your local dealer, you're probably right. But if you wanna buy something fancy, or for anything to do with botnets if you live in the US/Western Europe, cash is a no-go since you can't easily move it internationally.

>how much of it will be settled in actual BTC vs USD Exactly none of it, considering that Bitcoin as a currency is fairly useless unless you're buying drugs or you're a botnet operator.

macromage 9y ago

Fairly useless unless you're part of a roughly $1-trillion dollar[1] global industry, you mean? [1] https://en.wikipedia.org/wiki/Illegal_drug_trade https://en.wikipedia.org/wiki/Illegal_drug_trade - Take the 2003 figure as a % of world GDP, apply to today's world GDP.

deadmetheny 9y ago
Ah yes, I'm sure all the people trading on Bitcoin futures are getting paid in Bitcoin and re-investing into the illegal drug market.
- macromage 9y ago
  I don't see how that relates to the point you were making. Clarify? > Bitcoin as a currency is fairly useless unless you're buying drugs or you're a botnet operator You claim that Bitcoin is useless. This was to justify the point you made before (nothing will settle in Bitcoin) or maybe as a cheap dig. Either way, your statement as it stands is worded to be condescending and confusing. It's like saying "Mouthwash is fairly useless unless you don't want bad breath." Turns out, the market for people who don't want bad breath is pretty big. Calling it useless is wrong.
  - deadmetheny 9y ago
    What I'm getting at is that Bitcoin is essentially being traded as a security, where it's basically just how much electricity mining pools have wasted. Despite being designed as a currency, it sees very little use as such and mostly just gets moved around between people trying to get rich. >your statement as it stands is worded to be condescending That is intentional. I find Bitcoin is stupid and wasteful by design.

igorgue 9y ago

Or get a Shift Card (partner of Coinbase) and buy some nice coffee or gas or plane tickets... Everything is useless if you're a moron ;-). https://www.shiftpayments.com/ https://www.shiftpayments.com/

deadmetheny 9y ago
The places you use that aren't taking your Internet Fun Bucks though, it's just converting them into dirty fiat and giving that to merchants. Also, best hope that the $2 you spent on a carton of milk isn't worth $4 by the end of the week.
- Frogolocalypse 9y ago
  That carton of milk cost me 50c because the value of my bitcoin on my wallet is 4x greater than when i put money in my wallet.

aoeusnth1 9y ago

It's pretty useless for those, too.

flignats 9y ago

I don't get it - btc is worse than cash for buying drugs and botnets. Cash is anonymous, how do people forget that?

semi-extrinsic 9y ago
For drugs easily available from your local dealer, you're probably right. But if you wanna buy something fancy, or for anything to do with botnets if you live in the US/Western Europe, cash is a no-go since you can't easily move it internationally.