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I hate being that guy, but if you use any reserve currency(USD,Euro) I'd argue that its those currencies being used in active drug/illegal markets. If I show u
by whb07 9y ago
I hate being that guy, but if you use any reserve currency(USD,Euro) I'd argue that its those currencies being used in active drug/illegal markets.
If I show up to a drug transaction anywhere with a hardware wallet, I think I'd get laughed out. Yet that's not the same with USD. Or in the extreme case, If I went to Libya to purchase a slave it is safe to say they take Euros.
- coryl 9y agoYou don't use it in individual transactions. It's for wholesale drug operations. Usually drugs go at one time, money comes back another time. Only now instead of cash you could just use a crypto, but figuring out how to liquidate enough of it would be difficult.
- quickthrower2 9y agoWatching the Neflix doco on Escobar - one problem he had is having to hide large quantities of cash in holes around Columbia. Not liquidating it all would be advantageous I'd think. OTOH the DEA would love the traceability.
- deleted 9y ago[deleted]
- muzani 9y agoI saw some drug documentary too. Smuggling in drugs is only one part of the problem. Drugs are small and valuable. Smuggling out the money is an equal problem, because it was all large and bulky. If you bring an entire truck full of cocaine in, you're going to need more than a truck to pull it out. So while you can buy a few grams or a slave with a briefcase of notes, it's not as easy for the dealer. Crypto, if safe, would lower the risk by about 50%. Bitcoin is traceable but it seems that something like Monero might be better for this.