3 ms·

These are problems that aren't fixed in traditional money either. Money still gets to terrorists and still gets laundered through our biggest banks.

acdha 7y ago
Yes, but note that there are laws and policies around it rather than people saying the question should be unasked.
- rmtech 7y ago
  I willingly concede that legacy/fiat money is better at stopping bad people/criminals/terrorists etc from having access to money.
  - alphydan 7y ago
    It is hard to make a definitive statement either way. For example: > Analysts estimate that underground economic transactions account for one-third (33%!) of the total economy in developing countries and slightly more than 10% of the total economy in developed countries. [0] On the Bitcoin blockchain it may be around 19% (approximately USD $380bn in yearly transactions on Bitcoin [1], $72bn of which may be illegal [2]) So it's hard to say which "monetary system" is doing better in that regard. Of course, I would argue that cryptocurrencies are still in the experimental phase, trying to figure out where they are going and how. [0] https://www.investopedia.com/articles/markets-economy/062216/how-underground-economy-affects-gdp.asp https://www.investopedia.com/articles/markets-economy/062216... [1] https://www.blockchain.com/charts/estimated-transaction-volume-usd https://www.blockchain.com/charts/estimated-transaction-volu... [2] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645
    - arcticbull 7y ago
      Once you eliminate the fake transactions, wash trading, tape painting, manipulation, etc, I'd wager you're left with a much much larger proportion of crypto transactions being illicit. Probably close to 100% if you exclude speculation too, since only about 2 or 3 big merchants accept crypto at all.
      - rmtech 7y ago
        For now, but remember that crypto essentially doesn't work at the moment because of scaling problems

acdha 7y ago

Yes, but note that there are laws and policies around it rather than people saying the question should be unasked.

rmtech 7y ago
I willingly concede that legacy/fiat money is better at stopping bad people/criminals/terrorists etc from having access to money.
- alphydan 7y ago
  It is hard to make a definitive statement either way. For example: > Analysts estimate that underground economic transactions account for one-third (33%!) of the total economy in developing countries and slightly more than 10% of the total economy in developed countries. [0] On the Bitcoin blockchain it may be around 19% (approximately USD $380bn in yearly transactions on Bitcoin [1], $72bn of which may be illegal [2]) So it's hard to say which "monetary system" is doing better in that regard. Of course, I would argue that cryptocurrencies are still in the experimental phase, trying to figure out where they are going and how. [0] https://www.investopedia.com/articles/markets-economy/062216/how-underground-economy-affects-gdp.asp https://www.investopedia.com/articles/markets-economy/062216... [1] https://www.blockchain.com/charts/estimated-transaction-volume-usd https://www.blockchain.com/charts/estimated-transaction-volu... [2] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645
  - arcticbull 7y ago
    Once you eliminate the fake transactions, wash trading, tape painting, manipulation, etc, I'd wager you're left with a much much larger proportion of crypto transactions being illicit. Probably close to 100% if you exclude speculation too, since only about 2 or 3 big merchants accept crypto at all.
    - rmtech 7y ago
      For now, but remember that crypto essentially doesn't work at the moment because of scaling problems