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It definitely has a killer app. Probably not a big enough app to justify these prices, but one nonetheless. As Stripe, PayPal, Visa, Gofundme, Patreon, et. al.
by caeril 6y ago
It definitely has a killer app. Probably not a big enough app to justify these prices, but one nonetheless.
As Stripe, PayPal, Visa, Gofundme, Patreon, et. al. shut down avenues of payments for legal, but unpopular purchases, BTC is the obvious workaround.
Vendors of firearms, pornography, legal funds for unpopular causes, dissident content creators, etc have become increasingly estranged from the "normal" payments market in the last few years. BTC is the killer app for this.
- newsclues 6y agoIf BTCs killer app is criminal transactions, then regulation is guaranteed.
- eecks 6y agoIs it illegal to transfer value from person A to person B without the middleman?
- alisonkisk 6y agoIn many cases, yes. It's not the "middleman" that is required, but reporting the transaction to the government is.
- mmcwilliams 6y agoIf avoiding reporting a transaction is the goal does committing the transaction to a public blockchain really bypass this? All activity is pseudonymous and in the clear.
- eecks 6y agoConsider these cash examples: A parent gives his child 5 USD to buy some sweets in the local shop. A couple gives another couple 150 USD as a wedding gift. A painter gets 200 USD for painting a house.
- dgellow 6y ago> Vendors of firearms, pornography, legal funds for unpopular causes, dissident content creators Neither pornography, nor legal funds for unpopular cause (think WikiLeaks), or dissident creators are criminal. At least not in the US or Europe. But they are still blocked by the main payment processing companies.
- newsclues 6y agoThe theory and reality don’t match. Drugs are likely the number one things bought using crypto as currency. Firearms and pornography can be bought with dollars if you’re using crypto to buy them or other unpopular goods or services, you are veering dangerously close to black markets, which invite regulation.
- caeril 6y agoRight, but I'm specifically referring to legal, but repressed transactions.
- puranjay 6y agoPrivacy coins are far more suited for skirting regulations. If that's the killer app, you would see mass adoption of Monero, not BTC
- TearsInTheRain 6y agoAnd we seem to be creating more and more dissidents everyday
- digianarchist 6y agoRegulation just shifts to exchanges. Bitstamp already ask for a ridiculous amount of information regarding source of funds.