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The crypto killer app is using the money to buy illegal drugs. It always has been. Most of the people I knew who were into crypto early used it to buy weed onli

The crypto killer app is using the money to buy illegal drugs. It always has been. Most of the people I knew who were into crypto early used it to buy weed online, not as an investment.

UShouldBWorking 6y ago
Exactly it is cash, as the the white paper says. Everything else is a distraction.
diego_moita 6y ago
> The crypto killer app is using the money to buy illegal drugs. Meeh! Not even that, anymore. In Brazil there was a brief moment in 2014 when you could buy marijuana and cocaine with bitcoins. But now, with all this volatility, transfer costs and low liquidity, not even drug dealers want crypto currency.
fullshark 6y ago
Don't forget ransomware payoffs
jcpham2 6y ago
Mining/Trading BTC over the counter since 2011. I've never used a darknet market. I read an article on slashdot in 2011 called "Bitcoin Mining for fun and profit" I bought a graphics card, it paid itself off in 21 days. I bought 12 more graphics cards and sucked down 3kW for 24 months. I do not regret this and every single person here that doesn't understand proof of work, doesn't understand a deflating asset with 8 (10 million) decimal places of trading precision against fiat currencies with only 2 decimal places... Well I can't help people on the internet do math and make money, no one pays me to do that.
- Taylor_OD 6y ago
  I don't think one could claim mining bitcoin is the killer app of bitcoin. That's a reason why people would support bitcoin.
  - jcpham2 6y ago
    The killer app is the combination of economics, sociology, game theory and decentralized ledger blah blah blah When you take one currency pair with 8 digits of precision that’s PROGRAMMED to deflate and trade that against an inflating currency with 2 digits of precision... You’re going to need a whole lot of the inflating thing to buy the deflating thing, this is math. Me personally, my electrical bills and the costs I’ve eaten has yielded tremendous value: for me. I mined, I was rewarded, I stimulated the economy. Long before there was an economy.

The crypto killer app is using the money to buy illegal drugs. It always has been. Most of the people I knew who were into crypto early used it to buy weed online, not as an investment.

UShouldBWorking 6y ago

Exactly it is cash, as the the white paper says. Everything else is a distraction.

diego_moita 6y ago

> The crypto killer app is using the money to buy illegal drugs. Meeh! Not even that, anymore. In Brazil there was a brief moment in 2014 when you could buy marijuana and cocaine with bitcoins. But now, with all this volatility, transfer costs and low liquidity, not even drug dealers want crypto currency.

fullshark 6y ago

Don't forget ransomware payoffs

jcpham2 6y ago

Mining/Trading BTC over the counter since 2011. I've never used a darknet market. I read an article on slashdot in 2011 called "Bitcoin Mining for fun and profit" I bought a graphics card, it paid itself off in 21 days. I bought 12 more graphics cards and sucked down 3kW for 24 months. I do not regret this and every single person here that doesn't understand proof of work, doesn't understand a deflating asset with 8 (10 million) decimal places of trading precision against fiat currencies with only 2 decimal places... Well I can't help people on the internet do math and make money, no one pays me to do that.

Taylor_OD 6y ago
I don't think one could claim mining bitcoin is the killer app of bitcoin. That's a reason why people would support bitcoin.
- jcpham2 6y ago
  The killer app is the combination of economics, sociology, game theory and decentralized ledger blah blah blah When you take one currency pair with 8 digits of precision that’s PROGRAMMED to deflate and trade that against an inflating currency with 2 digits of precision... You’re going to need a whole lot of the inflating thing to buy the deflating thing, this is math. Me personally, my electrical bills and the costs I’ve eaten has yielded tremendous value: for me. I mined, I was rewarded, I stimulated the economy. Long before there was an economy.