4 ms·

> Bitcoin is objective, hard, honest money Yes, definitely makes sense when the main usage of it is money laundering and mindless speculation

javert 6y ago
That isn't the case, but believe what you want.
- kibleopard 6y ago
  I mean, if you'd like to see some academic research backing up that it is indeed the case, see here: https://academic.oup.com/rfs/article-abstract/32/5/1798/5427781?redirectedFrom=fulltext https://academic.oup.com/rfs/article-abstract/32/5/1798/5427... "We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs." I would love if you could point me towards a current use of Bitcoin that isn't as a currency for illegal goods, or as an investment vehicle -- I'm genuinely curious why you think what I said isn't the case.
  - javert 6y ago
    I do think it's currently mainly used as an investment vehicle. I don't think that is the same as "mindless speculation," which is what you said before. Michael Saylor, who is the CEO of an S&P 600 company, makes a good case for bitcoin as a store of wealth. You can google him and see his arguments if you want. Also, BTW, money laundering != illegal drug activity. Those are two different crimes.
    - kibleopard 6y ago
      Will look him up - thanks!
  - lui8906 6y ago
    Things have changed since your study. Chainalysis released a report in February (they are a company who specialise in tracking illegal transactions). The TLDR is that illegal transactions make up 0.4% of BTC transactions these days. > https://en.cryptonomist.ch/2021/01/20/chainalysis-crypto-illegal-purposes/ https://en.cryptonomist.ch/2021/01/20/chainalysis-crypto-ill...
    - javert 6y ago
      Thanks for sharing this.

javert 6y ago

That isn't the case, but believe what you want.

kibleopard 6y ago
I mean, if you'd like to see some academic research backing up that it is indeed the case, see here: https://academic.oup.com/rfs/article-abstract/32/5/1798/5427781?redirectedFrom=fulltext https://academic.oup.com/rfs/article-abstract/32/5/1798/5427... "We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs." I would love if you could point me towards a current use of Bitcoin that isn't as a currency for illegal goods, or as an investment vehicle -- I'm genuinely curious why you think what I said isn't the case.
- javert 6y ago
  I do think it's currently mainly used as an investment vehicle. I don't think that is the same as "mindless speculation," which is what you said before. Michael Saylor, who is the CEO of an S&P 600 company, makes a good case for bitcoin as a store of wealth. You can google him and see his arguments if you want. Also, BTW, money laundering != illegal drug activity. Those are two different crimes.
  - kibleopard 6y ago
    Will look him up - thanks!
- lui8906 6y ago
  Things have changed since your study. Chainalysis released a report in February (they are a company who specialise in tracking illegal transactions). The TLDR is that illegal transactions make up 0.4% of BTC transactions these days. > https://en.cryptonomist.ch/2021/01/20/chainalysis-crypto-illegal-purposes/ https://en.cryptonomist.ch/2021/01/20/chainalysis-crypto-ill...
  - javert 6y ago
    Thanks for sharing this.