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Hard agree - the only thing bitcoin can reasonably be spent on for most folks is black market goods (usually drugs). Which is really why bitcoin exists as thin

Hard agree - the only thing bitcoin can reasonably be spent on for most folks is black market goods (usually drugs). Which is really why bitcoin exists as thing today, in my opinion. It was a way to pay for drugs over the internet. The rest of the pricing is purely speculation, and it hurts any real utility it might provide.

mywittyname 5y ago
It does seem to be used by people transferring funds internationally, especially from SEA to the USA.
- wpietri 5y ago
  Oh? What percent of international transfers are using it?
  - mywittyname 5y ago
    No clue. I just know people who do it.
    - wpietri 5y ago
      Got it. I mean, I know people who ride unicycles. But for this I'm not interesting so much in "is it possible" as "is it effective and widely adopted".
      - mywittyname 5y ago
        Agree, anecdotes aren't data. But seeing non-tech-savvy people doing it definitely makes me think it's somewhat common. I posted half with the expectation that someone would chime in with some personal experience on the topic; HN has a pretty diverse group here. I found a number of guides on the pros and cons of various international money transfers options, and BTC is often included as an option. I also found some recent (and old!) articles about its use as a remittance system in poorer areas of the world[1]. > Other emerging market central banks in Latin America, India, and Southeast Asia, where remittances make up a significant share of the economy, are in a similar bind. Bitcoin transfers surged in emerging markets last year, as the pandemic accelerated the rise of cheaper, more efficient digital remittance services. [1]https://qz.com/africa/1983610/bitcoin-draws-millions-of-workers-sending-their-money-abroad/ https://qz.com/africa/1983610/bitcoin-draws-millions-of-work...
wpietri 5y ago
For sure. And I think that speculation (with attendant market manipulation) are the main observed purpose of it these days. The total drugs market is large, but I'd be surprised to learn that even 1% passes through all the cryptocurrencies put together. Especially Bitcoin given how traceable it is.

mywittyname 5y ago

It does seem to be used by people transferring funds internationally, especially from SEA to the USA.

wpietri 5y ago
Oh? What percent of international transfers are using it?
- mywittyname 5y ago
  No clue. I just know people who do it.
  - wpietri 5y ago
    Got it. I mean, I know people who ride unicycles. But for this I'm not interesting so much in "is it possible" as "is it effective and widely adopted".
    - mywittyname 5y ago
      Agree, anecdotes aren't data. But seeing non-tech-savvy people doing it definitely makes me think it's somewhat common. I posted half with the expectation that someone would chime in with some personal experience on the topic; HN has a pretty diverse group here. I found a number of guides on the pros and cons of various international money transfers options, and BTC is often included as an option. I also found some recent (and old!) articles about its use as a remittance system in poorer areas of the world[1]. > Other emerging market central banks in Latin America, India, and Southeast Asia, where remittances make up a significant share of the economy, are in a similar bind. Bitcoin transfers surged in emerging markets last year, as the pandemic accelerated the rise of cheaper, more efficient digital remittance services. [1]https://qz.com/africa/1983610/bitcoin-draws-millions-of-workers-sending-their-money-abroad/ https://qz.com/africa/1983610/bitcoin-draws-millions-of-work...

wpietri 5y ago

For sure. And I think that speculation (with attendant market manipulation) are the main observed purpose of it these days. The total drugs market is large, but I'd be surprised to learn that even 1% passes through all the cryptocurrencies put together. Especially Bitcoin given how traceable it is.