6 ms·

marketcaps in crypto mean nothing. The universe is full of wash sales, there is not 2.6T of liquidity, a ton of volume is insanely leveraged and amplified throu

marketcaps in crypto mean nothing. The universe is full of wash sales, there is not 2.6T of liquidity, a ton of volume is insanely leveraged and amplified through defi pools, and looking at a transaction volume adjusted view of the world, like 99.9% of transactions are valueless gambling OR money laundering. Lets see what happens after the run on tether happens, then we can talk about what the crypto world looks like.

csomar 5y ago
Even at 1/4 of that, it's $650bn. That's a tons of value. > like 99.9% of transactions are valueless gambling OR money laundering. You need to prove that. GBTC and CME options volumes/open value are in the billions. I don't think people are laundering money through these instruments.
- 0xB31B1B 5y ago
  You don't need to launder money through GBTC to get exposure to the assets that money launderers use (BTC) to launder money and reap the upside of a growth market in cryptocurrency based moneylaundering. its a smart play tbh, but the 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers.
  - terafo 5y ago
    > 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers You still need to prove that though.
    - 0xB31B1B 5y ago
      No, you need to prove the off chain economic use cases. The well known use cases are all illicit.
evergrande 5y ago
That's like saying market caps in public companies mean nothing because you can't sell all of Apple's stock for $2T.
aeternum 5y ago
A more accurate statement would be that volume means nothing. Market cap absolutely does. It's meaningful that of the 18.8mil btc out there, no one is willing to part with one for less than $56k. Even the Tether concern is somewhat outdated. It now makes up only 4.5% of btc & eth's combined market cap. The mkt cap of btc and eth fluctuates about that much every few days, is it enough to really matter?

csomar 5y ago

Even at 1/4 of that, it's $650bn. That's a tons of value. > like 99.9% of transactions are valueless gambling OR money laundering. You need to prove that. GBTC and CME options volumes/open value are in the billions. I don't think people are laundering money through these instruments.

0xB31B1B 5y ago
You don't need to launder money through GBTC to get exposure to the assets that money launderers use (BTC) to launder money and reap the upside of a growth market in cryptocurrency based moneylaundering. its a smart play tbh, but the 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers.
- terafo 5y ago
  > 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers You still need to prove that though.
  - 0xB31B1B 5y ago
    No, you need to prove the off chain economic use cases. The well known use cases are all illicit.

evergrande 5y ago

That's like saying market caps in public companies mean nothing because you can't sell all of Apple's stock for $2T.

aeternum 5y ago

A more accurate statement would be that volume means nothing. Market cap absolutely does. It's meaningful that of the 18.8mil btc out there, no one is willing to part with one for less than $56k. Even the Tether concern is somewhat outdated. It now makes up only 4.5% of btc & eth's combined market cap. The mkt cap of btc and eth fluctuates about that much every few days, is it enough to really matter?