4 ms·

Wouldn't it be a problem for Coinbase if the crypto market all but evaporates?

by acchow 4y ago

jmyeet 4y ago
In the short term? Sure. That's why it's 75% off the peak. If you think the entire crypto market is going to go under then (again) yes. But as ridiculous as I think crypto generally is, I don't think it's going anywhere. YMMV.
outside1234 4y ago
The crypto market won't all evaporate because it is a very useful tool for money laundry, illegal transactions, and bribes. But this is hopefully a much smaller market than the current one.
- tmp_anon_22 4y ago
  > money laundry, illegal transactions, and bribes. Is it good for those things if you have to launder it AGAIN (with fees) just to get it back to a practical fiat currency?
- eftychis 4y ago
  I mean cash is better for strictly better for illegal activities. That misconception has stuck and just stays there. One leaves way to many crumps with non-private digital assets. And private ones are treated like the plague. Plus KYC and compliance checks for any exchange in the USA and EU (dunno about the rest of the world) practically bans anything iffy. Compliance requirements have been stricter in Coinbase from my point of view than my banks...
  - throwaway48375 4y ago
    Kinda hard to do ransomware with cash.
    - eftychis 4y ago
      Well the OP did not mention ransomware, so my comment is not addressing that case. Here is a fun article as a counter point: https://www.coindesk.com/markets/2021/07/13/dont-blame-bitcoin-for-ransomware/ https://www.coindesk.com/markets/2021/07/13/dont-blame-bitco... And my comment: Piracy and kidnapping of property existed long before cryptocurrency -- just google Somalian pirates. I don't have to reason about person kidnapping I assume. Also: https://en.wikipedia.org/wiki/Ransomware#Encrypting_ransomware https://en.wikipedia.org/wiki/Ransomware#Encrypting_ransomwa... please read the history of ransomware. I guess all the criminals of the past since 1989 need to use time machines because they could not possibly do ransomware pre-cryptocurrency... /s P.S. Downvoting because you disagree with a comment that addresses another comment is not really polite.
      - throwaway48375 4y ago
        I don't even have the ability to downvote on HN.
  - acchow 4y ago
    How does one order drugs in the dark web using cash?

Wouldn't it be a problem for Coinbase if the crypto market all but evaporates?

by acchow 4y ago

Wouldn't it be a problem for Coinbase if the crypto market all but evaporates?

In the short term? Sure. That's why it's 75% off the peak. If you think the entire crypto market is going to go under then (again) yes. But as ridiculous as I think crypto generally is, I don't think it's going anywhere. YMMV.

outside1234 4y ago

The crypto market won't all evaporate because it is a very useful tool for money laundry, illegal transactions, and bribes. But this is hopefully a much smaller market than the current one.

tmp_anon_22 4y ago
> money laundry, illegal transactions, and bribes. Is it good for those things if you have to launder it AGAIN (with fees) just to get it back to a practical fiat currency?
eftychis 4y ago
I mean cash is better for strictly better for illegal activities. That misconception has stuck and just stays there. One leaves way to many crumps with non-private digital assets. And private ones are treated like the plague. Plus KYC and compliance checks for any exchange in the USA and EU (dunno about the rest of the world) practically bans anything iffy. Compliance requirements have been stricter in Coinbase from my point of view than my banks...
- throwaway48375 4y ago
  Kinda hard to do ransomware with cash.
  - eftychis 4y ago
    Well the OP did not mention ransomware, so my comment is not addressing that case. Here is a fun article as a counter point: https://www.coindesk.com/markets/2021/07/13/dont-blame-bitcoin-for-ransomware/ https://www.coindesk.com/markets/2021/07/13/dont-blame-bitco... And my comment: Piracy and kidnapping of property existed long before cryptocurrency -- just google Somalian pirates. I don't have to reason about person kidnapping I assume. Also: https://en.wikipedia.org/wiki/Ransomware#Encrypting_ransomware https://en.wikipedia.org/wiki/Ransomware#Encrypting_ransomwa... please read the history of ransomware. I guess all the criminals of the past since 1989 need to use time machines because they could not possibly do ransomware pre-cryptocurrency... /s P.S. Downvoting because you disagree with a comment that addresses another comment is not really polite.
    - throwaway48375 4y ago
      I don't even have the ability to downvote on HN.
- acchow 4y ago
  How does one order drugs in the dark web using cash?