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I am simply putting the number in context. Credit cards dealing with $8B USD of fraudulent charges per year sounds like a staggering amount until you realize it

• lxgr 4y ago
  Yes, but the issue with your comparison is that you are comparing amounts across categories. Fraud losses are definitionally realized losses, whereas gross crypto transaction volume includes things like a single entity rebalancing funds across wallets or exchanges. On a chain with low or zero fees, a single actor can trivially generate billions of transaction volume like that on a single day.
  • mattdesl 4y ago
    Uniswap charges a fee per swap. Generating billions of dollars worth of fake stablecoin transaction volume per day would cost you millions of dollars. The comparison is suitable to show relative scale: $12B over some years sounds like a lot, until you realize it is a small fraction of the total crypto market. Likewise, you could paint VISA as being rampant with fraud by pointing to the many billions lost per annum in credit card fraud, but this represents a small percentage of all VISA activity.