4 ms·

I don’t know why it’s surprising. Cryptocurrency’s killer app was always crime, and crime is big business.

by jonathankoren 3y ago

tim333 3y ago
Don't forget speculation/gambling which is probably a larger business than even crime.
- EVa5I7bHFq9mnYK 3y ago
  you mean, stock market?
  - tim333 3y ago
    I guess the stock market is maybe 30% speculation, 70% actually investing in companies? Crypto is maybe 90% speculation, property 20% speculation? You can't really separate the two very cleanly but a lot of speculating goes on.
Ferret7446 3y ago
Keep in mind that some things you do regularly may be considered crimes by other governments, and perhaps your own government at some point in time.
codedokode 3y ago
If cryptocurrency wasn't so volatile it would be better than worthless government paper because 1) cryptocurrency doesn't lose its value at rate of 2-13% per year 2) nobody will ban your cryptocurrency account if you use it for business 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account.
- parineum 3y ago
  > 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account. reply Except for the government when they, very easily, match your public blockchain activity to your personal identity.
- deleted 3y ago
  [deleted]
mightybyte 3y ago
Cash, diamonds, etc are actually better for crime than cryptocurrency because they're less traceable.
- tim333 3y ago
  Hard to do ransomware though.
- tppiotrowski 3y ago
  You often have to declare more than $10K of cash when traveling so cash makes it hard to flee your crimes.
- hnfong 3y ago
  It depends on use case. Physical valuables are less traceable because there's no global ledger for transactions, but they're more "traceable" if your threat model includes law enforcement raiding your house and office, while crypto is basically a bunch of numbers in your head.

I don’t know why it’s surprising. Cryptocurrency’s killer app was always crime, and crime is big business.

tim333 3y ago

Don't forget speculation/gambling which is probably a larger business than even crime.

EVa5I7bHFq9mnYK 3y ago
you mean, stock market?
- tim333 3y ago
  I guess the stock market is maybe 30% speculation, 70% actually investing in companies? Crypto is maybe 90% speculation, property 20% speculation? You can't really separate the two very cleanly but a lot of speculating goes on.

Ferret7446 3y ago

Keep in mind that some things you do regularly may be considered crimes by other governments, and perhaps your own government at some point in time.

codedokode 3y ago

If cryptocurrency wasn't so volatile it would be better than worthless government paper because 1) cryptocurrency doesn't lose its value at rate of 2-13% per year 2) nobody will ban your cryptocurrency account if you use it for business 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account.

parineum 3y ago
> 3) nobody will require to provide documentation and proof for every transaction that happened in last 6 months in your account. reply Except for the government when they, very easily, match your public blockchain activity to your personal identity.
deleted 3y ago
[deleted]

mightybyte 3y ago

Cash, diamonds, etc are actually better for crime than cryptocurrency because they're less traceable.

tim333 3y ago
Hard to do ransomware though.
tppiotrowski 3y ago
You often have to declare more than $10K of cash when traveling so cash makes it hard to flee your crimes.
hnfong 3y ago
It depends on use case. Physical valuables are less traceable because there's no global ledger for transactions, but they're more "traceable" if your threat model includes law enforcement raiding your house and office, while crypto is basically a bunch of numbers in your head.