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Illicit trade and money laundering are the only real use cases for crypto. Full stop.
by mcmcmc 2y ago
Illicit trade and money laundering are the only real use cases for crypto. Full stop.
- PCalvanelli 2y agoCash is primarily used for illegal transactions, tax evasion, and illicit activities. There’s little legitimate reason for people to use it.
- ronsor 2y agoOnline anonymity only allows bad actors to spread propaganda and misinformation. There's no reason to have it.
- XorNot 2y agoI mean that's literally true though? The reason we have cash is (1) we used to not have widespread electronic instant settlement systems and (2) because you still generally need some type of physical fallback system because we energy sources and communications networks aren't always up. Bitcoin is bad at 1 - 7 transactions per second (something something lightning network), and completely fails at (2) because it can't settle transactions without the internet, and electricity.
- SilasX 2y agoThat may be what you think of as the core reason for cash to exist, but you shouldn't speak for others, who may see the privacy as a more relevant upside.
- BriggyDwiggs42 2y agoBuying illegal drugs is often legitimate imo.
- aorloff 2y agoWhat about government services that only take cash ? Private transactions of a non-criminal nature ? Legal wagers made in casinos ? Your imagination is lacking my friend.
- catlikesshrimp 2y agoIt is not like crime depends on cash. Panama papers, tax paradises etc. Cash enables some illegal activity, but at least for me the benefits FAR outweight the obvious consequences
- mcmcmc 2y agoThis is false. Cash is legal tender.
- JumpCrisscross 2y agoNot what that means.
- mcmcmc 2y agoWas responding to this > There’s little legitimate reason for people to use it. Cash is “legal tender, for all debts public and private”. Pretty sure that’s a legitimate use.
- Shosty123 2y agoIf you know a way to pay someone across the world in seconds for cents in transaction fees, I’m open for alternatives.
- Tesl 2y agoI pay people globally through HSBC all the time. Works instantly. I never understand this argument anyway. If you can't send funds instantly that isn't because the currently itself can't be transferred instantly - it's because for whatever reason you don't have access to a provider that will provide that service. That's a separate problem and can be solved without having to build an entirely new currency / financial system.
- rendall 2y ago>> Illicit trade and money laundering are the only real use cases for crypto. Full stop. > HSBC... Also a conduit for illicit trade and money laundering. https://www.bbc.com/news/business-59689581 https://www.bbc.com/news/business-59689581
- Shosty123 2y agoI highly doubt your claim. There is no mechanism to send money internationally (at least in Canada) that is both near-instant and free or near-free.
- cj 2y agoYou can't pay someone "in seconds" with Bitcoin. Oftentimes it takes up to 5 minutes just for the transaction to begin, and usually more than 20 minutes for the transfer to complete.
- Shosty123 2y agoRight, I use SOL, not Bitcoin. Transactions are pretty much instant and cost a couple cents.
- HWR_14 2y agoVISA/MC work well. Banks seems to also be able to send the money trivially.