People who say "most criminals still use USD cash" as an ex…

Twetch · September 13, 2019

People who say "most criminals still use USD cash" as an excuse for justifying BTC continuing to work on anonymizing features like sidechains and Lightning Networks, are being ignorant of the RATIO of criminal BTC use vs legitimate uses. cont...

Replies

Twetch · September 13, 2019

BTC uses last 10 years:
MtGox hack: Criminal
Silk Road: Criminal
ICOs: Criminal (illegal fundraising)
Ponzi Schemes: Criminal
Unlicensed money transmission: Criminal
Mixers & anonymizers: Criminal (money laundering)
Tax evasion: Criminal
Coffees: LEGAL

Twetch · September 13, 2019

Let's drop any subjective notion of the differing degrees of criminal acts for the moment:
BTC's illegal/legal ratio: ~9:1
If this is when BTC transactions are just a drop in the bucket of the global economy, what happens if BTC scales up? Crime does too!

Twetch · September 13, 2019

Yes, 90% is a subjective guesstimate. But if you add in things like terrorist funding, human organ markets, assasination markets, and recreational drug trade, I think you'd agree it's a fair assumption.

Twetch · September 15, 2019

I don't think it's 90 percent. It's more like 10 or 20, with 70 to 80 percent speculation on criminals or their victims needing to buy bitcoin.