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I mean, if you'd like to see some academic research backing up that it is indeed the case, see here: https://academic.oup.com/rfs/article-abstract/32/5/1798/5427...

"We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs."

I would love if you could point me towards a current use of Bitcoin that isn't as a currency for illegal goods, or as an investment vehicle -- I'm genuinely curious why you think what I said isn't the case.

discuss

javert|4 years ago

I do think it's currently mainly used as an investment vehicle.

I don't think that is the same as "mindless speculation," which is what you said before.

Michael Saylor, who is the CEO of an S&P 600 company, makes a good case for bitcoin as a store of wealth. You can google him and see his arguments if you want.

Also, BTW, money laundering != illegal drug activity. Those are two different crimes.

kibleopard|4 years ago

Will look him up - thanks!

lui8906|4 years ago

Things have changed since your study. Chainalysis released a report in February (they are a company who specialise in tracking illegal transactions). The TLDR is that illegal transactions make up 0.4% of BTC transactions these days.

> https://en.cryptonomist.ch/2021/01/20/chainalysis-crypto-ill...

javert|4 years ago

Thanks for sharing this.