About 1% of all bitcoin transactions are believed to be part of al illicit transaction (i.e., drug deal)
About 70% to 80% of all US $100 bills are used in illicit transactions.
Who is the bigger problem? Crypto exchanges or the US Mint?
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@biancoresearch
Both are. But also depends a lot on the turn over. Iโve never heard of people daytrading 24/7 dollar bills.
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@biancoresearch
A bigger problem are laws that restrict liberty, such as anti-drug laws.
A bigger problem is the Fed, a privately-owned CB that creates money out of nothing and lends it at interest.
There are a thousand hacking at the branches of evil to one who is striking at the root.
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@biancoresearch
Yes a hoarded coin , fiated by tether, trades in dodgy exchanges by 90% white middle to upper class makes and almost never used to transact goods will change the world . That 1% on drugs is about 90% of goods transacted with BTC .
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@biancoresearch
@darshandorsey
That's all true. But when the illicit transactions are conducted in the Mafia's currency they get to slide until they decide to crack down. When they're conducted in a potential competitor's currency that they don't control, then its a problem.
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@biancoresearch
@wefivekings
Also, if you look at UN's Office of Drugs and Crime stats on money laundering globally, and back out estimates of $ fraction of this based on money velocity, you get mid-high single digit % of USD transactions being illicit. Vs sub-1% for bitcoin.
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@biancoresearch
"Ahhh, Sir - Please stop it. Bitcoin is used for smuggling illegal kittens from China. We must stop it. ", said Yellen.
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