Re:Cryptonomicon: Among the Bitcoin maximalists
by kragen on Friday February 25, 2022 @06:25PM
(#30473621)
I don't think your derivatives are correct.
I'm curious where you get the 90% estimate? In https://news.ycombinator.com/item?id=30446703 I looked at the Chainalysis study at https://blog.chainalysis.com/reports/2022-crypto-crime-repor... (use Reader Mode), in which they found that Russian "illicit and risky" businesses including money laundering accounted for 0.004% of (on-chain) Bitcoin transaction volume. (They included even coins that had been through mixers in their "risky" category, so this is presumably a vast overestimate.)
Where do you think all this money laundering is happening geographically, and why do you think there's so much of it?
Even if it were 90%, I'm not sure why the 10% of users using Bitcoin to do things like keep their savings from being frozen should care about that other 90%. Do you want them to sacrifice themselves and their families to reduce the liquidity available for money laundering by 10%? If 90% of oxygen is consumed by pathogenic bacteria, should you stop consuming oxygen?
I'm curious where you get the 90% estimate? In https://news.ycombinator.com/item?id=30446703 I looked at the Chainalysis study at https://blog.chainalysis.com/reports/2022-crypto-crime-repor... (use Reader Mode), in which they found that Russian "illicit and risky" businesses including money laundering accounted for 0.004% of (on-chain) Bitcoin transaction volume. (They included even coins that had been through mixers in their "risky" category, so this is presumably a vast overestimate.)
Where do you think all this money laundering is happening geographically, and why do you think there's so much of it?
Even if it were 90%, I'm not sure why the 10% of users using Bitcoin to do things like keep their savings from being frozen should care about that other 90%. Do you want them to sacrifice themselves and their families to reduce the liquidity available for money laundering by 10%? If 90% of oxygen is consumed by pathogenic bacteria, should you stop consuming oxygen?