“Nobody uses crypto!” - people trying to make the use of crypto illegal

"Use crypto!" - bag-holders with a financial interest in crypto being used

You’re free to use whatever you want, this discussion is about whether you can ban others from doing the same.

as far as i can tell very few people want cryptocurrency to be illegal. what people do advocate for is KYC practices at crypto exchanges to protect customers from fraud.

ie. the patriot act argument. I don’t support the redistribution of consequences. Individuals can decide what risks they want to take, including whether they want a KYC exchange or not. If that works out poorly for them, that’s too bad. You’re not held responsible for their losses so you don’t get a say in how they choose to use their own money.

Just for the sake of clarity in communication, OP has chosen to define “death” as $1.72 billion of on-chain transaction volume in the last 24h [0]

[0] https://defillama.com/dexs

Bot-to-bot wash trades as evidence of legitimacy, classic web3.

Unsupported conspiracy theories, classic cryptophobia.

Multiple studies have consistently found the majority of crypto/ dex/ dapp TXs being done by bots.

2019: https://anchainai.medium.com/our-ai-detects-your-ai-revealin...

2022: https://twitter.com/messaricrypto/status/1599916553780137985

So just like Wallstreet?

The 2019 study published on medium only lists machine learning buzzwords in their methods section. The 2022 twitter link doesn’t explain the methodology at all; on the other hand, Messari is usually legit (but paywalled).

Regardless, programmable transactions are in fact a feature of DeFi, they are launched by real people anyway and it doesn’t automatically imply “wash trading”; that’s just bad faith speculation.

It does imply, however, that citing figures like "$1.72 billion of on-chain transaction volume in the last 24h" in the context of web3's health is misleading or false.

False? How? It’s verifiable on-chain data. Misleading? Well, it’s pretty common sense that many users will automate their transactions; that’s a big feature of an open, programmable financial infrastructure. And at the end of the day, even if we adjust the number down by two-thirds, then $600m volume in the last 24h is still a questionable definition of “dead”.

Let me know when I can buy groceries with your fake money, in person, and have the transaction completed immediately.

Cryptocurrencies are just three ponzi schemes in a trench coat.

I don’t really care about your groceries.

These two sentences sound contradictory to me.