News for hackers. Stuff that matters.
Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by moe on Friday January 16, 2015 @01:39PM (#8900710)
They keep bringing that up as if it was a flaw.

What's wrong with people using BTC to buy drugs?

How is it better or worse than people buying drugs with any other currency?

Why is it "bad" for Bitcoin to be useful and first adopted in that niche?

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by dragonwriter on Friday January 16, 2015 @02:02PM (#8900909)
> What's wrong with people using BTC to buy drugs?

The flaw that is raised isn't that BTC is used to buy drugs, but that it (in the view of those raising the complaint) doesn't have a strong use aside from buying drugs (and, while "drugs" are usually mentioned, the substance of the complaint appears to be more about drugs-as-popular-form-of-contraband rather than drugs-qua-drugs.)

And given the way governments tend to respond to things that (1) are primarily used to facilitate unlawful trade, and (2) become increasingly popular, its a real, if political, risk for the Bitcoin ecosystem.

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by moe on Friday January 16, 2015 @02:33PM (#8901104)
doesn't have a strong use aside from buying drugs

And? Even if that was true, I don't see the point.

A large portion of internet traffic, quite likely the majority, is transporting porn or "stolen" movies.

Should we now condemn IP because it's mostly used for such despicable activities?

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by dragonwriter on Friday January 16, 2015 @02:55PM (#8901254)
> Even if that was true, I don't see the point.

The point is in the paragraph after the one that you quoted a few words from the middle of.

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by 0xDOOD on Friday January 16, 2015 @01:55PM (#8900850)
>What's wrong with people using BTC to buy drugs?

Other than it being illegal? Nothing.

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by moe on Friday January 16, 2015 @02:46PM (#8901194)
So the USD is also wrong, because most drugs are being paid for with USD?
Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by 0xDOOD on Friday January 16, 2015 @02:51PM (#8901227)
No, the buying drugs part is what's 'wrong,' if you consider breaking the law to be a bad thing.

But you're right to point out that, in sheer usage, Bitcoin really has nothing on the USD when it comes to buying drugs. Still, when you're asking why anyone would consider buying drugs with bitcoin to be wrong, you have to understand that not everyone considers that to be a positive or even entirely neutral act. Most people consider a currency whose primary use case involves breaking the law to be a net negative for society.

Re:Bitcoin revealed: a Ponzi scheme for redistributing wealth by moe on Friday January 16, 2015 @05:21PM (#8902110)
not everyone considers that [buying drugs] to be a positive or even entirely neutral act

Most european governments do. Germany, UK, Spain, Italy etc. include revenue from drug trade (and prostitution) in their GDP.

Most people consider a currency whose primary use case involves breaking the law to be a net negative for society.

Do you really believe any law would be broken any less if Bitcoin didn't exist? Should we also condemn BitTorrent for the same reason?