alt Hacker NewsI thought the #1 use case for crypto was ransomware, followed by shitcoin rug-pulls, and the ability to commit theft without recourse.
Sending money to Iran is just a minor edge case.
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I just want to exploit over worked border security by buying semi legal drugs they dont have the capacity to follow up prescriptions for.
Well, you could also use it to buy a pizza and find out it that your pizza cost a billion dollars a few years later.
Money laundering has always been a core feature of cryptocurrency, not an edge case.
When I think about it, I know people that have been involved in all of those areas (always on the wrong non-criminal end). However, I'm not sure I know a single person that has made a regular transaction in some cryptocoin.
Crypto is just temporary regulatory arbitrage. Same as BNPL which is totally not just payday loans.
You forgot gambling on crypto exchanges.
I like to amuse myself that if Robert Preston had lived another 20 years that Stephen Colbert or John Oliver would have paid him a heap of money to explain cryptocurrency to us all and it never would have happened.
Isn't it just a subset of #3?
Not that snark isn't warranted in this situation but you have to consider that the ability to turn energy into globally accepted (but notably not-actually-untraceable) cash-equivalent is a key piece of the corrupt bitcoin puzzle. It offer opportunities to everyone from third world oligarchs and pariahs to those who happen to be able to tap an electrical grid. Technically, this is indeed "theft without recourse" but you're reply seems to imply this kind is marginal.
Moreover, the chances are the reason Binance nixed the investigation of bitcoin going to Iran is because so much of the bitcoin economy is driven by entities like Iran (google AI say they have 4.5% of global mining plus random search link [1]).
Edit: Iran also wants bitcoin sent to it because bitcoin isn't actually untraceable so getting clean money for dirty matters.
[1] https://www.chainalysis.com/blog/iranian-crypto-activity-geo...
Back in 2011 I remember a lot of people talking about how the Chinese oligarchs were using it to evade currency controls and funnel their wealth out of China.
What a deeply troubling and cynical comment.
As far as I know, nowhere in the Bitcoin white paper or the original code base. Does it say anything about what you seem to think it's use cases are.
Bitcoin has one main use, digital cash, that can be sent instantly and for free or a very low fee.
Edit: I would agree though, that anything other than that is probably a scam.
That's a rather narrow view of crypto's uses. What about subverting democracy by bribing the President?