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Bitcoin is Stupid and Does Not Deserve an Emoji (blog post) (thedabbler.patatas.ca)
submitted 2 years ago* by to c/technology@lemmy.world
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35 crypto companies got together to make a change dot org petition called "Bitcoin Deserves an Emoji".

F that

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[–] 16 points 2 years ago (10 children)

Its supposed benefits are vastly overshadowed by their only practical application: allowing online crime to flourish.

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  • [–] 6 points 2 years ago (4 children)

    Criminals use what works. So therefore that means that crypto actually does its job as a real currency that cannot be controlled. Criminals also have a habit of using auto mobiles, guns, computers, shoes, etc.

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  • [–] 1 point 2 years ago (3 children)

    If criminals only used cars from brand X and nobody else used brand X, it would be viewed the same.

    There are plenty of currencies out there, which normal people use. Cryptocurrencies are mainly used by criminals though.

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  • [–] 1 point 2 years ago (2 children)

    Chain analysis companies whose whole reason for existing is selling exchanges and governments software to track illicit cryptocurrency transactions show that less than 1% of transactions are illicit in nature. So I don't know how that means the majority of crypto is used for illicit finance.

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  • [–] 1 point 2 years ago (1 child)

    Had to go out and find a source myself.

    https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf

    Private companies say less than 1%. Academia says around 20%. That's a huge difference to only cite one side of the story.

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  • [–] 1 point 2 years ago

    That's a good point. It's pretty safe to assume that private companies would want to downplay it as much as possible and academia for governments and shit would want to play it up as much as possible. So the real number probably truly lies somewhere in between those two.

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  • [+] -17 points 2 years ago (3 children)

    I suppose you don't use cash then. Come on, there is almost no online crime anyway

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  • [–] 4 points 2 years ago (2 children)

    I can buy almost everything with cash but with shitcoins I can only pay ransom. And the FBI probably won't agree there's virtually no online crime.

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