this post was submitted on 04 Aug 2024
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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.
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.
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.
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.
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.