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Comment by tossl568 | Hacker News Reader

A monetary unit that can't be debased running on an open, permissionless financial network anybody can use is the use-case. The big and only use case. Research suggests less than 1% of "crypto" usage is for criminal activity. Energy isn't fungible and it isn't wasted if it's securing hundreds of billions of value for hundreds of millions of people.

So maybe you shouldn't send something to everyone you know if it isn't true.

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> Research suggests less than 1% of "crypto" usage is for criminal activity.

I’m really curious to know where this statistic is coming from. Spend a day following other sources [0] and you’d be hard-pressed not to come to the same conclusion.

[0] https://web3isgoinggreat.com/

See [1].

$14B in illicit activity in a year sounds like a lot, but it's about a single percent of $1T, and Chainalysis is tracking $1T worth of transactions per month in crypto.[2]

[1] https://blog.chainalysis.com/reports/2022-crypto-crime-repor...

[2] https://blog.chainalysis.com/reports/series-f/

WTH my man, not just Tornedo(Or whatever) and such are criminal, but any fraud or scam in crypto should also be considered criminal.

And I know atleast 5 banks with over 1 Billion in cap, went down. Not sure how that's not over 1 percent my man. But sure hell there are issues with Crypto as it stands.

Also I can for certain say more than 1 percent of fiat is used in illegal stuff. Not sure how crypto is doing so much better... When all I hear are stories of Hacks, Frauds and Rugpulls.

You can also use GNU Taler if you just want zero knowledge and mostly permissionless...

It’s not permissionless for payees, and seems completely dependent on certain German/French/Swiss banks supporting a protocol unfamiliar to me.

> Energy isn't fungible and it isn't wasted if it's securing hundreds of billions of value for hundreds of millions of people.

Sadly, this echoes the kind of defective reasoning I have observed with a majority of “crypto” proponents.

Also, without a proper source for a claim, I can just as well state that research has shown that less than 1% of cryptocurrency proponents are aware enough to realize the hole they’ve dug themselves in.

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