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Comment by mcmcmc | Hacker News Reader

Illicit trade and money laundering are the only real use cases for crypto. Full stop.

If you know a way to pay someone across the world in seconds for cents in transaction fees, I’m open for alternatives.

You can't pay someone "in seconds" with Bitcoin.

Oftentimes it takes up to 5 minutes just for the transaction to begin, and usually more than 20 minutes for the transfer to complete.

Right, I use SOL, not Bitcoin. Transactions are pretty much instant and cost a couple cents.

I pay people globally through HSBC all the time. Works instantly.

I never understand this argument anyway. If you can't send funds instantly that isn't because the currently itself can't be transferred instantly - it's because for whatever reason you don't have access to a provider that will provide that service. That's a separate problem and can be solved without having to build an entirely new currency / financial system.

>> Illicit trade and money laundering are the only real use cases for crypto. Full stop.

> HSBC...

Also a conduit for illicit trade and money laundering.

https://www.bbc.com/news/business-59689581

I highly doubt your claim. There is no mechanism to send money internationally (at least in Canada) that is both near-instant and free or near-free.

VISA/MC work well. Banks seems to also be able to send the money trivially.

Cash is primarily used for illegal transactions, tax evasion, and illicit activities. There’s little legitimate reason for people to use it.

It is not like crime depends on cash. Panama papers, tax paradises etc.

Cash enables some illegal activity, but at least for me the benefits FAR outweight the obvious consequences

What about government services that only take cash ?

Private transactions of a non-criminal nature ?

Legal wagers made in casinos ?

Your imagination is lacking my friend.

I mean that's literally true though?

The reason we have cash is (1) we used to not have widespread electronic instant settlement systems and (2) because you still generally need some type of physical fallback system because we energy sources and communications networks aren't always up.

Bitcoin is bad at 1 - 7 transactions per second (something something lightning network), and completely fails at (2) because it can't settle transactions without the internet, and electricity.

That may be what you think of as the core reason for cash to exist, but you shouldn't speak for others, who may see the privacy as a more relevant upside.

This is false. Cash is legal tender.

Not what that means.

Was responding to this

> There’s little legitimate reason for people to use it.

Cash is “legal tender, for all debts public and private”. Pretty sure that’s a legitimate use.

Online anonymity only allows bad actors to spread propaganda and misinformation. There's no reason to have it.

Buying illegal drugs is often legitimate imo.

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