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Comment by outside1234 | Hacker News Reader

The crypto market won't all evaporate because it is a very useful tool for money laundry, illegal transactions, and bribes.

But this is hopefully a much smaller market than the current one.

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I mean cash is better for strictly better for illegal activities. That misconception has stuck and just stays there. One leaves way to many crumps with non-private digital assets. And private ones are treated like the plague.

Plus KYC and compliance checks for any exchange in the USA and EU (dunno about the rest of the world) practically bans anything iffy.

Compliance requirements have been stricter in Coinbase from my point of view than my banks...

Kinda hard to do ransomware with cash.

Well the OP did not mention ransomware, so my comment is not addressing that case.

Here is a fun article as a counter point: https://www.coindesk.com/markets/2021/07/13/dont-blame-bitco...

And my comment: Piracy and kidnapping of property existed long before cryptocurrency -- just google Somalian pirates. I don't have to reason about person kidnapping I assume.

Also: https://en.wikipedia.org/wiki/Ransomware#Encrypting_ransomwa... please read the history of ransomware. I guess all the criminals of the past since 1989 need to use time machines because they could not possibly do ransomware pre-cryptocurrency... /s

P.S. Downvoting because you disagree with a comment that addresses another comment is not really polite.

I don't even have the ability to downvote on HN.

How does one order drugs in the dark web using cash?

> money laundry, illegal transactions, and bribes.

Is it good for those things if you have to launder it AGAIN (with fees) just to get it back to a practical fiat currency?

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