As long as the legal uses of bitcoin out perform some jurisdiction's illegal use, I think the an initial shady perception of bitcoin will help adoption.
When Nancy Reagan said "Just Say No", do you think ILLEGAL drug usage went up or down?
The statists (the people that put the Patriot Act/KYC/FineCEN regulations into effect) will make the same arguments to regulate bitcoin as they do cold hard cash.
Topic: Nominate USD as the new "drug currency" - page 2. (Read 1411 times)
Now whether someone mentions BTC there is always that guy "Oh you mean the currency they use to buy drugs online?", it has always made me cringe a little on the inside because we all know that every single terrorist attack, every single assassination and pretty much every single drug deal is made in USD.
Now one banker could argue oh but there are plenty of legit uses for USD and none for BTC except the buying of drugs, there is really no reason for the average Joe to purchase BTC except to buy weed in on the black market.
Well we know the total amount of USD currency which is issued, it currently stands at 6 trillion (6,000,000,000,000) and we have a more or less accurate figure for the whole black market worth the majority of which we know is being conducted in USD, the figure stands at 1.785 trillion (1,785,000,000,000 http://www.havocscope.com/market-value/).
Now both of these figures are rather inaccurate and are probably higher as one cannot accurately estimate the whole USD black market but we know that those are incredibly high figures as full cities are built in the U.S. and in South America just using the coke money.
The total Bitcoin worth is 8 billion (8,000,000,000 https://blockchain.info/charts/market-cap) that we know, now the real problem is in acquiring the worth of the Bitcoin black market as there are no estimates but a quick look at the deep net brings us to believe that virtually no arms, weapons, explosives or human organs are traded using BTC (at least not nearly on as wide of scale like in USD as this is not easily accessible). Using the calculated worth of the most popular marketplace Silkroad 2.0 we can estimate the total worth of the Bitcoin black market at 100 million (100,000,000) based on the popularity of the other 20 less popular marketplaces.
This brings us to the final results, 29.75%, nearly a third of the whole USD economy is black market, 1.25% of the Bitcoin economy is the Bitcoin black market.
In regards to the market USD is being used 23.8 times more frequently in the black market than Bitcoins. USD is the new drug money!
Now one banker could argue oh but there are plenty of legit uses for USD and none for BTC except the buying of drugs, there is really no reason for the average Joe to purchase BTC except to buy weed in on the black market.
Well we know the total amount of USD currency which is issued, it currently stands at 6 trillion (6,000,000,000,000) and we have a more or less accurate figure for the whole black market worth the majority of which we know is being conducted in USD, the figure stands at 1.785 trillion (1,785,000,000,000 http://www.havocscope.com/market-value/).
Now both of these figures are rather inaccurate and are probably higher as one cannot accurately estimate the whole USD black market but we know that those are incredibly high figures as full cities are built in the U.S. and in South America just using the coke money.
The total Bitcoin worth is 8 billion (8,000,000,000 https://blockchain.info/charts/market-cap) that we know, now the real problem is in acquiring the worth of the Bitcoin black market as there are no estimates but a quick look at the deep net brings us to believe that virtually no arms, weapons, explosives or human organs are traded using BTC (at least not nearly on as wide of scale like in USD as this is not easily accessible). Using the calculated worth of the most popular marketplace Silkroad 2.0 we can estimate the total worth of the Bitcoin black market at 100 million (100,000,000) based on the popularity of the other 20 less popular marketplaces.
This brings us to the final results, 29.75%, nearly a third of the whole USD economy is black market, 1.25% of the Bitcoin economy is the Bitcoin black market.
In regards to the market USD is being used 23.8 times more frequently in the black market than Bitcoins. USD is the new drug money!
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