The two main critiques I hear: 1. Drug purchases using Bitcoin account for less than 1% of all Bitcoin transactions. 2. The dollar is still the primary currency for drug transactions, why not focus on that?
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When you take out the 92% of Bitcoin activity related to simply buying and selling Bitcoin (and mining), illegal activity becomes a much bigger part of the remaining real world use cases — and one of the few that truly relies on Bitcoin’s unique qualities.
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You can see that in this chart that Chainalysis put together, showing how blockchain traffic breaks down.pic.twitter.com/JdgdGQ6vK7
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Among all non-trading and mining uses, illicit activity accounts for 26 percent of all blockchain transactions. When you throw in gambling and mixing, the figure goes up to 41%. (This also leaves out illicit activity that Chainalysis can't spot, like tax evasion.)
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Some of the rest is legitimate payments — $1.7 billion last year, acc. to Chainalysis. But when you add that to the $748 billion in drug transactions, drugs could be said to be responsible for 31% of all Bitcoin payments.
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The dollar, meanwhile, enabled around $100 trillion in legal payments last year (acc. to the Fed), so total global drug sales would only account for around .5% of all dollar payments.
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(The dollar also enabled lots of other kinds of transactions, like foreign trade, capital markets activity and lending that have no analogue in the Bitcoin world and that probably make many people more willing to tolerate the illegal transactions.)
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These #'s start to provide a picture of why we write about this. It is not just because the black market stuff is sensational. It is also one of the most steadily growing and interesting experiments in how BTC can be used in the real world.
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It's not the only thing we are going to write about in the crypto realm, but it certainly seems worthy of coverage.
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Localbitcoins instituted KYC which is partially why volumes have dropped. Look at paxful data, it compensates for the drop. Do your job, fact check.
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Localbitcoins is just 1 small p2p site. Conflating it with global volume is a horrendously rookie mistake. Do some work on this. Start with https://www.usefultulips.org
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