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It is hard to make a definitive statement either way. For example: > Analysts estimate that underground economic transactions account for one-third (33%!) of
by alphydan 7y ago
It is hard to make a definitive statement either way. For example:
> Analysts estimate that underground economic transactions account for one-third (33%!) of the total economy in developing countries and slightly more than 10% of the total economy in developed countries. [0]
On the Bitcoin blockchain it may be around 19% (approximately USD $380bn in yearly transactions on Bitcoin [1], $72bn of which may be illegal [2])
So it's hard to say which "monetary system" is doing better in that regard. Of course, I would argue that cryptocurrencies are still in the experimental phase, trying to figure out where they are going and how.
[0] https://www.investopedia.com/articles/markets-economy/062216/how-underground-economy-affects-gdp.asp https://www.investopedia.com/articles/markets-economy/062216...
[1] https://www.blockchain.com/charts/estimated-transaction-volume-usd https://www.blockchain.com/charts/estimated-transaction-volu...
[2] https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102645
- arcticbull 7y agoOnce you eliminate the fake transactions, wash trading, tape painting, manipulation, etc, I'd wager you're left with a much much larger proportion of crypto transactions being illicit. Probably close to 100% if you exclude speculation too, since only about 2 or 3 big merchants accept crypto at all.
- rmtech 7y agoFor now, but remember that crypto essentially doesn't work at the moment because of scaling problems