The chart below is a breakdown of that 0.34% of on-chain transaction volume.
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184 sats \ 6 replies \ @antic 4 Mar
now do US dollars 🤪
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99 sats \ 5 replies \ @0xbitcoiner 4 Mar
Given the large amount of currency in circulation and the constant increase in its supply, it's logical to assume that the percentage would be lower, wouldn't you think? :)
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64 sats \ 4 replies \ @gmd 4 Mar
Does anyone have a good estimate? Here's what perplexity says:
The percentage of US dollars used for illicit activities is estimated to be significant. While specific figures vary, some sources suggest that the share of illicit transactions involving US dollars ranges from 0.1% to 5.1% in dollar-value terms. Additionally, a joint task force conducted by the US Treasury, Federal Reserve, and Secret Service previously estimated that up to 50% of cash is used by criminals and tax cheats. These figures indicate that a notable portion of US dollars is involved in illicit activities. Comparatively, the use of Bitcoin for illegal purposes is reported to be significantly lower than that of the US dollar, with estimates suggesting that only $0.00125 in Bitcoin is used for illegal activities for every $1 used for money laundering. This highlights that while both traditional currency and cryptocurrencies can be involved in illicit activities, the prevalence of illicit transactions involving US dollars appears to be higher than those involving Bitcoin.
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99 sats \ 3 replies \ @0xbitcoiner 4 Mar
It's common knowledge that using fiat for illicit activities is more anonymous. What year is this data from? With the increase in the supply of fiat and the increase in the value of Bitcoin, these values may be outdated.
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16 sats \ 2 replies \ @gmd 4 Mar
It's perplexity.ai (which I use more than google these days) so it learned this gestalt answer from crawling the web, and cites some sources but doesn't seem like there's any great data out there... (the sources linked seemed rather hand-wavy)
https://www.perplexity.ai/search/what-is-the-CB96wV71QRqe429V.e51Lg#0
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210 sats \ 0 replies \ @0xbitcoiner 4 Mar
This estimate is especially interesting because of the methodology. It's well worth a read.
2017
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199 sats \ 0 replies \ @0xbitcoiner 4 Mar
Ah, okay! There must be some studies out there with this data. I'll do a quick search.
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69 sats \ 0 replies \ @OriginalSize 4 Mar
0.34% = an entire pie chart. Well played.
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0 sats \ 1 reply \ @0xbitcoiner 4 Mar
Do all the components in the posted chart represent the 0.34% ?
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32 sats \ 0 replies \ @kr OP 4 Mar
yes
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0 sats \ 0 replies \ @davidw 4 Mar freebie
And yet their business is convincing entities it is higher than it is. So that they need to use their services.
This is more for KYC than chain surveillance but… the scale of inefficiency and misallocation of human capital to this stuff is insane. In traditional banking too.
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- Imagine if you were an organic farmer at a market, quizzing customers on where their dollars came from.
- Asking clients for their phone number, address, income etc, holding up the line for everyone else wishing to buy their produce.
- Just in case 3.4 of those 1,000 customers from any given month, might have at some point in recent history used your tomatoes to mix with other tomatoes.
- You’ve employed whole new teams of staff to process those customers instead of growing your farming business and producing more food, increasing other employee salaries or retiring sooner!
How really did we get here? Someone should dig into the origins and growing inefficiencies of KYC, which is now becoming chain-surveillance. The ROI: measures vs results seem to only be getting worse.