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but what about paying bitcoins of terrorist operations?
Don't know anything about that. Theoretically it could be possible. Allegedly credit card fraud was used to enable financing for Bali bombings. |
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you have already kind of mentioned 2 of them which i didn't quote above.
but mainly the reasons are two things:
- more investors seeing the good performance of bitcoin and starting to buy it. scarcity is in favor of this and leads to more rise. bitcoin is global and there are a lot of people who still don't know about it. the reason can be store of value (something gold like) or seeing it as the decentralized money or just to make more money like Forex. the result is the same regardless of reason.
- more adoption as a currency. all the shops and big or small businesses who accept bitcoin. the purchases using bitcoin which are also tax-free in some countries also is a nice perk. imagine you buy bitcoin, earn bitcoin,... when it is $4000 and then buy some stuff with it when it is $4500 without paying any taxes. that is 2 times profit.
What gives BTC good performance? What drives the demand? What drives people into buying it, aside from cashing out, why do people buy it...and given this good performance...why do people sell it? Why not stick to it? Adoption? Are there grocery stores accepting BTC? Real estate? Car dealers? Travel agents (not counting those with "super extra" Expedia discounts and such) And those few dealers who actually do accept BTC, what do they do with it? Do they Keep it, or make a sell order asap? |
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i disagree.
maybe back in 2009 that many thought bitcoin is anonymous and also back when "blockchain analysis" companies didn't exist and the real anon coins weren't popular.
these days most people know bitcoin is not anonymous.
there are blockchain analysis companies
and there are anon coins such as XMR which are being used to cover tracks.
which means this can not have that big a effect on bitcoin to even be considered as a "factor".
So what would be the main driving factor in your opinion? Not every BTC sale is from miners. What is the main driving force for purchases, if criminal enterprises are disregarded? Buy low, sell high? Search daily for a new fool hoping to make a quick buck? What happens when you run out of fools? |
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because of Bitcoin's anonymity it is hard to get factual evidence
It is not quite anonymous, and criminal enterprises find a way to use stolen information for indirect BTC purchases. |
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As for the use of bitcoin for criminal purposes then I can assure you it is not. All users of bitcoin in order to buy something often exchange it for Fiat. In fact, illegal transactions take place behind Fiat.
Somehow, somewhere, someone...gets Your CC/CVV. They then sell that information for BTC, and exchange BTC into fiat. A buyer will then use the information to obtain BTC, and then sell it for fiat. BTC is the main in between medium. Or you have a drug seller, the buyer will obtain BTC, buy the drug using BTC...etc again BTC is the medium of exchange, keeping up the demand, adding to its value? |
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In simple word all of the above are keeping the value of bitcoin but even paper cash are used by drug dealers and scammers so why we should only blame bitcoin for being used by criminals.
I assume it can be safe to say criminal activities have little influence on the valuation of the fiat money, if you disregard central banking as a criminal activity. Paper cash is not the subject of discussion. The better question here is, just how much of a driving force criminal activities are, when it comes to value and possession of BTC. Fiat money, if you have a lot of it, can also give you financial freedom. |
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Has there ever been made an objective analysis of the factors behind the value of BTC?
Interesting thing to know would be just what percentage of BTC value is driven by:
- criminal enterprises, such as those who are cashing out stolen credit cards and compromised pay pal accounts into the BTC
- people using BTC to obtain illegal items, like drugs, arms, and counterfeits
- all varieties of scams/cons
- absurdities like Vanuatu citizenship, potentially also possible to (miss)use for illegal enterprises
- legal retail in shops, grocery stores, gas pumps, hotels, investments, travel...
- speculation, obsession with quick profit, and complete disregard from actually ever branching away from fiat money
Side note: the credit card fraud losses for 2016, globally, are estimated at $21.84 Billion, annual global drugs trade is worth around $435 billion a year.
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