Chainalysis and Elliptic have found that crypto is useful for crime, but that’s hardly an argument for banning it, danielgkuhn writes. Opinion
in question), that’s a little over $22 million worth of the synthetic opioid that otherwise would have been sold.
Elsewhere, depending on where you look, the total global illicit drug trade ranges anywhere from tens of billions to hundreds of trillions of dollars. The important thing here isn’t to get hung up with the numbers, but to show that Chainalysis’ estimate is likely contingent on a number of factors that always come into play when trying to find the absolute value of something.
In other words, it says almost nothing about the scope of crypto’s use in the global drug trade – it barely says anything about crypto’s use in the fentanyl industry in just one country.that Chainalysis’ often cited figure that “less than 1%” of crypto transactions are connected to crime is likely incomplete. It’s based on a sampling of addresses the analytics firm can actually identify or a probabilistic mapping of addresses.
Being honest about the industry and the limits of this technology is the best thing crypto can do for itself. This includes being honest about crypto's use in online drug markets, rather than sweeping the story under the rug.
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