[0xB31B1B]

marketcaps in crypto mean nothing. The universe is full of wash sales, there is not 2.6T of liquidity, a ton of volume is insanely leveraged and amplified through defi pools, and looking at a transaction volume adjusted view of the world, like 99.9% of transactions are valueless gambling OR money laundering. Lets see what happens after the run on tether happens, then we can talk about what the crypto world looks like.

[aeternum]

A more accurate statement would be that volume means nothing.

Market cap absolutely does. It's meaningful that of the 18.8mil btc out there, no one is willing to part with one for less than $56k.

Even the Tether concern is somewhat outdated. It now makes up only 4.5% of btc & eth's combined market cap. The mkt cap of btc and eth fluctuates about that much every few days, is it enough to really matter?

[csomar]

Even at 1/4 of that, it's $650bn. That's a tons of value.

> like 99.9% of transactions are valueless gambling OR money laundering.

You need to prove that. GBTC and CME options volumes/open value are in the billions. I don't think people are laundering money through these instruments.

[0xB31B1B]

You don't need to launder money through GBTC to get exposure to the assets that money launderers use (BTC) to launder money and reap the upside of a growth market in cryptocurrency based moneylaundering. its a smart play tbh, but the 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers.

[terafo]

> 99% off chain economic benefit from crypto today is money laundering, evading KYC protocols, tax evasion, ransomware related transfers

You still need to prove that though.

[0xB31B1B]

No, you need to prove the off chain economic use cases. The well known use cases are all illicit.