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danielravennest t1_iy8cg6s wrote

Reply to comment by taradiddletrope in How FTX 'death spiral' spelled doom for BlockFi, according to bankruptcy filing by renome

They won't, because their natural function is replacing wads of cash in the underground economy. So long as people want to hide what they are doing, there is an actual use for dodges like crypto coins. So they will have some value, just like people pay Western Union to move more legitimate funds.

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MazzIsNoMore t1_iy8kgrw wrote

Some value could be a fraction of a cent and it could be in any of the various crypto.

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danielravennest t1_iycoav5 wrote

True. There are 21,888 cryptos. Most of them are "shitcoins" (i.e. they ain't worth shit). The top 5 account for 75% of the total value, and two of those are tied to the US dollar. Five is enough. The reason for more than one is swapping among different coins is part of how people hide what they are doing.

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