alt Hacker NewsIt's also the #1 use case for $100 US dollar bills. Most US $100 bills, in fact, are not even in the US.[a][b]
US $100 bills are the currency of choice for small-time crooks and evildoers around the world.
They are also the currency of choice for big-time crooks and evildoers. Briefcases of US $100 bills have long been used for illicit payments, as depicted in numerous books and movies.
Just because crooks and evildoers use US $100 bills doesn't mean they are not useful and valuable to honest people too.
What Binance did was wrong, no doubt, but Binance ≠ crypto.
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[a] https://www.stlouisfed.org/on-the-economy/2022/oct/innocent-...
[b] https://www.npr.org/sections/money/2013/04/12/177051690/most...
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> Just because criminals and evildoers use US $100 bills doesn't mean they are not useful and valuable to honest people too.
Like all of the ATMs near a dispensary that was always out of cash because 20 individual $20 bills runs out a lot faster than 4 $100 bills. Until dispensaries became legal, it was rare for me to see an ATM with anything other than $20s. Now, I see $20, $50, $100 dispensing machines regularly.
A briefcase of $100 notes is just around 1 million. That's like a tip you give to a waiter these days in the world of crypto.
At the scale of cryptocrime, you'd be looking at trucks filled with $100 notes.
There's a major distinction, however, in that it's a heck of a lot harder to safely and reliably lug briefcases or suitcases full of $100 bills from Chicago to Tehran, than it is to click and transfer some Bitcoin. Which is the whole point.