Oddbean new post about login | logout How can I argue with that? If you don't find it useful - you're right Using permissionless crypto for white market (permissioned) transactions doesn't make sense. If what you want to do follows the rules, then fiat makes more sense to use for that transaction. That changes over time and depends where you live and who you are.
Would you not want to use monero to buy bread just because bread is not illegal?
Yes I would want to sure. But that's not the current reality and probably never will be. Even when you can find things to use Monero on in the white market you have to pay capital gains taxes for those purchases, so it still makes more sense to use fiat to buy those things. Unless you are not going to report that or pay those taxes...but then would that be considered a white market transaction? I don't think so
It makes more sense to use fiat, unless you have a load of monero and not much fiat. Which is going to be the case for anyone selling high value stuff illegally on the black market. I guess my question is how do black market sellers get rid of their monero for actual food once the possibility of changing it for cash in person is eliminated (i can't imagine even that is easy to do for large amounts)
By then I'm sure the circular economy will be larger and more established than it is now. The tools will be better as well. If there is demand for something it will be met even if it is at a higher premium. But the options I can see right now are cash(doesn't exist in this scenario), buying things directly (if you can), swap to other "clean" crypto on DEXs or p2p platforms, and/or trade for digital fiat p2p. People do all these right now. For everyday stuff you can also use gift cards or proxy purchases. There are probably more that I'm missing