I have been trading Bitcoin since 2012 and this is my experience.
Sadly most people interested in bitcoin at this time are so because they need it to advertise their service online (escorts) or to buy drugs on the deep web. Other reasons why I no longer trade bitcoin include human trafficking, illegal gun sales and money laundering.
The mass media reports about powerful new drugs like Fentanyl but they don’t acknowledge the fact that these drugs are easy to obtain for anyone with knowledge of Bitcoin and the deep web accessed through (Tor) the onion router. Here is where it gets interesting. It seems to me that governments don’t care so much about the small time crimes like prostitution and drugs. Apparently money laundering is their biggest concern and the main reason why some governments and banks hate Bitcoin. The truth is with bitcoin governments and banks would have a harder time hiding their own corruption and cronyism.
When Bitcoin is recognized by the mass media as a new invention rather than a tool for criminals to conduct business then and only then will it become valuable to me again, but much similar to the car when it was first invented. It will take time because even when the automobile was recognized as a new invention it’s biggest detractors were the horseshoe makers and horseshit cleaners.
I hate to say it but at this time the only reason why bitcoin is gaining in popularity and value is because it is popular among those involved with human trafficking, illicit drugs, online gambling, illegal guns sales, extortion and money laundering. I’m also keenly aware that speculators are a big reason for the price increase. What will make bitcoin valuable to me again is when it is used more for good than bad. This can only happen when governments step in to either ban it or embrace it.
Unfortunately that may never happen because as long as the banks and corrupt governments see bitcoin as a competitor rather than a partner one will always accuse the other of negative consequences or malicious intent.
