Comment Re:Might as well invest in tulips (Score 1) 134
Crypto is useful. It can get around international currency transfer limits, facilitate transactions into and out of sanctioned countries and ay for things that normally can't be legally traded. Essentially its use is to facilitate some sort of illegal transaction unable to be completed through the normal banking system. For this to be useful it simply has to have some value and be stable enough too not hugely change value while those transfer occur.
My theory on why China has had a significant crypto mining industry, even though it is officially banned, is it gets around Chinese foreign currency transfer limits. Miners costs are in local Yuan, so they will take Yuan as a payment for any crypto produced, but what they trade is a crypto currency that can be turned into USD or similar somewhere else in the world. The crypto only has to retain value in a hard currency for those series of transactions to occur to be useful.