Elementus pulls data from blockchains and layers on information about the identities, which it deduces by using artificial intelligence and additional data, such as crawling the Internet. One of the results is:
The popular opinion being that much of the transactions in the Crypto space have "no economic value".
What they don's say is:
- As with cash, people having crypto do shift their "money" from one account to another
- Even discounting the transactions where there is no potential change in ownership the number of transactions have been growing at an astronomical rate.
- The data gathering is flawed because blockchain is by definition scattered far and wide.
- What about exchange of Crypto outside exchanges? This is an entirely separate pool of transactions
- The reason that such findings are publicized is that many more people are looking at crypto as "currency"
