Today was not a good day
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The market is just worried that Silk Road was too important in the Bitcoin economy. The price falling on other cryptos is mostly speculative/related to concern that they’re not as immune to government interference as previously thought.
I expect all of this to blow over in a week or two, if that, and things to get back to “normal”. Being someone who’s long on cryptos as a whole, I’m just chilling in my corner and wishing that I had a lot more USD lying around to pick up more at low prices.
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I watched it all happen live. My opinion, many people dumped BTC due to pure fear. There was no rational reason to sell off. The silk road used BTC as a trading medium but it has nothing to do with the site itself. The real investors were laying in wait to buy en masse. I even made a purchase through coinbase at $90 per Bitcoin. I don’t know if they will truly honor the pricing but I hope they do.
In any case. Think of Bitcoin like oil. Oil markets are driven by supply/demand, innovation, technology, [b]and[/b] fear. Fear that someone who wants a larger piece of the action is going to invade their neighbors and try and steal an oil field, or set it on fire. This is something we just learned today or at least were reminded. Crypto has an element of fear in the value.
I also did notice FTC was hardly affected. I think that has a lot to do with the community. Feathercoin is promoted as a “family friendly” currency as it’s looking to break into real world markets and everyday purchases.
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I’m not too worried either. The fall today was nothing like the fall from $200 a few months ago. Thankfully I wasn’t too far off when it happened and was able to make a 2 BTC at MCXnow when I sold my mcxfees. Altcoins have been fluctuating there too which made me a little bit so I’m happy :)
I’m with cryptos for the long run so I can afford to wait for prices to go back up since I have no intention in cashing out anything anytime soon.
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More btc in press :)
And its actually good both Atlantis and Silkroad is down, normal users do not like to see btc conected with drugs.
Overall good for bitcoin in my opinion. -
Today was a great day! I didn’t sell a single Feathercoin, as it was holding strong like a Rock… Silk Road was the dark cloud hanging over Bitcoin and I’m glad we are now past the stigma of Bitcoin being associated with illicit activity. We can now move forward and build a reputation built on positive merits.
(plus this whole Silk Road thing is going to make an excellent movie one day 8))
If you were lucky enough to have some spare BTCs or USD… There were definitely some good opportunities to be had
As for the belief that the alt coins move in the inverse direction of BTC… This seems to be a new trend people are following and it is certainly not always case. Lets not forget during Feathercoins last rise during the end of July, FTC was moving in unison with BTC.
After the initial panic, Bitcoin snapped back like a rubber band and should continue its longterm rise as Feathercoin continues its newfound upward trend.
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Your joking rite? SR was a dark cloud? Silk Road did 1.5 BILLION in sales. 1.5 BILLION USD!!! All with Bitcoin. So lets have a seat and think about this a moment shall we? 51% of all bitcoin transactions are done in online gambing at SatashiDice and i think its fair to say 30% or more is done mostly in illicit drug trade on the Silkroad. Like it or not Bitcoin is backed by drug dealers, users and people who like to gamble. Now those people who bought and sold on the silk road wont be buying or selling with bitcoin now.
What do you think is going to happen to the price of bitcoin if no one steps in to pick up the slack that the SR left? BitCoin is going to tank. The future looks pretty shitty rite now. Next the Feds will be targeting the Online gambling sites… Then we will be back to square one. The community needs to pool together to find ways to keep our businesses secure from government and its whores.
We also need to be supportive of places like the SR and SatoshiDice as they keep the bitcoin wheels turning. Without them at this point in the game BitCoin is nothing… Just my 2 cents ;)[quote name=“birddog” post=“30186” timestamp=“1380775163”]
Today was a great day! I didn’t sell a single Feathercoin, as it was holding strong like a Rock… Silk Road was the dark cloud hanging over Bitcoin and I’m glad we are now past the stigma of Bitcoin being associated with illicit activity. We can now move forward and build a reputation built on positive merits.(plus this whole Silk Road thing is going to make an excellent movie one day 8))
If you were lucky enough to have some spare BTCs or USD… There were definitely some good opportunities to be had
As for the belief that the alt coins move in the inverse direction of BTC… This seems to be a new trend people are following and it is certainly not always case. Lets not forget during Feathercoins last rise during the end of July, FTC was moving in unison with BTC.
After the initial panic, Bitcoin snapped back like a rubber band and should continue its longterm rise as Feathercoin continues its newfound upward trend.
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Thanks for pointing that out :) You are rite. Still the point I was making was large percentage of trading was going on on the silk road.
The shutdown will hurt Bitcoin. But I see that a few sites Like Atlantis and Sheep Marketplace are already picking up the slack from SR maybe it wont be all Doom and Gloom.We will have to just wait and see what happens over the next month.
BMR looks as though they are down now to…[/quote] No it didn’t the $1.2billion was misinformation, they took the BTC traded since Feb 2011 and multiplied it by recent BTC price, in Feb 2011 BTC was worth like 80cents. SR was only turning over $5mill monthly back in April this year, it’s typical FBI/MSM misinformation.
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FYI, Atlantis unexpectedly shut down a few weeks ago. Rumours are it was a honeypot.
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[quote name=“fendlestick” post=“30206” timestamp=“1380793402”]
…my son got hooked on crack he bought with BTC etc etc.
[/quote]Now if only there was some type of [url=http://blogs.mcgill.ca/oss/files/2012/03/10-1632502-background20with20money20american20hundred20dollar20bills-20loopable.jpg]secure currency[/url] that could be used to purchase drugs on a black market with fairly good anonymity… hmmm?
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Even I know they deliver in London!
Or you can go for some curry in Camden and buy some really shitty stuff from the guys with the little backpacks. -
My guess why most of the big alts went down worse than BTC yesterday goes something like this:
Some holders have what they think of as their “BTC” investments parked in alts, in the hope they will eventually go way up against BTC and multiply their holdings. But since alts are mostly traded against BTC and not directly for USD, they have to first convert their alts back to BTC if they want to cash out.
When the SR news hit there was a mad scramble to sell BTC in the hopes of buying back lower. This meant a rush to first sell their alts for BTC, which explains why alts went down in relation to BTC even as BTC was crashing in relation to USD. In real dollar terms the alts crashed even harder.
This is the opposite from what usually happens (when BTC goes down against USD, alts go up in relation to BTC and vice versa) but yesterday was not a normal day. It will also become less of a problem in the future if and when the infrastructure exists for alts to be easily directly bought and sold for fiat currency (I’m looking at you Mt. Gox, Bitstamp, and Coinbase.)
Those who were lucky enough to dump their BTC in time in the $110s-120s and buy back in the $90s did well. Those who dumped their BTC in the $90s expecting it to go even lower…oh well :(
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[quote name=“cassieheart” post=“30187” timestamp=“1380781214”]
Your joking rite? SR was a dark cloud? Silk Road did 1.5 BILLION in sales. 1.5 BILLION USD!!! All with Bitcoin. So lets have a seat and think about this a moment shall we? 51% of all bitcoin transactions are done in online gambing at SatashiDice and i think its fair to say 30% or more is done mostly in illicit drug trade on the Silkroad. Like it or not Bitcoin is backed by drug dealers, users and people who like to gamble. Now those people who bought and sold on the silk road wont be buying or selling with bitcoin now.
What do you think is going to happen to the price of bitcoin if no one steps in to pick up the slack that the SR left? BitCoin is going to tank. The future looks pretty shitty rite now. Next the Feds will be targeting the Online gambling sites… Then we will be back to square one. The community needs to pool together to find ways to keep our businesses secure from government and its whores.
We also need to be supportive of places like the SR and SatoshiDice as they keep the bitcoin wheels turning. Without them at this point in the game BitCoin is nothing… Just my 2 cents ;)
[/quote]Nope. Not joking at all… Silk Road was a [b]DARK CLOUD[/b]
Personally, I have been waiting with great anticipation for Silk Road to go down as it was inevitable and a disgrace to Bitcoin. Bitcoin is much stronger than the kids sitting in their basements ordering pot online or aimlessly clicking buttons trying to win a game of dice.
The drop you saw was just another speculation. Investors wanted to be the first to drop their coins at the word of “negative” news only to buy them right back up from the ones that sold after them.
Sites like Silk Road should [b]not[/b] have our support and anyone that was messing around with that drug pedaling site should have known they were playing with fire.
Whether you like it or not… we are at the mercy of our governments and blatantly undermining them is only going to be an uphill battle. (buying and selling drugs on the internet? Really? You really thought that was going to last?) Look at what happened to the Liberty Reserve… It was outed as currency used strictly for the buying and selling of drugs, money laundering and other illicit activities. Look at what happened there… Its gone! Whats worse? Bitcoin having a little hiccup along the way or being completely shutdown?
More creative and profound uses for Bitcoin will come in the future rather than just being used to buy drugs… This is what people are investing in. This is what is holding up the value. The fact that Bitcoin didn’t just crash and burn to the ground after Silk Road went down is a testament to its strength.
Selling drugs is a copout… C’mon… any monkey can do that. Lets think of some more creative uses for Bitcoin.
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[quote name=“birddog” post=“30233” timestamp=“1380811802”]
[quote author=cassieheart link=topic=3893.msg30187#msg30187 date=1380781214]
Your joking rite? SR was a dark cloud? Silk Road did 1.5 BILLION in sales. 1.5 BILLION USD!!! All with Bitcoin. So lets have a seat and think about this a moment shall we? 51% of all bitcoin transactions are done in online gambing at SatashiDice and i think its fair to say 30% or more is done mostly in illicit drug trade on the Silkroad. Like it or not Bitcoin is backed by drug dealers, users and people who like to gamble. Now those people who bought and sold on the silk road wont be buying or selling with bitcoin now.
What do you think is going to happen to the price of bitcoin if no one steps in to pick up the slack that the SR left? BitCoin is going to tank. The future looks pretty shitty rite now. Next the Feds will be targeting the Online gambling sites… Then we will be back to square one. The community needs to pool together to find ways to keep our businesses secure from government and its whores.
We also need to be supportive of places like the SR and SatoshiDice as they keep the bitcoin wheels turning. Without them at this point in the game BitCoin is nothing… Just my 2 cents ;)
[/quote]Nope. Not joking at all… Silk Road was a [b]DARK CLOUD[/b]
Personally, I have been waiting with great anticipation for Silk Road to go down as it was inevitable and a disgrace to Bitcoin. Bitcoin is much stronger than the kids sitting in their basements ordering pot online or aimlessly clicking buttons trying to win a game of dice.
The drop you saw was just another speculation. Investors wanted to be the first to drop their coins at the word of “negative” news only to buy them right back up from the ones that sold after them.
Sites like Silk Road should [b]not[/b] have our support and anyone that was messing around with that drug pedaling site should have known they were playing with fire.
Whether you like it or not… we are at the mercy of our governments and blatantly undermining them is only going to be an uphill battle. (buying and selling drugs on the internet? Really? You really thought that was going to last?) Look at what happened to the Liberty Reserve… It was outed as currency used strictly for the buying and selling of drugs, money laundering and other illicit activities. Look at what happened there… Its gone! Whats worse? Bitcoin having a little hiccup along the way or being completely shutdown?
More creative and profound uses for Bitcoin will come in the future rather than just being used to buy drugs… This is what people are investing in. This is what is holding up the value. The fact that Bitcoin didn’t just crash and burn to the ground after Silk Road went down is a testament to its strength.
Selling drugs is a copout… C’mon… any monkey can do that. Lets think of some more creative uses for Bitcoin.
[/quote]Silk Road legitimized Bitcoin as a currency and provided the largest marketplace that Bitcoin has had to date, cementing it’s value against real world items, stabilizing and increasing the price in a sustainable fashion.
Drugs were not the only thing sold there, and drugs are just as legitimate an item to use to peg a currency to a value as any other commodity.
Sites like Silk Road should have our support because they pave the way to mass adoption and legitimacy of the currency, provide liquidity, establish and entrench the value of the currency, and enable buyers of goods to reach sellers directly. The democratized model is the way of the future. It did for Bitcoin commerce what EBay did for Internet commerce.
Weather you like it or not, we are part of a revolution which bucks government controls and blatantly undermining them is exactly how progress is made. Just look at Egypt or Iran for examples of this, or the slipping grasp of Wall Street on our currency. It’s a downhill battle because as more and more people become entrenched in this market the inertia grows, and it’s rapidly reaching a tipping point where it’s moving under it’s own power inexorably.
Selling drugs is NEVER a cop-out. They are a legitimate commodity, and once that millions of people rely on for their health and well being. A world without drugs is one where millions of people suffer needlessly and die from afflictions which, due to modern technology, are avoidable, treatable, and curable.
The next generation of sites like Silk Road will further erode Government’s stranglehold on our freedom, because they (hopefully) won’t make the same mistakes as the prior generation.
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From the [url=http://www.zdnet.com/silk-road-and-the-potential-to-disrupt-a-truly-evil-industry-7000021498/]article on ZDNet[/url]:
Silk Road had some positive aspects. The FBI admitted that Silk Road vendors provided high quality drugs. And the prices were far below the street.
Based on advanced Internet technologies, it was able to create a protected market that kept money out of the hands of violent street gangs and international criminal syndicates. It also protected buyers (lots of US citizens) from the poisons that adulterate street drugs.
If it had grown large enough, Silk Road, or a collection of similar online services, would have begun to seriously challenge the revenues of local and international mobsters on a scale that the war on drugs has consistently failed to do.
It’s much better to have drug distributors such as Silk Road and competitors fight over Google keywords in online auctions than murder and behead each other.
The beneficiaries of this FBI takedown are the international criminal syndicates, hit men, and the corrupt networks that enable the drug trade to cross borders in staggering quantities.
The FBI has unwittingly done them all a big favor and kept the Internet from disrupting a truly evil international industry.
…
Dark Cloud my ass. More like a steel umbrella.
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[quote name=“Kevlar” post=“30244” timestamp=“1380817891”]
Silk Road legitimized Bitcoin as a currency and provided the largest marketplace that Bitcoin has had to date, cementing it’s value against real world items, stabilizing and increasing the price in a sustainable fashion.
Drugs were not the only thing sold there, and drugs are just as legitimate an item to use to peg a currency to a value as any other commodity.
Sites like Silk Road should have our support because they pave the way to mass adoption and legitimacy of the currency, provide liquidity, establish and entrench the value of the currency, and enable buyers of goods to reach sellers directly. The democratized model is the way of the future. It did for Bitcoin commerce what EBay did for Internet commerce.
Weather you like it or not, we are part of a revolution which bucks government controls and blatantly undermining them is exactly how progress is made. Just look at Egypt or Iran for examples of this, or the slipping grasp of Wall Street on our currency. It’s a downhill battle because as more and more people become entrenched in this market the inertia grows, and it’s rapidly reaching a tipping point where it’s moving under it’s own power inexorably.
Selling drugs is NEVER a cop-out. They are a legitimate commodity, and once that millions of people rely on for their health and well being. A world without drugs is one where millions of people suffer needlessly and die from afflictions which, due to modern technology, are avoidable, treatable, and curable.
The next generation of sites like Silk Road will further erode Government’s stranglehold on our freedom, because they (hopefully) won’t make the same mistakes as the prior generation.
[/quote]C’mon… you cant be serious?
Your using Egypt and Iran as a model for progress? Your not trolling me are you ;)?
Silk Road was essential in establishing the foundation Bitcoin was built on. I’ll give you that. But Silk Road no longer has the impact on the Bitcoin ecosystem like it once had. This is outlined in the hard data in the charts. This article does a great job in explaining that.
[url=http://thegenesisblock.com/analysis-silk-roads-historical-impact-bitcoin/the]http://thegenesisblock.com/analysis-silk-roads-historical-impact-bitcoin/the[/url]
Drugs may be a commodity but they are certainly not “legitimate”. You can’t honestly say that the “goods” sold on Silk Road were essential to the health and survival of its users… You can try to overthrow the government and keep putting up illegal drug marketplaces like Silk Road all you want. But they are just going to be shutdown one after another and shed more and more negative light on Bitcoin. Mass adoption is what Bitcoin needs and the World does not need another outlet for illegal drug trade. If you need your drugs for a legitimate health concern great, go to the doctor and get a prescription. Silk Road users were not living in third world countries.
SR was a great experiment in proving the transactional value of Bitcoin. I would love it if more sites popped up like Silk Road but I think it would be far more beneficial if they sold “legitimate” goods rather than illegal drugs. There are other ways to “buck” the government…
Your arguing that Silk Road provided a “safe” outlet to sell drugs? C’mon man… DPR was hiring hits on his users. How long do you think this “safe” drug trade is going to last? The people using Silk Road were the same “thugs” and “criminals” that were buying drugs in the first place. You think they were just buying drugs for their own personal use? No, they were going right back to the streets and selling their discount, “high quality” drugs for a premium. If anything, SR was an accelerant to violent behavior.
It sounds like we have completely different ideologies. Whatever I say is never going to change your hardcoded beliefs.
So lets just agree to disagree eh?
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Well, it’s official.
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Hash: SHA256Unfortunately, it was recently discovered that the Bitcoin Forum’s server
was compromised. It is currently believed that the attacker(s) *could* have
accessed the database, but at this time it is unknown whether they actually did
so. If they accessed the database, they would have had access to all
personal messages, emails, and password hashes. To be safe, it is
recommended that all Bitcoin Forum users consider any password used
on the Bitcoin Forum in 2013 to be insecure: if you used this
password on a different site, change it. When the Bitcoin Forum
returns, change your password.Passwords on the Bitcoin Forum are hashed with 7500 rounds of
sha256crypt. This is very strong. It may take years for
reasonably-strong passwords to be cracked. Even so, it is best to
assume that the attacker will be able to crack your passwords.The Bitcoin Forum will return within the next several days after a
full investigation has been conducted and we are sure that this
problem cannot recur.Check [url=http://www.reddit.com/r/Bitcoin/]http://www.reddit.com/r/Bitcoin/[/url] and #bitcoin on Freenode for
more info as it develops.We apologize for the inconvenience.
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Im glad Silk Road finally got closed.
Imo its just bad PR for crypto currency. Everyone i have talked to locally about crypto that hasnt been a part of it just responds:
Ah… aint that illegal stuff?
when i say no! they just reply:
but isnt it just used for drugs and moneylaundry? and other dodgy stuff that needs to be hidden from the government?Thats the angle most of the crypto has gotten from the media in Norway. Thanks SR…
I dont know how the common conseption regarding drug use/trading is in US or England. But here its a big NO. the public do not want it,period.
So for crypto to be assosiated as beeing there as a way to deal drugs is just bad.Example: tried to use my fathers garage for some extra miners (ive maxed out my powerline…), he just said No. and stop doing that illigal stuff…
tried to explain, but when media has Bitcoin == Drugs all over… you get the drill…For me crypto is a way of abling trading/buying that is independent from government and not locked to one country/allianse, also makes buisnesses independent of Visa/Paypal.
Independent of diplomatic crap and “bondship” between countries.
Thats what i think is important. to get there we need to make the people to understand its potential. Having SR around just makes it hard.Hopefully the closing of SR twist the bitcoin devs arm a bit, making em work harder to get the currency out there.
Why do i not have a “minibank” where i can purchase bitcoin in my country? it was over 2 years ago since i saw they showing it off as built and ready ???