alphabay taken down how will it effect price of bitcoin

Febo

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Quote from: HI-TEC99 on July 23, 2017, 05:40:49 PM

Quote from: Pearls Before Swine on July 23, 2017, 03:13:22 PM

Nothing much is going to happen...that's my guess. FBI will end up with the illicit proceeds and will sell them somehow, but that shouldn't affect the price.

Do you have any idea how many coins the FBI seized? If it was a massive amount I'm sure there would have been more publicity about it. I haven't yet found a single article about it that gives an estimated number. Unless it's some massive amount I doubt it will affect the price, and the articles I read said at least one of the guys running it bought lambos and mansions. It doesn't sound like he was HODLing.

1600 BTC from AlphaBay.

https://assets.documentcloud.org/documents/3898109/AlphaBay-Cazes-Forfeiture-Complaint.pdf

talkbitcoin

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All I know is that I know nothing.

90% of people around here didn't even know what "alphabay" is before news sites started talking about it because it was "taken down".
it is safe to assume that it raelly didn't have any effects on bitcoin price that could have been felt.

webtricks

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Quote from: botany on July 23, 2017, 02:50:45 PM

Quote from: webtricks on July 23, 2017, 01:00:38 PM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Whenever someone uses Bitcoin to buy/sell commodity, he uses current market price. Thus marketplace works at current price which hardly affect market price on transactions. It is trading or speculation which basically impact prices. So I don't think turning down such deepweb marketplace will cause any impact on BTC prices.

Sometimes, a particular user might be hoarding bitcoins to buy a particular commodity. If it is not possible, he might dump it. So there is a theoretical possibility of a decline in price if a specific use of Bitcoin gets taken out.

And how you categorize it to be utility activity. The moment he started speculating Bitcoin, it changes the virtue of Bitcoin from money to investment. If he dumps the coin, he is doing what we call 'trading' hence marketplace doesn't directly contribute to prices of Bitcoin.

HI-TEC99

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Quote from: Pearls Before Swine on July 23, 2017, 03:13:22 PM

Nothing much is going to happen...that's my guess. FBI will end up with the illicit proceeds and will sell them somehow, but that shouldn't affect the price.

Do you have any idea how many coins the FBI seized? If it was a massive amount I'm sure there would have been more publicity about it. I haven't yet found a single article about it that gives an estimated number. Unless it's some massive amount I doubt it will affect the price, and the articles I read said at least one of the guys running it bought lambos and mansions. It doesn't sound like he was HODLing.

jk_14

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Quote from: Despacito on July 23, 2017, 03:37:45 PM

Dark markets have no effect on bitcoin price. The price is shaped by the daily trade happening on exchangers. We should see that the price is independent from the usage of bitcoin including dark market usage/spending.

DNMs definitely have an impact on Bitcoin prices. I did no calculations on how large that impact is, but it's certainly there. There are millions of dollars being run through the DNMs and the constant purchasing and selling absolutely will leave its marks in the crypto-markets.
Furthermore, the more people use Bitcoins for spending, the faster it will be adopted, which will also drive the prices up.

Despacito

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Dark markets have no effect on bitcoin price. The price is shaped by the daily trade happening on exchangers. We should see that the price is independent from the usage of bitcoin including dark market usage/spending.

Pearls Before Swine

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Nothing much is going to happen...that's my guess. FBI will end up with the illicit proceeds and will sell them somehow, but that shouldn't affect the price.

Never used them, but boy...the guy who ran it is going to end up with a LWOP sentence just like the silk road guy. And that sucks for him, but it shouldn't be unexpected. Bitcoin and the dark markets are nowhere near as anonymous as people think.

Qartersa

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Quote from: botany on July 23, 2017, 02:50:45 PM

Quote from: webtricks on July 23, 2017, 01:00:38 PM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Whenever someone uses Bitcoin to buy/sell commodity, he uses current market price. Thus marketplace works at current price which hardly affect market price on transactions. It is trading or speculation which basically impact prices. So I don't think turning down such deepweb marketplace will cause any impact on BTC prices.

Sometimes, a particular user might be hoarding bitcoins to buy a particular commodity. If it is not possible, he might dump it. So there is a theoretical possibility of a decline in price if a specific use of Bitcoin gets taken out.

Hmm. I don't think there is a person that will hoard it and just dump everything in just a whim. He will likely want to profit from his venture of buying and hoarding bitcoins. Also it doesn't just depend on one person to grow bitcoin prices.

Also think about it, if he so much bitcoins and dumps it, then there is a possibility that he will lose some money.

botany

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Quote from: webtricks on July 23, 2017, 01:00:38 PM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Whenever someone uses Bitcoin to buy/sell commodity, he uses current market price. Thus marketplace works at current price which hardly affect market price on transactions. It is trading or speculation which basically impact prices. So I don't think turning down such deepweb marketplace will cause any impact on BTC prices.

Sometimes, a particular user might be hoarding bitcoins to buy a particular commodity. If it is not possible, he might dump it. So there is a theoretical possibility of a decline in price if a specific use of Bitcoin gets taken out.

webtricks

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Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Whenever someone uses Bitcoin to buy/sell commodity, he uses current market price. Thus marketplace works at current price which hardly affect market price on transactions. It is trading or speculation which basically impact prices. So I don't think turning down such deepweb marketplace will cause any impact on BTC prices.

Febo

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Quote from: allthebitandbobs on July 22, 2017, 11:43:10 AM

Quote from: TryNinja on July 22, 2017, 11:30:52 AM

Quote from: krishnapramod on July 22, 2017, 11:01:38 AM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few dark

AlphaBay was taken down on July 13, today 22, did it affect bitcoins price? If you were wondering if it would affect bitcoin price negatively, then no. The recent surge in price is because Segwit is locked in and would get activated soon, but if that wasn't the scenario, I think only a small percentage of bitcoin is circulated in darknet markets, not big enough to influence bitcoins price. Would have if it was 2013, not now neither in future.

It didn't. And neither with Hansa also taken down by the FBI a few days ago. Why would this make Bitcoin price go down anyway?

Even if the damage was big, people would just move to another market and keep selling/buying drugs with Bitcoin.
This market of drugs online is too big to people just let it go that easily.

Wow hansa got taken down as well Huh

.Where were they based Huh

.

Alphabay servers were in Canada and HANSA servers in Netherlands.
I was actually surprised how little volume was made there in last 2 years.
There will be no shorth term influence, but long term it will be, darkmarkets will start avoiding transparent Bitcoin and start using anon Monero.

AT101ET

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It won't have any affect on the price of BTC. Long gone are the days when BTC was primary used for more 'shady' markets. BTC has widespread adoption and is used legitimately across the globe. Most people here didn't even know that AlphaBay closed down. For those that are worried, as soon as one closes another opens. So from that perspective it won't have an affect of BTC's price at all.

~Bitcoin~

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I don't think it will have any affect on bitcoin or altcoins price, darknet marketplace will not go down with just one of the marketplace going down. Alphabay rises after silkroad and after alphabay there will be another one to take it's place.

HI-TEC99

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Quote from: JimboToronto on July 22, 2017, 02:50:34 PM

I thought the fact that the price of Bitcoin soared after the Silk Road bust made it clear to any thinking person that contraband was small potatoes in Bitcoin's greater scheme of things.

The publicity the Silk Road bust gave Bitcoin probably enticed a wave of newbies into buying Bitcoin. First they would have read about the bust, then read about how much Bitcoin had gained in value during the previous few years.

I don't think the latest busts will crash Bitcoin's price, either they will have no effect or they will result in another pump.

DaMut

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Quote from: Denker on July 22, 2017, 02:19:41 PM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Yes Alphabay and Hansa Market got busted. Not sure about dream market.
Although Alphabay seemed to be 10x bigger than Silk Road back in the days, in terms of price I don't think it will have any significant effect.
Other markets will pop up and this cat and mouse game will continue as usual.

i thought silk road was bigger than alphabay ?
because when they're collecting money around $3,5~4 Million in Bitcoin,

which mean 4~5x from total busted on Alphabay ($800.000 in Bitcoin),
althought it's not only money in Bitcoin,they're also collected 2 Lambos.

but it's not the main problem in here,because when they're busted silk road nothing went wrong right ?
so what if they're busted alphabay which is only holding $800.000 in Bitcoin or around 300BTC,
and they won't sell it because they will auction it like they did back then.

so don't worry my friend

JimboToronto

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You're never too old to think young.

Trying to link Bitcoin to Darknet contraband markets is so 2011. It's like saying that banning pornography would hamstring the internet.

While 70% of all web pages may have been porn in the late 1990s (and much higher than that in the early '90s but I don't know the actual figure), we all know that times have changed.

Only government/bankster propaganda and FUD still portrays Bitcoin as the domain of drugs, kiddie porn and terrorism. No one takes that crap seriously any more, except a few gullible saps who don't even realize they're being brainwashed.

I thought the fact that the price of Bitcoin soared after the Silk Road bust made it clear to any thinking person that contraband was small potatoes in Bitcoin's greater scheme of things.

Denker

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Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few darkmarket places just got taken down .Wonder how it will effect the prices of bitcoin and other altcoins.Look like the guy made a few big mistakes.Surprising he wast taken down sooner .Will it effect the price of bitcoins are altcoins?

Yes Alphabay and Hansa Market got busted. Not sure about dream market.
Although Alphabay seemed to be 10x bigger than Silk Road back in the days, in terms of price I don't think it will have any significant effect.
Other markets will pop up and this cat and mouse game will continue as usual.

allthebitandbobs

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Quote from: TryNinja on July 22, 2017, 11:30:52 AM

Quote from: krishnapramod on July 22, 2017, 11:01:38 AM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few dark

AlphaBay was taken down on July 13, today 22, did it affect bitcoins price? If you were wondering if it would affect bitcoin price negatively, then no. The recent surge in price is because Segwit is locked in and would get activated soon, but if that wasn't the scenario, I think only a small percentage of bitcoin is circulated in darknet markets, not big enough to influence bitcoins price. Would have if it was 2013, not now neither in future.

It didn't. And neither with Hansa also taken down by the FBI a few days ago. Why would this make Bitcoin price go down anyway?

Even if the damage was big, people would just move to another market and keep selling/buying drugs with Bitcoin.
This market of drugs online is too big to people just let it go that easily.

Wow hansa got taken down as well Huh

.Where were they based Huh

.

TryNinja

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Quote from: krishnapramod on July 22, 2017, 11:01:38 AM

Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few dark

AlphaBay was taken down on July 13, today 22, did it affect bitcoins price? If you were wondering if it would affect bitcoin price negatively, then no. The recent surge in price is because Segwit is locked in and would get activated soon, but if that wasn't the scenario, I think only a small percentage of bitcoin is circulated in darknet markets, not big enough to influence bitcoins price. Would have if it was 2013, not now neither in future.

It didn't. And neither with Hansa also taken down by the FBI a few days ago. Why would this make Bitcoin price go down anyway?

Even if the damage was big, people would just move to another market and keep selling/buying drugs with Bitcoin.
This market of drugs online is too big to people just let it go that easily.

krishnapramod

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Quote from: allthebitandbobs on July 22, 2017, 10:50:23 AM

Hey guys just heard a few dark

AlphaBay was taken down on July 13, today 22, did it affect bitcoins price? If you were wondering if it would affect bitcoin price negatively, then no. The recent surge in price is because Segwit is locked in and would get activated soon, but if that wasn't the scenario, I think only a small percentage of bitcoin is circulated in darknet markets, not big enough to influence bitcoins price. Would have if it was 2013, not now neither in future.

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