Bitcoin is backed by blackmarkets | Bitcointalksearch.org

Robert Paulson

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Quote from: neurotypical on September 26, 2014, 07:56:10 AM

Quote from: Robert Paulson on September 23, 2014, 06:01:11 PM

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.

There are going to be bad uses of about everything, just like TOR and i2p and whatnot, this doesn't discredit the whole technology, it's absurd to think like that.

i didn't say its discredits bitcoin, im not making any moral judgments.
from an economic perspective if more of the drug trade moves to tor markets bitcoin demand will be huge.

neurotypical

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Quote from: Robert Paulson on September 23, 2014, 06:01:11 PM

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.

There are going to be bad uses of about everything, just like TOR and i2p and whatnot, this doesn't discredit the whole technology, it's absurd to think like that.

libivan

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Quote from: Robert Paulson on September 25, 2014, 04:05:28 AM

Quote from: libivan on September 24, 2014, 08:40:27 PM

Quote from: Robert Paulson on September 24, 2014, 07:05:51 PM

Quote from: kutaka on September 24, 2014, 01:07:58 PM

Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

Sure, now I understand what you mean, and in this I agree with you.

What I don't agree with is the assumption that this is a big problem for Bitcoin: It is only a problem in the discourse of the anti-bitcoin fear-mongering propaganda Wink

Quote from: libivan on September 24, 2014, 02:24:22 AM

Quote from: zorke on September 23, 2014, 11:35:02 PM

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

did i say it was a problem?
this is very good because it generates constant demand for bitcoin.

I meant zorke said.

Quote from: zorke on September 23, 2014, 11:35:02 PM

BTCfan668

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Quote from: Robert Paulson on September 24, 2014, 07:05:51 PM

Quote from: kutaka on September 24, 2014, 01:07:58 PM

Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

It is the currency of choice because it is the only currency that can be used in the same way that cash can be used over the internet.

This argument is very similar to saying that cash is the currency of choice for drug dealers (on the street)

600watt

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Quote from: Robert Paulson on September 23, 2014, 06:01:11 PM

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.

op is right, btc is demonstrating its usefullness even in this highly policed area.
online gambling and online porn are also potential btc markets.

OrientA

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Quote from: Grand_Voyageur on September 25, 2014, 03:59:43 AM

Quote from: robhimself on September 25, 2014, 12:14:12 AM

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

Also it stimulate the need for more Law Enforcement jobs! Grin

That is why law makers make many activities illegal.

Robert Paulson

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Quote from: libivan on September 24, 2014, 08:40:27 PM

Quote from: Robert Paulson on September 24, 2014, 07:05:51 PM

Quote from: kutaka on September 24, 2014, 01:07:58 PM

Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

Sure, now I understand what you mean, and in this I agree with you.

What I don't agree with is the assumption that this is a big problem for Bitcoin: It is only a problem in the discourse of the anti-bitcoin fear-mongering propaganda Wink

Quote from: libivan on September 24, 2014, 02:24:22 AM

Quote from: zorke on September 23, 2014, 11:35:02 PM

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

did i say it was a problem?
this is very good because it generates constant demand for bitcoin.

Grand_Voyageur

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https://dadice.com | Click my signature to join!

Quote from: robhimself on September 25, 2014, 12:14:12 AM

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

Also it stimulate the need for more Law Enforcement jobs! Grin

robhimself

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Calling out scams, one HYIP at a time...

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

libivan

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Quote from: Robert Paulson on September 24, 2014, 07:05:51 PM

Quote from: kutaka on September 24, 2014, 01:07:58 PM

Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

Sure, now I understand what you mean, and in this I agree with you.

What I don't agree with is the assumption that this is a big problem for Bitcoin: It is only a problem in the discourse of the anti-bitcoin fear-mongering propaganda Wink

Quote from: libivan on September 24, 2014, 02:24:22 AM

Quote from: zorke on September 23, 2014, 11:35:02 PM

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

lucaspm98

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I agree for the most part. Being the main currency for a new black market could be a good thing or a bad thing depending on how you look at it.

Robert Paulson

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Merit: 250

Quote from: kutaka on September 24, 2014, 01:07:58 PM

Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

kutaka

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Activity: 97

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Quote from: libivan on September 24, 2014, 02:24:22 AM

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

This, 100 times this.

adrianbtc

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Quote from: Robert Paulson on September 24, 2014, 08:19:09 AM

Quote from: BillyBobZorton on September 24, 2014, 08:15:40 AM

Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.

you can't use cash on the internet

exactly

Robert Paulson

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Quote from: BillyBobZorton on September 24, 2014, 08:15:40 AM

Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.

you can't use cash on the internet

BillyBobZorton

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Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.

Robert Paulson

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Activity: 448

Merit: 250

Quote from: OrientA on September 24, 2014, 07:20:30 AM

Quote from: Robert Paulson on September 24, 2014, 06:47:56 AM

my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.

If black market is the only place for crypto coins, then other anonymous coins such as Monero have more usage.

for now it seems they are all using bitcoin.
i guess bitcoin is anonymous enough for their needs and the liquidity in fiat conversions gives bitcoin a big advantage over anything else.

OrientA

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Quote from: Robert Paulson on September 24, 2014, 06:47:56 AM

my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.

If black market is the only place for crypto coins, then other anonymous coins such as Monero have more usage.

Robert Paulson

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Activity: 448

Merit: 250

Quote from: libivan on September 23, 2014, 08:51:51 PM

Quote from: Robert Paulson on September 23, 2014, 06:01:11 PM

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.

Just like fiat money has always been used by the black markets on the streets, Bitcoin is being used by the black markets online. So, what's the big fuss?

Do you have plans to supress Bitcoin as well as fiat money? Leave only Visa and Mastercard? I doubt this will put an end to the black markets.

I really don't get your point...

my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.

OrientA

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Activity: 462

Merit: 250

I used BTC to buy computer, not from black market.

Topic: Bitcoin is backed by blackmarkets (Read 1938 times)