Bitcoin is backed by blackmarkets - page 2.

libivan

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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.

zorke

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Activity: 238

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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

libivan

full member

Activity: 210

Merit: 100

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...

Robert Paulson

sr. member

Activity: 448

Merit: 250

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.

Topic: Bitcoin is backed by blackmarkets - page 2. (Read 1938 times)