Democratic manipulation of the Silk Road 29,655 bitcoins

e521

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Quote from: BurtW on January 21, 2014, 09:26:08 AM

Quote from: BTCisthefuture on January 21, 2014, 09:05:57 AM

Actually a 30k dump all at once at current prices would drop btc's price down to about $500. While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

That would be FANTASTIC. I am putting in my buy orders now.

Yes I agree with you (both!). We are not sure about buy/sell orders not on the order book, it might not go that down, or maybe even lower. Def. a very good opportunity to buy more coins and many can't wait

BurtW

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Quote from: BTCisthefuture on January 21, 2014, 09:05:57 AM

Actually a 30k dump all at once at current prices would drop btc's price down to about $500. While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

That would be FANTASTIC. I am putting in my buy orders now.

BTCisthefuture

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Quote from: Kazimir on January 21, 2014, 05:28:02 AM

Quote from: shitscared on January 17, 2014, 10:18:42 PM

or being held by someone who's going to flush the market down the can

You gotta get some perspective man. 30K coins is by no means gonna "flush" anything.

30K is the avergae volume that's being traded on the exchange market every 6 hours. Really, people somehow seem to think the FBI now owns 50% of all traded coins or something. Get real. They own about 0.25%, and even IF they were to dump it all at once on a single exchange (which they won't, assuming even the FBI is not completely retarded, but for argument's sake let's suppose they will) then the price would just very shortly drop there, and bounce right back again.

Actually a 30k dump all at once at current prices would drop btc's price down to about $500. While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

Kazimir

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Quote from: shitscared on January 17, 2014, 10:18:42 PM

or being held by someone who's going to flush the market down the can

You gotta get some perspective man. 30K coins is by no means gonna "flush" anything.

30K is the avergae volume that's being traded on the exchange market every 6 hours. Really, people somehow seem to think the FBI now owns 50% of all traded coins or something. Get real. They own about 0.25%, and even IF they were to dump it all at once on a single exchange (which they won't, assuming even the FBI is not completely retarded, but for argument's sake let's suppose they will) then the price would just very shortly drop there, and bounce right back again.

jbreher

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Quote from: Holliday on January 21, 2014, 12:28:25 AM

Quote from: jbreher on January 21, 2014, 12:25:15 AM

Quote from: wickedgoodtrader on January 20, 2014, 12:24:34 PM

The question is what happens to pirates 100k+ coins. I know he still has them.

If you are speaking of pirate@40, I would venture to guess that you are mistaken.

The topic is Silk Road. The "pirate" is "Dread Pirate Roberts" or "DPR".

Thanks, Holliday. That makes sense. Duh.

Though it seems there is pretty compelling evidence that the FBI has transferred the 29K coins and the 114K coins (or thereabouts?) to addresses under their control. Are we speaking of yet another 100K+ coins? And if so, what evidence is there that DPR still controls them? For that matter, is this DPR or Ulbricht we're speaking of?

edit: The question remains valid - how do you "know he has them", wickedgoodtrader?

If Ulbricht is DPR, and he has yet another 100K+ coins, my guess is he'll fork 'em over to avoid a life sentence for attempted murder for hire. But that's just my personal speculation. If yahoos here "know" he still has them, most likely the FBI will discover solid evidence that he has them.

Holliday

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Quote from: jbreher on January 21, 2014, 12:25:15 AM

Quote from: wickedgoodtrader on January 20, 2014, 12:24:34 PM

The question is what happens to pirates 100k+ coins. I know he still has them.

If you are speaking of pirate@40, I would venture to guess that you are mistaken.

The topic is Silk Road. The "pirate" is "Dread Pirate Roberts" or "DPR".

Bitcoinpro

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How in hells name are these coins going to do anything Huh

jbreher

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lose: unfind ... loose: untight

Quote from: wickedgoodtrader on January 20, 2014, 12:24:34 PM

The question is what happens to pirates 100k+ coins. I know he still has them.

If you are speaking of pirate@40, I would venture to guess that you are mistaken. However, I am certainly open to new evidence suggesting otherwise. What verifiable facts support your assertion, leading you to "know he still has them"?

byt411

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Quote from: wickedgoodtrader on January 20, 2014, 12:24:34 PM

This is the number of coins that are mined in just over 8 days. If it manipulates the market it will be very short lived. In fact, I think BTC will rise after they sell them. There's a lot of scared money waiting for them to sell so they can buy. The question is what happens to pirates 100k+ coins. I know he still has them. It will actually be healthy for the market if they are consolidated among more people.

Agreed. If merchants don't want them, they can simply use colored coins to blacklist them and not accept them. But in either way, it isn't much.

wickedgoodtrader

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This is the number of coins that are mined in just over 8 days. If it manipulates the market it will be very short lived. In fact, I think BTC will rise after they sell them. There's a lot of scared money waiting for them to sell so they can buy. The question is what happens to pirates 100k+ coins. I know he still has them. It will actually be healthy for the market if they are consolidated among more people.

BurtW

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All paid signature campaigns should be banned.

In a free market of fungible BTC you can always:

Quote from: TheButterZone on January 18, 2014, 05:47:34 PM

~~"Accept" them (for nothing in return)~~ buy them at the auction and send them to EFF and other civil rights litigation orgs to sue the totalitarians more.

TheButterZone

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RIP Mommy

"Accept" them (for nothing in return) and send them to EFF and other civil rights litigation orgs to sue the totalitarians more.

Totalitarians do not deserve a single cent from selling them in any manner whatsoever.

hilariousandco

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Quote from: shitscared on January 17, 2014, 10:18:42 PM

Can a moderator create a vote for this topic please. Vote "Lets do it, or Nah I love manipulated markets"

You should be able to add a poll yourself.

cubicdissection

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Quote from: jballs on January 18, 2014, 04:51:29 AM

I guess this is one of those things I am going to end up saying 100 times.

29,000 BTC dumped on the market will do nothing, It is highly improbable they will dump them anyway. There are 14 million coins. Daily volume has exceeded 100k on any one exchange many times. It doesn't matter.

I will not be the slightest bit surprised if the first day the ETF is up and running they bring in 1 billion or more. If not the first day, the first week for sure. There is ~100,000 in new demand. Probably will exceed 10 billion the first year.

29k coins is a rounding error, just forget about them they don't matter. The department of justice annual budget is $27 billion. I.e the silkroad stash is 1 thousandth of their revenue. Treasury's is, well.. lol. Not finite.

Let it go man, they're gone.

Great post man. Good perspective.

cr1776

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Quote from: Holliday on January 18, 2014, 12:47:38 PM

Quote from: shitscared on January 18, 2014, 02:31:23 AM

Quote from: Holliday on January 18, 2014, 12:13:11 AM

"I don't like manipulated markets, so lets manipulate the market."

I will sell all of my altcoins which are created when you fork Bitcoin for this purpose and use those funds to purchase actual bitcoins.

I hope you, and everyone else who favors these types of measures, enjoy your new altcoin! Sincerely. Maybe then you will stop trying to turn Bitcoin into something it is not.

How about u stick a fork in your ass

This is how you respond to someone who fully supports your idea?

Look. I want you to fork Bitcoin into the altcoin-where-you-can-freeze-addresses-at-a-whim. I want the opportunity to see these two coins compete in the market. I want to show you how miserably your fork will fail because no one wants to hold an asset that can be frozen at a whim. I want that failure to point to when someone like you says again in the future that we should freeze an address because they dislike the owner.

The main reason that I want you to fork Bitcoin is so that I can sell my altcoins-where-you-can-freeze-addresses-at-a-whim to people who support that kind of thing and purchase more actual bitcoins for myself.

So, please, get this ball rolling!

I too am on board. The people who keep suggesting it just need to get busy, implement it and set a fork date. It will be a banner day and something that will be very illustrative.

Holliday

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Quote from: shitscared on January 18, 2014, 02:31:23 AM

Quote from: Holliday on January 18, 2014, 12:13:11 AM

"I don't like manipulated markets, so lets manipulate the market."

I will sell all of my altcoins which are created when you fork Bitcoin for this purpose and use those funds to purchase actual bitcoins.

I hope you, and everyone else who favors these types of measures, enjoy your new altcoin! Sincerely. Maybe then you will stop trying to turn Bitcoin into something it is not.

How about u stick a fork in your ass

This is how you respond to someone who fully supports your idea?

Look. I want you to fork Bitcoin into the altcoin-where-you-can-freeze-addresses-at-a-whim. I want the opportunity to see these two coins compete in the market. I want to show you how miserably your fork will fail because no one wants to hold an asset that can be frozen at a whim. I want that failure to point to when someone like you says again in the future that we should freeze an address because they dislike the owner.

The main reason that I want you to fork Bitcoin is so that I can sell my altcoins-where-you-can-freeze-addresses-at-a-whim to people who support that kind of thing and purchase more actual bitcoins for myself.

So, please, get this ball rolling!

Nikinger

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No. Preserving fungibility is too important to mess with. I wouldn't use a coin which is messed by some (wannabe) robin hoods.
The opinion of the majority isn't always the right opionion.

BurtW

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Quote from: shitscared on January 18, 2014, 02:31:23 AM

Quote from: Holliday on January 18, 2014, 12:13:11 AM

"I don't like manipulated markets, so lets manipulate the market."

I will sell all of my altcoins which are created when you fork Bitcoin for this purpose and use those funds to purchase actual bitcoins.

I hope you, and everyone else who favors these types of measures, enjoy your new altcoin! Sincerely. Maybe then you will stop trying to turn Bitcoin into something it is not.

How about u stick a fork in your ass

Great post Holliday! Short, direct, to the point. Well, I guess this proves that "practice makes perfect" and after answering this very same idiotic "let's take the FBI coins" idea in dozens and dozens of threads you have gotten it down to a science!

Bitware

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Bitcoins are not good nor bad.

People are good and bad.

All Bitcoins need to forever be treated equally.

byt411

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Just leave those coins alone. If you are a merchant, you may choose to not accept those coins, but generally I have no problem with them.

Topic: Democratic manipulation of the Silk Road 29,655 bitcoins (Read 2272 times)