Topic: End of Silk Road is good for the long run - page 2. (Read 3349 times)

I'm just curious how did they seize those coins? They got his wallet password? He has the right to keep silent 

There's just gonna be a number of clones come about now that there's a huge vaccum and userbase with BTC they desperately need to buy their dope with.

BMR has been around as long as SR and it's not succeeded because SR had the vast majority of users, and compatibly SR's policies were more ... 'morally centered' ...

The listing of hitmen was strictly prohibited on SR (regardless of DPRs willingness to use one), all weapons and ammo were banned from SR (which is why DPR tried to create a splinter site called The Armory, which sold only weapons (It had no success and was shut down), poisons were banned from being listed, fake CC and other identity THEFT was prohibited from being listed and in it's buyer's guide they say that the sale of anything whose intent is only to cause harm is strictly banned from being listed.

BMR on the other hand has listing's for hitmen, poisons, guns, you name it.

Now that they don't have SR to go to, it's user's are going to start looking at BMR and just ... disregard the sites policies on selling materials/actions of pure harm.

There's probably half a dozen people right now at this moment creating their own SR clones to try and snatch up some of the 937,000 userbase that SR had.

LEO did what they do, but they just made the problem viciously worse for themselves because they just took a centralized online contraband distribution network and blew it up into 100 shards ... each shard being a person or group whose now going to try to take some of all that massive userbase and profit generating capabilities (people will pay 15% fee no prob. if it means they can push drugs 10 times faster then on the street (and safer) for themselves while we see mock SR clones pop up.

That'll leave LEO's with many many online contraband transfer services to try and take down vs. when it was all centralized in one place.

Point is end of silk road is a momentary blip in the onionland based distribution of BTC for the sale/purchase of contraband.  There will be just as much online drug trafficking not even a week from now, there's simply too much allure to those willing to sell illegal goods for them not to seize the massive 'homeless' SR user's.

Besides, BMR (Blackmarket Reloaded if you weren't aware) is already up, running and established.  That site is likely to see itself booming shortly, and the interruption of onionland BTC traffic due to SR's shut down is going to be a transient one.

Ya, I knew about the alleged assassination request.

The fact is, when a gigantic monopolist of violence refuses to protect your rights and the rights of your clients, the only rational thing to do is perform vigilante justice.

Is he suppose to apologize because he has no access to a judge, jury, or executive office to hear his pleas?

Of course assassination in response to the dissemination of his customer's information isn't perfect justice, but when the most powerful protection racket in the world out to get you, then you don't have allot of options.

The media is going to try to get us all in a tizzy over what this guy threatened to do, while we ignore the injustice that the United States government perpetrates every day.

If there was another allegation, then you're right, I haven't read it. I'm sure the aforementioned would apply though.

well, i guess what did anyone expect? if you make threats that will get slews of people imprisoned and will take down a huge drug trafficking network, you're going to get got. that's just a fact. but it's strange, considering that the snitch/victim was the one who who really threatened violence against SR users.

^^^^^ Obviously hasn't read the charges

The interesting thing about this is we can watch where the price of Bitcoin settles after this, and the difference will tell us what the competitive advantage of a totally anonymous crypto-currency would be.
If it trades substantially lower, that would be a good signal to those like the ZeroCoin proponents that the extra bloat on transactions would be worth it.
For example, if Bitcoin starts trading at $12/each, a good case could be made for a 10x larger transaction size if it brings back that market.
I wonder how big of a correction we'll see. I would be amazed if this was the bottom.

Also, cheer-leading the FBI for taking down a peaceful business in the Bitcoin space is strange to me.

Yes, this is a huge benefit for BTC.

The goal of Bitcoin is not to help the "evil" from the bottom of our society, but to eradicate the "evil" from the top! (politicians, bankers, lawyers = everyone with a tie)

And now focus can be on that goal. If you think about it Bitcoin is the best direct democracy tool we have ever had!

We have crossed the Rubicon and Bitcoin will succeed (legal tender in germany and ASIC hardware).

You always have to be careful what you wish for, I think Bitcoins success might also become it's failure.

But not to worry, cryptocurrencies are here to stay!

Excellent remark, I hadn't considered that aspect.

Clearly this won't be the end of such kind of trade - other sites will come up quickly.

I think a possible positive effect for Bitcoin will not stem from a sudden change in perception as a "more legal" currency but more from its ability to absorb the SR takedown. This will show its strength as a widespread multi-purpose currency.

Well, your right (OP)... But we all gotta thank the darkness of SR to kickoff BTC in the beginning... without it, BTC and other crypto's would never have seen the light of day... well not at the rise it did anyway.  I am truly glad we will never hear the media over abusing the drug/illegal (SR/Atlantis) scene associated with BTC again!! New ones will sure to replace no doubt... but wont have the infamy of SR. 

I think this will bolster new legal/legit investments into BTC in the future...

TC.

what ? wow 

For rational reason we should see a huge rise in next weeks.
For emotional and weak hand reasons it should go downward.

Time will tell, first one is more likely to occure, because of the shutdown of SR, we see that Bitcoin never brings full anonomity and gov can track you also with TOR.

good for mtgox too. helps them stay afloat and recoup lost money

Bunch of idiots in this thread worried about what law enforcement thinks about Bitcoin.  I don't fucking care what the masses or the feds think of Bitcoin, because I know what Bitcoin is.  Stop being so caught up in Bitcoins image.




Bitcoins worth 3.6 million!

Yep!


http://www.coindesk.com/silk-road-allegedly-shut-owner-ross-william-ulbricht-arrested/

$3.6 Million WORTH of btc NOT 3.6 million BTC

There will be, they've already been waiting for this moment. But this is a good PR day for the US government. Lawmakers will get the impression they can catch illegal businesses using bitcoin.

Does the fed really now own 3.6 million BTC? That's around 30% of all current bitcoins.

This worries me a lot.

This is a good day for Bitcoin! I have been hoping for this day for a while. I really hope that there won't be a successor to SR, but I guess that's just wishful thinking.

Bitcoin does not need SR and we are better of without it!

Yeah the clones have existed for a while.