Topic: OKAY TIME TO SET EVERYONE STRAIGHT - page 3. (Read 5251 times)
Ziiiiinngggg
It just drival on here with any type of speculation.
Yeah, it is, and you are currently massively contributing to the "drival" part, welcome.
All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Thank you, sir, for schooling the drug-addled troll.
Now, OP, when you come down from your "mean green," and your bad LSD trip ends in 3 days or so and you find yourself naked in a forest in northern Montana, perhaps consider coming back here, re-reading the drivel you wrote, and re-calculating the true effect of "durgz" on the bitcoin economy based on actual statistics and not the values you pulled out of your butt, I mean, the values that were handed to you by a divine goddess when you accessed the Akashic records in a state of bliss enlightenment.
why dont you come down from your delusions of grandeur you POS. you really think bitcoins are the future? not in your lifetime.
All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
If you were to buy or sell btc at the right moment, when there arent alot of immediate buyers or sellers you can move the price yourself a couple of dollars either way. Dont you ever watch the bids and asks. I have seen times where if someone were to sell 50 coins the price would drop $2. A pound of weed is $4k do the math.
All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Thank you, sir, for schooling the drug-addled troll.
Now, OP, when you come down from your "mean green," and your bad LSD trip ends in 3 days or so (upon finding yourself naked in a forest in northern Montana,) perhaps consider coming back here, re-reading the drivel you wrote, and re-calculating the true effect of "durgz" on the bitcoin economy based on actual statistics and not the values you pulled out of your butt, I mean, the values that were handed to you by a divine goddess when you accessed the Akashic records in a state of bliss enlightenment.
silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!
Now he's regressed to trying to send a telegram!
All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Even with quite outlandish assumptions I'd say the effect is in the single digits, max.
Wrong. Silkroad is a TINY fraction. Most druggies can't even turn on a computer let alone get a btc wallet and start up tor.
LOL LOL LOLYou would be surprised. its actually the other way around, business' other than the silkroad are the tiny fraction right now.
Like I said, 2011. You are either stupid or high on silk road drugs. Where are your statistics that prove that silk road sales make up the majority of the bitcoin economy?
O W8
U DONT HAEV ANY
Back in the delorean, dude.
Wrong. Silkroad is a TINY fraction. Most druggies can't even turn on a computer let alone get a btc wallet and start up tor.
LOL LOL LOLYou would be surprised. its actually the other way around, business' other than the silkroad are the tiny fraction right now.
Wrong. Silkroad is a TINY fraction. Most druggies can't even turn on a computer let alone get a btc wallet and start up tor.
This is obviously stupid, buuut... There is some truth to this. Since every trader wants a margin, it's likely that each leg of a round trip of the silk road money is actually raising the price per coins, slightly.
The more something is useful, the more it's worth, the more interested society becomes, the more money people will pay for coins..
So it's the biggest exxageration I'll see today, but it's partially true, IMO
The more something is useful, the more it's worth, the more interested society becomes, the more money people will pay for coins..
So it's the biggest exxageration I'll see today, but it's partially true, IMO
they sell their coins. and reduce the price.
Incorrect, they buy dollars with bitcoins and increase the price.
dude you just rewrote adam smiths economic laws. when stocks are sold does the price go up?
No. From correct point of view there is a price of a dollar measured in bitcoins. If u buy something then price goes up, doesn't it?
Did a post from 2011 time-travel to the future?
That's what I thought. In 2011, a statement like "The entire Bitcoin economy rests on Silk Road" would be about 98% true.
OP, either get with the times, or get back in the DeLorean:
silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!
Did a post from 2011 time-travel to the future?
That's what I thought. In 2011, a statement like "The entire Bitcoin economy rests on Silk Road" would be about 98% true.
OP, either get with the times, or get back in the DeLorean:
THC for my BTC!
in b4 junkiecoin alt
in b4 junkiecoin alt
Did a post from 2011 time-travel to the future?
It just drival on here with any type of speculation.
no what I am saying is that is the only reason that coins are going up are because druggies are buying the coins and they dont care what the actual price per coin is. they buy a dollar amount buy goods and the seller sells his bitcoins, where is the value in the coin? all it is is a mechanism to help with being anonymous.
Even if that was the SOLE use for Bitcoin's actual value (outside of speculation), that alone would be able to drive the price up well higher than its been already.
... Wait, what?
Is OP on drugs?
Is OP on drugs?
they sell their coins. and reduce the price.
Incorrect, they buy dollars with bitcoins and increase the price.
dude you just rewrote adam smiths economic laws. when stocks are sold does the price go up?
Did a post from 2011 time-travel to the future?
It just drival on here with any type of speculation.
no what I am saying is that is the only reason that coins are going up are because druggies are buying the coins and they dont care what the actual price per coin is. they buy a dollar amount buy goods and the seller sells his bitcoins, where is the value in the coin? all it is is a mechanism to help with being anonymous.
they sell their coins. and reduce the price.
Incorrect, they buy dollars with bitcoins and increase the price.
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