Author

Topic: Silkroad crash vs. Pirate crash (Read 2669 times)

legendary
Activity: 2324
Merit: 1125
October 09, 2013, 06:05:09 PM
#35
Nope, because I will get them all for $1.02.  And so it goes.

I expect after a lengthy trial, appeals, etc., once they no longer need them for evidence they will hold an auction just like they do for all the houses, cars, boats, etc. that they confiscate and they will go to the highest bidder at the auction.

If you are the only Bitcoiner at the auction (not likely) you would then be able to get them for a song.

Normal (physical) assets usually do go cheap on such auctions. What do they do with confiscated stocks and bonds? What about PMs? If they auction those off too instead of market selling I guess the auction price will at best be only a few percent south of the market rate (but I'm only speculating).
legendary
Activity: 2646
Merit: 1138
All paid signature campaigns should be banned.
October 09, 2013, 05:58:02 PM
#34
Nope, because I will get them all for $1.02.  And so it goes.

I expect after a lengthy trial, appeals, etc., once they no longer need them for evidence they will hold an auction just like they do for all the houses, cars, boats, etc. that they confiscate and they will go to the highest bidder at the auction.

If you are the only Bitcoiner at the auction (not likely) you would then be able to get them for a song.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 09, 2013, 05:53:07 PM
#33
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.

Then a (significant) discount to market prices seems unlikely.

unless all the bitcoiner at the auction come together and plan to bid 1$ and then split the coins evenly


if you think about it


1000BTC for pennies  is a far better deal then  26,000BTC for 3,000,000$

Ever heard of the prisoners dilemma? If you all do that, I'll scoop them all for $1.01 ,)

ya the damn prisoners dilemma....

legendary
Activity: 2324
Merit: 1125
October 09, 2013, 05:49:34 PM
#32
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.

Then a (significant) discount to market prices seems unlikely.

unless all the bitcoiner at the auction come together and plan to bid 1$ and then split the coins evenly


if you think about it


1000BTC for pennies  is a far better deal then  26,000BTC for 3,000,000$

Ever heard of the prisoners dilemma? If you all do that, I'll scoop them all for $1.01 ,)
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 09, 2013, 05:40:51 PM
#31
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.

Then a (significant) discount to market prices seems unlikely.

unless all the bitcoiner at the auction come together and plan to bid 1$ and then split the coins evenly


if you think about it


1000BTC for pennies  is a far better deal then  26,000BTC for 3,000,000$
legendary
Activity: 2324
Merit: 1125
October 09, 2013, 05:36:16 PM
#30
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.

Then a (significant) discount to market prices seems unlikely.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
October 09, 2013, 05:25:16 PM
#29
Lets just say it will give us something to talk about for months to come. Smiley
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 09, 2013, 05:19:11 PM
#28
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.

i wonder how long it will take to settle the case and announce the auction ...

are they going to have a trial we can all go to and watch?
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
October 09, 2013, 05:05:22 PM
#27
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin

They'll most likely auction them off, and probably it gets picked up by the press.
So I think them selling the coins on an exchange is unlikely.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 09, 2013, 04:35:39 PM
#26
if FBI sells bitcoin, does that mean its perfectly legal for the CIA to buy them?  Grin
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 09, 2013, 04:33:37 PM
#25
I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.

The problem is not the SR hotwallet, but his cold wallet, it contains 600.000 privatly owned BTCs. Sometime there comes the time where these btcs will be sold at the market, hope that this is not the case in the next months.

Not so tragic.

Mtgox 30-day Volume 494,497.2540031 BTC
Bitstamp 30-day Volume372,650.87323175 BTC

How much of it are the same Bitcoins being traded back and forth?

my guess, at least half.
legendary
Activity: 1414
Merit: 1000
October 09, 2013, 04:32:32 PM
#24
How much of it are the same Bitcoins being traded back and forth?

it does not matter.  I'll feel happy if I can own 100k BTC
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
October 09, 2013, 04:26:08 PM
#23
I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.

The problem is not the SR hotwallet, but his cold wallet, it contains 600.000 privatly owned BTCs. Sometime there comes the time where these btcs will be sold at the market, hope that this is not the case in the next months.

Not so tragic.

Mtgox 30-day Volume 494,497.2540031 BTC
Bitstamp 30-day Volume372,650.87323175 BTC

How much of it are the same Bitcoins being traded back and forth?
legendary
Activity: 1414
Merit: 1000
October 09, 2013, 04:22:36 PM
#22
I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.

The problem is not the SR hotwallet, but his cold wallet, it contains 600.000 privatly owned BTCs. Sometime there comes the time where these btcs will be sold at the market, hope that this is not the case in the next months.

Not so tragic.

Mtgox 30-day Volume 494,497.2540031 BTC
Bitstamp 30-day Volume372,650.87323175 BTC

Edit:

I would love to buy bitcoins at single digits or feel as FIRST adopter who bought at sub $1 :-) ... 10,000 BTC/pizza
full member
Activity: 159
Merit: 100
October 09, 2013, 04:14:28 PM
#21
I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.

The problem is not the SR hotwallet, but his cold wallet, it contains 600.000 privatly owned BTCs. Sometime there comes the time where these btcs will be sold at the market, hope that this is not the case in the next months.
sr. member
Activity: 476
Merit: 250
October 09, 2013, 01:20:40 PM
#20
I clicked expecting to see some graphs of the two crashes  Cry
sr. member
Activity: 516
Merit: 283
October 09, 2013, 01:10:13 PM
#19
Anyone in this thread care for some TA??

+1. some charts showing the market changes in each scenario would be welcomed
hero member
Activity: 501
Merit: 500
October 08, 2013, 11:51:03 PM
#18
I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.
legendary
Activity: 1022
Merit: 1000
October 08, 2013, 06:37:44 PM
#17
Anyone in this thread care for some TA??
sr. member
Activity: 248
Merit: 251
October 08, 2013, 09:38:48 AM
#16
I wonder how many bitcoins are trapped inside silkroad accounts
full member
Activity: 152
Merit: 100
October 08, 2013, 02:06:54 AM
#15


Salt Road has already been replaced.
hero member
Activity: 495
Merit: 507
October 08, 2013, 01:58:38 AM
#14
You guys realize a bunch of other "services" existed before SR's fall and are now gearing up to handle the traffic, right?
legendary
Activity: 1652
Merit: 1016
October 08, 2013, 01:54:24 AM
#13
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.

I dont see why it matters. If bitcoin ends up having other uses in the future, then what it was used for in the past is irrelevant IMO.



Well my Bitcoin holding value has increased thousands of percent. I would feel pretty bad that increase was an indirect result of the drug trade.
legendary
Activity: 896
Merit: 1000
October 08, 2013, 01:50:31 AM
#12
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.

I dont see why it matters. If bitcoin ends up having other uses in the future, then what it was used for in the past is irrelevant IMO.

legendary
Activity: 1652
Merit: 1016
October 08, 2013, 01:42:45 AM
#11
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.
legendary
Activity: 896
Merit: 1000
October 08, 2013, 01:14:18 AM
#10
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 07, 2013, 10:30:13 PM
#9
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

I love that site!

Seems pretty similar to when I listened a few weeks ago... except maybe it's a little more peaceful? Higher pitched? Or maybe just my imagination?

its hard to say... but other sources do point to more or less the same amount of tx volume happening on the network



side note: I never bought weed on SR, but i have bought weed for bitcoins.  Tongue
hero member
Activity: 784
Merit: 1000
Annuit cœptis humanae libertas
October 07, 2013, 10:27:08 PM
#8
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

I love that site!

Seems pretty similar to when I listened a few weeks ago... except maybe it's a little more peaceful? Higher pitched? Or maybe just my imagination?
legendary
Activity: 1904
Merit: 1038
Trusted Bitcoiner
October 07, 2013, 10:20:12 PM
#7
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.
legendary
Activity: 896
Merit: 1000
October 07, 2013, 10:14:27 PM
#6
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.
legendary
Activity: 2492
Merit: 1491
LEALANA Bitcoin Grim Reaper
October 07, 2013, 10:08:21 PM
#5
Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.
legendary
Activity: 1652
Merit: 1016
October 02, 2013, 01:52:03 PM
#4
Bitcoin > Silkroad
legendary
Activity: 1204
Merit: 1002
RUM AND CARROTS: A PIRATE LIFE FOR ME
October 02, 2013, 01:45:07 PM
#3
So the bitcoin price is crashing due to SR shutdown. This really reminds me the crash in August 2012 after the close of Pirate scheme. At that time, people believed the Pirate scheme was the only thing supported the demand of bitcoin.  Price reduced from $15 to $7 in just a few hours. The history is just repeating.

Now we all know what happened since.  Wink

Probably, we were really lucky that SR were shutdown in Oct 2013, not Oct 2012. Should this happened in 2012, there was a real probability to go below $1 and won't recover for a very long time (but I still believe it would recover eventually). Today, bitcoin has become big enough to resist the death of SR. At this moment, bitcoin has just started attracting attention of high profile investors like SecondMarket. These people don't like their names linked to drugs. Therefore, I see the death of SR as medium-to-long-term bullish ---- very bullish. For those $100,000 bitcoin believers: do you really believe SR will bring bitcoin to $100,000?

Agreed. Now was the time to get rid of silkroad. We need to focus on the future in the daylight not our back alley past.
hero member
Activity: 634
Merit: 500
October 02, 2013, 01:34:33 PM
#2
Silkroad has been like a leg brace for Bitcoin for a long time, but Bitcoin can walk on it's own now.

I agree that this is bullish in the long term.

Run, Bitcoin! Run!
legendary
Activity: 1792
Merit: 1121
October 02, 2013, 01:28:58 PM
#1
So the bitcoin price is crashing due to SR shutdown. This really reminds me the crash in August 2012 after the close of Pirate scheme. At that time, people believed the Pirate scheme was the only thing supported the demand of bitcoin.  Price reduced from $15 to $7 in just a few hours. The history is just repeating.

Now we all know what happened since.  Wink

Probably, we were really lucky that SR were shutdown in Oct 2013, not Oct 2012. Should this happened in 2012, there was a real probability to go below $1 and won't recover for a very long time (but I still believe it would recover eventually). Today, bitcoin has become big enough to resist the death of SR. At this moment, bitcoin has just started attracting attention of high profile investors like SecondMarket. These people don't like their names linked to drugs. Therefore, I see the death of SR as medium-to-long-term bullish ---- very bullish. For those $100,000 bitcoin believers: do you really believe SR will bring bitcoin to $100,000?
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