the us govt seized a great share of the total bitcoins that there will EVER BE. What will be done with these coins?
Until I know, I am staying far away from BTC.
Topic: The Great Silk Road Crash of 20** ...? - page 3. (Read 37096 times)
http://techcrunch.com/2013/10/02/fbi-seize-deep-web-marketplace-silk-road-arrest-owner/
Let's see how much of an effect this has.
I think we will easily bounce back
Let's see how much of an effect this has.
I think we will easily bounce back
Busted for posting his email address on Bitcoin Talk. Awesome... Very smart of him...
In my mind, it is inevitable that Silk Road will either be shut down or cease to operate in the not too distant future.
While successors will eventually spring up in its place, there will still be a large, sudden drop in demand for BTC.
How low will BTC go?
How soon might this happen?
Since I believe Bitcoin is bigger than Silkroad, I would welcome the opportunity to buy coins cheaply, but others may see this scenario as a disaster for the community.
I'm interested in peoples thoughts.
While successors will eventually spring up in its place, there will still be a large, sudden drop in demand for BTC.
How low will BTC go?
How soon might this happen?
Since I believe Bitcoin is bigger than Silkroad, I would welcome the opportunity to buy coins cheaply, but others may see this scenario as a disaster for the community.
I'm interested in peoples thoughts.
This might happen....... TODAY.
Now all the speculation comes to and end, lets get some popcorn and see what happens.
In during crash. Got out at 115.
All the weak hands will really be regretting this later. But hey.. panic ahead, more BTC for me!
I've always been saying that Bitcoin is backed by SR and gambling. People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.
True that! This is a bloodbath. 
I've always been saying that Bitcoin is backed by SR and gambling. People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.
It will be interesting to see what effect this has on bitcoin transactions - it might be possible to gauge just what % were attributed to SR.
I prefer to sell now and buy more at the bottom. Holding in a crash is pointless, IMO.
I wouldn't be selling BTC now.. Bitcoin is antifragile - smash it and it doesn't die, only gets stronger!
That's a really persuasive argument. 
Guess that fills in the blanks. "The Great Silk Road Crash of 2013".
Given Bitcoin has seen -40% days and -75% weeks I think the "great crash" would need to eclipse that. Something massive and spectacular like a -66% day and -95% week.
I don't see SR being shut down dropping BTC from $120 to $9.
I wouldn't be selling BTC now.. Bitcoin is antifragile - smash it and it doesn't die, only gets stronger!
BTC-e has dropped from $124 to $115
Guess that fills in the blanks. "The Great Silk Road Crash of 2013".
http://techcrunch.com/2013/10/02/fbi-seize-deep-web-marketplace-silk-road-arrest-owner/
Let's see how much of an effect this has.
I think we will easily bounce back
Let's see how much of an effect this has.
I think we will easily bounce back
I could see Silk Road getting shut down if the operator(s) made some sort of mistake that inadvertently disclosed their identity. That mistake could be as simple as spelling some word in a peculiar way and then finding that same misspelling uniquely somewhere else, like here on the forums, or on Facebook, or whatever.
What would be awesome, however, is if the SR operator had a "dead man switch" that automatically disclosed his complete source code to the public in case he ever ceased to run it unexpectedly (died or went to jail or whatever). Then half a dozen copycats - basically anyone with the balls - could take his place and open up all kinds of markets after he has nothing to lose by sharing his code. (Meanwhile, the public would get a chance to close any hidden security holes or whatever there might be).
What would be awesome, however, is if the SR operator had a "dead man switch" that automatically disclosed his complete source code to the public in case he ever ceased to run it unexpectedly (died or went to jail or whatever). Then half a dozen copycats - basically anyone with the balls - could take his place and open up all kinds of markets after he has nothing to lose by sharing his code. (Meanwhile, the public would get a chance to close any hidden security holes or whatever there might be).
Mike is obviously one of the few who knows who DPR is lol
DPR i don't see that symbol on any of the exchanges!!!~ = BSC ? lol;)
Desolator, sadly for some argueing this is right. Formal education is a must for ANY trade or practice. I'd go out on a limb and say yeah you don't need college. But you cannot do it alone. You need mentors, you need critic's and furthermore you actually need a hard hitter like desolator to point this out.
If you want an example as to why. Go on digital point. Have one of those east indian coders do something extremely simple for you. You will pay for googled code. Ask them to provide source code then do some googleing of your own. You get what you pay for.
At any rate the point is, you can't be 100% self made. Ask yourself this question involveing a totally different field. If your house was on fire would you want the trained crew of emergency responders. Or the weekend on call crew that has basic training?
I won't argue against the need for mentors, but formal training is absolutely not necessary for all people. Most people have no motivation to learn without formal structure, but some people can do it.
Ok, I didn't read the whole thread, but I think it would definitely be possible for USG to close down SR. Just pump a lot of traffic at it and see where traffic increases. You will have a lot of noise so do it a whole lot of times. Eventually you will see that everytime you pump traffic at SR, 165.54.43.21 gets a lot of encrypted traffic. GG
I would guess there are some possible countermeasures to hide the increased traffic. Don't know wether such things are deployed on SR, though.
Ok, I didn't read the whole thread, but I think it would definitely be possible for USG to close down SR. Just pump a lot of traffic at it and see where traffic increases. You will have a lot of noise so do it a whole lot of times. Eventually you will see that everytime you pump traffic at SR, 165.54.43.21 gets a lot of encrypted traffic. GG
I could see Silk Road getting shut down if the operator(s) made some sort of mistake that inadvertently disclosed their identity. That mistake could be as simple as spelling some word in a peculiar way and then finding that same misspelling uniquely somewhere else, like here on the forums, or on Facebook, or whatever.
What would be awesome, however, is if the SR operator had a "dead man switch" that automatically disclosed his complete source code to the public in case he ever ceased to run it unexpectedly (died or went to jail or whatever). Then half a dozen copycats - basically anyone with the balls - could take his place and open up all kinds of markets after he has nothing to lose by sharing his code. (Meanwhile, the public would get a chance to close any hidden security holes or whatever there might be).
What would be awesome, however, is if the SR operator had a "dead man switch" that automatically disclosed his complete source code to the public in case he ever ceased to run it unexpectedly (died or went to jail or whatever). Then half a dozen copycats - basically anyone with the balls - could take his place and open up all kinds of markets after he has nothing to lose by sharing his code. (Meanwhile, the public would get a chance to close any hidden security holes or whatever there might be).
Mike is obviously one of the few who knows who DPR is lol
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