I have a little chuckle to myself every time Jorge mentions silk road as having a negative effect on price.
You do realise Jorge that there are more listings on SR 2.0 than was on the original silk road at the time it was taken down. Thats not to mention the other market places such as Agora that are doing a lot of business. Thats the thing with decentralization and prohibition. Its unstoppable.
Well, there are many FBI agents dreaming of promotion, and the original SilkRoad was not enough for all of them.
Seriously, I haven't paid much attention, but wasn't there a big hack/scam on SilkRoad 2.0 ?
http://beta.slashdot.org/submission/3340235/silkroad-20-hacked-all-bitcoins-stolenhttp://bitcorati.com/forum/topic/silkroad-2-0-finally/While the advantages of bitcoin for buying illegal drugs and guns may make bitcoin more popular among drug users, gun crazies, and mobsters, it is a negative feature for most everyone else, including potential investors and entrepreneurs. Like the "election" of Brock Pierce to the board of the Shrem Karpeles & Friends Foundation...
Yeah but like all businesses that take loses you move on. Im not saying that the theft was legit etc just thats what a business does. I don't get the relevance that has to your proclamation that SR bust had a lasting negative effect on price.
I don't disagree with you about the image but that doesn't directly relate to price. Drugs in general have a pretty bad image but they're darn expensive
You say that it a negative feature for most else but why don't they see that as a negative feature of fiat? Or are we being hypocritical?
The answer to your points every time though in regards to Bitcoin and drugs/crime is $$$$. Plain and simple. Plus not only because most crimes involving money use the $, £ etc but also what big time criminal, drug dealer or arms dealer would want to hold and transact in
BTC for large amounts!!!!
Major criminals don't want to hold
BTC for the same reason you claim no one should be investing in, volatility, pyramid scheme, can't gurantee value etc etc. Explain this to me as well then. Im fat Tony and I've just done a big arms deal for
BTC Ive got people to pay who don't want
BTC and I need to buy my wife some nice things. How do I go about liquidating say $5mm worth of Bitcoin or around 10,000 BTC ?
Not only would it be difficult to use an exchange due to KYC, AML, bank transfers but look at the volumes recently trying to liquidate that many coins is not easy in fact almost impossible if you agree a $ to
BTC rate when you make the deal. You would end up loosing way more than the agreed deal due to not being able to liquidate that many coins at spot price. Do you see the issue here in an argument that many millions of dollars of criminal activity is done in BTC. Im talking actual criminals here not just someone selling a bit of weed.
