Bitcoin Forum

The only reason bit coins are going up is because of SILKROAD PERIOD! Tens of thousands of dollars are bought everyday throughout the world everyday. If the speculators dropped out the price would continue to rise forever because all the druggies want to do is convert fiat to btc get their drugs and be done. But seeing there are a bunch of big time speculators manipulating the price, they will just keep taking all the drug money that continuously pours in to market. Up and down up and down. There is no chart or analysis STOP!

And what are the drug dealers gonna do with the coins, if this is the only thing?
Cashing in for dollars.
Thus the prices wouldn't increase that much.

No, there is more demand than just some shady underground business.

I disagree.

Did a post from 2011 time-travel to the future?

they sell their coins. and reduce the price.

So, what you're saying is that we need more junkies to push up the price of BTC? :)

It just drival on here with any type of speculation.

Incorrect, they buy dollars with bitcoins and increase the price.

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.

dude you just rewrote adam smiths economic laws. when stocks are sold does the price go up?

... Wait, what?

Is OP on drugs?  ;D ;D ;D

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.

THC for my BTC!

in b4 junkiecoin alt

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:

https://www.profilesinhistory.com/wp-content/uploads/2012/10/backtothefuture-delorean.jpg

silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!

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?

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

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 LOL

You 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.

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.

Now he's regressed to trying to send a telegram!

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.

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.

why dont you come down from your delusions of grandeur you POS. you really think bitcoins are the future? not in your lifetime.

Yeah, it is, and you are currently massively contributing to the "drival" part, welcome.

Ziiiiinngggg

Loool. i wish drugs ran the bitcoin market. Drugs are super profitable ;)... But so is bitcoin hmmm

Exactly what I thought!  :D

I don't think $15-$20 million a month in commerce is small change. But compared to the people buying and holding now, yes...it is a smaller chunk then what it used to be.

OK, got it. Bitcoin = Silkroad, thus Bitcoin must be bad, and only used by drug addicts and dealers. Thus it must be stopped! Got it. Now, tell us about what you had for breakfast!

That was hilarious.  :D

im going to go smoke some nice bud I bought off the silkroad. I helped bitcoin cause and I will continue to support bitcoins and my pot smoking habit  so thank a stoner when you get a chance  ;D

Ashley, I've been watchin you, and like you, please don't be too cruel.  =)    And to the OP, please try not to talk about the drugs and money laundering.  Obviously, even if the activities did add value to bitcoins...  conversations and debates about contentious issues could be a big turn off to the newcomers to bitcoin, who might be on the fence about this whole BitCoin thing.  Sheeple only spend about 20 minutes researching a new topic, and I'd hope that their 20 minutes isn't spent reading a thread that tries to say the bulk of bitcoin value is an illegal activity.  =)   

Don't feed the bears, man.  OR the alligators.  OR the 'war on drugs'.   =)

LOLOLOLOLOL

Na m8

I would be extremely surprised if there is anything close to Silkroad in terms of REAL TRADE volume.

When we talk about fundamentals, there it is right there, people around the world who are spending millions to trade in Bitcoin for real goods. This is what everyone wants to see, more and more real trade volume because ultimately that is a positive thing for Bitcoin and the market.

I know it's not nice to hear, but to say that SR is a tiny portion of the market is just plain stupid. It IS a large portion of the market.

Ok so maybe the last month is a bit different but only because we have thousands of new speculators, which as we can see are no good for any market. Less Speculators MORE Traders. (Even if it is drugs)

You're right... fiat money is the future (and by that i mean: in the future, US $100 bills will be what you roll your joints in; mark my words  :D)


 :o

 :-*
But... but... feeding the trolls is such a satisfying activity! :trlf:

hahahah

=)

Here we go again. Mr junior member #283748373 making claims on things he doesn't understand. Lol so fucking fail.

Eh.  Everybody has to make a living, smoothie.

Read his posts again - probably never smoked any weed in his life.  Just another sock puppet for some faction that wants bitcoin to fail.

Just like 90% of the noob bears who post their SELL SELL SELL bullshit.  Same thing, except they're probably paid for by whoever is DDoSing Gox.

+1 hit the nail right on the head ;D

You have everything wrong. First off I am not a bear and I am not a bull. I have not traded but I have bought them. Secondly go look at all my past posts. You will not find one that says buy or sell. If anything, wht I have said was that unless you are holders for the long term and got in real early I would  hold. But for everyone who is looking to get in right now, I think it is a bad time. You have several big fish manipulating the market and shady operations that come and go. Thats as far as I look at it. My point is to call it like it is, right now the silkroad is carrying bitcoin.

All caps title plus definitive wording with no stats or well thought out theory to underpin his premise ... that means this has to be true, right?

Really though weren't people saying the same thing months ago, then Silk Road went down for like a week and the price never noticed it at all?  Could be mistaken but I thought it was pretty clear then that Silk Road being unavailable had virtually no impact on price.

Don't worry, this is about the 6th time he's been thoroughly refuted, yet he will still keep repeating "Silk road carries the BTC price" until he falls asleep in a THC-addled haze.

Your ignorance is indescribable.

let me ask you the same question a different way :why didnt it go up $100 that week the silkroad was down? ill answer both for you no buyers, not many sellers no volume.

Sounds about right. 

Though I am willing to entertain the notion that Silk Road is "carrying" Bitcoin if they had something more than just their say so.  I don't believe it to be the case but it's more believable than some other whacked out theories people have out there.  Probably why it still hasn't died despite no evidence of tight correlation ever being presented to my knowledge.

Huh?

I'm saying it appeared that the actions on Silk Road had no effect.  I assume it didn't go up $100 because the actions on Silk Road had no effect..

name me another business that is larger than the silkroad and ONLY uses bitcoin

yes and no.

silk road- is helping bitcoin immensely, helped lift btc out of the unknown, without it we would be at .20Cents

gambling- there are some addicted mother fuckers out there who can not for the life of them quit this addiction and if they can do it legally at home form there computer. well then ya it plays a huge part of it as well

speculation- your telling me that a few hudred thousand people find out that this " the bit coin" thing just made like 2000% profit and made a lot of people rich. ya there buying in.

china- huge market for gambling and a lot of people = rise in bitcoin price.

druggies still gunna use and if you got the money you can have all you want = rise in bitcoins

getting rich- the world but Americans and capitalist societies especially are gunna always want more, MORE MORE MORE MORE MORE MORE MORE RICH BETTER FAST STRONGER NEWER MONEY MONEY MONEY MONEY MONEY!!!! its all they care about and if  you have the chance to make it with BTC then so be it.

the idealist are holding and ya they make a diff but not as much as the top three. if a buisness like money gram or another out side major player like amazon or another on-line retailer said yes to this in a year then we have several factores that would support btc. until then these 3

In March BitPay had over $5 million in sales go through the site. Silk Road had around $2 million.

How many times can we school him before he gets it through his head? ;D ;D ;D

everything you read on the internet is the gospel truth and you are right. i am defeated you win. just like how bitfloor obeys federal laws like a bank ashley. stupid c

How can you be so retired meangreen?  :P

If you believe that your arguement is true, then simply provide your evidence (in the form of some data preferably, rather than an OPINION) which will support your claim. This is all that is being asked of you by the other members.

You surely can't be surprised that everyone doesn't simply take your opinion at face value, when it is completely unsubstantiated; especially when it is a claim that has been discussed many times before, both here and on other places on the internet (and proved to be largely incorrect).

I know you are but what am I? If you're so convinced that what Elwar said was a lie, go look up the stats yourself and prove him wrong. I dare you. 

You know what? I triple dog dare you. ;D ;D You can't complain about people taking data at face value when you expect people to take your opinion at face value which you haven't actually backed up with any hard data or facts...

By the way, I'm not sure how the BF exchange has anything to do with Silk Road's effect on bitcoin price... but FYI, banks do not follow federal laws. I am surprised that you made such an assertion. For someone who's obviously so well educated and knowledgeable about economics and finance, I'd think you'd realize that banks have been tied to everything from money laundering to LIBOR manipulation to naked shorts for the past god-knows-how-many years. Banks do not follow federal laws, period, end of story. Get a clue. ;D

Federal banking systems are unconstitutional in the United States. But hey the fed does whatever the lichtenstein holders want.

OP, [b]you're fucking wacked dude[/b]! I think you been spending too many coins on SR. SR is nothing in the bitcoin world. At the old idea of them doing 22 mill a year, its  like a small drop in the bucket for BTC. Even if they grew 5 fold since that article its still a drop in the bucket. MtFux does 300 Mill a month in trades. GET THE PICTURE?

Stop doing drugs and get a clue OP. SR is petty to BTC, if it got shut down tomorrow, my guess is that BTC would move only slightly, and probably move up as more people would back BTC if it was used less to buy drugs and guns!!!

For comparison, BitPay processed $170,000 in May and hit a record of $250,000 in one day with Butterfly’s ASIC launch. BitInstant transferred $1.1 million in April, and MtGox had a trading volume of $18 million these last 30 days, although the latter figure is hardly comparable to the others because the vast majority of Bitcoin exchange trading volume is a result of arbitrage and speculation. Silk Road’s revenue compares even better: while BitPay’s commission of 0.99% brought in $1,700 and BitInstant’s 0-5%, at most $60,000, Silk Road’s average commission of 7.4% nets the site over $180,000 USD per month, exceeding even the $45,000 to $108,000 earned by MtGox.

this is from last year. BITCH!!!!!!!!!!!!!

your a DICKHEAD! I showed that silkroad makes more than bitpay. which is what it was posted for. i dont give a shit about gox numbers. thats like saying the nasdaq is making more than walmart two different animals.

I think I read silk road does about 1 million a month in transactions, bitpay said they did what was it 2 million in the first few days of march?

Pretty sure most people know this. But yeh a lot of people are disillusioned by it.

Disillusionment is one thing; I think that in many cases we are dealing with "willful ignorance."  ;D ;D ;D

Or perhaps a case of the classic:
https://farm1.staticflickr.com/108/377484935_b4ee114483.jpg

I do not understand, are you trying to use a statement from last year when BitPay made $170k and Silk Road made $180k to trump the statement that BitPay made $5 million and Silk Road made $2 million...last month?

The way I see it is thus-all speculation on Silk Road sales volume is just that, speculation.yes you can use some figures and try to extrapolate from there but is all extreme speculation.Unless DPR comes on and posts up some hard numbers then you are just guessing.HOWEVER-I believe the SR haters out there have to give SR its due when it comes to the part it has and continues to play in the bitcoin world.Because the average SR user doesn't care what price his BTC is, he buys in any market and that is a good thing.A lot of you would like to distance yourselves from the stigma of SR,however doesn't SR epitomize similar things to Bitcoin,freedom and anonymity from centralized non representative authorities.Like has been said before ,if this was 2011 then maybe your statement would hold more weight but at this point SR is not a huge driving force in BTC price IMO.With all that said no matter how you feel about SR or bitcoin I am fairly confident that when bitcoin is written up in the history books Silk Road will be included as a significant part of its formative years.


Also in my opinion the OP gives SR users a bad name with his SRcentric view of the BTC world,but users like Ashley give BTC supporters a bad name with their nasty closed minded attitudes.I know troll feeding is fun but it doesnt need to be so vitriolic.

bitpay made $1700 not $170000. silkroad made $180000 cant you read? so its a year old big deal. and another thing elwar FUCK YOU!

Let me help you out, the ',' is used in some parts of the world as the decimal marker, but in this case it is used to visually separate segments of large numbers so that they can be more easily read. 

But I know you know that, and I know you don't care.

Anyway, read your own words, and try not to live up to your name so closely. You lame-ass troll.