Bitcoin Forum

or it would only be worth 0.000001.  Now lets think for a second

And think of how many Non-drug reasons to buy bitcoin we can
and tell our friends!

drive the price up to $1 MILLION :)

Starting from incorrect assumptions you can come to arbitrary conclusions.
So what?

Onkel Paul

I don't think that's true, but the black market use did help and quicken its rise, and the publicity - good or bad - from the use on Silk Road etc did bring it into the mainstream's attention.

I disagree, the drug trade is not running the bitcoin market, it is the black market and underground trades which brought it the peoples attention which has seen a boom in the price of hardware to mine.

Well, silk road and other illegal market did have an impact on bitcoin and cryptocurrencies as such. However, I dont believe that they would be useless without.
They simply improved the velocity of crypto growth.

This is exactly it. Any publicity is good publicity. All we need is the mainstream's attention, and the benefits of cryptocurrencies will become self-evident.


Also true. Without Bitcoins use in SR it definitely would've had a slower growth.

Is this a similar discussion to how the adult industry helped bring about many popular (and now not so popular) technologies?

http://skeptics.stackexchange.com/questions/5052/is-the-pornography-industry-important-in-the-adoption-of-new-technology-or-media

Ie, print, vhs, dvd, etc.

Yeah, it's very similar. The argument of Bitcoin being used for nefarious/unscrupulous purposes is also a mute one. You can buy all the illegal stuff and more with fiat money anyway.

Ohh, you're so wrong with that!
Bitcoin is the Future for fast&secure ePayment!

Not the Drug Trading Sites raised the Rate.

Not agreeing, sha256 is far to unsecure for this being the future of payment...

OMG ban DVDS and VHS and cash!  ;D

It will be interesting to see what would happen to the value of another altcoin if Silk Road or some other black market site started accepting them.

What evidence is there that bitcoin is more likely to be used in a drug sale than the $USD?

There is none. Just look at all the destruction and vice you can buy with the $: guns and bombs and drugs and porn and sex and hitmen etc etc. Far easier to procure those things with fiat than it is crypto.

BitCoin is the future and we are in the future.  ???
It won't be long before more stores who don't need to hide in the dark will accept Bitcoins and then it will go boom again.

And  cash is most anonymous,  I can buy anything with it and no traces left.

If you look at Coinmap. You will need many reason why Bitcoin can do well without drug trading site.

Actually your fingerprints are on it.

Not if you wear gloves :P. Serial numbers could be traced as well.

I really have to agree. Those darkweb sites helped a lot create popularity.
Those were literally first popular places where you could buy physical things with bitcoin and that helped creating a real value to bitcoin.

Bitcoin can be use to transfer big ammounts of cash with just a little fee. Not just drugs are payd by it. Ppl could be pay bills or rent a house.

Closure of these black market sites does not affect coin price, look at SR or Atlantis examples

I assume you are referring to a future where quantum computers are available. Bitcoin can switch to sha512 before that occurs.

That's my assumption also. I buy things all the time in bitcoin. (over $12k this week alone). But I have never bought drugs with bitcoin.

In my opinion If it's so linked to drugs it would have fallen to a few cents after silkroad's shutdown,in some previous time it was very Dependant on that market but now there is an increased use and trading it as a commodity has risen.

I think it's very naive of people to assume the primary purpose of Bitcoin is to be used for illegally activities, and this is just an opinion formed when people believe the mainstream media’s propaganda on it. In fact, I'd say the biggest believers in Bitcoin are the ones who want to use it as a legitimate currency. I'm personally not going to spend my coins just yet because I want to see what they'll get me in a years' time. I believe (and hope) it'll be a lot more than what I can get now, but I'm glad there's people like you who are willing to spend it :).

Bitcoin dropped quite a bit after the takedown of SR, but it bounced back quite quickly. I actually thought Bitcoin would be hit worse, but I'm glad I was wrong.

Look what happened to BTC price when SR went down...it went down big.  I think it ended up helping BTC price though because a new SR popped up (didn't it? I'm not sure as I don't involve myself in that stuff) and BTC is used there so now it's like look they can shut down SR and BTC still survives and so will SR so BTC will always have a value.  That's the thinking I mean.

The same day the price recovered, seems just as bear trap because of SR closure

Using BTC to avoid government theft is what drove the 10x price increase (and all the new attention) at the beginning of the year, not drug sales.  When Greece decided to pay it's debts by stealing from Greek bank accounts, millions of $$ were dumped into BTC by account owners to avoid confiscation.  Folks from other Euro countries on the brink of default followed because they were worried their countries would do the same thing to them.  Although that threat may have subsided somewhat, the interest and investment in BTC has remained strong, even after the shutdown of SR.

Maybe you could look at it the other way: Without Bitcoin there would be no drug trading sites  ;D.

In fact SR users did not create as much demman as the Cyprus stealing. Without Cyprus, Bitcoin would be now under $100 I believe

Incorrect that there would be no bitcoin, there was bitcoin before drug trade sites. It is correct that taking away one of the markets would lower the value of the currency, so what? Any currency including the dollar would experience the same thing.

Pretty good evidence given how many coins the FBI recovered. How many non drug items do you think are sold using bitcoin right now?

Without corrupt government and illegal expropriation of citizens there won't be a single fiat currency anymore. Crime is part of every society no matter how the actual financial system is going to look like.

And how much do they seize in fiat money and assets from drug cartels and dealers?

No way drug trading sites just helped build hype and added to the overall economy around Bitcoin.  To say there would be no Bitcion is crazy,  There would have been some other market had it not been drugs.

hmmm i dunno...... i've heard this argument before