Bitcoin Forum

Before I start, I would like to clearly state that I know nothing about Economics.

Alright so with April 20th coming up (420), I assume business on the Silk Road is going to be a little more then usual. So I'd imagine that soon people are going to be buying up some BTC and get their 420 orders in. Just guessing here. So with that said, will this drive the value of the Bitcoin up/down in the coming weeks? I am a miner, so should I start saving up my bitcoins, and sell them in a few weeks? Or do you think 4/20/12 will even have an effect on the Bitcoin?

Thoughts?


EDIT: Fixed typos

I still am very skeptical how much influance SR has..

I would be impressed if ANYTHING happens around that time.. 2 days either side..  18th to 22nd..

But ..  In my eyes it would go up first, no ?

Sell us your fucking bitcoins now! >:(

just kidding  :D

420 is a very small variable in a very large equation.
in any case 420 or not, up we go!
8$ any day now  ;D

I don't think it would affect it that much since I doubt there will be THAT much volume going through silk road (but it does seem to have gotten pretty huge). Mostly I think it will have little effect since sellers would be cashing out their coins/ having their orders hedged, which means the money would pretty much be in and out of btc, netting little effect. Though if it does have an effect I would think it would be pushing it up, some of the people buying on silk road may start using btc for other online stuff as well.

I would like to say that SR buyers will pump the rate high
or they will be so stoned that they will choose paypal instead   ;D

maybe they will be so stone they will delete their wallets ?

21million MY ASS!

I anticipate an effect.

See: https://bitcointalk.org/index.php?topic=64124.0

So it looks like whether or not 420 affects anything, it's likely the Bitcoin will be going up in the coming weeks?


Haha

Price will bottom at $4.20 on 4-20, then we'll see the rocket.

Bitcoin is going to get hiiiiiiiiiiigh

It boggles my mind that people still think it's just stoners buying Bitcoin when we have bidwalls on MtGox of $190k USD.

OP is new. its understandable he thought Maybe 420 would have an impact on demand and price...


never ending bull run.... this is bitcoin  8)

All signs point to UP!

Bring on the green!  8)

FTFY. Hard to know the direct economic impact of SR, but the publicity from it has been tremendous.

I don't want to predict either way. However, do bear this in mind:

Every buyer needs a seller.  For there to be a price boost from an SR boost would need a lot of buyers who currently have dollars and a lot of sellers who will keep bitcoins instead of trading back to dollars.

Otherwise it's just: buyer buys bitcoins with dollars -> btc price rises slightly -> seller accepts btc for drugs -> seller sells btc for dollars -> btc price falls slightly.

I think the point was  that there is a period of several days in which the seller cannot cash out his coins because the funds are within an escrow service.

I don't think April 20th has the same effect that December 31st has, but I don't doubt there will be increased buying pressure.  Just wait until the block reward halves right before New Year's Eve this year.

I don't think many people are waiting for that to happen.  I'm guessing that event's already been priced in by a lot of people.  I voted 'yes', by the way, in my own thread.

Didn't noticed that, thanks to your post.

I vote no. Nothing much happened last time there was going to be massive trading on SR.

https://bitcointalk.org/index.php?topic=62365.0

Turns out he was right. 4/20 ftw!

ha awesome

is this a gringo thing? Because I have no idea whats on the 20st of April.
Could somebody pls enlighten me?  ???

http://en.wikipedia.org/wiki/420_(cannabis_culture)


Google is your friend.

yep, its a gringo thing

https://i.imgur.com/HOwoV.gif

Happy 4/20!!

getting hiiiiigghhh  ;D

Gettin highhhhh and buying 1000s of bitcoinsssss for SR

THIS ^^ .... up and up

Well, he was right. Maybe 4/20 wasn't the reason but something happened