Bitcoin Forum

The events unfolding are very similar,

So will this silk road 2 fall take bitcoin to greater heights?

Something we have to wait and see

$500 by the end of the day.

As per https://en.wikipedia.org/wiki/Silk_Road_(marketplace) SR 2.0 started on November 6, 2013. Exact 1 year and now it has been taken down while BTC is very low. Coincidence ?

I suspect the publicity bitcoin got when the first silk road was taken down might have helped create a bubble. Maybe the same thing will happen now a second silk road has been taken down.

This one will be due to the publicity after the government fails to seize the Bitcoins from the multisig wallet.  SR2 servers only store 1 of 3 keys.  From what I understand, the buyer and seller have the other 2, and 2 keys are needed to get the coins.  So they will fail to take the coins.  After that, people with money to keep safe will realize the value of Bitcoin.

Exactly! We should have a great rally this month, lets see! Double bottom at $300 looks promising

A high of 353.1 before crashing down to earth....

2013 bubble was led by Silk road fall?

Most people think so.  Silk Road did like 10 million Bitcoin in revenue and had like 150,000 - 200,000 Bitcoins in their system.  If you do the math then you realize Silk Road was likely majority of Bitcoin's volume and yet all those coins were removed from circulation and this scarcity of available coins led to a bidding war for what bitcoins remained.

I think this was counteracted, in the end, when whales hibernating since 2009 awoke and started to dump.

Is there another market as big as china to rally the coin up 12 folds?

How is it similar? We haven't seen the flash crash.

Silk Road bust was huge news, this is just meh. Besides, at that time it held a lot of percentage of actual BTC use.

I don't get the feeling that people really care about bitcoin anymore. Look at Apple Pay... even with the backing of Apple, it still can't get into many stores because of strict contracts and partnerships between businesses and their payment processors. What makes you think bitcoin will ever make any headway into this realm, with nobody pushing for it aside from a handful of geeks and a guy who lives in a castle in Estonia?

Unknown quantified effect
In other words I have no idea could just be shoring up for a new run though
What I do know is that the 3rd generation of Silk Roads will become more powerful than the ones we have currently

This leads DRK up, and it leads BTC to.. well nowhere. BTCs price is high enough to be influenced only by the legal field, and this field is stagnating around BTC.

I think they only seized a million dollars in Bitcoin, so not really spectacular.

I haven't even seen an address where the seized coins have been transferred to (maybe the government was not able to locate the private keys to the coins held by SR2?).

I don't think this should come as a huge surprise to anyone as it should have been known that law enforcement was going to attempt to find the operators of silk road, plus the fact that it was clearly getting attacked ~a month ago

SR2 wasn't the most used DNM or even the 2nd.

By what metric?
By what metric?

Leads to nothing

No, the price just seems to be oscillating up and down at present. Today's high is 360 up to now.

Right on brother! It's different this time - 1st flash crash when Mt Gox was having capacitance issues leading to trading/BTC withdrawal/server upgrades (SR volume during that time was severely affected) - 2nd flash crash 4Hrs before SR seizure (/2-3 day recovery)

From what I gather, circa 400 Tor Domains + 3-5 marketplaces seized - many are still operational for now, and this is why price is going up (think about it, vendors want their lovely BTC, it's worth more to them now because of affected trade - Many would be temporarily lying low until Op Omymous "gives" all clear (of sorts) and assessed with a degree of confidence their next marketplace migration is viable.

If all the highest traffic/BTC volume Dark-markets (Evo, Aroga, Mid Earth?) are confirmed seized in next 2 weeks or tor trading deemed unsafe (most vendors/buyers do not invest in tunneling VPN) - Then would expect some kind of flash crash.

I'm seriously doubting, this will be the case - not confident FBI/EuroPol are capable as I hear some of the bigger dark markets have domain modulation and real-time server/site migration/back up in place?

Does anyone here have a reputable source to infer trading volumes? I hear since July Evo & Aroga BTC volume is much higher than SR 2.0 (MUCH > $8mil/month as the FBI estimated)

Not a Tor user, so don't know general fee structure, but lets say it was roughly 1%, that's only $80,000/month the admins/staff would have been taking - still lucrative, enough to invest in seizure-mitigation  

I never used tor but SR2.0 must have been making big money. The Irish times says €180,000 worth of drugs were seized together with bitcoin valued at around $2.5 million. I guess most of the bitcoins were siezed from the Irish supplier.

http://www.irishtimes.com/news/crime-and-law/dublin-and-us-main-focus-of-darknet-drug-site-takedown-1.1992173

While LSD and ecstasy valued at around €180,000 was seized when gardai moved in on Wednesday on a business premises on Dublin’s South Circular Road allegedly being used as a drugs distribution hub by the main Irish suspect, bitcoin valued at around $2.5 million has been seized in the global operation.

I believe that these figures were actually seized from a vendor/seller on SR2, and not from the site itself. I am not 100% sure that any bitcoin was actually seized from SR2 as I have not seen any addresses where the seized bitcoin was transferred to (the bitcoin was all transferred to one address when bitcoin was seized from SR1)

If Silk Road falls make the BTC price go up, all we have to do is create silk roads, and get the fbi to take them down.

Unless silk road 2 bust leads to more demand from China, I guess not at all.

And I don't think SR2 was the main reason from 2013 bubble

Quote your sources then.

/r/bitcoin seems like a better place for you.

how about number of listings? or number of vendors?

Here's a list of confirmed Seized sites (correct of yesterday)

http://gizmodo.com/here-are-all-the-dark-net-markets-seized-in-operation-o-1656541553 (http://gizmodo.com/here-are-all-the-dark-net-markets-seized-in-operation-o-1656541553)


Some marketplaces have ensured their vendors/clients by saying "all is good" but thus far haven't seems any rationale from Admins technically justifying their immunity to seizure.

Would be great to see an official statement from FBI/Europol if/when this phase of Op Onymous ends. Perhaps we won't hear anything as the Op is ongoing?

I don't know how many Dark Markets that are out there? I heard at least two new ones have emerged (they trade/escrow DarkCoin exclusively). It seems that most people think Evolution and Agora are the largest with respect to BTC transaction volume.

If these two majors get shut down - there will be a short-term affect on BTC's price index

SR2 leads to nothing at all.
(It didn't even lead to a decent crash)

If anything I'm starting to see the signs of a slow but rapidly accelerating recovery
Which would be weird

How about you post it.

I believe the operation was suppose to last for ~24 hours, although I would say the damage will be permanent. I would say there is a very good chance the methods they took down illicit onion sites will mean that legit sites that are acting illegally in their home country (for example trying to promote democracy) will shut themselves down out of fear their home country will arrest their operators