Bitcoin Forum

In a recent transaction data, a popular darknet site Silk Road which sells drugs online seems to have moved USD 1 billion worth bitcoin from its cold wallet. In its early years, Bitcoin was known as the currency of the Darknet. People used it for all sought of activities taking full advantage of its anonymity. But growing maturity of cryptocurrencies the Bitcoin started moving from the hands of criminals to speculators and investors but its usage still seems to pretty rampant in Darknet. 

read more: https://coingape.com/silk-road-bitcoin-wallet-activates-huge-dump-anticipated/

Sometimes it is better to keep dormant Bitcoin dormant or at least to dump it in the market progressively. If those money will be sold directly then the price will crash badly  :-\

That article is clickbait. It is a waste of time. It is full of confusion. It seems to be about some speculation on Reddit about movement of bitcoins that may be related to Silk Road, or perhaps Mt. Gox, or perhaps Craig Wright. The article shows a bunch of unrelated addresses and transactions along with some random posts and then talks about how they are all related, or not.

I might be completely missing something here, but this is basically the origin address, right?

https://www.blocktrail.com/BTC/address/1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a/transactions

While the 111k coins that were subdivided weren't touched since 2014, this one has been pretty active. It's not like the owner suddenly woke up and decided that he wanted to move his coins. Not that it matters, but I don't think they're dumping.

Yes, you are right. The article has a lot of missing info. For example I don't get what's the link with the SilkRoad wallet that has 111k BTC in it?

These are mere speculations on some old subject that are plain click-bait.

I agree, the article has too much missing info. Of course for speculators it could be seen as scary scary to see such big amounts of BTC been moved around, but isn't Bitcoin supposed to be a currency, ie money that people should freely move around? It is paradoxical that this is creating fear in the community instead of joy :)

Unfortunately, bitcoin (or any other crypto) is not a mean for payments for most people.
It is more just a tool to get rich quick. The majority regards bitcoin as a speculative investment, instead of a currency.

The true price (reflecting the real value) probably will only be reached once people start to use BTC as it is supposed to be. As a currency.
Whether it will be via LN, on-chain or any other additional layer doesn't matter.
The most important factor which thrives the price up is adoption.

And while people should be happy to see a lot of (legit) transactions happening, most of them are scared once larger amounts are moved, because they could be used to 'dump' the market.
People are more focused on short term trades than long term ones, unfortunately.

That's right! Bitcoin or any other altcoin hasn't reached maturity yet. You can't use it for payments only is some isolated cases.

I remember there was a Bitcoin conference last year or earlier this year and you could not pay for the tickets in bitcoin, just FIAT. Now that's something worth thinking about.

So that's why the reason on bitcoin dump this day. I hope silk road bitcoin wallet could deactivated again and we can expect more pumps to coming in

The owner of those 111K bitcoin isn't that stupid to sell all the bitcoins at once and create a price crash.This would mean less USD for his presious bitcoins.He will most likely  sell small parts of his btc fortune and wait.
By the way,if those bitcoins really bleong to the Silk Road criminals,the police should have been confiscated them by now.I'm not sure that they belong to the Silk Road owners.

If Silk Road bitcoin wallet eliminates then bitcoin will rise again because most of the dumps are occurring because of this reason.

Yes I agree that this post has some missing articles. But hope its activation news is not true. But if it is true than we have to do something to stop it. Otherwise there is a huge change of dump in the future.

yes, it really is. Finally, we waited for the very growth. I think bitcoin will not stop at this :D

This is really bad news for the market and it can have a negative impact on the impression of the bitcoin in the market. This can be a reason for the recent dumping in the bitcoin. We are hopeful that this will be stopped vry soon for the betterment of the bitcoin.

Nope. Anyone can do what the fuck they want. No one has a duty to anyone else.

Anyway, that 'article' is utter dogshit that was no doubt ripped from this - https://www.reddit.com/r/Bitcoin/comments/9bfnff/near_1b_are_currently_on_the_move_from_a_silkroad/  which is rather more coherent.

Maybe this explains the reason why so many BTC were dumped recently. It was better when it was deactivated and let's hope it gets deactivated again.

I think this is the main cause of the sudden decrease in the price of the bitcoin in the market. This needs to be deactivated again as it has given a negative effect on the market after the activation. I am hopeful that this will be stopped again very soon.

The article that you shared talks about an unknown address with 111k Bitcoin at their disposal but how come they are being so sure that it is SilkRoad who owns the account. I don't think the article or the site is really credible rather they are just providing distorted information.

Not sure how can moving Bitcoin become bad for the community even if it is done by SilkRoad, what is ensuring that they are going to dump those coin? The article is full of baseless and sourceless information. Sorry to say but this sort of articles will only spread FUDs rather than helping the community.

Dumping 111k BTC would never be feasible for any investor no matter how big or small they are. Rather, it would just prove to be a massive loss for them on the long. If SilkRoad was behind that account, they wouldn't have made such mistakes as they are known for their clever operation techniques.

It has a very smokey news. We cant get a clear conpectual result from the site so it is tough to determine the information legitity. The silk road site have been shut down to times from its being launched and the owner is arrested and setenced life in jailmso there is a very small possibility of this type of huge transaction.

The information of having this ammount of bitcoin stacked is seems bit weird I don’t think the information is correct if actually theese ammount of coin is puched or minned there must have been a huge change till today. They cant use it for payment of anything or else if they want to sell all the coins yes there will be a drastic change in the market but I think its all hoax.

"much ado about nothing" - a great fuss ("much ado") is made of something which is insignificant ("nothing") ...comes to my mind, when I look at this.

A once off dump of $1 Billion Dollars worth of bitcoins is definitely not going to trash the Bitcoin price for a long time, because that is just a drop in a bucket of the $125 675 135 876 USD market cap.

A Reddit user mentions Silkroad and every media platform jumps on the opportunity to create a sensational story around it.  ::)

Bitcoin or cryptocurrency is not like other physical curriences in the worls like UDS, EURO. It’s a digital currency, Its only existence is in the internet. The only of its groth is by mining so. If they have grown this ammount of bitcoin as per mention in the site which is unreliable there are only two ways one they have bought it or minned it if one of both happened its impossible that this ammount of transaction or process have slipped the eye of the community.

I think its not a reason of bitcoin dump this day. Actually its not dump it is fluctuating. I believe silk road bitcoin wallet that could not deactive. I will confident about this coin.

The real experts have spoken - https://twitter.com/wizsecurity/status/1037030003068653569

That's the crew that picked apart the Gox hack and pointed towards the BTC-e bloke. According to them it's a Gox whale and nothing to do with Silk Road.

This is just the writer’s specula (http://rumahmu.com)tion based only on redditor’s observation the without further search, but this can be a disaster for Bitcoin if it happens, especially if it’s on the headline news. Before this happens, negative sentiments and FOMO will be created if this news continues to be blown up to the public.

I'm not sure they belong to the owner of the Silk Road. I do not think the information is correct if the real amore of the coins is puched or minned must have been a big change till today.

Now the strength of the sellers are depleted and it is very important for these bears that someone starts again in large quantities. In addition, such sales will not choose the best price and will be ready to sell at the price that the buyer will offer

Hope its activation news is not true. Otherwise there is a big change in the dump in the future. Finally, we expect huge growth. If this finally happens, then this really is not good news as another landfill is not what we are looking for now but a pump. This is really bad news for the market and it may have a negative impact on the market for bitcoin. We hope that this will soon stop soon to improve bitcoin. It was better when it was deactivated and let's hope it was disabled again.

the truth is that the dark net will always exist now that the silk road stopped the fbi the owner of the web site and that they had sentenced him to 30 years and then to life imprisonment there are always criminals who use these means to make their misbehavior nothing escapes that is the same as money on paper have many uses depends on who has it wrongdoing will be trapped by the authorities of their respective countries the only thing that there is also a very good community that throws these projects forward we do not leave which minorities affect bitcoin