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!!!
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. |
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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?  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 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. 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. 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!!!!!!!!!!!!! |
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Who or what is causing resistance in the $120's
it's funny because like in the religious of old, lack of understanding of a regularity in nature yields an immediate suspicion of a larger, manipulative agent  it was the major support that the first leg down bounced off of (within reasonable error), and marked the bottom of the resulting "bearish pennant" (triangle consolidation) pattern. -===-  -===- major supports on the way down become major resistances on the way up. i hear what you are saying, but the bounces and the resistance levels are "fake" seeing there was an intervention by mt gox. so i think charts mean nothing when they dont show actual information imo. |
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it just seems like it has an artificial feel to it. Just seems like a trap. But seeing that you cant technically short it,anything that is being set up has to be something to the upside imo. I think the whales are accumulating coins now and will sell them right into any kind of rally. There needs to be some kind of stimulus now to get the volitility going. the ddos excuse isnt going to work anymore.
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Should there be resistance?
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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? 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 |
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Dude I think you are the only downer on this site. why dont you just buy one coin and hope it goes up so you can become a nice little lemming. you cant even short sell the damn coins yet  Lol you obviously don't understand satire do you oh so you are a satirist sounds like a sadist |
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keep dreaming. the bull market fantasy is peaking.
the price right now is as a low as scum on the bottom of the ocean floor |
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Ok i can tell you this isnt secret that there is a pump/dump group with early adaptors  So few people might be angry that i say that in public but why not everybody shall profit from this pure manipulation but yesterday you posted that the price is going to $5 by july is that still true also? i think you might be playing both sides of the fence comrade  |
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Dont ask me how i know this if you buy a lot of coins today and we pass 130$ and tomoroww you will gain pure money just donate me some cents 1N1qwKLqs2q2Q8Efxj7VVSJpBdcCDnAkCv i cant help it I have to ask you. "how do you know"? if you give a good answer i will donate |
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 OMFG SELL SELL SELLDude I think you are the only downer on this site. why dont you just buy one coin and hope it goes up so you can become a nice little lemming. you cant even short sell the damn coins yet |
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i sure alot of people are pretty happy. bought last week in the $70's and sold $110 ish. or do you mean those that bought at $266 and sold today at $110?
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...right now the silkroad is carrying bitcoin.
Your ignorance is indescribable. name me another business that is larger than the silkroad and ONLY uses bitcoin |
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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.
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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!
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. 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. |
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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.
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) +1 hit the nail right on the head |
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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 |
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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.
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 and you find 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. why dont you come down from your delusions of grandeur you POS. you really think bitcoins are the future? not in your lifetime. |
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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.
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. |
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I'm talking a difference of on average about $4
so most bids were around 106/7, and a few dropped in at 110/1... the market momentum was down, they could have waited for even cheaper
someone wanted an immediate fill, what is so strange about that? |
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