A DEA agent (a manager of the analyst department) came to my substance abuse elective class today to talk about drug origins and drug trafficking.  During the class, I asked him whether or not he has heard of Silk Road, and to my surprise he said he had.  I then asked whether or not the DEA is targeting Silk Road due to the small impact of the Bitcoin economy and the difficulty of linking Bitcoin drug transactions to specific individuals.  His response was, "Yes, and just because it's difficult doesn't mean it's impossible."

He actually became very curious and asked me several questions about Bitcoin in front of the class, mainly general questions about what gives BTC value and how the heck I could make any money off of it.  My professor also became very interested, and after class she asked me for a website for additional information about Bitcoin (I just gave her bitcoin.org because it's easy).

Interesting stuff.

That is the funniest thing I've seen all day.  Nice trick.

A question.  Let's say I was gonna bet 6.5 BTC now.  Between the time of my bet and the closing of the auction, BTC value could go down.  So, what happens if someone bids 10 BTC but it's worth less than the 6.5 BTC in cash?

I assume the reply is "it's a BTC auction, so the exchange rate is irrelevant.  10 BTC is always greater than 6.5 BTC."   Or something like that.

Hi!  In order to add to the list of local Bitcoin services,  I am now offering guitar lessons for Bitcoins!  On the off chance that anyone in the Chicago area wants to use their Bitcoins for intrinsic benefit, here's your chance!

Reply or PM if interested!

Does anybody have a chess clock for timed games that they would like to part with for cheap?  I would love to buy one.

Any word on this? 

So, looking at www.bitcoinmonitor.com it appears as though some very high volume transactions have been taking place in the past few hours.  Some transactions are between 5,000 and 10,000 Bitcoins, but these aren't trades on exchanges.  What are all these high volume transactions?  Is this what activity on the Bitcoin black market looks like?

I'm not sure I get the point.

I understand fiat is backed by peoples' desires.  But the nature of desire is that it breeds more desire.  And I think that's why fiat currency is completely floundering.  Inflationary currencies allow for currency to be continuously printed to match the level of desire, and this is part of why they fail.

So, this is why I don't recommend that Bitcoin should follow suit. 

The 100 BTC bet I won twice.

First, I briefly direct you here   --->    https://bitcointalk.org/index.php?topic=48879.0

Now I will try to briefly state my point using information we all know.  I'm taking the first step in trying to spark something.  This is mostly directed towards those that are emotionally invested in Bitcoin and want it to succeed for ideological reasons.

Since June, I think it is reasonably determined that the speculative bubble burst.  It's been bursting through and up until today, and for the reasons outlined in the articles above.  National economies know the flaws of the Bitcoin economy -- they are right, and it's no secret.  This may be obvious to us who suddenly filter out everything from our lives except the ticker during a big rally.  It's an experience bound by emotion, but those reasonably informed and looking from the outside in have no reason to get excited.  The rest simply don't care.

Some argue (as referenced in the linked thread) that Bitcoin is stronger now.  After all, not only should most of the greedy people be out by now, but we've been scammed and hacked, lost our wallets, gambled, and sold our souls.  So, Bitcoin will take it's natural course, readjust, and evolve like a bright idea should.  We've learned something by now.  Haven't we?...anyone?

In my opinion, no, we haven't.  It's gotten worse.  We've gotten worse.  I'm guilty too.  The root of Bitcoin's problems (and there are problems) is embedded in communication.  Economic exchanges are a form of communication, but these exchanges are influenced by different types of other forms of communication.  First, consider the influence of silk road and the 'other' side of Bitcoin, the users of which likely constitute a significant percentage of Bitcoin transactions.  What utility do you think these exchanges have?  What utility do you think forum members' exchanges have when a large percentage of exchanges are likely coupled with a deep sense of suspicion?

I raise these issues because I believe the current BTC price (~$2.50) is unique.  I think it is unique not only in that it's hovering above the low since June (duh), but because it is a point at which I think a number of new factors emerge.  How we handle these new factors will largely determine Bitcoin's future; some are fiscal, some are psychological.  Bitcoins are no longer profitable to mine for a majority of miners, the $1 magical barrier is now realistically foreseeable, the media has all but turned its back completely, and the focus has shifted from the market.  We already have learned to not trust each other, so what do we do from here?

We need to work together, brainstorm and evaluate the countless ideas that have been posited on this thread, find the best ones, and implement them.  We need to target what the economy needs.  The market doesn't just magically self-correct.  The market adjusts to communal influence.  We need security for our BTC.  Exchanges and wallet services need to make the leap to provide coverage for assets.  We need more necessary items sold, not novelty items.  Hey, we all love a Bitcoin keychain, but a keychain only connects to those inside the club, not outside.

Ultimately, we need to consider the desires of the common person.  People want to feel safe, secure, loved, understood, famous, special, etc.  They don't want a currency that they understand to be unsafe, insecure, unloving, hard to understand, marginalized, and silly.

Give the people what they want.  We used to be them!

There is absolutely nothing to say it is stronger now than it was 1 month ago.

These articles aren't too bad.


In fact, they're mostly right.


Bitcoin is imploding and for good, natural reason.  As a free economic market, we need to collaborate to build a sturdy, solid infrastructure that will pave the way for all digital currencies.  The alternative block chains and Bitcoin novelty items have the consequent effect of grouping Bitcoin in with novelty...but not in an ingenious way -- more like a faddish way.

This isn't to say the bad PR and hacks and scams all that jazz didn't have an impact.  It did, but the weak infrastructure was a catalyst to these problems.

We need a Bitcoin Bank.  A good one.  One that has assets to back up our BTC.  It needs to be reputable and subject to prosecution.

I think the community has made a mistake in going overboard with decentralization.  Just because you have a free market doesn't mean you can't collaborate and have checks and balances.  Centralization can act decentralized if it's truly governed by the people.

We need unity, and right now, there is very little evidence of any unity in this community, other than we are apparently united in our desires for individual gain.

Well, I guess it depends how one looks at value, but regardless, without computers mining for BTC, no transactions are confirmed and thus no value is confirmed.

It's already backed by something and will always be backed by something as long as it exists, so I don't get the point of the question.  It seems irrelevant.  Whatever gives Bitcoin value is what backs it, and the most fundamental thing that backs it is other computers confirming value in transaction.

HEY...no dissing Alice   

Because goods/services back any currency and computer goods/services are integral to Bitcoin.  It's backing it with something that it absolutely needs to survive.

Hello!  Pictures are available upon request.  I'm gauging interest.

 I'm looking to sell an Edelbrock Carburetor, Performer Series #1405, 4bbl., 600 cfm, square-flange, manual choke. This carburetor was originally intended to be installed in my 1966 Ford Mustang coupe, but I recently sold the Mustang. This carburetor has never been used and is in brand new condition. The box was only opened upon receipt of the product to check its contents. The carburetor comes in-plastic in the box, packaged in original foam, with all manuals and included parts. Similar brand new products sell for $250 and upwards (I bought it new for $300), so here is your chance to receive a discount on a like-new product.

Looking for 50 BTC or best offer.  Very possible to buy and resell for profit.

I'm also looking to sell 2 like-new, never used, Black vinyl seat covers and 2 like-new, never used, quarter-panel door ornaments.  I received these parts from the previous owner of my 1966 Mustang but had no need for them as the Mustang itself was in fully-restored condition and had under 44k miles. Since I have recently sold my mustang, I no longer have a need for these accessories. Both the vinyl seat covers and the door ornaments will come in their original boxes and will also have their original receipts included.

IN ADDITION - you will also receive 1 like-new black seat back. Combined, all of these parts are great additions for people looking to restore the interior or add some exterior flare to their vintage mustang.

Looking for 20 BTC or best offer for these parts.  I will take offers for individual parts as well.

You must pay shipping.

These parts are great for adding some extra HP or aesthetic class to your vintage ride.  Get like-new products for a reasonable price with the chance to resell 

I do mean insuring BTC.  I actually posted a thread about an interesting idea I had about creating a business acting sort of like a BTC reserve (like a BTC fort knox).  The value of this business, as it acts as a reserve, would constitute backing for BTC, and it's assets could be insured federally.

The business would have a triple role as a BTC reserve, a mining pool/company, and a computer/GPU manufacturer and retailer.  People could donate old rigs/GPUs to the company and they would be used either 1) to add to the Business mining pool.  The company would essentially a massive mining farm and donators could receive a share of the pool.  Or 2) the materials would be used to create new rigs/GPUs for retail.  The idea is to tie BTC value into something that is integral to it - computers!

So, again the 3 roles of the business would be...
1)  Act as a BTC reserve by associating the company value with BTC backing value.  This value is established mainly by the computers being sold and used to create BTC.  This seems to make sense since not only are the computers doing the work, but the computers confirm the value of BTC through the Bitcoin client.  No computers = no BTC value due to 0 confirmations.
2)  Act as a mining pool/company.  It would use some of the donated material to run a mining farm.  Donators receive a share a the mining proceeds.
3)  Act as a computer manufacturer/retailer.  The rest of the donated materials would go toward financing new computers and GPUs to be sold and used for mining.  Not only does this create a nice little cycle (i.e. create, sell, mine, donate, repeat), but it would establish the company as a business.  The company value could be insured, and this would be a nice little backing for BTC.

I quote myself.  Insurance is #1.

Saturday night and I'm getting ready to LOOK SO GOOOOOOD