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I don't think they are out to get bitcoin. The press are just ignorant. Like most people they don't understand the technology and make bad assumptions based on their meager knowledge of software. But SR they can understand, and it was the most titillating aspect of bitcoin. Drugs, guns, and secret websites are just too compelling for the press.
Network news is not about getting to the bottom of a story, it is about producing something that will keep you watching through the commercials. These days that is ALL it is about.
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My wallet.dat is encrypted via the Bitcoin-QT and then put inside an an encrypted rar archive. Both passwords are 190 bits according to KeePass (30 characters long mixture).
Why is that not secure if I put it on Dropbox?
Because I know it's there now? No, you have some strength with that system. Even if someone got the wallet you have a long time to move the coins out of it. |
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It may seem like posters are being condescending, but they are trying to help. Your transaction will eventually have thousands of confirmations. After 1 confirmation your transaction is in the blockchain. Because it is theoretically possible to create a second chain and stop the payment, you may want to wait for more confirmations. By 6, it is so deep in the chain that it is a done deal. Even a string of super computers could not forge a fork of the chain.
For a small transaction (>$200) I use one or two confirmations. If I were selling a gold bar I would want at least six. Basically I do a risk / value assessment.
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Well the last time the US came close to defaulting and was subsequently downgraded the price of treasury notes actually went up because people were selling stocks and buying bonds instead. The very bonds that caused the insecurity.
People can be incredibly stupid.
I thought that was weird also. It shows how few places there are to invest. Gold is too high, stocks are risky and manipulated right now, short term real estate is hard; I guess downgraded bonds look ok in that environment? All good news for bitcoin. |
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With Silk Road down Bitcoin now has now no practical use. ...
Never used SR. But I use bitcoin all the time for other things. I could care less about SR and their closing has no effect on my spending habits. If bitcoin were dependent on the decisions of crackheads then it would already be gone. +1 Your experiences aren't representative for everybody involved in bitcoin, You are a minority and I said bitcoin is to remain for the true believers. I may be in the minority on a lot of issues, but the fact that prices remain basically unchanged by this leads me to believe that SR was a minor player. Don't get me wrong, I think most drugs should be legalized. But bitcoin now has a large and complex ecosystem. Any one use is trivial compared to the myriad things bitcoin is good for. |
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One day you might use the profit from that sale to buy a coffee plantation.  |
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The republican plan to stop government waste. Send all the employees home, but continue to pay them.  |
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Hi, welcome to here.  |
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With Silk Road down Bitcoin now has now no practical use. ...
Never used SR. But I use bitcoin all the time for other things. I could care less about SR and their closing has no effect on my spending habits. If bitcoin were dependent on the decisions of crackheads then it would already be gone. |
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I'm not sure I'm buying this guy as DPR. Someone runs the SR for 3 years and then is stupid enough to try to hire a hitman off of it?? Doesn't make sense. Plus, the video of him on YT doesn't give me the impression of someone who would build such a site.
Either SR was a gov't limited hangout all along, or they were able to close the site but still have no idea who DPR is, so they made one up. My guess is that it was a limited hangout all along, and this Ulbricht guy is just another actor.
Based on...? I just don't see an actor going to jail for years. Why? Money Perhaps. I would do it for a billion dollars. But I mean why would the gov do it? |
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I'm not sure I'm buying this guy as DPR. Someone runs the SR for 3 years and then is stupid enough to try to hire a hitman off of it?? Doesn't make sense. Plus, the video of him on YT doesn't give me the impression of someone who would build such a site.
Either SR was a gov't limited hangout all along, or they were able to close the site but still have no idea who DPR is, so they made one up. My guess is that it was a limited hangout all along, and this Ulbricht guy is just another actor.
Based on...? I just don't see an actor going to jail for years. Why? |
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What would have been really cool as a backup plan is that someone else that he really trusts had access to a copy of wallet.dat with the 26,000 bitcoin in them.
And now that the is arrested he could tell that person the password so they are transferred out of that wallet that the FBI has "confisquated"
My understanding is that th FBI "moved the coins to an address under their control". But that would have been a savvy backup plan. |
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Of course it's positive.
If you don't like the drug laws in the U.S. then get out of your mom's basement and do something about it. Bitcoin is not the nanny you have been waiting for to end social ills. It is a payment system. You are still going to have to fight for your rights one at a time. Bitcoin is also not going to be a tax free anomaly, different from all other appreciating assets. Again, if you don't like the tax laws, write your congressman and stop wasting your time posting here.
The future of bitcoin will be shaped by those who reach out to regulators and businesses, not by those who type with Caps Lock on.
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Don't stop panic selling now!! The sky is falling, sell me your coins cheap while you still can!!!
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Please do panic. Panic has been the single most profitable element in my bitcoin strategy. I buy when there is panic selling and spend during panic buying.
In two weeks the ones who sold low will be back at these forums calling bitcoin a scam because they lost money.
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For what it's worth. I don't think of this as a bitcoin thing at all. Basically, a drug dealer got busted. So what? Bitcoin is in no way "broken".
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How does arresting DPR reveal the identities of the sellers on SR? They should be safe.
Only thing that will change for them is that they will start selling on BMR instead of SR.
I don't know enough about SR code to know if seller identities are compromised, but the FBI is going to be asking a lot of questions and DPR has a lot of answers. The FBI may also have been collecting data for months or years. These are not mall cops we are talking about. |
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Obamacare is good but single payer will be better. I can't wait!  I'm not ready to give up on single payer either. Our country is a laughing stock for not having it. |
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I wonder if this means the mass arrests are coming? I would assume the FBI now has a list of customers and sellers. If you are a customer you may be safe, now that the DOJ has stated that they are no longer going after users.
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It was just a matter of time.  |
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