thank you for pointing out the obvious.

no SR - > less btc trades - > btc value going down

To suggest 1 btc was traded on the silk road 9 million times is ridiculous but I get your point, although I still disagree with it.  In any Econ 101 class one of the first things you learn is trade is the foundations of any economy and hence currency.  Even backed currencies are limited in value when not suspended in a medium of healthy trade.  As you said btc is a currency of speculation, in fact PURE speculation.  BTC is limited even by it's rate of production isn't limited by even a rate of production, it's not just code and encryption.  The value created by trade isn't a linear relationship its exponential and even if more conservative number would assign 40% of transaction on the silk road this would be the equivalent of 40% of US businesses disappearing overnight.  The crippling effects of losing the SR are compounded by the exact reason you state, btc is a speculative economy and lately speculation is largely negative.  People will believe bitcoin is worth less without a marketplace to fill the void SR left.  Not every btc user has to use drugs in order for the market to recognize the volume of trade created by SR.  That's like suggestion every American has to own a fighter jet to recognize the volume of trade created by lockhead martin.


Like I said, I wouldn't say 75% loss of trade volume is nothing but thats a difference of opinion.  People speculating the decline of btc doesn't necessarily has everything to do with its value next to USD.  People speculate the decline of USD but thats not because they feel like they'll be able to buy less Yen.  Comparison to other currencies is a valuable metric for determining their future ability to trade said currency for goods and services.  In this case many bitcointalk users are American and therefore use their most convenient metric, USD.


I never suggested USD was more stable, or I had more control over its value or really anything about USD at all.  As you said:

As with just about everything in life its not all good, or all bad.  I've heard the different perspectives, and I agree that public perception of bitcoin will be improved with the downfall of SR.  It's undeniable however that SR contributed in a huge way to the value of bitcoin just because the market didn't recognize this within a week of SR going down doesn't mean it won't.  I've read that as much as 75% of btc transactions were related to the SR, from a classical economics perspective that would make SR more than the backbone of btc that would make it the circulatory system.  But on the other hand, the fall of the silk road gave btc a lot of attention and as mentioned before improved public perception.  If new vendors accepting bitcoin keep cropping up with a little luck that 75% void will be filled in with a thriving marketplace.  If btc is a little less lucky a SR clone will pop up by the end of the week accepting some kind of scrypt currency and bitcoin will inevitably collapse before the replacement marketplace ever comes to fruition.

Honestly if I had the balls to run a website like SR, I'd dump all my money into something like worldcoin make a clone that only accepts worldcoin, and be rich overnight.

IMO, now is a good time to diversify.

I'd certainly like to understand this better... though it's offtopic for the thread.  It's not unique to KNC, e.g. we saw it with BFL.  But I think we've mostly not seen it with hashfast or cointerra.  I've speculated before that some people are afraid of getting ripped off and have to aggressively back their own horse to justify themselves, but even that is incomprehensible to me. Then again, I don't really get team-sports fandom either.

... And I suppose some things are just unknowable.

Well, it's true until they actually get a box in someones hands. I was explicit about it and said it was a bit pedantic. Perhaps some people are unable to read any text which doesn't come with a meme image and from a user with a urinary-tract-infection-yellow ignore button?

[As an aside: If you think a thread is dumb it's best to stop posting in it so that it can fall down the page!]

It was joke, about 500 peoples waiting and new joining. The draw is random, If 1 is choosen daily, you may wait well over one year

why I won't get it is there any problem or I am not eligible for this bounty 

you almost reach 394 and reach very soon on my number waiting for this bounty thanks   

Wish I had such Boss!  

But I dont, so I enter your giveaway: 1P3A3GLXFYJvmbZsudbAD1Fc6dyKquwb7S  

BTW what happens with your numbering system when someone delete his post from this thread?

FTFY

I had totally forgotten about that giveaway post. I was perplexed as to why I had gotten this random payment, but I wasn't complaining.

Thanks for your generosity, CrazyRabbi!

Nice! Here's my address if you ever get a chance: 13Z3MrMV5vqND4cWGgBXdBo3288MTMa6BZ
Also, where do we go for rating again? I don't see the link.

Still open?