The Great Silk Road Crash of 20** ...?

[Raoul Duke]

I've always been saying that Bitcoin is backed by SR and gambling. People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.

The fact that a few hours of panic selling by inexperienced traders is enough for you to declare victory is telling.

[N12]

I've always been saying that Bitcoin is backed by SR and gambling. People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.

The fact that a few hours of panic selling by inexperienced traders is enough for you to declare victory is telling.

Silk Road had nearly a million users and likely the highest transactional volume of any Bitcoin business to date. The stats are all there now. But go ahead, keep living in fantasy land.

[Raoul Duke]

I've always been saying that Bitcoin is backed by SR and gambling. People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.

The fact that a few hours of panic selling by inexperienced traders is enough for you to declare victory is telling.

Silk Road had nearly a million users and likely the highest transactional volume of any Bitcoin business to date. The stats are all there now. But go ahead, keep living in fantasy land.

Yes, and that million users is still out there, all ready and somewhat trained to use BTC. SilkRoad already did everything it had to do for Bitcoin: give it an audience.

[N12]

Why do you act like it's not at least a temporary blow? Do you really think tomorrow (literally I mean) there will be as much Bitcoin commerce as yesterday?

It's going to affect liquidity for a longer time as well as perception of Bitcoin's most important underlying business gone.

My claim was:

People keep telling me there is some bigger fantasy Bitcoin economy. Now you see.

Please show me, now that the stats are out, a single Bitcoin denominated business larger than Silk Road.

[Argwai96]

yeah maybe all the SR users who got fucked by DPR -- fucked badly -- and lost all their coins on deposit are going to line up to buy coins to buy into another centralized drug exchange, after who-knows-what information of theirs, and transaction history, ended up in the hands of the feds. perhaps they will line up to buy bitcoins to spend on okcupid and wordpress, or the shitload of merchants whose websites look so fucking ghetto that the only reason i would use bitcoin with them is because i would be terrified to give them my credit card information. yeah. maybe.

[Raoul Duke]

yeah maybe all the SR users who got fucked by DPR -- fucked badly -- and lost all their coins on deposit are going to line up to buy coins to buy into another centralized drug exchange, after who-knows-what information of theirs, and transaction history, ended up in the hands of the feds. perhaps they will line up to buy bitcoins to spend on okcupid and wordpress, or the shitload of merchants whose websites look so fucking ghetto that the only reason i would use bitcoin with them is because i would be terrified to give them my credit card information. yeah. maybe.

pirateat40 also fucked a lot of people badly. And most of us are still here, using Bitcoin.

[klee]

yeah maybe all the SR users who got fucked by DPR -- fucked badly -- and lost all their coins on deposit are going to line up to buy coins to buy into another centralized drug exchange, after who-knows-what information of theirs, and transaction history, ended up in the hands of the feds. perhaps they will line up to buy bitcoins to spend on okcupid and wordpress, or the shitload of merchants whose websites look so fucking ghetto that the only reason i would use bitcoin with them is because i would be terrified to give them my credit card information. yeah. maybe.

pirateat40 also fucked a lot of people badly. And most of us are still here, using Bitcoin.

And Bitcoinica, and Karpeles, and BFL, and GBLSE (how the f@ck it is spelled), and...

[User705]

Bitcoin is just not that good for internet payments.  Wealth storage and private transfers are where it's at.  SR was huge, but in long run case no publicity is bad publicity.  Exposure exposure exposure.

[erk]

There are like a million BTC sent around the net each day according to bitcoinwatch.com how many of those would have been SR related, bugger all I reckon. SR importance on BTC trade is overstated.

http://bitcoinmagazine.com/3910/bitpay-processes-5-million-in-march-eclipses-silk-road/

[N12]

psy, come over to my thread and show me a business with similar volume please.

[Argwai96]

yeah maybe all the SR users who got fucked by DPR -- fucked badly -- and lost all their coins on deposit are going to line up to buy coins to buy into another centralized drug exchange, after who-knows-what information of theirs, and transaction history, ended up in the hands of the feds. perhaps they will line up to buy bitcoins to spend on okcupid and wordpress, or the shitload of merchants whose websites look so fucking ghetto that the only reason i would use bitcoin with them is because i would be terrified to give them my credit card information. yeah. maybe.

pirateat40 also fucked a lot of people badly. And most of us are still here, using Bitcoin.

yeah, and speculation comprises just about the entire economy outside of SR and gambling. not a good comparison. if an investor makes a bad investment and loses money -- that's different than those who buy/sell coins for drugs and just had their illicit histories compromised, a wealth of information that could fuck many, many people. apparently there were many hundreds of thousands of people who thought that a centralized drug exchange was safe.

you think everyone feels that way now? you think any drug exchange will ever reach even a pittance of the same magnitude considering what has happened? i never would have touched SR -- drugs in post on centralized marketplace/server -- no fucking way. now lots of people realize how dangerous it is, and how the security of their identifying information could be in the hands of ONE person.

and what about those who use bitcoin for SR only? $1.2 billion in activity -- you think there is a shortage of people who fit that description?

[Hazard]

Bitcoin will bounce back, no worries. This isn't as big a deal as people are making it out to be.

[wopwop]

Bitcoin will bounce back, no worries. This isn't as big a deal as people are making it out to be.

I believe you

[Hazard]

Bitcoin will bounce back, no worries. This isn't as big a deal as people are making it out to be.

I believe you

Read my thoughts on the matter: http://cryptolife.net/silk-road-takedown-bitcoin-great-buy-right-now/

[wopwop]

Bitcoin will bounce back, no worries. This isn't as big a deal as people are making it out to be.

I believe you

Read my thoughts on the matter: http://cryptolife.net/silk-road-takedown-bitcoin-great-buy-right-now/

I cant read thoughts

[Raoul Duke]

Bitcoin will bounce back, no worries. This isn't as big a deal as people are making it out to be.

I believe you

Read my thoughts on the matter: http://cryptolife.net/silk-road-takedown-bitcoin-great-buy-right-now/

Moderator talk ahead:
Yeah, dude, how about you stop spamming the link to your site on every thread?
You have thoughts on the matter you post them here. EDIT: Or make a(nother) thread.

[FUKT]

Silk Road down another will take its place its the nature of illicit activity. Black Market Reloaded will explode.

[joesmoe2012]

So DPR knew the server was imaged in july, and they have plain text copies of all the private messages from the site as well? That's pretty disturbing!