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

[EskimoBob]

I guess drug addicted morons and other SL pervs really did keep the BTC price at float.
Are we going to see 60? Think about all the ASICS ....

[1714186077]

1714186077

[1714186077]

1714186077

[Raoul Duke]

I guess drug addicted morons and other SL pervs really did keep the BTC price at float.
Are we going to see 60? Think about all the ASICS ....

I guess people are overreacting(and some are taking advantage of it)
SELL SELL SELL
and after: BUY BUY BUY

BTW: http://krebsonsecurity.com/wp-content/uploads/2013/10/UlbrichtCriminalComplaint.pdf

[thehun]

the us govt seized a great share of the total bitcoins that there will EVER BE. What will be done with these coins?

Until I know, I am staying far away from BTC.

For what I've read only about $3.6 million (35000 BTC) were seized.

[runam0k]

It happended, so, where's the bottom?

Lots of coins to buy.

[mgio]

It will bottom out at about $75, then climb back up to $100-$110.

[mp420]

Bitcoin is not actually backed by SR and gambling. Bitcoin is backed by speculation.

The downside is that the fact that bitcoin can be considered useful in any way rests too heavily on SR and gambling.

[im3w1l]

Well that rise was unexpected..

[DeathAndTaxes]

Bitcoin is not actually backed by SR and gambling. Bitcoin is backed by speculation.

The downside is that the fact that bitcoin can be considered useful in any way rests too heavily on SR and gambling.

Everything starts somewhere.  The fact that Bitcoin went from the genesis block and $0 valuation to >$1B in four years is impressive no matter how it got there.  The "ecosystem" has allowed VC for things like BitPay, coinbase, the Bitcoin trust, etc.  It will be that second round of more sophisticated service providers which will create the increased utility. 

[crazy_rabbit]

the us govt seized a great share of the total bitcoins that there will EVER BE. What will be done with these coins?

Until I know, I am staying far away from BTC.

For what I've read only about $3.6 million (35000 BTC) were seized.

We'll the government needed to get their hands on bitcoin somehow!

[DeathAndTaxes]

Well that rise was unexpected..

You must be new here that rise was 100% expected.  Of course I expect it to fail and fall again and then rise again and then fall again and then "bottom out" and then crash through the bottom and then rally for over a week and then give it all back in a day ....

Just rewind your charts to the prior bubble.  It probably will all happen again (although in smaller scale).

[elasticband]

I have not traded on the exchanges in a few months, but wow i miss that rush of riding the waves, walk out with more BTC than dumped, mission complete.


did anyone else catch the 78$ price swings on btc-e?

[gog1]

I don't think it matters that much, consider about close to half of BTC fiat trade is in CNY.  I doubt the Chinese uses SR.

[Anduck]

Bitcoin is not actually backed by SR and gambling. Bitcoin is backed by speculation.

The downside is that the fact that bitcoin can be considered useful in any way rests too heavily on SR and gambling.

Everything starts somewhere.  The fact that Bitcoin went from the genesis block and $0 valuation to >$1B in four years is impressive no matter how it got there.  The "ecosystem" has allowed VC for things like BitPay, coinbase, the Bitcoin trust, etc.  It will be that second round of more sophisticated service providers which will create the increased utility. 

True, it's all a sum of huge count of elements.

Btw, GJ OP. Good prediction.

[Scott J]

I don't think it matters that much, consider about close to half of BTC fiat trade is in CNY.  I doubt the Chinese uses SR.

This is a good point, though where do you get that amount from?

[gog1]

I don't think it matters that much, consider about close to half of BTC fiat trade is in CNY.  I doubt the Chinese uses SR.

This is a good point, though where do you get that amount from?

look at btckan.com and check the volume - today's obviously different, but you see total CNY trade from Chinese exchanges vs mtgox + btce + bitstamp volume is about 40-60.

[im3w1l]

Well that rise was unexpected..

You must be new here that rise was 100% expected.  Of course I expect it to fail and fall again and then rise again and then fall again and then "bottom out" and then crash through the bottom and then rally for over a week and then give it all back in a day ....

Just rewind your charts to the prior bubble.  It probably will all happen again (although in smaller scale).

Older than you, you filthy '11

[Mushroomized]

[erk]

Hopefully when the new Silk Road replacement rises from the ashes, the owner wont be stupid enough to operate in US jurisdiction.

Not that I have ever even looked at the SR web site, it's just the entire saga strikes me as very noob. He should have learned something from watching the .torrent site dramas eg TPB.


On a side note, the people dumping alt-coins because of the BTC drop are silly.

The myth that SR was the main use for BTC was dispelled back in April when Bitpay passed SR in trade volume.

[notme]

I prefer to sell now and buy more at the bottom.  Holding in a crash is pointless, IMO.

Unless the crash turns into a stiletto

[notme]

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.