Silk Road profits affecting price?

[XxionxX]

In this twitter which I am sure a lot of you have seen, the Silk Road has announced that they are taking record breaking profits. Are we still calling for the top? How many big players with big investments will it take before a majority of the coins are in strong hands?

[Technomage]

I certainly hope the coins are going to strong hands right now. Otherwise we're in for a very cold shower at some point.

[twolifeinexile]

I certainly hope the coins are going to strong hands right now. Otherwise we're in for a very cold shower at some point.

Are you a strong hand by the way?

[chmod755]

LOL

[flavius]

Well the driving force behind bitcoins is crime, there is really no point in the system besides being paid anonymously. So it's quite logical silk road has a large impact.

[Chalkbot]

Well the driving force behind bitcoins is crime, there is really no point in the system besides being paid anonymously. So it's quite logical silk road has a large impact.

You might want to read up some more on bitcoins, bro.

[wtfvanity]

I'll just leave this here in case anybody takes this seriously:

http://www.bitbin.it/PNSYw1lE

lol

[chmod755]

All I can say is, well played chmod755

Thanks!

[flavius]

Well the driving force behind bitcoins is crime, there is really no point in the system besides being paid anonymously. So it's quite logical silk road has a large impact.

You might want to read up some more on bitcoins, bro.

As you may want to as well sir.

[Chalkbot]

Well the driving force behind bitcoins is crime, there is really no point in the system besides being paid anonymously. So it's quite logical silk road has a large impact.

You might want to read up some more on bitcoins, bro.

As you may want to as well sir.

But.... I.... Hm. I'm doing that as much as I can. Believe me! I only made the suggestion to you because I've already identified several points beyond the one you presented, for using bitcoin, so I can only assume you are behind me in your reading assignments.

[haitispaceagency]

if your not using bitcoins for crime then what is the point

[01BTC10]

if your not using bitcoins for crime then what is the point

I've never bought anything illegal with bitcoins.

Here is a canadian quarter for you 

[13Charlie]

if your not using bitcoins for crime then what is the point

Just wait, you'll see.

Here is a canadian quarter for you 

+1
LMFAO

[BitcoinAshley]

Well the driving force behind bitcoins is crime, there is really no point in the system besides being paid anonymously. So it's quite logical silk road has a large impact.

ITT: flavius demonstrates amazing depth in his understanding

Who let flav out of the newbie forum, he obviously hasn't a clue about bitcoin.

[byronbb]

I doubt SR deals with GOX but who knows.

[Bitcopia]

if your not using bitcoins for crime then what is the point

How about the fact that you can move any amount of money ANYWHERE in the world for almost free?

How about the fact that its anonymous, for those who like their privacy, and that its easier to get than a credit card + more secure and was actually designed to be used for online purchases.

Bitcoin is much much better in every single way than any other online payment method.

+1

Silk Road helped gain traction for bitcoin because it got people involved who otherwise would not have the mental capacity to understand bitcoin. Now, the true amazingness of bitcoin is starting to be recognized by larger numbers of people every day.

[flavius]

if your not using bitcoins for crime then what is the point

How about the fact that you can move any amount of money ANYWHERE in the world for almost free?

How about the fact that its anonymous, for those who like their privacy, and that its easier to get than a credit card + more secure and was actually designed to be used for online purchases.

Bitcoin is much much better in every single way than any other online payment method.

I don't disagree with this, but the fact of the matter is you can't walk into a store and buy something with bitcoins (unless it is some type of specific store etc). You can't sell on ebay with bitcoins, you can't keep bitcoins in your physical wallet and use them like normal cash.

They are a hassle to buy legitimately, a wire transfer is sketchy and not convenient, or even practical for most people. Send a wire transfer (of money) to obtain a different type of money? Why...? is the mindset the average person takes.

Bitcoins are not REMOTELY designed for online purchases. They have to be reversible and not completely anonymous for it to become a government endorsed successful currency. If I bought someone online with bitcoins and it never shows up, I just get fucked? Good luck ever making that a serious currency.

I don't think you realize how much fraud and darknet transactions goes on. Until you have been on all of the websites and seen what happens, you don't know. Bitcoins are a fraudster's DREAM. You can turn bitcoins into cash from an ATM 100% anonymously with no BS that regular financial institutions offer.

In the regular world where fraud doesn't exist, what the fuck are you supposed to do with a bitcoin? Ultimately all you end up doing is turning it into cash, you might as well just keep your money in the first place. If you're using it as an investment that isn't really "using" it, mining does not do anything for it either. Unless you are actively spending 5 figures of bitcoins a year that somehow gives you an advantage over real money, it's pointless for the common man.

I think the ultimate problem is people trying to build currencies based off of real currencies, being USD/EU/etc. A bitcoin is worth x dollars, so it in essence is x dollars, so why not just keep your dollars? Until you can say a bitcoin is not worth a certain amount of dollars (directly) then it is just inferior to real cash.

[Severian]

Bitcoins are a fraudster's DREAM.

No, fucking idiots that can't form a critical thought if their lives depended on it are a fraudster's dream. The average American investor, for example.

[01BTC10]

I can buy BTC directly via online banking for a low fee and receive my bitcoins within 48-72h. In my opinion it's only a matter of time before brick and mortar stores accept them. It's been cheaper, safer and more convenient for me to sell legal items online with BTC than using PayPal.

[flavius]

I can buy BTC directly with online banking for a low fee and receive my bitcoins within 48-72h. In my opinion it's only a matter of time before brick and mortar stores accept them. It's been cheaper, safer and more convenient for me to sell items online than using PayPal.

Anything is more convenient than paypal, that is just logical. However paypal is the only way to sell on ebay and run a very popular business online. It would be great if everyone paid with bitcoins but the popularity isn't there yet, plus as I mentioned before, if someone pays you in bitcoins, aside from morals, it's almost entirely useless to ship them anything.

Brick and mortar stores will have to go through a nightmare of accounting to ever accept bitcoins in a significant amount. I can't even begin to think about how taxes would work in this situation.

But my point remains, I realize you can buy bitcoins with your online banking, but what is the point? Why not just keep it in your bank account?

Severian: Ok, 5 years ago if you wanted to sell stolen credit card information on the internet, how do you get paid?