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Author Topic: Bitcoin Negative Public Image  (Read 3131 times)
Matthew N. Wright
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April 05, 2013, 12:22:12 AM
 #41

It doesn't matter what you consider as part of the Bitcoin economy. Silk Road is, and will always be, an insignificant part of it.

Do you also think it wasn't responsible for bringing bitcoin's value up initially in 2009~2011?

Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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April 05, 2013, 12:23:08 AM
 #42

They aren't! You would have to be investing BTC into SOMETHING ELSE. That's like saying trading USD for Yen is part of the GDP. If anything BTC would count as part of the US economy as an asset being invested into.

^^ He is on the right track of thinking but not fully understanding it.

I honestly do not know what you are trying to argue. The numbers don't lie.

Silk Road (past 30 days): 30000 BTC.
Bitcoin network, minus change (actual transaction volume): 8979180 BTC.

It doesn't matter what you consider as part of the Bitcoin economy. Silk Road is, and will always be, an insignificant part of it.

What do you believe the number is for total consumer spending in the BTC economy?  That is what will get bitcoin higher.   not hoarding and trading of the commodity itself.   Spending it in exchange for another good or service.   right now, vice is too much of that.

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April 05, 2013, 12:27:35 AM
 #43

right now, vice is too much of that.
Complaining doesn't accomplish anything. Go buy or sell something if you want to change the composition of the economy.
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April 05, 2013, 12:35:15 AM
 #44

It doesn't matter what you consider as part of the Bitcoin economy. Silk Road is, and will always be, an insignificant part of it.

Do you also think it wasn't responsible for bringing bitcoin's value up initially in 2009~2011?

It was. But it isn't anymore, and so the negative image that comes with it is outdated and no longer relevant.
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April 05, 2013, 01:10:31 AM
 #45

It doesn't matter what you consider as part of the Bitcoin economy. Silk Road is, and will always be, an insignificant part of it.

Do you also think it wasn't responsible for bringing bitcoin's value up initially in 2009~2011?

It was. But it isn't anymore, and so the negative image that comes with it is outdated and no longer relevant.

It's still quite relevent to the media, and to governments.
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