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Author Topic: Have people stopped buying drugs on silk road due to price of BTC?  (Read 2658 times)
Aztec
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April 08, 2013, 09:22:08 PM
 #1

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?

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April 08, 2013, 09:24:49 PM
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Just the opposite. People are enjoying all the extra drugs their coins could not buy a week earlier.
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April 08, 2013, 09:24:56 PM
 #3

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?

why do you think it would change?

its just something that used to cost 20BTC when it was $10 each will now cost 1BTC....

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sedeki
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April 08, 2013, 09:25:49 PM
 #4

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?
The prices are adjusted to the USD.
Aztec
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April 08, 2013, 09:34:07 PM
 #5

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?
The prices are adjusted to the USD.

Yes but BitCoin is rising in price all the time so some people might hold them to sell rather than to spend them.

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Elwar
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April 08, 2013, 09:34:50 PM
 #6

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?
The prices are adjusted to the USD.

Yes but BitCoin is rising in price all the time so some people might hold them to sell rather than to spend them.

Bitcoin is proving Paul Krugman wrong.

And what is this "sell" that you speak of?

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April 08, 2013, 09:40:51 PM
 #7

All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?

It would just mean they see a higher usd figure in their account and see they have more to spend on drugs so they buy more, I would imagine.

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April 08, 2013, 09:44:06 PM
 #8

You don't understand druggies at all. They are just buying more drugs.

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sedeki
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April 08, 2013, 09:45:11 PM
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All hypothetical of course.

Due to the high price of bitcoin, will that affect the silk road? Will people turn to different markets that deal with "proper" money [ducks and runs for cover] and hoard their BitCoin causing deflation?

Are there any figures?
The prices are adjusted to the USD.

Yes but BitCoin is rising in price all the time so some people might hold them to sell rather than to spend them.
Sure. But that was a explicit design goal.
I don't think this is a big problem though because Silk Road is a big reason why people buy BTC in the first place.
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April 08, 2013, 09:45:30 PM
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Yes but BitCoin is rising in price all the time so some people might hold them to sell rather than to spend them.

You know what addiction is, right?
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April 08, 2013, 09:51:00 PM
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Yes but BitCoin is rising in price all the time so some people might hold them to sell rather than to spend them.

You know what addiction is, right?

Yeah but you still have to wait for the postman right haha

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April 08, 2013, 09:54:37 PM
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Hmm addiction on one hand, and $$$$$ on other. I think money is the biggest addiction.

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April 08, 2013, 10:26:04 PM
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Hmm addiction on one hand, and $$$$$ on other. I think money is the biggest addiction.


They are addicted to money that they can use to buy drugs.

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April 08, 2013, 10:28:28 PM
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So you are saying that addiction > money?

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April 08, 2013, 10:31:48 PM
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Some addictions.

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April 09, 2013, 03:58:54 AM
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if anything  they could afford to buy in bulk  and  make some change on the side while supportin their lifestyle. its good times for the   users of such.
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April 09, 2013, 08:41:39 AM
 #17

SR has an escrow option where you can guarantee the price no matter what happens to rise/fall of BTC. I bet nobody is using that option anymore. I also bet there's lot's of crackheads demanding more crack from vendors because the price of BTC went up the day after they paid and they could've bought more crack if they weren't so cracked out and didn't spend their coins immediately

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April 09, 2013, 09:12:37 AM
 #18

You don't understand druggies at all. They are just buying more drugs.

Hahaha. Nail on the head.

I imagine most of the SR buyers don't care for the price of Bitcoin. They just want to know if they buy £30 of bitcoin that they can buy £30 worth of drugs.

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