OKAY TIME TO SET EVERYONE STRAIGHT

[mp420]

All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.

Even with quite outlandish assumptions I'd say the effect is in the single digits, max.

[jwzguy]

silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!

Now he's regressed to trying to send a telegram!

[BitcoinAshley]

All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.

Even with quite outlandish assumptions I'd say the effect is in the single digits, max.

Thank you, sir, for schooling the drug-addled troll.

Now, OP, when you come down from your "mean green," and your bad LSD trip ends in 3 days or so (upon finding yourself naked in a forest in northern Montana,) perhaps consider coming back here, re-reading the drivel you wrote, and re-calculating the true effect of "durgz" on the bitcoin economy based on actual statistics and not the values you pulled out of your butt, I mean, the values that were handed to you by a divine goddess when you accessed the Akashic records in a state of bliss enlightenment.

[meangreen]

All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.

Even with quite outlandish assumptions I'd say the effect is in the single digits, max.

If you were to buy or sell btc at the right moment, when there arent alot of immediate buyers or sellers you can move the price yourself a couple of dollars either way. Dont you ever watch the bids and asks. I have seen times where if someone were to sell 50 coins the price would drop $2. A pound of weed is $4k do the math.

[meangreen]

All BTC-denominated drug trade contributes max about $5 to the price. $2 to $3 is more likely. Buyers buy BTC, then exchange the BTC for drugs, then the sellers sell the BTC. The only thing that makes the price increase is the amount of bitcoins that is OUT OF CIRCULATION while the drug transactions are being processed. Even if the drug trade is worth USD $1M daily (debatable) and an average trade takes 10 days to complete, that means, at the current prices, that would mean 80k BTC would be out of circulation because of the drug trade. With simplistic assumptions about demand elasticity, that would mean drug trade contributes less than one dollar to the BTC price.

Even with quite outlandish assumptions I'd say the effect is in the single digits, max.

Thank you, sir, for schooling the drug-addled troll.

Now, OP, when you come down from your "mean green," and your bad LSD trip ends in 3 days or so and you find yourself naked in a forest in northern Montana, perhaps consider coming back here, re-reading the drivel you wrote, and re-calculating the true effect of "durgz" on the bitcoin economy based on actual statistics and not the values you pulled out of your butt, I mean, the values that were handed to you by a divine goddess when you accessed the Akashic records in a state of bliss enlightenment.

why dont you come down from your delusions of grandeur you POS. you really think bitcoins are the future? not in your lifetime.

[piramida]

It just drival on here with any type of speculation.

Yeah, it is, and you are currently massively contributing to the "drival" part, welcome.

[Crazy]

Ziiiiinngggg

[Catacombkid]

Loool. i wish drugs ran the bitcoin market. Drugs are super profitable ... But so is bitcoin hmmm

[ChanceCoats123]

silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!

Now he's regressed to trying to send a telegram!

Exactly what I thought! 

[thebaron]

I don't think $15-$20 million a month in commerce is small change. But compared to the people buying and holding now, yes...it is a smaller chunk then what it used to be.

[Herodes]

The only reason bit coins are going up is because of SILKROAD PERIOD!

OK, got it. Bitcoin = Silkroad, thus Bitcoin must be bad, and only used by drug addicts and dealers. Thus it must be stopped! Got it. Now, tell us about what you had for breakfast!

[Matthew N. Wright]

silkroad is growing. people on the streets dont know what bitcoin is let alone the silkroad. STOP!

Now he's regressed to trying to send a telegram!

That was hilarious. 

[meangreen]

im going to go smoke some nice bud I bought off the silkroad. I helped bitcoin cause and I will continue to support bitcoins and my pot smoking habit  so thank a stoner when you get a chance  

[botlove]

Ashley, I've been watchin you, and like you, please don't be too cruel.  =)    And to the OP, please try not to talk about the drugs and money laundering.  Obviously, even if the activities did add value to bitcoins...  conversations and debates about contentious issues could be a big turn off to the newcomers to bitcoin, who might be on the fence about this whole BitCoin thing.  Sheeple only spend about 20 minutes researching a new topic, and I'd hope that their 20 minutes isn't spent reading a thread that tries to say the bulk of bitcoin value is an illegal activity.  =)   

Don't feed the bears, man.  OR the alligators.  OR the 'war on drugs'.   =)

[bitpop]

LOLOLOLOLOL

[Zaih]

Na m8

[dg2010]

I don't think $15-$20 million a month in commerce is small change. But compared to the people buying and holding now, yes...it is a smaller chunk then what it used to be.

I would be extremely surprised if there is anything close to Silkroad in terms of REAL TRADE volume.

When we talk about fundamentals, there it is right there, people around the world who are spending millions to trade in Bitcoin for real goods. This is what everyone wants to see, more and more real trade volume because ultimately that is a positive thing for Bitcoin and the market.

I know it's not nice to hear, but to say that SR is a tiny portion of the market is just plain stupid. It IS a large portion of the market.

Ok so maybe the last month is a bit different but only because we have thousands of new speculators, which as we can see are no good for any market. Less Speculators MORE Traders. (Even if it is drugs)

[BitcoinAshley]

Thank you, sir, for schooling the drug-addled troll.

Now, OP, when you come down from your "mean green," and your bad LSD trip ends in 3 days or so and you find yourself naked in a forest in northern Montana [...]

why dont you come down from your delusions of grandeur you POS. you really think bitcoins are the future? not in your lifetime.

You're right... fiat money is the future (and by that i mean: in the future, US $100 bills will be what you roll your joints in; mark my words  )

Ashley, I've been watchin you,

 

and like you,

 

please don't be too cruel.

But... but... feeding the trolls is such a satisfying activity! :trlf:

[botlove]

hahahah

=)

[smoothie]

The only reason bit coins are going up is because of SILKROAD PERIOD! Tens of thousands of dollars are bought everyday throughout the world everyday. If the speculators dropped out the price would continue to rise forever because all the druggies want to do is convert fiat to btc get their drugs and be done. But seeing there are a bunch of big time speculators manipulating the price, they will just keep taking all the drug money that continuously pours in to market. Up and down up and down. There is no chart or analysis STOP!

Here we go again. Mr junior member #283748373 making claims on things he doesn't understand. Lol so fucking fail.