In Bitcoin a Narco-Currency?

[bonker]

I'm guessing Silk Road with all its drug-mongs and zombies are the main real world use of Bitcoin? It must therefore be categorised a narco-currency.

This quite sad, but great innovations are often nurtured in squallor. I mean Porn gave rise to mainstream adoption of the internet and VHS.

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[Impaler]

Whats even sadder is that its not even a very good Narco currency, even they need more stability then BTC provides.

[pheaonix]

nothing wrong with drugs 

enjoy your coffee, beer and smokes

[Ekaros]

nothing wrong with drugs 

enjoy your coffee, beer and smokes

True, so much less problems if some of the chemicals weren't illegal...

[myrkul]

This quite sad, but great innovations are often nurtured in squallor. I mean Porn gave rise to mainstream adoption of the internet and VHS.

You got something against sex and drugs?

Puritanism: the haunting fear that someone, somewhere is having a good time.

[herzmeister]

Whats even sadder is that its not even a very good Narco currency, even they need more stability then BTC provides.

Freigeld, Freiland, Freidrogen  

[RodeoX]

No. $USD are the narco-currency of choice. Almost all the drugs sold in America are sold in $USD.

[megamathieu]

bitcoin is a currency with the goal to build a new economy around him,
drug is a good market, lot of customer, lot of product choice, free-market...
drugs have their place in economy like all other product !
and if drug selling can help bitcoin and bitcoin help drug selling, is a very good thing.

[Stampbit]

The day you can find traces of coke on your coins is the day it becomes a narco-currency.

[myrkul]

The day you can find traces of coke on your coins is the day it becomes a narco-currency.

Does being traceable back to a SR deposit address count?

[Nightowlace]

The day you can find traces of coke on your coins is the day it becomes a narco-currency.

Does being traceable back to a SR deposit address count?

It counts as much as 98% of the bills tested in the good ol' USA come up positive for cocaine residue.

[Nightowlace]

Billions of drug money are shuffled around the world in shipping containers, cars, storage units, warehouses, etc. every day. Cartels, Kingpins, Drug lords whatever you want to call them use every resource possible to move their money as to not get caught or have it stolen/confiscated.

BTC imo is just like cash. If I walk up and give you $100 for sack of weed can that be tracked, regulated, etc. No, not at all. If I do this 1,000 times that drug dealer now has $100,000 untracked, unregulated, untaxed, dollars sitting in some basement somewhere. That money is then used to buy things, are those things tracked, regulated? If he takes $1,000 and goes and spends it at the mall does the government now know his name, address, and that he is a drug dealer? Nope.

So please explain to me how BTC is different than cash? Is their a website that allows you to purchase drugs yeah. So what? That is part of the global economy whether it is being done in fiat or BTC every economy has a drug trade. I personally think this gives some legitimacy to the economy of BTC.

We are slowly seeing more and more uses for BTC. With things like Bitinstant for example it is making it easier for business' to start accepting BTC as forms of payment. The more wide spread use of BTC for actually buying things will only create more demand for BTC and more demand for retailers to accept it as a form of payment

[Kaiji]

I don't believe BTC will become the money of choice for drug dealers as a whole. They have to have a paper cash flow going from seller to supplier. If they used bitcoins and the price dropped suddenly there is no way a lower level drug dealer can explain to the higher ups that the value of profits went down by a considerable amount overnight. Heads will roll literally.

There are not enough bitcoins to supply the billion dollar industry. If they did try to do it bitcoins will cost thousands of dollars overnight. Leading to more instability and less trust by drug suppliers.

Money laundering the profits is another matter. That is biggest problem for large drug cartels. How to get the money out of the country. If they used BTC to take the money out the US will ban BTC so fast it would be as if it never existed. Just by outlawing it will drive the price of BTC to single digits. Drug gangs are probably aware of this and won't bother adopting BTC if it is only temporary. Same thing happened to egold.

[bonker]

Billions of drug money are shuffled around the world in shipping containers, cars, storage units, warehouses, etc. every day. Cartels, Kingpins, Drug lords whatever you want to call them use every resource possible to move their money as to not get caught or have it stolen/confiscated.

BTC imo is just like cash. If I walk up and give you $100 for sack of weed can that be tracked, regulated, etc. No, not at all. If I do this 1,000 times that drug dealer now has $100,000 untracked, unregulated, untaxed, dollars sitting in some basement somewhere. That money is then used to buy things, are those things tracked, regulated? If he takes $1,000 and goes and spends it at the mall does the government now know his name, address, and that he is a drug dealer? Nope.

So please explain to me how BTC is different than cash? Is their a website that allows you to purchase drugs yeah. So what? That is part of the global economy whether it is being done in fiat or BTC every economy has a drug trade. I personally think this gives some legitimacy to the economy of BTC.

We are slowly seeing more and more uses for BTC. With things like Bitinstant for example it is making it easier for business' to start accepting BTC as forms of payment. The more wide spread use of BTC for actually buying things will only create more demand for BTC and more demand for retailers to accept it as a form of payment

you spelt "there" wrong

[Nightowlace]

Billions of drug money are shuffled around the world in shipping containers, cars, storage units, warehouses, etc. every day. Cartels, Kingpins, Drug lords whatever you want to call them use every resource possible to move their money as to not get caught or have it stolen/confiscated.

BTC imo is just like cash. If I walk up and give you $100 for sack of weed can that be tracked, regulated, etc. No, not at all. If I do this 1,000 times that drug dealer now has $100,000 untracked, unregulated, untaxed, dollars sitting in some basement somewhere. That money is then used to buy things, are those things tracked, regulated? If he takes $1,000 and goes and spends it at the mall does the government now know his name, address, and that he is a drug dealer? Nope.

So please explain to me how BTC is different than cash? Is their a website that allows you to purchase drugs yeah. So what? That is part of the global economy whether it is being done in fiat or BTC every economy has a drug trade. I personally think this gives some legitimacy to the economy of BTC.

We are slowly seeing more and more uses for BTC. With things like Bitinstant for example it is making it easier for business' to start accepting BTC as forms of payment. The more wide spread use of BTC for actually buying things will only create more demand for BTC and more demand for retailers to accept it as a form of payment

you spelt "there" wrong

Hahahaha. Troll

[Evo]

I think it's a bad thing when people associate an entire currency with drugs, and may strop some people from using bitcoins.

[ManBearPig]

Dunno. Anyone ever tried to smoke a Satoshi?

[crymo]

I was actually suprised when my friend told me bout how he bought weed from germany for BTC