Stop panic selling

[giantdragon]

Otherwise you will just lose your Bitcoins! Silk Road is not only one anonymous marketplace, drug dealers and consumers will quickly switch to alternative platforms (Sheep Marketplace, Black Market Reloaded etc), then BTC/USD price will rebound back!

[1714295497]

1714295497

[mgio]

I agree. Take advantage of this by buying now while bitcoin is cheap!

[goxed]

I think US govt. wants BTC to flourish

[frankenmint]

aww ya jerks - I was hoping it would halve in fiat value for the next few weeks    you ruined it guys  

[Manna]

mtGox huge volatil, price back to 110-120 wtf....  in a few minutes  

cheap coins, lot of people say

[NamelessOne]

No do not stop panic selling! Sell sell sell!!!

We need all the potheads, who think that silkroad is something necessary for bitcoin success, to sell and go away.

Meanwhile coins continue moving from weak hands to strong hands.

Exactly! I want the druggy weakhands gone! Sorry potheads but I hate the association with bitcoin! Strong hands, time to begin scooping!

[goxed]

No do not stop panic selling! Sell sell sell!!!

We need all the potheads, who think that silkroad is something necessary for bitcoin success, to sell and go away.

Meanwhile coins continue moving from weak hands to strong hands.

exactly +1

[bomboclat77]

why? The US GOVT now owns more bitcoin then most of this forum put together.

[Gimmelfarb]

shame when a bunch of libertarians get together to bash on "potheads" for the sake of their money

[Scott J]

why? The US GOVT now owns more bitcoin then most of this forum put together.

I very much doubt that.

[NamelessOne]

shame when a bunch of libertarians get together to bash on "potheads" for the sake of their money

I'm not libertarian myself, but I'm using potheads in a generic sense for people that were supporting the Silk Road economy. I know many people that smoke pot occasionally and they are great people. But I despise the the SR/Bitcoin connection.

[bitster]

We don't need anyone to 'go away' in the btc market, the rate of adoption has been pathetic and the market cap dismal.

[crazy_rabbit]

why? The US GOVT now owns more bitcoin then most of this forum put together.

That is probably a good thing.

[tysat]

why? The US GOVT now owns more bitcoin then most of this forum put together.

LOL NOPE!

They seized a few million dollars worth of bitcoins, you don't think people here have more than that?


EDIT:
Changed the wording

[Thursday]

shame when a bunch of libertarians get together to bash on "potheads" for the sake of their money

I'm not libertarian myself, but I'm using potheads in a generic sense for people that were supporting the Silk Road economy. I know many people that smoke pot occasionally and they are great people. But I despise the the SR/Bitcoin connection.

So stop perpetuating the SR/Bitcoin connection.  Bitcoin isn't synonymous with SR.  Yes it's played an important role in Bitcoins history, but SR was on the back-burner as of late.  Do you despise the Dollar/Drug-cartell connection do-gooder? 

[giantdragon]

They seized a few million in bitcoins, you don't think people here have more than that?

They seems have seized few million WORTH of Bitcoin (in USD value).

[Gimmelfarb]

We don't need anyone to 'go away' in the btc market, the rate of adoption has been pathetic and the market cap dismal.

this, exactly. if criminals are using it, at least somebody is.

[NamelessOne]

shame when a bunch of libertarians get together to bash on "potheads" for the sake of their money

I'm not libertarian myself, but I'm using potheads in a generic sense for people that were supporting the Silk Road economy. I know many people that smoke pot occasionally and they are great people. But I despise the the SR/Bitcoin connection.

So stop perpetuating the SR/Bitcoin connection.  Bitcoin isn't synonymous with SR.  Yes it's played an important role in Bitcoins history, but SR was on the back-burner as of late.  Do you despise the Dollar/Drug-cartell connection do-gooder? 

LOL. While you are right about SR on the back-burner lately, discussing is not perpetuating. I never talk about SR, on here or in person. I'm talking about it now because it is the topic of the day and the PR connection has existed until this day. I didn't say they are one and the same, but there are uneducated people that do believe so. My words are reasonable because there are a lot of lawmakers that know little about bitcoin aside from the fear inducing hot topics like 'you can buy drugs with on secret illegal drug websites.' And that is all they know about it.

The dollar/drug-cartell connection is an old, well established issue, not a hot new technology that is supposedly untraceable (which causes lawmakers to freak out). USD is established, XBT is fresh new territory, with all kinds of people frequently discussing the legal issues. I personally believe this is a great day for bitcoin as it gives lawmakers comfort that they can police this stuff. And yes I am a do-gooder.

[Xiaoma]

NO NO DON'T STOP!! MORE MORE PANIC SELLING PLEASE!!

[odolvlobo]

I'm curious about how they seized the bitcoins. To seize bitcoins, you have to get the private keys to the addresses holding them and transfer them.

[ChronoX5]

I'm curious about how they seized the bitcoins. To seize bitcoins, you have to get the private keys to the addresses holding them and transfer them.

Would it be seizing if they took a paper wallet from him?

[XxionxX]

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

[Xiaoma]

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

Wrong: You look away 10 minutes!! DAMN IT

[mmitech]

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

be thankful, I sold at 98$ at bitstamp thinking it would drop even further, thought about buying at 85 and then decided to wait a bit to see if it drops more.... price went up to 120 and I made a loss of 20BTC

[notme]

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

Wrong: You look away 10 minutes!! DAMN IT

My market making bot was ready with his standing orders

I love volatility .

[notme]

They seized a few million in bitcoins, you don't think people here have more than that?

They seems have seized few million WORTH of Bitcoin (in USD value).

I hope they have brains to keep it safe. Maybe then, a few years down the road they will be able to pay up that fiat debt of theirs.

I'm not sure you want the FBI to have enough bitcoins to pay off the entire USG debt.  They are a law enforcement agency and will not give up their bitcoins.  They will use them to wield their influence.  Much of what they do is good, but with things like N-DEx they are an NSA wannabe with a data access security hole the size of every police department in the US.

[notme]

They seized a few million in bitcoins, you don't think people here have more than that?

They seems have seized few million WORTH of Bitcoin (in USD value).

I hope they have brains to keep it safe. Maybe then, a few years down the road they will be able to pay up that fiat debt of theirs.

I'm not sure you want the FBI to have enough bitcoins to pay off the entire USG debt.  They are a law enforcement agency and will not give up their bitcoins.  They will use them to wield their influence.  Much of what they do is good, but with things like N-DEx they are an NSA wannabe with a data access security hole the size of every police department in the US.

You're all assuming the dread Pirate did not have a self destruct in place. It would be nice if he had, especially for the customers.

My comment stands on its own without such assumptions.  A dead mans switch is possible, but it does not change the fact that the USG will not be paying down debt with funds seized by the FBI.

[johnyj]

Just missed the scene, I put a lot of buy order at $100 but none of them get executed

[RodeoX]

Don't stop panic selling now!! The sky is falling, sell me your coins cheap while you still can!!!

[gog1]

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.

[ElectricMucus]

lol

[theonewhowaskazu]

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.

Don't they have to destroy it?

Lol, that would be hilarious. How much did they confiscate anyway?

[johnyj]

How come they got his wallet password???

[gog1]

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.

Don't they have to destroy it?

don't think so, proceeds from crime can be confiscated and auction off - gov't only destroy illegal stuff that it can't sell (like if they seized drugs, they'll have to destory it; if they seized money, it's theirs!).

[theonewhowaskazu]

How come they got his wallet password???

Do you even have any evidence they do? It seems very likely to me that quite literally they asked him / viewed his computer how many Bitcoins he had (getbalance) and it returned something. That doesn't mean they necessarily have the decryption key.

[dserrano5]

How come they got his wallet password???

With that famous xkcd $5 wrench.

[giantdragon]

don't think so, proceeds from crime can be confiscated and auction off - gov't only destroy illegal stuff that it can't sell (like if they seized drugs, they'll have to destory it; if they seized money, it's theirs!).

May be they will not realize what to do with these Bitcoins and just forget about them?!

[johnyj]

So now you know the worst method to store bitcoin is a paper wallet, anything with a strong password works better

Maybe tomorrow those coins were automatically transferred to another address by a script triggered after the accident

[theonewhowaskazu]

IMO a paper wallet is still a good idea because computers have this habit of randomly dying, including those ones in the cloud. The ideal way of storing a wallet would be as a brain wallet, though.

[wopwop]

LEAVE BITCOIN ALONE

[rebuilder]

So now you know the worst method to store bitcoin is a paper wallet, anything with a strong password works better

What's to keep you from encrypting the keys before printing to paper?

[Hazard]

Panic selling always happens. Check out my thoughts on the long term effects: http://cryptolife.net/silk-road-takedown-bitcoin-great-buy-right-now/

[keewee]

Panic selling always happens. Check out my thoughts on the long term effects: http://cryptolife.net/silk-road-takedown-bitcoin-great-buy-right-now/

Unfortunately I see this when I try to access your page...

[Hazard]

I'm on shared hosting, perhaps someone on the same server has malware on their site?

Anyway, here's the article text:

As I’m sure you’ve all heard by now, the feds have taken down silk road, the infamous bitcoin based drug marketplace. Of course the initial reaction of most people is to panic sell, but let’s take a look at today’s events and see if they warrant the huge drop off in price we’ve seen.

First off, when a user wants to purchase something on silk road, they’ll need to acquire some bitcoin. This causes fiat currency to be injected into the bitcoin economy, further boosting demand and value. What most people are failing to see is that once the seller receives the bitcoin, it is then converted back into fiat. A drug dealer can not run his operation entirely in bitcoin. Fiat is now leaving the bitcoin economy, and demand and value both decrease.

That is to say, the majority of the bitcoin that enters silk road eventually leaves as fiat. This sort of push/pull dynamic doesn’t have nearly as large an impact on the value of bitcoin as today’s drop in price would suggest.

In fact, 26000 bitcoins were seized as part of the raid. There’s a good chance that they will never be reintroduced into the economy. This sort of news should increase the value of bitcoin. It’s also extremely likely that another ‘silk road’ will pop up to take it’s place. The shutdown of Napster didn’t mark the end of piracy, likewise, the shutdown of silk road will not mark the end of illegal bitcoin dealings.

Once the initial panic fades, I predict bitcoin will creep back up towards the price it was at before this news hit.

[theonewhowaskazu]

Just dropping in here to say I TOLD U SO

[kehtolo]

shame when a bunch of libertarians get together to bash on "potheads" for the sake of their money

I'm not libertarian myself, but I'm using potheads in a generic sense for people that were supporting the Silk Road economy. I know many people that smoke pot occasionally and they are great people. But I despise the the SR/Bitcoin connection.

So stop perpetuating the SR/Bitcoin connection.  Bitcoin isn't synonymous with SR.  Yes it's played an important role in Bitcoins history, but SR was on the back-burner as of late.  Do you despise the Dollar/Drug-cartell connection do-gooder?  

LOL. While you are right about SR on the back-burner lately, discussing is not perpetuating. I never talk about SR, on here or in person. I'm talking about it now because it is the topic of the day and the PR connection has existed until this day. I didn't say they are one and the same, but there are uneducated people that do believe so. My words are reasonable because there are a lot of lawmakers that know little about bitcoin aside from the fear inducing hot topics like 'you can buy drugs with on secret illegal drug websites.' And that is all they know about it.

The dollar/drug-cartell connection is an old, well established issue, not a hot new technology that is supposedly untraceable (which causes lawmakers to freak out). USD is established, XBT is fresh new territory, with all kinds of people frequently discussing the legal issues. I personally believe this is a great day for bitcoin as it gives lawmakers comfort that they can police this stuff. And yes I am a do-gooder.

You are SO wrong. They CAN'T.. CANNOT 'Police this stuff' - what fucking planet are you on? Oh right, the one where you like being told what you can do and who you can buy things from.
If you read the charge sheet you will see how Dread Pirate Roberts got himself caught. By trying to by a big time charlie. Except he wasn't smart enough to be the big time charlie. He was an idiot who made school-boy error after school-boy error.
SR WASN'T taken down because the authorities 'can police this stuff' -- they simply can't. If anything, this case only proves that more than ever do-gooder.
If people want to buy drugs, then let people buy drugs.. they are going to do it anyway.. i don't see how it is any of your business.
Anyway.. i'd argue that the bad-PR associtation has now been removed and Bitcoin has passed a major test. But make no mistake, just cos SR is now gone doesn'T mean that you can'T buy whatever through the darknet and TOR with Bitcoin. 

[cr1776]

+1 

Lots of schoolboy errors for sure.  Plus being based in the US or any place that is unfriendly. There are lots of lessons to be learned here for anyone who wants to start SR 2.0 most notably the ones you pointed out.  Plus using multiple links of Tor, IP2, VPNs etc (e.g. chaining and the like).  No Javascript, Java, or anything else fancy, watching for leaking IP addresses when the site is down etc.

You are SO wrong. They CAN'T.. CANNOT 'Police this stuff' - what fucking planet are you on? Oh right, the one where you like being told what you can do and who you can buy things from.
If you read the charge sheet you will see how Dread Pirate Roberts got himself caught. By trying to by a big time charlie. Except he wasn't smart enough to be the big time charlie. He was an idiot who made school-boy error after school-boy error.
SR WASN'T taken down because the authorities 'can police this stuff' -- they simply can't. If anything, this case only proves that more than ever do-gooder.
If people want to buy drugs, then let people buy drugs.. they are going to do it anyway.. i don't see how it is any of your business.
Anyway.. i'd argue that the bad-PR associtation has now been removed and Bitcoin has passed a major test. But make no mistake, just cos SR is now gone doesn'T mean that you can'T buy whatever through the darknet and TOR with Bitcoin. 

[NamelessOne]

You are SO wrong. They CAN'T.. CANNOT 'Police this stuff' - what fucking planet are you on? Oh right, the one where you like being told what you can do and who you can buy things from.
blaa blaa blaa blaa blaa blaa blaa blaa

 
So wrong? LOL, what a laughable, aggressive, and easy to dismiss reply. You either didn't read my replies properly, English isn't your first language, or you seriously need things spelled out of you. In any case, you come across as an asshole. You spent much of your reply putting words in my mouth that I didn't write and tried to pass them off as my own in order to make aggressive points I wasn't even talking about. I'm from planet Earth, you seem to be from planet Angry Imbecile.

You seem to be talking about how the Bitcoin and TOR weren't broken into when you flipped out over how 'this shit can't be policed'. Yet all I was discussing was public and government OPINION/PERCEPTION, and that was pretty clear to anyone of average intelligence. The governments and lawmakers feeling satisfied they can take down some of these websites and still 'police this stuff' (even if using old fashioned police work as they did… understand?) is a fucking hell of a lot different saying they've broken into TOR and Bitcoin. I was discussing THEIR perception, NOT my understanding of the situation and these technologies. Does that spell it out enough for you? I highly doubt most other people needed a such a heavy handed explanation.

Also… clearly you didn't notice that THEY DID FUCKING POLICE IT, they took Silk Road down… You do understand that right? Authorities where involved, and they… well… you know… POLICED… Not so sure why I have to state the damned obvious there… DPR isn't some new situation, criminals make mistakes all the time, this is a pretty common known thing, and the cops seek those mistakes. Others will be way smarter in the future and do better, and others will be just as dumb. Al Capone was taken down for tax evasion of all things.

Good for Bitcoin? Yes.

A major test has been passed. Despite the sudden drop in value, it rebounded nicely since.
This tells us that Bitcoin can survuve the removal of SR. This also tells us that an associtation with illegal drugs has been removed fromm the minds eye of policy and lawnakers.. not just in USA either.

LOL, even more hilarious is the fact you even made the same point I was generally making in a different threads in addition to your own reply to me just now. The point that the perception and association with SR is removed now from policy and lawmakers. And SR destruction was good for bitcoin. To spell it out again, the only reason the lawmakers will feel this way is because they were able to police Silk Road (yes they policed it, no way around that) and will feel more confident they can do it again even the old fashioned way. So why reply the way you did, putting words in my mouth? Perhaps you didn't like the fact that I dislike drugs.

I'm wasn't discussing the merits of SR either, but again you put words in my mouth, saying shit like 'how it is any of your business' when I never said it was… LOL I just said I hate drugs and was happy SR was dead. I despise what drugs the do to the human mind and body. If drugs existed with zero side effects I wouldn't really care about them. But they do have side effects. I don't give a shit if people want to give themselves brain damage and overdoses through drug addictions, it is pretty much natural selection as far as I'm concerned (unless it is my family or friends and then I will go to war to keep them from destroying themselves). I think many drugs should be legalized and the 'war on drugs' is dumb. Sheep Marketplace and Blackmarket Reloaded already exist to fill the SR gap, SR like websites will never disappear. I never stated they would.

But PUBLIC PERCEPTION and SR association with Bitcoin has been changed which is something I'm very pleased about. I care about Bitcoin, not black-market drug websites. Don't put words in other peoples mouths.

[Ozymandias]

Just a brief necro to remind y'all what happened last time there was a massive-end-of-bitcoin crash

[Mirsad]

SELL!!!!

The problem is:
GOX don't let you trade.

The first ones can sell.. the others have to hold the bag when bitcoin drops....

[rampantparanoia]

Just a brief necro to remind y'all what happened last time there was a massive-end-of-bitcoin crash

+1. to rephrase the op...

Otherwise you will just lose your Bitcoins! China is not only one giant country with money, investors and consumers will quickly rise from alternative countries (Russia, Brazil, India etc), then BTC/USD price will rebound back!

[ElectricMucus]

Just believe.

[piramida]

GOX don't let you trade.

The first ones can sell.. the others have to hold the bag when bitcoin drops....

load of bullshit, as is expected of you. my bots traded through all of this mini-crash with no orders dropped and only a slight lag. "Don't let you trade" is another one of your quite stupid made up "facts". In fact, I guess you go on ignore now, since the value in your posts never really went above zero.

[Kipsy89]

Just believe.