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Author Topic: Stop panic selling  (Read 4571 times)
rebuilder
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October 02, 2013, 10:51:42 PM
 #41

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?

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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October 02, 2013, 10:54:56 PM
 #42

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

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October 02, 2013, 11:00:46 PM
 #43

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...


1keewee2vRp63UWvPBynT55ZYw6SUCKDB
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October 02, 2013, 11:08:45 PM
 #44

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

Anyway, here's the article text:

Quote
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
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October 07, 2013, 04:13:05 AM
 #45

Just dropping in here to say I TOLD U SO

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October 07, 2013, 07:27:26 AM
 #46

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. 

The next 24 hours are critical!
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October 07, 2013, 06:46:49 PM
 #47

+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. 
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October 07, 2013, 10:17:07 PM
 #48


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


 Roll Eyes
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.
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December 06, 2013, 07:46:23 PM
 #49

Just a brief necro to remind y'all what happened last time there was a massive-end-of-bitcoin crash
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December 06, 2013, 07:47:39 PM
 #50

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....

< 100 BTC is not worth mentioning. Poor souls will always remain poor. Don't miss the failtrain.
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December 06, 2013, 07:48:49 PM
 #51

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...

Quote
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!
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December 09, 2013, 09:30:13 PM
 #52

Just believe.
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December 10, 2013, 09:56:20 AM
 #53

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.

i am satoshi
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December 10, 2013, 10:23:46 AM
 #54

Just believe.
Cheesy

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