End of Silk Road is good for the long run

[goxed]

Many people associated BTC with drugs and illegal activity. Once the smoke settles, BTC will be partially absolved of the obvious user of such activities. All that remains for MSM to broadcast are white activities and it will get more people interested in investing. Unfortunately we will have to wait for as much as a few months before consolidation is complete. The wise are probably getting their dry powder ready and getting the fishing hooks ready at different levels like $80, $70, $50, etc.

[NamelessOne]

I believe so also, I posted this in another thread. I'm glad this has happened. It shows the law enforcement and the tax man that they can handle both illegal and legal uses of bitcoin. I've always disliked the SR media coverage and association with bitcoin. Others will fill the gap, they already exist, but they will think twice and may very well get caught themselves.

[mgio]

Many people associated BTC with drugs and illegal activity. Once the smoke settles, BTC will be partially absolved of the obvious user of such activities. All that remains for MSM to broadcast are white activities and it will get more people interested in investing. Unfortunately we will have to wait for as much as a few months before consolidation is complete. The wise are probably getting their dry powder ready and getting the fishing hooks ready at different levels like $80, $70, $50, etc.

I think we are already near bottom.

Another site will pop up to take over Silk Road's business. This one won't be located in the US and the owners will be even more careful. There is a lot of money to be make in the black market and it's not going to disappear just because one site got busted.

[NamelessOne]

Many people associated BTC with drugs and illegal activity. Once the smoke settles, BTC will be partially absolved of the obvious user of such activities. All that remains for MSM to broadcast are white activities and it will get more people interested in investing. Unfortunately we will have to wait for as much as a few months before consolidation is complete. The wise are probably getting their dry powder ready and getting the fishing hooks ready at different levels like $80, $70, $50, etc.

I think we are already near bottom.

Another site will pop up to take over Silk Road's business. This one won't be located in the US and the owners will be even more careful. There is a lot of money to be make in the black market and it's not going to disappear just because one site got busted.

Yes others will come. I'm just glad the USA law enforcement feels secure in their own territory about this. If bitcoin can exist legally and they can do their jobs, it gives them less reason to fight it.

[Gimmelfarb]

Many people associated BTC with drugs and illegal activity. Once the smoke settles, BTC will be partially absolved of the obvious user of such activities. All that remains for MSM to broadcast are white activities and it will get more people interested in investing. Unfortunately we will have to wait for as much as a few months before consolidation is complete. The wise are probably getting their dry powder ready and getting the fishing hooks ready at different levels like $80, $70, $50, etc.

I think we are already near bottom.

Another site will pop up to take over Silk Road's business. This one won't be located in the US and the owners will be even more careful. There is a lot of money to be make in the black market and it's not going to disappear just because one site got busted.

IMO, not near the bottom. this is just the volatility of this market. we have a way down to go.

[crazy_rabbit]

I agree. As long as law enforcement thought people could be truly anonymous online they would fight bitcoin. If anything this should confirm the governments ability to handle this new sphere of technology and thus not be so paranoid about it.

[NamelessOne]

I agree. As long as law enforcement thought people could be truly anonymous online they would fight bitcoin. If anything this should confirm the governments ability to handle this new sphere of technology and thus not be so paranoid about it.

Yes, exactly my thoughts. This will create a whole new vibe among the senators and law makers that know little about bitcoin.  All they will hear is 'so honest businesses can use Bitcoin AND we can catch the drug trafficing users. Great!'

[abacus]

I think the same too. Its closing is a good thing for the bitcoin ecosystem.

Furthermore, the long run could be shorter than what we currently think.

[Kluge]

There are already established clones. You can't do much worse than have a operator who was visited by DHS in July, volunteered information about buying fake ID through SR, and apparently still thought himself untouchable enough to continue business as usual (either that, or he isn't the anarchist we thought he was). So yes - SR's disappearance is good long-term for using BTC to purchase illicit goods online, because I can't imagine much worse.
  

[dragonkid]

The only regret I have is, I never actually visited SR before. I always tell myself, I got to see what it's like. I guess, I will never know now.

[NamelessOne]

There are already established clones. You can't do much worse than have a operator who was visited by DHS in July, volunteered information about buying fake ID through SR, and apparently still thought himself untouchable enough to continue business as usual (either that, or he isn't the anarchist we thought he was). So yes - SR's disappearance is good long-term for using BTC to purchase illicit goods online, because I can't imagine much worse.
  

Yeah the clones have existed for a while.

[Missionary]

This is a good day for Bitcoin! I have been hoping for this day for a while. I really hope that there won't be a successor to SR, but I guess that's just wishful thinking.

Bitcoin does not need SR and we are better of without it!

[BitVegas]

Does the fed really now own 3.6 million BTC? That's around 30% of all current bitcoins.

This worries me a lot.

[NamelessOne]

This is a good day for Bitcoin! I have been hoping for this day for a while. I really hope that there won't be a successor to SR, but I guess that's just wishful thinking.

Bitcoin does not need SR and we are better of without it!

There will be, they've already been waiting for this moment. But this is a good PR day for the US government. Lawmakers will get the impression they can catch illegal businesses using bitcoin.

[abacus]

Does the fed really now own 3.6 million BTC? That's around 30% of all current bitcoins.

This worries me a lot.

$3.6 Million WORTH of btc NOT 3.6 million BTC

Yep!

There have been reports that, in the arrest of Ulbricht, 26,000 bitcoins were seized, which equated to around $3.26m at the close of yesterday, but $2.47m at the time of writing.

http://www.coindesk.com/silk-road-allegedly-shut-owner-ross-william-ulbricht-arrested/

[Thursday]

Bunch of idiots in this thread worried about what law enforcement thinks about Bitcoin.  I don't fucking care what the masses or the feds think of Bitcoin, because I know what Bitcoin is.  Stop being so caught up in Bitcoins image.

Does the fed really now own 3.6 million BTC? That's around 30% of all current bitcoins.

This worries me a lot.

Bitcoins worth 3.6 million!

[superduh]

good for mtgox too. helps them stay afloat and recoup lost money

[Manna]

For rational reason we should see a huge rise in next weeks.
For emotional and weak hand reasons it should go downward.

Time will tell, first one is more likely to occure, because of the shutdown of SR, we see that Bitcoin never brings full anonomity and gov can track you also with TOR.

[LittleD]

Does the fed really now own 3.6 million BTC? That's around 30% of all current bitcoins.

This worries me a lot.

$3.6 Million WORTH of btc NOT 3.6 million BTC

Yep!

There have been reports that, in the arrest of Ulbricht, 26,000 bitcoins were seized, which equated to around $3.26m at the close of yesterday, but $2.47m at the time of writing.

http://www.coindesk.com/silk-road-allegedly-shut-owner-ross-william-ulbricht-arrested/

what ? wow 

[TooCasual]

Well, your right (OP)... But we all gotta thank the darkness of SR to kickoff BTC in the beginning... without it, BTC and other crypto's would never have seen the light of day... well not at the rise it did anyway.  I am truly glad we will never hear the media over abusing the drug/illegal (SR/Atlantis) scene associated with BTC again!! New ones will sure to replace no doubt... but wont have the infamy of SR. 

I think this will bolster new legal/legit investments into BTC in the future...

TC.