Silkroad crash vs. Pirate crash

[jl2012]

So the bitcoin price is crashing due to SR shutdown. This really reminds me the crash in August 2012 after the close of Pirate scheme. At that time, people believed the Pirate scheme was the only thing supported the demand of bitcoin.  Price reduced from $15 to $7 in just a few hours. The history is just repeating.

Now we all know what happened since. 

Probably, we were really lucky that SR were shutdown in Oct 2013, not Oct 2012. Should this happened in 2012, there was a real probability to go below $1 and won't recover for a very long time (but I still believe it would recover eventually). Today, bitcoin has become big enough to resist the death of SR. At this moment, bitcoin has just started attracting attention of high profile investors like SecondMarket. These people don't like their names linked to drugs. Therefore, I see the death of SR as medium-to-long-term bullish ---- very bullish. For those $100,000 bitcoin believers: do you really believe SR will bring bitcoin to $100,000?

[Le Happy Merchant]

Silkroad has been like a leg brace for Bitcoin for a long time, but Bitcoin can walk on it's own now.

I agree that this is bullish in the long term.

Run, Bitcoin! Run!

[crazy_rabbit]

So the bitcoin price is crashing due to SR shutdown. This really reminds me the crash in August 2012 after the close of Pirate scheme. At that time, people believed the Pirate scheme was the only thing supported the demand of bitcoin.  Price reduced from $15 to $7 in just a few hours. The history is just repeating.

Now we all know what happened since. 

Probably, we were really lucky that SR were shutdown in Oct 2013, not Oct 2012. Should this happened in 2012, there was a real probability to go below $1 and won't recover for a very long time (but I still believe it would recover eventually). Today, bitcoin has become big enough to resist the death of SR. At this moment, bitcoin has just started attracting attention of high profile investors like SecondMarket. These people don't like their names linked to drugs. Therefore, I see the death of SR as medium-to-long-term bullish ---- very bullish. For those $100,000 bitcoin believers: do you really believe SR will bring bitcoin to $100,000?

Agreed. Now was the time to get rid of silkroad. We need to focus on the future in the daylight not our back alley past.

[Buffer Overflow]

Bitcoin > Silkroad

[smoothie]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

[derpinheimer]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

[adamstgBit]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

[nobbynobbynoob]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

I love that site!

Seems pretty similar to when I listened a few weeks ago... except maybe it's a little more peaceful? Higher pitched? Or maybe just my imagination?

[adamstgBit]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

I love that site!

Seems pretty similar to when I listened a few weeks ago... except maybe it's a little more peaceful? Higher pitched? Or maybe just my imagination?

its hard to say... but other sources do point to more or less the same amount of tx volume happening on the network



side note: I never bought weed on SR, but i have bought weed for bitcoins. 

[derpinheimer]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

[Buffer Overflow]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.

[derpinheimer]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.

I dont see why it matters. If bitcoin ends up having other uses in the future, then what it was used for in the past is irrelevant IMO.

[Buffer Overflow]

Pirate crash was more epic in %. SR myth of it being most of the bitcoin economy is just rubbish and now debunked. Good riddance.

That was in no way disproven.

google listen to bitcoin click here http://www.bitlisten.com/

listen, and realize SR is gone.

think, think really hard.

Oh, well if you mean transactions, no.

But if you mean it didnt support the market, that isnt yet proven. Would take at least a month to see.

We'll wait and see. Personally I would feel embarrassed to admit involvement in Bitcoin, if it were found it's main backbone was a drug market.

I dont see why it matters. If bitcoin ends up having other uses in the future, then what it was used for in the past is irrelevant IMO.

Well my Bitcoin holding value has increased thousands of percent. I would feel pretty bad that increase was an indirect result of the drug trade.

[surebet]

You guys realize a bunch of other "services" existed before SR's fall and are now gearing up to handle the traffic, right?

[Zammo]

Salt Road has already been replaced.

[atlosas]

I wonder how many bitcoins are trapped inside silkroad accounts

[Spekulatius]

Anyone in this thread care for some TA??

[mp420]

I wonder how many bitcoins are trapped inside silkroad accounts

According to the news, about 26,000.

Feds seized their hot wallet. Actually it's less than I would have guessed, but then there might be other funds that didn't get seized but are in some kind of a limbo right now, and possibly forever lost.

[rampantparanoia]

Anyone in this thread care for some TA??

+1. some charts showing the market changes in each scenario would be welcomed

[pand70]

I clicked expecting to see some graphs of the two crashes