Do you see Silk Road's closure as a positive or negative?

[CrazyRabbi]

As with just about everything in life its not all good, or all bad.  I've heard the different perspectives, and I agree that public perception of bitcoin will be improved with the downfall of SR.  It's undeniable however that SR contributed in a huge way to the value of bitcoin just because the market didn't recognize this within a week of SR going down doesn't mean it won't.  I've read that as much as 75% of btc transactions were related to the SR, from a classical economics perspective that would make SR more than the backbone of btc that would make it the circulatory system.  But on the other hand, the fall of the silk road gave btc a lot of attention and as mentioned before improved public perception.  If new vendors accepting bitcoin keep cropping up with a little luck that 75% void will be filled in with a thriving marketplace.  If btc is a little less lucky a SR clone will pop up by the end of the week accepting some kind of scrypt currency and bitcoin will inevitably collapse before the replacement marketplace ever comes to fruition.

Honestly if I had the balls to run a website like SR, I'd dump all my money into something like worldcoin make a clone that only accepts worldcoin, and be rich overnight.

IMO, now is a good time to diversify.

Well this is where the media and the stories you hear are blown way out of proportion.

Yes there were over 9 million Bitcoins of trades on Silk Road but in the same sense you could send 1 bitcoin 9 million times and get the same effect.

In terms of Silk Road being the main reason Bitcoin has it's value is hugely falsified.

Bitcoins are a currency based of speculation , that's traded similar to a Stock and only holds the value that the people have in it.

To say Silk Road is the reason Bitcoin is holding it's value would be to say that every Bitcoin user uses drugs and previously bought drugs on Silk Road

The only amount of Bitcoins seized didn't even total 30,000 Bitcoins....

Bitcoins are worth what we the people believe them to be worth.

The media , The Bitcoin Community , The Shills and The Trolls need to stop spreading panic and fear for no reason what so ever...

To assume you make an ass out of u and me

Thus is the case with Silk Road

Stop assuming that the Bitcoin price is going to crash and also stop assuming that the only viable use for Bitcoins is the value it has in USD

Bitcoin is it's own currency that's sole purpose was a medium of trade , One that did not have a corrupt Federal Reserve controlling the production of it and never allowing anyone to be free of debt.

You don't own your Bitcoins just as you don't own your FIAT currency the difference is Bitcoin is worth what the people say it is not The Federal Reserve...

[alpha492]

Yes there were over 9 million Bitcoins of trades on Silk Road but in the same sense you could send 1 bitcoin 9 million times and get the same effect.

Bitcoins are a currency based of speculation , that's traded similar to a Stock and only holds the value that the people have in it.

To say Silk Road is the reason Bitcoin is holding it's value would be to say that every Bitcoin user uses drugs and previously bought drugs on Silk Road


Bitcoins are worth what we the people believe them to be worth.

To suggest 1 btc was traded on the silk road 9 million times is ridiculous but I get your point, although I still disagree with it.  In any Econ 101 class one of the first things you learn is trade is the foundations of any economy and hence currency.  Even backed currencies are limited in value when not suspended in a medium of healthy trade.  As you said btc is a currency of speculation, in fact PURE speculation.  BTC isn't limited by even a rate of production, its just code and encryption.  The value created by trade isn't a linear relationship its exponential and even if more conservative number would assign 40% of transaction on the silk road this would be the equivalent of 40% of US businesses disappearing overnight.  The crippling effects of losing the SR are compounded by the exact reason you state, btc is a speculative economy and lately speculation is largely negative.  People will believe bitcoin is worth less without a marketplace to fill the void SR left.  Not every btc user has to use drugs in order for the market to recognize the volume of trade created by SR.  That's like suggestion every American has to own a fighter jet to recognize the volume of trade created by lockhead martin.

The media , The Bitcoin Community , The Shills and The Trolls need to stop spreading panic and fear for no reason what so ever...

Stop assuming that the Bitcoin price is going to crash and also stop assuming that the only viable use for Bitcoins is the value it has in USD

Like I said, I wouldn't say 75% loss of trade volume is nothing but thats a difference of opinion.  People speculating the decline of btc doesn't necessarily have anything to do with its value next to USD.  People speculate the decline of USD but thats not because they feel like they'll be able to buy less Yen.  Comparison to other currencies is a valuable metric for determining their future ability to trade said currency for goods and services.  In this case many bitcointalk users are American and therefore use their most convenient metric, USD.

You don't own your Bitcoins just as you don't own your FIAT currency the difference is Bitcoin is worth what the people say it is not The Federal Reserve...

I never suggested USD was more stable, or I had more control over its value or really anything about USD at all.  As you said:

To assume you make an ass out of u and me

[CrazyRabbi]

Yes there were over 9 million Bitcoins of trades on Silk Road but in the same sense you could send 1 bitcoin 9 million times and get the same effect.

Bitcoins are a currency based of speculation , that's traded similar to a Stock and only holds the value that the people have in it.

To say Silk Road is the reason Bitcoin is holding it's value would be to say that every Bitcoin user uses drugs and previously bought drugs on Silk Road


Bitcoins are worth what we the people believe them to be worth.

To suggest 1 btc was traded on the silk road 9 million times is ridiculous but I get your point, although I still disagree with it.  In any Econ 101 class one of the first things you learn is trade is the foundations of any economy and hence currency.  Even backed currencies are limited in value when not suspended in a medium of healthy trade.  As you said btc is a currency of speculation, in fact PURE speculation.  BTC is limited even by it's rate of production isn't limited by even a rate of production, it's not just code and encryption.  The value created by trade isn't a linear relationship its exponential and even if more conservative number would assign 40% of transaction on the silk road this would be the equivalent of 40% of US businesses disappearing overnight.  The crippling effects of losing the SR are compounded by the exact reason you state, btc is a speculative economy and lately speculation is largely negative.  People will believe bitcoin is worth less without a marketplace to fill the void SR left.  Not every btc user has to use drugs in order for the market to recognize the volume of trade created by SR.  That's like suggestion every American has to own a fighter jet to recognize the volume of trade created by lockhead martin.

The media , The Bitcoin Community , The Shills and The Trolls need to stop spreading panic and fear for no reason what so ever...

Stop assuming that the Bitcoin price is going to crash and also stop assuming that the only viable use for Bitcoins is the value it has in USD

Like I said, I wouldn't say 75% loss of trade volume is nothing but thats a difference of opinion.  People speculating the decline of btc doesn't necessarily has everything to do with its value next to USD.  People speculate the decline of USD but thats not because they feel like they'll be able to buy less Yen.  Comparison to other currencies is a valuable metric for determining their future ability to trade said currency for goods and services.  In this case many bitcointalk users are American and therefore use their most convenient metric, USD.

You don't own your Bitcoins just as you don't own your FIAT currency the difference is Bitcoin is worth what the people say it is not The Federal Reserve...

I never suggested USD was more stable, or I had more control over its value or really anything about USD at all.  As you said:

To assume you make an ass out of u and me

I've corrected your miss information.

I apologize if you take offense to being wrong but you are...

[j68r]

BTC isn't limited by even a rate of production, its just code and encryption.

So not the same btc everyone else is mining/using then?

[cryptoanarchist]

No matter what side of casual drug use you fall on, Silk Roads closure was good for the public's perception of Bitcoin. Public interest has also increased.

http://www.google.com/trends/explore?q=Bitcoin#q=%22silk%20road%22%2C%20Bitcoin&cmpt=q

I can only roll my eyes at people who speak of "public perception". Not only are they worried about something that doesn't matter, they really don't know what the masses think anyway.

[tarmi]

To suggest 1 btc was traded on the silk road 9 million times is ridiculous but I get your point, although I still disagree with it.  In any Econ 101 class one of the first things you learn is trade is the foundations of any economy and hence currency.  Even backed currencies are limited in value when not suspended in a medium of healthy trade.  As you said btc is a currency of speculation, in fact PURE speculation.  BTC isn't limited by even a rate of production, its just code and encryption.  The value created by trade isn't a linear relationship its exponential and even if more conservative number would assign 40% of transaction on the silk road this would be the equivalent of 40% of US businesses disappearing overnight.  The crippling effects of losing the SR are compounded by the exact reason you state, btc is a speculative economy and lately speculation is largely negative.  People will believe bitcoin is worth less without a marketplace to fill the void SR left.  Not every btc user has to use drugs in order for the market to recognize the volume of trade created by SR.  That's like suggestion every American has to own a fighter jet to recognize the volume of trade created by lockhead martin.

thank you for pointing out the obvious.

no SR - > less btc trades - > btc value going down

[CrazyRabbi]

To suggest 1 btc was traded on the silk road 9 million times is ridiculous but I get your point, although I still disagree with it.  In any Econ 101 class one of the first things you learn is trade is the foundations of any economy and hence currency.  Even backed currencies are limited in value when not suspended in a medium of healthy trade.  As you said btc is a currency of speculation, in fact PURE speculation.  BTC isn't limited by even a rate of production, its just code and encryption.  The value created by trade isn't a linear relationship its exponential and even if more conservative number would assign 40% of transaction on the silk road this would be the equivalent of 40% of US businesses disappearing overnight.  The crippling effects of losing the SR are compounded by the exact reason you state, btc is a speculative economy and lately speculation is largely negative.  People will believe bitcoin is worth less without a marketplace to fill the void SR left.  Not every btc user has to use drugs in order for the market to recognize the volume of trade created by SR.  That's like suggestion every American has to own a fighter jet to recognize the volume of trade created by lockhead martin.

thank you for pointing out the obvious.

no SR - > less btc trades - > btc value going down

lulz...

So why is the Bitcoin price up by $20 then?

[alpha492]

thank you for pointing out the obvious.

no SR - > less btc trades - > btc value going down

If you read who I was responding to, pointing out the obvious seemed necessary.

[j68r]

No matter what side of casual drug use you fall on, Silk Roads closure was good for the public's perception of Bitcoin. Public interest has also increased.

http://www.google.com/trends/explore?q=Bitcoin#q=%22silk%20road%22%2C%20Bitcoin&cmpt=q

I can only roll my eyes at people who speak of "public perception". Not only are they worried about something that doesn't matter, they really don't know what the masses think anyway.

OK, but bitcoin was being tarred with that SR brush by those in the media who, for what ever reason had taken it on themselves to portray btc in that light and I think we can agree, or I would certainly hope, that public perception is very much influenced by media, particularly the lobotomising mainstream media.

That SR has been removed from the equation means that over time, the slur that was being used against btc as a legitimate currency will look increasingly ridiculous for those deriding btc in such a way. Obviously that doesn't mean btc can no longer be used to facilitate criminal exchange any less than filthy corrupt fiat can be also, but it's good that a lazy SR association used against btc has been removed in my opinion.

[boozer]

Positive. Now all the myths of SR being the backbone of BTC are now debunked.

Agreed

[CrazyRabbi]

thank you for pointing out the obvious.

no SR - > less btc trades - > btc value going down

If you read who I was responding to, pointing out the obvious seemed necessary.

Ohh I'm sorry dude good one bud (It's early )

[tarmi]

lulz...

So why is the Bitcoin price up by $20 then?

Economic value is not the same as market price.

[CrazyRabbi]

lulz...

So why is the Bitcoin price up by $20 then?

Economic value is not the same as market price.

Market price is set by We the people...

What part of the currency is based off whatever value WE put on it don't you get?

[george51]

I see Silk Road's closure as a good thing. Silk Road was perhaps the one Tor site known to many people and it was known for two things: facilitating drug deals and using bitcoins to do it. This is how the two became inextricably linked in many people's view just as people were starting to hear about bitcoin. Sure, there will be another site to take Silk Road's place, if there isn't one already up and running, but to be rid of the most obvious such site can only help to improve bitcoin's image.

I agree with this. There is a slightly greater chance of bitcoin going mainstream without the negative connotations that the SR gave it. More people will benefit in the long run from this than benefited from the SR

[tarmi]

Market price is set by We the people...

What part of the currency is based off whatever value WE put on it don't you get?

market price is set by market, obviously.

and you are obviously long on bitcoin.

[b!z]

Positive. I've seen some people who were scared of BTC because they thought it was illegal, or only used for illegal transactions.

[CrazyRabbi]

Market price is set by We the people...

What part of the currency is based off whatever value WE put on it don't you get?

market price is set by market, obviously.

and you are obviously long on bitcoin.

Umm...

A market doesn't run without people...

I think you don't understand Bitcoin at all dude...

[tarmi]

A market doesn't run without people...

what are bots for?

[CrazyRabbi]

A market doesn't run without people...

what are bots for?

Bots are just for buying and selling at the price other people are willing to pay for Bitcoins at...

When I say WE THE PEOPLE I mean more then one person

[SolidSnke]

The end result is things like this legitimize bitcoins as a currency.

Whether good or bad ... more exposure help make people aware of something they may not have seen before.

Buy a computer, rent a webserver, or buy drugs, it all helps reinforce that bitcoins is becoming a currency of the online age.