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Scooby903 (OP)
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October 13, 2013, 08:52:17 PM |
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I have been involved in BTC and alts since the beginning of April (not that long, I'm aware). One thing I have heard time and time again though is that Bitcoin and crypto in general is primarily used for nefarious purposes. This is evident in the crash that happened recently when BTC dropped significantly upon news of the Silk Road being shut down. While I didn't think it would be the end of crypto, I thought it would have had a much more lasting impression and that prices would stay down low for a while. However, it looks like BTC has recovered nicely and has even gained a little on where it was pre-shutdown. Is there any given cause for it's speedy rebound? Is BTC finally gaining a hold in the real world?
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r3wt
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October 13, 2013, 09:01:05 PM |
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i haven't made any illegal purchases with bitcoin, unless you count buying ecigarettes off bitmit. which should be illegal. they should atleast have to check your id am i rite? else, what's to stop some kid from buying cigarettes online?
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My negative trust rating is reflective of a personal vendetta by someone on default trust.
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kriwest
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October 13, 2013, 09:02:51 PM |
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The Winklevoss twins didn't invest in Bitcoin to start a drug empire. Neither did I.
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Scooby903 (OP)
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October 13, 2013, 09:03:15 PM |
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I have been involved in BTC and alts since the beginning of April (not that long, I'm aware). One thing I have heard time and time again though is that Bitcoin and crypto in general is primarily used for nefarious purposes. This is evident in the crash that happened recently when BTC dropped significantly upon news of the Silk Road being shut down. While I didn't think it would be the end of crypto, I thought it would have had a much more lasting impression and that prices would stay down low for a while. However, it looks like BTC has recovered nicely and has even gained a little on where it was pre-shutdown. Is there any given cause for it's speedy rebound? Is BTC finally gaining a hold in the real world?
P.S. Wrong section. I know...this is where I hang out mostly and want opinions from the people here  |
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Scooby903 (OP)
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October 13, 2013, 09:05:00 PM |
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Also, don't get me wrong, I'm not saying at all that people involved in BTC are doing bad things...I have BTC too and haven't done anything wrong, lol
Mainly curious about people's thoughts on the quick recovery and the fact that it proves the naysayers of BTC wrong
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nameface
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October 13, 2013, 09:06:29 PM |
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Bitcoin's value is highly speculative. I think market participant are encouraged to see the price has held sway, and are now even more bullish then before. The Silk Road shutdown means Bitcoin's image is cleaner, and may have more mainstream appeal. Meanwhile, the opportunity for criminals to build new illegal businesses on Bitcoin remains present.
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dragonkid
Member
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Activity: 84
Merit: 10
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October 13, 2013, 09:07:48 PM |
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Also, don't get me wrong, I'm not saying at all that people involved in BTC are doing bad things...I have BTC too and haven't done anything wrong, lol
Mainly curious about people's thoughts on the quick recovery and the fact that it proves the naysayers of BTC wrong
Bitcoin is now a real currency which people used every day. So it is normal for the price to come back up to their normal price, or even better. Every stock or currency always drop when some news related to them. So it is normal. |
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Scooby903 (OP)
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October 13, 2013, 09:08:16 PM |
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Bitcoin's value is highly speculative. I think market participant are encouraged to see the price has held sway, and are now even more bullish then before. The Silk Road shutdown means Bitcoin's image is cleaner, and may have more mainstream appeal. Meanwhile, the opportunity for criminals to build new illegal businesses on Bitcoin remains present.
+1 |
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Lohoris
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October 13, 2013, 09:08:32 PM |
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Meanwhile, the opportunity for criminals to build new illegal businesses on Bitcoin remains present.
Just like they can already do with other currencies. |
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kelsey
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Activity: 1876
Merit: 1000
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October 13, 2013, 09:23:15 PM |
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bitcoin is a speculative tool, alot of the world still hasn't heard of it (or cares) so any publicity its good. and yeah more people use USD for criminal activity then btc.
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kriwest
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October 13, 2013, 09:25:39 PM |
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The point I was trying to get across in my last post was simply that there are real legitimate businesses being worked on for BTC, and lots of venture capital is flowing in. That's why the Winklevoss invested in the technology, and that's why I'm doing it.
As for altcoins; they are even more speculative than BTC - but nevertheless I see potential for a lot of growth in some of them (though a high risk of failure in most of them, still keeping most of my investment in BTC).
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Buffer Overflow
Legendary
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Activity: 1652
Merit: 1016
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October 14, 2013, 11:03:40 AM |
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I've never done anything illegal with Bitcoins.
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mercSuey
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October 14, 2013, 11:09:38 AM |
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There are venture capital firms that have kept their distance from bitcoin start-ups because of the illegal activities using bitcoin, like SR. When the FBI seized SR, these venture capital firms saw it as their green light to enter the market.
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