Silk road bust: bearish or bullish?

[fgmnp]

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[Miz4r]

It's bullish, but not because a dangerous association has been removed, because it hasn't. It's not like with the removal of silk road people will suddenly stop buying drugs with bitcoins. It will have the same effect as what shutting down Napster did to downloading.

[byronbb]

My fear is eventually crime syndicates with resources and know how that eclipses that of the hopelessly amateur DPR, will eventually set up shop on TOR and make SR look like a corner store beside Wal-mart.

[BitcoinAshley]

It has absolutely nothing to do with a "bad association being removed." People are stupid but they at least realize that just becuase SR was shut down (because of n00b errors on the part of DPR) doesn't mean all of a sudden no one will buy drugs with bitcoins anymore... Napster was shutdown and let's talk about how illegal music downloading was completely stopped after that... lol.

No, the reason this is bullish for the price is simply that all the "silk road rider" trolls/faggots were COMPLETELY schooled. You know, the people who came on here posting about how bitcoin price "rides on silk road" and if not for folks buying BTC to order heroin, the exchange rate would be... what were some of the estimates... $5, $10, $30... yes, people actually claimed that without Silk Road's volume, the "actual economy" behind Bitcoin would only support single digit prices.

So now that they've all been proven completely wrong, we can get on with business.

Now we just have to get rid of the "BTC price is completely based on speculation" whiners. That's a different case altogether. It's not that they're wrong, per se, it's just that it doesn't fucking matter one bit. Doesn't 1% of the US population own 40% of the dollars? Are they not speculators? Just so happens that they have moved onto bigger markets to manipulate (multi-quadrillion dollar derivatives markets, etc.) What about gold? You can't even use that to buy shit unless you're at porcfest or a few backwoods shops in Arizona. How are its current buyers and sellers anything BUT speculators? Where is this perfect speculation-proof (paradoxical) asset/commodity/currency that the whiners have discovered and now use for all their purchases? Show me an up-and-coming commodity, currency, asset, or stock that does not attract speculators and I'll show you a flying turtle. The "speculators = bad" people are just like the "saving/hoarding = bad" people. Speculating is just a natural part of a market. Speculators distort price moves, sure, but you can't exactly draw a line between how much of the move was "speculation" and how much was "whatever the fuck else."

Rant over. Silk Road over. "Silk Road Rider" bitches put in their place. Let's move on and school some more whiny keynesian douchebags. $900 CNY here we come.

[hlynur]

It's bullish, but not because a dangerous association has been removed, because it hasn't. It's not like with the removal of silk road people will suddenly stop buying drugs with bitcoins. It will have the same effect as what shutting down Napster did to downloading.

this.
it's just the beginning, many consumers of drugs heard for the first time that there's the possibility to buy drugs online. (many despise their dealer around the corner because of ridiculous prices and bad quality)
After napster came kazaa, edonkey, emule etc. followed by the torrent network and lots of filehosters.

In this case bad news are good news.
On one hand this has kind of whitewashed bitcoin for the public and in future media coverage can show that it's about more than just drugs and gambling
on the other hand pandora's box is wide open and marketsystems like SR will spread like mushrooms in tor network. (there are already two other markets according to reddit)

[afbitcoins]

I voted bullish, but not for reason given. I think its bullish because it shows us government agencies are starting to take an interest in possessing and hoarding bitcoins.

[lucas.sev]

I voted bullish, but not for reason given. I think its bullish because it shows us government agencies are starting to take an interest in possessing and hoarding bitcoins.

Yes, of course, and meth busts are sign that government agencies want to store meth

[afbitcoins]

I voted bullish, but not for reason given. I think its bullish because it shows us government agencies are starting to take an interest in possessing and hoarding bitcoins.

Yes, of course, and meth busts are sign that government agencies want to store meth

I won't go into how the govts and banks run the drug industry which is a long story in itself

Its not so much the seizure of bitcoins by the FBI but also that the FBI conducted their raid at a key technical point in the bitcoin rally. This shows govt/bank (money power) intention to harm bitcoin price. More smoke wafting around is that bitcoin forums were hacked at same time. To me, this shows fear of bitcoins by existing money power. First you ignore it, then you laugh at it, then you fight it.

I predict if the FBI coins are sold at any point it will be done at another key technical area, to again try and break price down.

Then they lose

[ElectricMucus]

I predict if the FBI coins are sold at any point it will be done at another key technical area, to again try and break price down.

Then they lose

this is how it works.

First they troll you
Then they laugh at you
then they send in the FEDs
then you become insolvent.

[Kluge]

I predict if the FBI coins are sold at any point it will be done at another key technical area, to again try and break price down.

Then they lose

this is how it works.

First they troll you
Then they laugh at you
then they send in the FEDs
then you become insolvent.

Yeah, but then you get $500/mo in food stamps and can buy a lobster every day for dinner, so you win. 

[ElectricMucus]

Nobody sells lobster dinners for mtgoxUSD.

[afbitcoins]

I predict if the FBI coins are sold at any point it will be done at another key technical area, to again try and break price down.

Then they lose

this is how it works.

First they troll you
Then they laugh at you
then they send in the FEDs
then you become insolvent.

So I guess thats you trolling me, nice one.

[Hfleer]

Well I think we've now seen something with both Mt. Gox and SR.  These sites considered very important to BTC to some it seemed.  Now we see that it's not necessary for them for BTC to succeed, and that they can be replaced easily anyway.

[AU]

SR was a very small portion of btc market.. i mean look at the price now

[fleabag]

It has absolutely nothing to do with a "bad association being removed." People are stupid but they at least realize that just becuase SR was shut down (because of n00b errors on the part of DPR) doesn't mean all of a sudden no one will buy drugs with bitcoins anymore... Napster was shutdown and let's talk about how illegal music downloading was completely stopped after that... lol.

No, the reason this is bullish for the price is simply that all the "silk road rider" trolls/faggots were COMPLETELY schooled. You know, the people who came on here posting about how bitcoin price "rides on silk road" and if not for folks buying BTC to order heroin, the exchange rate would be... what were some of the estimates... $5, $10, $30... yes, people actually claimed that without Silk Road's volume, the "actual economy" behind Bitcoin would only support single digit prices.

So now that they've all been proven completely wrong, we can get on with business.

Now we just have to get rid of the "BTC price is completely based on speculation" whiners. That's a different case altogether. It's not that they're wrong, per se, it's just that it doesn't fucking matter one bit. Doesn't 1% of the US population own 40% of the dollars? Are they not speculators? Just so happens that they have moved onto bigger markets to manipulate (multi-quadrillion dollar derivatives markets, etc.) What about gold? You can't even use that to buy shit unless you're at porcfest or a few backwoods shops in Arizona. How are its current buyers and sellers anything BUT speculators? Where is this perfect speculation-proof (paradoxical) asset/commodity/currency that the whiners have discovered and now use for all their purchases? Show me an up-and-coming commodity, currency, asset, or stock that does not attract speculators and I'll show you a flying turtle. The "speculators = bad" people are just like the "saving/hoarding = bad" people. Speculating is just a natural part of a market. Speculators distort price moves, sure, but you can't exactly draw a line between how much of the move was "speculation" and how much was "whatever the fuck else."


Rant over. Silk Road over. "Silk Road Rider" bitches put in their place. Let's move on and school some more whiny keynesian douchebags. $900 CNY here we come.

Ashley why are you so angry? Silk road trolls/faggots? I think you ought to sell some of your precious bitcoins and go and get yourself laid.

[Johnny Bitcoinseed]

Excellent for the bitcoin economy.  Got the word out to the mainstream media in a big way.  Also revealed the great possibilities for those willing to work hard and push the boundaries. 

Stopping bitcoin is akin to stopping file sharing.  The first adopters may take some hits, but eventually the hoards overwhelm the gate keepers in increasingly massive numbers too many to stop.

[fleabag]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

[notme]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

[fleabag]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

[SkRRJyTC]

Nobody sells lobster dinners for mtgoxUSD.

Who cares?  Restaurants are accepting BTC.

[derpinheimer]

Nobody sells lobster dinners for mtgoxUSD.

Who cares?  Restaurants are accepting BTC.

And why would I pay in Bitcoin?

[notme]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

We'll you'd have to see price fall below 0 to put me at a loss .

[derpinheimer]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

We'll you'd have to see price fall below 0 to put me at a loss .

How's that work? Free electric and all mined coins?

If so, your hardware lifespan is reduced, for a very tiny loss at $0 :p

[notme]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

We'll you'd have to see price fall below 0 to put me at a loss .

How's that work? Free electric and all mined coins?

If so, your hardware lifespan is reduced, for a very tiny loss at $0 :p

I mined my btc with GPUs bought specifically for bitcoin in early 2010.  I have since sold enough bitcoin to cover the hardware and electrical costs, plus I have sold the GPUs as well for about 50% of what I paid.  Even if every bitcoin I have is worthless, I have taken more USD out than I put in.

[fleabag]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

We'll you'd have to see price fall below 0 to put me at a loss .

How's that work? Free electric and all mined coins?

If so, your hardware lifespan is reduced, for a very tiny loss at $0 :p

I mined my btc with GPUs bought specifically for bitcoin in early 2010.  I have since sold enough bitcoin to cover the hardware and electrical costs, plus I have sold the GPUs as well for about 50% of what I paid.  Even if every bitcoin I have is worthless, I have taken more USD out than I put in.

Do you have a price you are holding til?

[notme]

BEARISH IN THE MOST EXTREME WAY!

I think all the people who think bitcoins are going to revolutionize the world are the ones on drugs. Its a boiler room scam that several exchanges are making a boatload of money off of. Any recourse if anything goes wrong? NO! Have fun!

.... So why are you here?

I think I just like to be a dick. I want to burst every bulls bubble on here.

We'll you'd have to see price fall below 0 to put me at a loss .

How's that work? Free electric and all mined coins?

If so, your hardware lifespan is reduced, for a very tiny loss at $0 :p

I mined my btc with GPUs bought specifically for bitcoin in early 2010.  I have since sold enough bitcoin to cover the hardware and electrical costs, plus I have sold the GPUs as well for about 50% of what I paid.  Even if every bitcoin I have is worthless, I have taken more USD out than I put in.

Do you have a price you are holding til?

No.  I have most in long term, offline storage.  I will only break into them if I can use less than 1/3 to completely pay off all my student loans.  I have a few in various bitcoin-based ventures, and I run a market making bot with a few.  At the moment, I am back in school getting a masters in CS, including a teaching position, so I don't need my bitcoins to fund my lifestyle.  Before I was in school, I did freelance programming, including some jobs that paid bitcoin.  I will likely go back to that when I am done, and hopefully I can work primarily for BTC.