What you must know about the Silk Road & The Current Bearish Market

[Osayo]

The Silk Road was a darknet market best known as a platform for selling illegal goods. It operated as a Tor hidden service to exclude traffic monitoring, which was convenient for criminals to deliver their services through the network. Silk Road was launched in February 2011 and already had 10,000 products for sale 70% of which were drugs by March 2013.

Although there were a lot of illegal products on the site, there were also restrictions: child pornography, stolen credit cards, assassinations, and weapons of any type were banned for sale and exchange. The site provided some legal goods as well, such as apparel, art, books, cigarettes, erotica, jewelry, and writing services.  

The Silk Road was shut down in October 2013 by the FBI, whose agents also arrested Ross William Ulbricht, the founder of the system. There were two attempts to recreate the Silk Road, but both of them have been unsuccessful. The latest news on the Silk Road promises no further attempts.

Source: Cointelegraph


There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

[Herbert2020]

no it has nothing to do with that because the drop occurred in less than a day ago (24 hours) but these coins (which are not even obvious at all and it is pure guess) moved about 2 weeks ago. and on top of that neither the amount and nor where they moved to and why are not clear. it all started from a guesswork of someone on Reddit.

yesterday's drop was probably because of Goldmansachs news and the panic about that. nothing more.

[Sama517]

yesterday's drop was probably because of Goldmansachs news and the panic about that. nothing more.

I have also heard from different sources the reason for the sharp decline in prices. Some sources have attributed it to the Silk Road movement of 100,000 BTC while I also saw in some places that the Goldmansachs are withdrawing a form of support. Whichever, let's hope the prices recover.

[squatter]

There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

I've only seen speculation on Reddit and clickbait stories to support this theory. I haven't seen anything particularly convincing. Any blockchain evidence that shows these coins went to exchanges? If these were controlled by the US government, they wouldn't be dumped on exchanges of course. They might be auctioned, though.

Markets thrive on fear (and greed, but that's another story). Major BTC movements (triggering high bitcoin days destroyed) have always fed into fear, like any other FUD, e.g. that news about Goldman Sachs earlier. I don't think these coins were dumped. People are just fearful and panicky.

[avikz]

I am not able to find any news related to silk road in cointelegraph in recent past. The last news published about Silk Road was on June 28th, 2018 about the review of Life imprisonment of Ross Ulbricht and nothing else after that date. I will appreciate if you can share a news link to us.

There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

That may be possible. I was looking at the price chart of bitcoin and the kind of price decrease we are seeing, it is not possible unless there is a huge dump. Just look at the one day chart and you will understand. No news can make so much powerful impact so the evidence of dump is clear. But don't really know whether it is from the Silk Road associated accounts or from any other source.



Just hoping everything will get back in track once this dump ends!

[Pursuer]

in case you haven't figured it out yet, news and drops or rises is not something with delayed effect. it is something with immediate effect. for the most obvious example you can look at exchange hack news. as soon as it comes out price drops. there isn't even seconds between the news and the drop because there are insiders who sell first. you will never see news come out and then 2 weeks later the effects of the news be seen!

that is the case with Silk Road. the news or better said speculation about it started a week ago and if price could drop it would have dropped back then not now.

[Airbuxf]

In my opinion it was just a typical manipulative dump to keep the price low and keep the weak hands panicking, I'm sure we will bounce up again from  around 6k level.

[hugeblack]

There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

A good introduction but I do not expect that site "Silk Road" or those coins "100,000 BTC" to have anything to do with what is happening now in the market.
If you check the charts, the decline was seen in the altcoins before it appears on bitcoin.
It means that the beginning of this decline is not due to those 100,000 BTC although it may affect amplifying the drop.

[ralle14]

I am not able to find any news related to silk road in cointelegraph in recent past. The last news published about Silk Road was on June 28th, 2018 about the review of Life imprisonment of Ross Ulbricht and nothing else after that date. I will appreciate if you can share a news link to us.

Here's an article related about the 100k Bitcoin that is associated with Silk Road. On reddit a user named sick silk started to track these transactions to see how much was dumped out of the 100k and so far only 11k BTC was moved to different exchanges.

The first part that OP copied is just the description about the silk road tag on cointelegraph(reference). The last sentence was part of an article about the recent price dip.

[Lisedc]

It honestly looks like a well sought out manipulation dump that was done so that the new ones or the ones who are not that experienced will not panic and that the price will remain low. But this wil not be the scenario for long though.

[cryptoVinc5599]

I am glad and appreciate that you have ask for my opinion but I am sorry that I haven't found any updates about this over the market so I would ask for you patience for bit more longer

[lizardbtc]

The Silk Road was a darknet market best known as a platform for selling illegal goods. It operated as a Tor hidden service to exclude traffic monitoring, which was convenient for criminals to deliver their services through the network. Silk Road was launched in February 2011 and already had 10,000 products for sale 70% of which were drugs by March 2013.

Although there were a lot of illegal products on the site, there were also restrictions: child pornography, stolen credit cards, assassinations, and weapons of any type were banned for sale and exchange. The site provided some legal goods as well, such as apparel, art, books, cigarettes, erotica, jewelry, and writing services.  

The Silk Road was shut down in October 2013 by the FBI, whose agents also arrested Ross William Ulbricht, the founder of the system. There were two attempts to recreate the Silk Road, but both of them have been unsuccessful. The latest news on the Silk Road promises no further attempts.

Source: Cointelegraph


There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

People like you just throw some BS stuff around because you want to make sense of the price. Same as folks that were telling it is the MTGOX account that is selling the coins etc. You are simply trying to make sense of the situation. But reality is pretty simple. People were buying in because they saw easy money and saw bitcoin and crypto scene as some get quick rich scheme. When everybody was buying prices pumped and you see that bubble, everybody thought it was going up and this is the reason why they bought. Now when market is in bearish position you even see less volume because people don't believe in bitcoin because they see the price is falling. Mostly what happens is pshycology of an investor, if you understand that you will understand why things happen. Yes crypto market is prune to manipulation and pump and dump schemes and that is how it is.

[Dexion]

this is new information for me, illegal transactions will not disappear from the business world, I think only regulations can solve this problem.

regulation can make the crypto world develop safer and better.

Illegal transactions always give bad impact to the public, so the public has the assumption that crypto is a criminal.

[jamesbondbd007]

Yes, it might be important to all to know about Silk Road and the current Bearish market. I am trying to know more about this topics since I have no clear idea about this Silk Road. So, I am trying to know more about it.

[CryptoBry714]

Since this Silk Road is not very well known to me.But I think it might be a typical manipulative dump or anything ealse for keeping the price low. I am little sure that it will bounce up again from around 5k level.

[KingKongBong4152]

I think news and drops or rises is not something with delayed effect. it will be something with immediate effect. Athough I do not have a clear idea about this Silk Road but want to know more.

[coinpedia240]

i think google is here for helping you and in this discussion lots of people helping you for understanding this thing.you know lots of thing already about this site

[mekie]

The price fluctuations are due to the many complex market forces currently inplay, rather than one specific factor. The swings in price will continue until bitcoin stops being a novelty and is much more generally accepted for everyday transactions.

[EveningGull]

i think google is here for helping you and in this discussion many people helping you for understanding this thing. lots of thing already you know about this site.

[Vikingkong]

I didn't get how the drop of market connected with the attemps o open silk road again. But if it's recreate then crypto will be usee their for illegal term.