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Author Topic: Silk Road sale.... BTC explosion.  (Read 15747 times)
AndDuffy
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February 03, 2012, 12:27:20 AM
 #1

At 12:00 am UTC this Saturday, Silk Road is having 10%+ off EVERY item. Now, I don't use Silk Road, since it's illegal, but I know the implications of this for BTC. Silk Road has one of the largest (if not the largest) BTC market. With 10% off, there is going to be a huge volume of BTC being bought, sold, and transacted. Expect it to get hectic.

What are your thoughts on this?

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teflone
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February 03, 2012, 12:28:11 AM
 #2

Whats Silk Road ?

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February 03, 2012, 12:31:25 AM
 #3

Whats Silk Road ?

notsureifserious.jpg.



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February 03, 2012, 12:32:15 AM
 #4

It was a joke... I have a drug dealer already..

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AndDuffy
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February 03, 2012, 12:36:35 AM
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It was a joke... I have a drug dealer already..

Sometimes, Silk Road prices beat street price. Especially if you play your BTC right.... or so I've heard.

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February 03, 2012, 12:39:10 AM
 #6

Can you show me the canadian vendors ?

I've never tor'd there..

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February 03, 2012, 12:40:00 AM
 #7

It was a joke... I have a drug dealer already..

But does he accept BTC?  Wink

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February 03, 2012, 01:50:02 AM
 #8

I don't use Silk Road

You should! Support Bitcoin economy, take drugs, shoot guns!

Government is not the solution to our problem. Government is the problem. -- Ronald Reagan
mooseman99
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February 03, 2012, 02:04:40 AM
 #9

I doubt this will have an effect on the price.  First, if anyone is buying bitcoins for the sale it is going to take a while and they have most likely done it already. First you need to get money through dwolla to mtgox, then get bitcoins, then send them to SR account.   Then, most sellers try to cash out BTC to USD as soon as possible because of the volatility of Bitcoin.

While it is a great sale, it will do little to affect the bitcoin market which is influenced more by investors/speculators/traders.
alan2here
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February 03, 2012, 02:14:47 AM
 #10

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
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February 03, 2012, 02:24:37 AM
 #11

I don't use Silk Road

You should! Support Bitcoin economy, take drugs, shoot guns!
lol +1

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LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
mooseman99
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February 03, 2012, 02:26:14 AM
 #12

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin
SkRRJyTC
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February 03, 2012, 02:33:00 AM
 #13

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?
adamstgBit
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February 03, 2012, 02:36:52 AM
 #14

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?

the only effect buying things for bitcoin has / always will have is providing stability at the current price.

buyer buys 10 @ 5.95
1 hour later
seller sells 10  @ 5.95


koin
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February 03, 2012, 03:03:12 AM
 #15

I don't use Silk Road, since it's illegal

nice broad brush you paint with there.

if i use silk road to purchase something that is not illegal in my jurisdiction then neither i, nor silk road nor the seller are breaking any laws.
mooseman99
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February 03, 2012, 04:04:32 AM
 #16

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?
I believe they announced the sale on Monday and it will happen this saturday through sunday.
cunicula
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February 03, 2012, 04:07:53 AM
 #17

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?

the only effect buying things for bitcoin has / always will have is providing stability at the current price.

buyer buys 10 @ 5.95
1 hour later
seller sells 10  @ 5.95


In general, (and you have proven this time and time again) you are a fucking idiot.

Growth in demand for goods and services conveniently purchased with bitcoin will shift the demand curve for bitcoin outwards. In the long-run, growth in txn demand will have an overwhelming influence on bitcoin prices. Without txn demand, the price of any currency falls to zero. If short-run things like a "sale" don't influence prices, it is because price is determined by long-run expectations about demand growth. A one-off sale has no effect on long-run expectations. If it did, a sale would provide an opportunity for speculators to buy prior to the sale, sell during the sale, and buy again after it ends. I don't believe in that kind of BS.

A permanent 10% reduction in effective silk road prices (for example if silk road's fraud prevention technology improved) would definately boost bitcoin prices.

 




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stochastic
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February 03, 2012, 04:26:41 AM
 #18

At 12:00 am UTC this Saturday, Silk Road is having 10%+ off EVERY item. Now, I don't use Silk Road, since it's illegal, but I know the implications of this for BTC. Silk Road has one of the largest (if not the largest) BTC market. With 10% off, there is going to be a huge volume of BTC being bought, sold, and transacted. Expect it to get hectic.

What are your thoughts on this?

Not everything is illegal and it depends on your jurisdiction.

Introducing constraints to the economy only serves to limit what can be economical.
adamstgBit
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February 03, 2012, 04:36:48 AM
 #19

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?

the only effect buying things for bitcoin has / always will have is providing stability at the current price.

buyer buys 10 @ 5.95
1 hour later
seller sells 10  @ 5.95


In general, (and you have proven this time and time again) you are a fucking idiot.

Growth in demand for goods and services conveniently purchased with bitcoin will shift the demand curve for bitcoin outwards. In the long-run, growth in txn demand will have an overwhelming influence on bitcoin prices. Without txn demand, the price of any currency falls to zero. If short-run things like a "sale" don't influence prices, it is because price is determined by long-run expectations about demand growth. A one-off sale has no effect on long-run expectations. If it did, a sale would provide an opportunity for speculators to buy prior to the sale, sell during the sale, and buy again after it ends. I don't believe in that kind of BS.

A permanent 10% reduction in effective silk road prices (for example if silk road's fraud prevention technology improved) would definately boost bitcoin prices.

you dont have to be rude

sure if their is more demand for goods in bitcoin, then the demand for bitcoin goes up. but the point is the seller wont hold on to the btc, he will sell right away to avoid the volatility.

all this dose in increase volume and add support for current price.

in the future once bitcoin has a real working economy... the "bitcoin GDP" will have a huge impact on the price. right now it has very little effect if any

cunicula
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February 03, 2012, 07:40:47 AM
 #20

Is 10% a big deal in this case?

########## - normal price
######### - sale price
##### - 2 for the price of 1
When you're buying something 100$ that's $10 off.  Not bad.  Also many individual sellers are offering additional sales (some 2 for 1) and free samples for shipping price only.
That said I still think it will do little to affect Bitcoin

At the very least I am interested in how big of an effect it will have.  Did SR announce this sale early enough for users to get money to the exchanges?

the only effect buying things for bitcoin has / always will have is providing stability at the current price.

buyer buys 10 @ 5.95
1 hour later
seller sells 10  @ 5.95


In general, (and you have proven this time and time again) you are a fucking idiot.

Growth in demand for goods and services conveniently purchased with bitcoin will shift the demand curve for bitcoin outwards. In the long-run, growth in txn demand will have an overwhelming influence on bitcoin prices. Without txn demand, the price of any currency falls to zero. If short-run things like a "sale" don't influence prices, it is because price is determined by long-run expectations about demand growth. A one-off sale has no effect on long-run expectations. If it did, a sale would provide an opportunity for speculators to buy prior to the sale, sell during the sale, and buy again after it ends. I don't believe in that kind of BS.

A permanent 10% reduction in effective silk road prices (for example if silk road's fraud prevention technology improved) would definately boost bitcoin prices.

you dont have to be rude

sure if their is more demand for goods in bitcoin, then the demand for bitcoin goes up. but the point is the seller wont hold on to the btc, he will sell right away to avoid the volatility.

all this dose in increase volume and add support for current price.

in the future once bitcoin has a real working economy... the "bitcoin GDP" will have a huge impact on the price. right now it has very little effect if any

Let's reduce what you said to its core elements:

1) Growth in "bitcoin GDP" does not affect prices.
2) Once "bitcoin GDP" grows then prices will be affected.

Do you understand that you are a fucking idiot now, or are you still confused?

No... you don't understand.
http://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect

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