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Author Topic: Expect Decline: Silkroad suffering turmoil. Paxum lowers short-term confidence.  (Read 3509 times)
Jon
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February 12, 2012, 09:45:02 PM
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I am reading some threads on the Silk Road and a lot of them are about sellers experiencing glitches in withdrawing their funds. The Paxum resignation could bring some bad psych to the mix.

Until sellers begin to be able to claim their Bitcoins and Silk Road proves to us that it is in order, we should expect a decline in Bitcoin confidence. There are unjustified rumors about Silk Road just letting Bitcoin funds roll-in and then stealing them all away in a MyBitcoin-like fashion.

We'll see what happens all in good time.

May I remind you that The Silk Road is the biggest economic market in the Bitcoin community.

Primary Source:

Quote from: Green Giant
12/02/2012 04:34:08 AM UTC - in 5hrs it will have been 72hrs since my transfer going missing, with only a reply from SR to apologies and say it will be sorted soon, this is not good enough, SR has left me stranded owing suppliers money & making me look bad to them. This is not the first time this has happened and doubt it will be the last. I have had many issues with SR in the last 2 months & this has to be the last straw,i am done with this!!

In 1-2 weeks time i am leaving SR for good, as i cannot work with my funds being held from me for 72hrs reducing in value & not knowing if i will ever even get them. it is evident from SR support's reply that they themselves can do nothing and they are waiting for DPR to come online and "sort" the situation which they claim will be tonight. the whole thing is an unprofessional joke & now many members on the forums are talking about receiving 10x the amount of BTC that they actually withdrew, WHAT THE FUCK!!!!

Whats the point in letting SR earn a commission on my sales when i don't actually get to see the BTC myself!!! DPR sort your shit out, this place has gone down hill so much, i use to like working from here now it is a chore & i hardly update my menu or list even a 1/3 of the items of have to hand.

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
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February 12, 2012, 09:46:31 PM
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Are you short, Atlas?

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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February 12, 2012, 09:48:13 PM
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Are you short, Atlas?

Well, the situation really doesn't look great right now.   Undecided  I might jump off at a move below $5.40.  Tongue
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February 12, 2012, 09:50:23 PM
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Lol.... Is that kujoking/westcoastconnect/gurg2.0 who started that thread? The reason he claims he can't pay the loans he admitted to scamming out of lenders is because he's waiting for SR withdrawal. Wonder if SR admin knows of the situation and decided to freeze his BTC for a while to repay his kindness.

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February 12, 2012, 09:51:32 PM
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The withdraw issues were a software glitch, nothing more. I had >100 BTC "disappear" several times, on multiple accounts. One of them was newly created that day, perfect one to rip off if they were going to. But all issues were resolved within 48 hours.

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February 12, 2012, 09:54:41 PM
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Are you short, Atlas?

Well, the situation really doesn't look great right now.   Undecided  I might jump off at a move below $5.40.  Tongue
I agree now, although the break was manipulated, apparently it was valid. The next break would kill the long-term trend, and then I will have to bump my 94% thread. Sad

An interesting mix of MtGox outages, BTC not being deposited @Gox, subscribers dumping upon crash warning, HFT bot made that possible, I guess.

Once the long-term trend from 2 breaks, I think it will be important to keep Nagle’s advice in mind.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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February 12, 2012, 09:59:23 PM
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Ppl spreading FUD as usual and if not i hope no one expects we have a straight road to success.

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February 12, 2012, 10:01:57 PM
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Are you short, Atlas?

Well, the situation really doesn't look great right now.   Undecided  I might jump off at a move below $5.40.  Tongue
I agree now, although the break was manipulated, apparently it was valid. The next break would kill the long-term trend, and then I will have to bump my 94% thread. Sad

An interesting mix of MtGox outages, BTC not being deposited @Gox, subscribers dumping upon crash warning, HFT bot made that possible, I guess.

Once the long-term trend from 2 breaks, I think it will be important to keep Nagle’s advice in mind.

This.
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February 12, 2012, 10:31:40 PM
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Who is Nagle?

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
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February 12, 2012, 10:32:43 PM
 #10

I'll sum it up for you. Don't get stuck holding the bag. Get out while you can. This thing is over.
No, his most valuable contribution was a simple chart with 30d SMA. During the ride down, it never broke through it. It is starting to show the same behaviour now.



Just look up Nagle’s post history https://bitcointalk.org/index.php?action=profile;u=28488;sa=showPosts

Who is Nagle?
Seriously though, why the Speculation forums now, Atlas?

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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February 12, 2012, 10:48:30 PM
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Are you short, Atlas?

Are you long Blitzboom?  Grin

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February 12, 2012, 10:49:52 PM
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Are you short, Atlas?

Are you long Blitzboom?  Grin

I am.

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February 12, 2012, 10:51:22 PM
 #13

See, there's a certain part of me that sorta wants Silk Road to die, if only so that the #1 use of Bitcoins isn't to buy illegal goods. But at the same time, it would seriously decrease the "exchanged value" underlying Bitcoin's fundamentals as a currency.

So I'm sorta conflicted!

I guess that if this is real and SR is on the way out (rather than it just being a scammer who's speaking first) the best thing to do for people who want Bitcoin to survive is to try to get more real exchange going on in the currency. Consult! Start a cottage business! Whatever you're good at!

The only thing that can really kill a currency is there being nobody who wants to sell stuff for it.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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February 12, 2012, 10:55:02 PM
 #14

Silk road is just the prototype, when it falls, think hydra.

Competition will greatly improve things.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Jon
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February 12, 2012, 11:10:03 PM
 #15

I am reading some threads on the Silk Road and a lot of them are about sellers experiencing glitches in withdrawing their funds. The Paxum resignation could bring some bad psych to the mix.

Until sellers begin to be able to claim their Bitcoins and Silk Road proves to us that it is in order, we should expect a decline in Bitcoin confidence. There are unjustified rumors about Silk Road just letting Bitcoin funds roll-in and then stealing them all away in a MyBitcoin-like fashion.

We'll see what happens all in good time.

May I remind you that The Silk Road is the biggest economic market in the Bitcoin community.

Primary Source:

Quote from: Green Giant
12/02/2012 04:34:08 AM UTC - in 5hrs it will have been 72hrs since my transfer going missing, with only a reply from SR to apologies and say it will be sorted soon, this is not good enough, SR has left me stranded owing suppliers money & making me look bad to them. This is not the first time this has happened and doubt it will be the last. I have had many issues with SR in the last 2 months & this has to be the last straw,i am done with this!!

In 1-2 weeks time i am leaving SR for good, as i cannot work with my funds being held from me for 72hrs reducing in value & not knowing if i will ever even get them. it is evident from SR support's reply that they themselves can do nothing and they are waiting for DPR to come online and "sort" the situation which they claim will be tonight. the whole thing is an unprofessional joke & now many members on the forums are talking about receiving 10x the amount of BTC that they actually withdrew, WHAT THE FUCK!!!!

Whats the point in letting SR earn a commission on my sales when i don't actually get to see the BTC myself!!! DPR sort your shit out, this place has gone down hill so much, i use to like working from here now it is a chore & i hardly update my menu or list even a 1/3 of the items of have to hand.


Bullshit! Post your source.

Intuition. Do you know of any other good or service that has greater demand?

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
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February 12, 2012, 11:10:46 PM
 #16

I guess that if this is real and SR is on the way out the best thing to do for people who want Bitcoin to survive is to try to get more real exchange going on in the currency.

uuuh, how about just make a new 'SR'? or several
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February 12, 2012, 11:12:22 PM
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Intuition. Do you know of any other good or service that has greater demand?
Okay. Can you at least tell us where that Green Giant quote was posted?

I guess that if this is real and SR is on the way out the best thing to do for people who want Bitcoin to survive is to try to get more real exchange going on in the currency.

uuuh, how about just make a new 'SR'? or several

Certainly an option! It'd still create the general PR problems for Bitcoin that SR has brought us, but at least it'd be exchange.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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February 12, 2012, 11:27:13 PM
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Intuition. Do you know of any other good or service that has greater demand?
Okay. Can you at least tell us where that Green Giant quote was posted?

I guess that if this is real and SR is on the way out the best thing to do for people who want Bitcoin to survive is to try to get more real exchange going on in the currency.

uuuh, how about just make a new 'SR'? or several

Certainly an option! It'd still create the general PR problems for Bitcoin that SR has brought us, but at least it'd be exchange.

The Silk Road forums. Main board. First page.

I am not sure if this forum allows links to that place or not.

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
Jon
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February 12, 2012, 11:40:24 PM
 #19

I am reading some threads on the Silk Road and a lot of them are about sellers experiencing glitches in withdrawing their funds. The Paxum resignation could bring some bad psych to the mix.

Until sellers begin to be able to claim their Bitcoins and Silk Road proves to us that it is in order, we should expect a decline in Bitcoin confidence. There are unjustified rumors about Silk Road just letting Bitcoin funds roll-in and then stealing them all away in a MyBitcoin-like fashion.

We'll see what happens all in good time.

May I remind you that The Silk Road is the biggest economic market in the Bitcoin community.

Primary Source:

Quote from: Green Giant
12/02/2012 04:34:08 AM UTC - in 5hrs it will have been 72hrs since my transfer going missing, with only a reply from SR to apologies and say it will be sorted soon, this is not good enough, SR has left me stranded owing suppliers money & making me look bad to them. This is not the first time this has happened and doubt it will be the last. I have had many issues with SR in the last 2 months & this has to be the last straw,i am done with this!!

In 1-2 weeks time i am leaving SR for good, as i cannot work with my funds being held from me for 72hrs reducing in value & not knowing if i will ever even get them. it is evident from SR support's reply that they themselves can do nothing and they are waiting for DPR to come online and "sort" the situation which they claim will be tonight. the whole thing is an unprofessional joke & now many members on the forums are talking about receiving 10x the amount of BTC that they actually withdrew, WHAT THE FUCK!!!!

Whats the point in letting SR earn a commission on my sales when i don't actually get to see the BTC myself!!! DPR sort your shit out, this place has gone down hill so much, i use to like working from here now it is a chore & i hardly update my menu or list even a 1/3 of the items of have to hand.


Bullshit! Post your source.

Intuition. Do you know of any other good or service that has greater demand?

Oh, you’re using your refined sense of intuition. Well, never mind then. You have it all figured out.

I don’t know what the demand for SR is and neither do you Atlas. It’s impossible to compare the volume of an unknown quantity against something.


I assume you are talking to me?

The rain rang louder against my rooftop today than last week. It lasted a lot longer. There was certainly more rain today than the week before.

All you have to do is look at social statistics, BTC volumes and news to deduce that The Silk Road is Bitcoin's largest online market. It rings louder in these areas than other Bitcoin areas and thus likely has more Bitcoin usage.

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
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February 12, 2012, 11:41:09 PM
 #20

I guess that if this is real and SR is on the way out the best thing to do for people who want Bitcoin to survive is to try to get more real exchange going on in the currency.

uuuh, how about just make a new 'SR'? or several


waiting forward for the guys on SR to opensource their platform if shit hits the fan

BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
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