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Author Topic: Bitcoin is backed by blackmarkets  (Read 1830 times)
Robert Paulson
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September 23, 2014, 11:01:11 PM
 #1

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.



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libivan
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September 24, 2014, 01:51:51 AM
 #2

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.


Just like fiat money has always been used by the black markets on the streets, Bitcoin is being used by the black markets online. So, what's the big fuss?

Do you have plans to supress Bitcoin as well as fiat money? Leave only Visa and Mastercard? I doubt this will put an end to the black markets.

I really don't get your point...
zorke
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September 24, 2014, 04:35:02 AM
 #3

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox
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September 24, 2014, 07:24:22 AM
 #4

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.

OrientA
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September 24, 2014, 08:54:46 AM
 #5

I used BTC to buy computer, not from black market.
Robert Paulson
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September 24, 2014, 11:47:56 AM
 #6

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.


Just like fiat money has always been used by the black markets on the streets, Bitcoin is being used by the black markets online. So, what's the big fuss?

Do you have plans to supress Bitcoin as well as fiat money? Leave only Visa and Mastercard? I doubt this will put an end to the black markets.

I really don't get your point...


my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.
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September 24, 2014, 12:20:30 PM
 #7


my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.

If black market is the only place for crypto coins, then other anonymous coins such as Monero have more usage.
Robert Paulson
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September 24, 2014, 01:02:23 PM
 #8


my point is that bitcoin's value can not ever go to zero because there will always be demand for it from users of black markets on the internet.
they have no choice but to use crypto currencies.
as long as the bitcoin network has the most secure hash rate as well as the most liquidity when converting to fiat they will choose to use bitcoin.

If black market is the only place for crypto coins, then other anonymous coins such as Monero have more usage.

for now it seems they are all using bitcoin.
i guess bitcoin is anonymous enough for their needs and the liquidity in fiat conversions gives bitcoin a big advantage over anything else.
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September 24, 2014, 01:15:40 PM
 #9

Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.


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Robert Paulson
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September 24, 2014, 01:19:09 PM
 #10

Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.

you can't use cash on the internet
adrianbtc
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September 24, 2014, 04:01:51 PM
 #11

Actually cash is a lot harder to trace than Bitcoin. With enough resources and effort, one could potentially trace a Bitcoin transaction, with cash is harder IMO. Now if they are using Monero or Dark Wallet and what not, I guess the autorities are shit out of luck. Only if they realized war on drugs is pointless, maybe if they legalize it this wouldn't be happening.
In any case, it would only drive the prices of cryptos up anyway.

you can't use cash on the internet

exactly
kutaka
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September 24, 2014, 06:07:58 PM
 #12

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.
This, 100 times this.
Robert Paulson
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September 25, 2014, 12:05:51 AM
 #13

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.
This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.
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September 25, 2014, 12:55:05 AM
 #14

I agree for the most part. Being the main currency for a new black market could be a good thing or a bad thing depending on how you look at it.
libivan
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September 25, 2014, 01:40:27 AM
 #15

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.
This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

Sure, now I understand what you mean, and in this I agree with you.

What I don't agree with is the assumption that this is a big problem for Bitcoin: It is only a problem in the discourse of the anti-bitcoin fear-mongering propaganda  Wink

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.


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September 25, 2014, 05:14:12 AM
 #16

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

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September 25, 2014, 08:59:43 AM
 #17

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

Also it stimulate the need for more Law Enforcement jobs!  Grin

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Robert Paulson
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September 25, 2014, 09:05:28 AM
 #18

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.
This, 100 times this.

doesn't matter if anyone claims its the goal of bitcoin or not, the fact is that bitcoin is the money of choice on internet black markets.

Sure, now I understand what you mean, and in this I agree with you.

What I don't agree with is the assumption that this is a big problem for Bitcoin: It is only a problem in the discourse of the anti-bitcoin fear-mongering propaganda  Wink

This is not a good goal to have for bitcoin. If too high of all bitcoin related trade is done on blackmarkets then bitcoin will be much more heavily regulated (including the ability to buy and sell bitcoin with fiat) which will decrease it's value.

I would argue this is what happened when Gox's $5 million account was seized last year - it was too easy to take bitcoin from SR and sell it on Gox

I wonder who in this comunity has ever claimed that the blackmarkets is our (Bitcoin's) goal. It is simply a nonsense assumption.




did i say it was a problem?
this is very good because it generates constant demand for bitcoin.
OrientA
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September 25, 2014, 10:05:18 AM
 #19

It's magical internet pirate money. It can be used for whatever illicit activities and can be easily stolen. Currency is more fun this way!

Also it stimulate the need for more Law Enforcement jobs!  Grin

That is why law makers make many activities illegal.
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September 25, 2014, 10:38:56 AM
 #20

Alot of the demand for paper money comes from the fact that you need it to pay taxes to the government, you can't use anything else.

what exclusive use cases does bitcoin have? internet black markets.

you can't use fiat on internet black markets because of the paper trail it will leave, you HAVE to use bitcoin (or some other crypto but for simplicity sake lets say its bitcoin because its the most liquid and has the most secure network in terms of hashing power).
bitcoin is the only way to send money over the internet anonymously, all other methods require interfacing with the banking system which is highly traceable.

so assuming the world drug business remains illegal, and most of it moves from dangerous physical black markets to much safer internet black markets like silkroad, that is very bullish for bitcoin.

we're talking about a huge industry that will have to use bitcoin and will create constant demand for it.





op is right, btc is demonstrating its usefullness even in this highly policed area.
online gambling and online porn are also potential btc markets.   

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