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Author Topic: Bitcoin is backed by blackmarkets  (Read 1827 times)
BTCfan668
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September 26, 2014, 04:34:02 AM
 #21

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.
It is the currency of choice because it is the only currency that can be used in the same way that cash can be used over the internet.

This argument is very similar to saying that cash is the currency of choice for drug dealers (on the street)
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libivan
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September 26, 2014, 08:26:17 AM
 #22

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.

I meant zorke said.

neurotypical
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September 26, 2014, 12:56:10 PM
 #23

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.





There are going to be bad uses of about everything, just like TOR and i2p and whatnot, this doesn't discredit the whole technology, it's absurd to think like that.



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Robert Paulson
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September 26, 2014, 01:26:53 PM
 #24

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.





There are going to be bad uses of about everything, just like TOR and i2p and whatnot, this doesn't discredit the whole technology, it's absurd to think like that.

i didn't say its discredits bitcoin, im not making any moral judgments.
from an economic perspective if more of the drug trade moves to tor markets bitcoin demand will be huge.
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