Silk Road forums

Discussion => Newbie discussion => Topic started by: fredrics on March 18, 2013, 11:35 pm

Title: bitcoins now at $50
Post by: fredrics on March 18, 2013, 11:35 pm
How long can this bubble last
Title: Re: bitcoins now at $50
Post by: chainz on March 18, 2013, 11:44 pm
This is out of control now..it cant keep going up and will have to crash soon..surely there isnt that many people hoarding on to the coins?

When i started 1 BTC was valued at $2!
Title: Re: bitcoins now at $50
Post by: Experienced Dreamer on March 19, 2013, 12:09 am
I guess I should have bought some last week, oh well.  Hopefully it drops back down to 45ish later this week.  I hope it does not crash after I buy some, because that would really stink.
Title: Re: bitcoins now at $50
Post by: bezedhash on March 19, 2013, 12:56 am
Well. IMO there's no reason that Bitcoin will crash just because his value is high. High against what by the way? This currency has no value based on something real. Maybe the hardware and power to make the miners work?  The price goes high faster than the complexity of digging bitcoins since few months. This is nothing but algorithms. 2$ was already a shit load of money for something that came out a calculated blockchain, don't you think? More and more services want to take advantage of Bitcoin. It sounds like more investments and interests to me.
Title: Re: bitcoins now at $50
Post by: kundalini on March 19, 2013, 01:07 am
I may be a noob, but the value of bitcoin will only continue to increase, slow or fast depending on the adoption of legit companies (of course occasional hiccups might occur). Now that wordpress, mega, reddit etc. are starting to accept BTC it is creating a real sense of value beyond illicit activites. This alone drives the value up. There is a reason why BTC goes to .00000000 in value. One day .1 BTC might be worth $100. Will that day ever come to pass?? We'll just have to wait and see now wont we.     
Title: Re: bitcoins now at $50
Post by: schmuckboy on March 19, 2013, 01:09 am
Well. IMO there's no reason that Bitcoin will crash just because his value is high. High against what by the way? This currency has no value based on something real. Maybe the hardware and power to make the miners work?  The price goes high faster than the complexity of digging bitcoins since few months. This is nothing but algorithms. 2$ was already a shit load of money for something that came out a calculated blockchain, don't you think? More and more services want to take advantage of Bitcoin. It sounds like more investments and interests to me.

I agree. BTC is going up in value because it's rapidly becoming more popular. There isn't going to be a crash, BTC is just becoming more valuable and reliable which is a good thing.
Title: Re: bitcoins now at $50
Post by: thejgte on March 19, 2013, 01:14 am
This is insane, I only joined like a month ago and BTC were about $10. Come back today for another order and see this. Lucky I had a few pennies left in my account!
Title: Re: bitcoins now at $50
Post by: chainz on March 19, 2013, 01:21 am
But the thing is, if they go up prices of products are staying the same. I have all my listings in $ rather than BTC and they are always the same.
Title: Re: bitcoins now at $50
Post by: fredrics on March 19, 2013, 05:45 am
Looks like it is stable for the time being. The usa has also just officially recognized virtual currency so that can only help to secure their value.
Title: Re: bitcoins now at $50
Post by: Electric Paper on March 19, 2013, 05:55 am
Going up and up
Title: Re: bitcoins now at $50
Post by: holyroller on March 19, 2013, 06:09 am
Looks like it is stable for the time being. The usa has also just officially recognized virtual currency so that can only help to secure their value.

HUH when did the US do this....Link please?
Title: Re: bitcoins now at $50
Post by: TheGoodDoctor420 on March 19, 2013, 07:15 am
Looks like it is stable for the time being. The usa has also just officially recognized virtual currency so that can only help to secure their value.

HUH when did the US do this....Link please?

^THIS. A link to this claim would be very beneficial to the Domestic users on SR. Last I had seen, the FBI had been hard at work to crack the encryptions of BTC and were attempting to destroy it as a currency under the pretense that it "is actively undermining a 'Federal Currency'" (USD created by the Federal Reserve, which in fact is a privately owned entity run by members of the Globalist Elite banking families, amongst which are the Bildeberg's and Rothchild's...thus not a Federal branch whatsoever). They even went so far as to purport that anyone involved in the creation, distribution, or overall market of BTC were enemies of the State and could face criminal penalties akin to those placed upon terrorists and other individuals who are a threat to the Status Quo.
Title: Re: bitcoins now at $50
Post by: fredflintstone on March 19, 2013, 07:20 am
CLEARNET - http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Title: Re: bitcoins now at $50
Post by: microcosm on March 19, 2013, 07:29 am
No doubt it's gaining notoriety. All I know is I'd be rich if I hadn't bought all those drugs
Title: Re: bitcoins now at $50
Post by: Ojizzle on March 19, 2013, 07:36 am
Ahhhh yes, to still have all of those first bitcoins I originally purchased. Half my debt problems would be erased...
Title: Re: bitcoins now at $50
Post by: tit4tat007 on March 19, 2013, 07:42 am
When i started I gave 100 000 btc for  a pizza. okay not me but someone did. Wish I was him and kept those. 500 000 for free would be nice
Title: Re: bitcoins now at $50
Post by: ladyjane on March 19, 2013, 08:13 am
I remember when they were at $20, wish I had bought more. Keep thinking I should buy some now anyway, just in case it keeps going up.
Title: Re: bitcoins now at $50
Post by: mrmdma on March 19, 2013, 08:28 am
Cmon guys, don't you all wish you'd have bought some Apple stock 12 years ago?
Title: Re: bitcoins now at $50
Post by: TheGoodDoctor420 on March 19, 2013, 11:01 am
CLEARNET - http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

Thanks for the link to the legislation, brother. Though the defining parameters of what is considered to be a person using BTC as a "Money Transmission Service" as:  An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.10 FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."

This means that any entity/individual who uses BTC for any purchase is, by legislative definition, an MTS...and therefore subject to BSA regulations and all other law/regulations pertaining to that status. Say I buy BTC from an exchange or an independent user for USD, then use those BTC to purchase something on the Road (therefore "acceptance of currency, funds, or other value that substitutes for currency from one person", followed by "the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means")...I now am subject to being treated like a traditional MTS and therefore must register myself as a business of that nature, and must hold a verifiable log of all activities related to my use of BTC, regardless of whether I am a user in reality or not. The INTENTIONAL use of such a definition in this new legislation is established with the (likely) intent to keep the shackles of traditional centralized currency use in effect when faced with a potentially disempowering technology/invention such as BTC.

Furthermore, BTC miners are subject to the same attacks against their privacy/rights due to the fact that when a new block is mined, a small portion of the BTC created from it are given to the miner for the use of their CPU/GPU, while the rest goes to the blockchain/open market for being phased into circulation. The following excerpt from the new legislature backs this claim...

"A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.

            A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."

Note: a miner has NO CHOICE in whether they are inadvertently involved in the use of the coins they created to be sold/traded for another currency, goods, or services. They default to being labelled as an Administrator or Exchanger.

The perfect method to effectively corrupt, control, and destroy the purpose for a de-centralized e-currency. No longer will there be any reason for the massive amounts of security and privacy established by it being a crypto-currency.