Silk Road forums

Discussion => Security => Topic started by: chronicpain on August 07, 2011, 01:24 am

Title: The key with the bitcoin is not to panic!!!
Post by: chronicpain on August 07, 2011, 01:24 am
Yesterday, someone sold 30k bitcoins and sold them all at once. Today, someone sold 180k dollars worth all at once (the reason it went into the 5 dollar range).

It would be wise to keep on to your bitcoins and probably purchase them.. There will be sell offs like this, but you can bet your last btc it will go back up.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: SR Discount Pharmacy on August 07, 2011, 01:46 am
Yeah, i have like 100btc which i was going to sell at half price of what i got them for. Also, i have about 70btc in escrow that i paid double as well. I decided to just hang on until about tuesday or so to sell them off. Besides this huge dip this weekend...has anyone else noticed smaller dips every weekend which recover by midweek?
Title: Re: The key with the bitcoin is not to panic!!!
Post by: Gordo on August 07, 2011, 02:01 am
Yes people shouldn't panic...but that being said, they are panicking. It looks like a classic sell off to me. The pump and dumps are getting old. Like every 2 weeks-30 days some massive catastrophe happens. I must admit I've sold every coin I have at a loss. I'm keeping an eye on it and I'd jump back in if I feel it's on an upward swing again. But this feels different. There have been massive sell offs and it's just dropping ever lower. I've had my eye on mtgox live and saw it drop a dollar once in seconds...more...more....more....

I doubt it's the "death of BTC" as some have said but it's just my opinion (more like gut feeling) that it won't be back to $15. At` this point my only wish is some stability. Stuff like this is a huge demotivating factor for sellers.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: chronicpain on August 07, 2011, 02:11 am
You also have to remember that mybitcoin was hacked (we hope) and someone made off with a lot of btc. I dont think we have seen the bottom yet. But, I also think that it will eventually go back up and stabilize.

I have seen in the bitcoin threads how people wish they could buy, but it takes a few days for dwolla, etc. to transfer. so, they cant purchase right now.  I agree, whatever happens this weekend, it should either stabilize or make a bounce back.

I think people are stupid to dump so much at once. that tells me that they got the btc very easily. I mean, 30k bitcoin at 8 bucks a piece is close to 250k dollars. It would have made sense to sell it off in 5k chunks. That way it wouldn't move nearly as much as it has..
Title: Re: The key with the bitcoin is not to panic!!!
Post by: sabialabia on August 07, 2011, 04:36 am
wish there was a faster/easier way to convert to btc to buy some during these drops.  what's the fastest way to go from usd to btc securely/safely?
Title: Re: The key with the bitcoin is not to panic!!!
Post by: pcgamer02 on August 07, 2011, 06:16 am
I don't have anything against hackers personally. For the most part I think the penalty for most cybercrimes is completely retarded.  I also personally  dont have any malice towards people who commit non-voiolent crimes like drug use or whatever. The only thing that really chaps my ass is stealing from people. Robbing a bank is one thing. Hell, government will re-reimburse the bank. So who gives a fuck. But stealing an individuals hard earned money (in the form of bitcoins) is really fucking low. Taking something that is not yours is just a scumbag move in my eyes. The real bummer with bitcoin is there is no reimbersment for victims of them. Once your coins are gone, they are gone forever. Both a strength and weakness of bitcoin I suppose. I would encourage more people to backup coins to an encrypted USB drive. Much harder to compromise 100 unique usb drives than a handful of websites. The risk vs reward for stealing bitcoins very tempting.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: awesome1126 on August 08, 2011, 04:22 pm
wish there was a faster/easier way to convert to btc to buy some during these drops.  what's the fastest way to go from usd to btc securely/safely?

There is! Buy BTC using WU on wm-center, they'll have them to you in 24 hours, same with nanaimogold. Don't want to use WU? bitcoinbux and bitcoinexchange.cc
accept Green Dot Moneypaks and can load your account usually in under 12 hours.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: joeblow2 on August 08, 2011, 04:55 pm
wish there was a faster/easier way to convert to btc to buy some during these drops.  what's the fastest way to go from usd to btc securely/safely?

There is! Buy BTC using WU on wm-center, they'll have them to you in 24 hours, same with nanaimogold. Don't want to use WU? bitcoinbux and bitcoinexchange.cc
accept Green Dot Moneypaks and can load your account usually in under 12 hours.

wm-center charges high, but feasible fees.  Nanaimogold charges an unbelievably high amount AND gives you a crap BTC exchange rate.  I think the guy that runs that site is the one who buys the $12.50 Norcos on SR.  ;)
Title: Re: The key with the bitcoin is not to panic!!!
Post by: theonetheonlyandy on August 08, 2011, 07:10 pm
i hope they go up again. i have some coin that i cant use because of this. it was way more for an 1/8th now i cant even buy a gram.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: CaptainJohnny on August 11, 2011, 12:15 am
This is what happens when people who use drugs a lot try to play 'investor.'

I don't have anything against drugs or drug users. But lets face the facts, they're not usually the sharpest tools in the shed. We don't all get to be Rocket Surgeons when we grow up. this isn't meant to be an insult, but a simple fact of life. What tiny fraction has figured out how to use TOR and Bitcoin? Most of your buyers can't figure out PGP. If every drug seller and buyer on the North American continent spontaneously sprouted the mental fortitude to use this combination of services, the SR server would be dead. Could TOR even deal with that? I feel wrong to even say 'mental fortitude,' because it isn't that hard... Why aren't they doing it? Do they like jail?

Not only is the marketplace small, but it's populated by people who don't understand it. It's just a way to get high for them. How many heroin users do you know trade in foreign currency? Look at the discussions about using a fake name for mail-ordering their 1/8th of pot... Possession is possession, the name doesn't help you. 15 minutes of creative thought rendered me ideas no one here has yet suggested. I'm not bragging. I'm not a super-genius. I just cannot understand how people can't figure it out for themselves. I have also never stepped into the middle of a bunch of people who use drugs before...

Frankly, I'm all for it. If they want to panic and sell, cool! I'll buy every BTC they got! How many weeks until a block is only 25 instead of 50? How many reading this message comprehend the implications of that? Know what a block is? Have any clue what I'm referring to?
Title: Re: The key with the bitcoin is not to panic!!!
Post by: Raffael on August 11, 2011, 01:32 am
Well put CaptainJohnny!

on't mess with BTC as an investment!

I am going to list several truisms of complex financial products:

A) You have not anticipated everything.

B) These products are non-productive, and do not generate wealth.

C-1) Smarter, more serious people than you have their hands in it already, and due to B, their mechanism of earning money is by taking yours, and due to A, they will.

C-2) If smarter, more serious people than you don't already have their hands in it, it probably isn't worth a damn.

I would, for instance, strongly recommend just putting that utility money in a savings account instead, and I fully expect you'd come out ahead by some many thousands of dollars by 2040.

Good luck, be cautious.
Title: Re: The key with the bitcoin is not to panic!!!
Post by: chronicpain on August 11, 2011, 02:07 am
The only reason Im not mining today is because of the block difficulty. Now, if it gets to a reasonable amount, Ill be hashing like a mofo.  I speculated on the btc because only 1 or 2 people caused it to  tumble. Now, if it were thousands or even hundreds, then I would have thought it would be in the cents by now. Right now, with the cost of electricity, the difficulty level to obtain the chain and the cost of a good GPU processor(s)/machine, is hardly worth the effort.

But when the difficulty drops by even by 25 percent, im probably at least going to dabble in mining. Just for a hobby and maybe expand from there...

But overall, speculating on the bitcoin market as a day trader or even as a hobby is extremely dangerous. (unless your the owner of mybitcoin.com  >:( )
Title: Re: The key with the bitcoin is not to panic!!!
Post by: novocaine on August 11, 2011, 08:39 am
This is what happens when people who use drugs a lot try to play 'investor.'

I don't have anything against drugs or drug users. But lets face the facts, they're not usually the sharpest tools in the shed. We don't all get to be Rocket Surgeons when we grow up. this isn't meant to be an insult, but a simple fact of life. What tiny fraction has figured out how to use TOR and Bitcoin? Most of your buyers can't figure out PGP. If every drug seller and buyer on the North American continent spontaneously sprouted the mental fortitude to use this combination of services, the SR server would be dead. Could TOR even deal with that? I feel wrong to even say 'mental fortitude,' because it isn't that hard... Why aren't they doing it? Do they like jail?

Not only is the marketplace small, but it's populated by people who don't understand it. It's just a way to get high for them. How many heroin users do you know trade in foreign currency? Look at the discussions about using a fake name for mail-ordering their 1/8th of pot... Possession is possession, the name doesn't help you. 15 minutes of creative thought rendered me ideas no one here has yet suggested. I'm not bragging. I'm not a super-genius. I just cannot understand how people can't figure it out for themselves. I have also never stepped into the middle of a bunch of people who use drugs before...

Frankly, I'm all for it. If they want to panic and sell, cool! I'll buy every BTC they got! How many weeks until a block is only 25 instead of 50? How many reading this message comprehend the implications of that? Know what a block is? Have any clue what I'm referring to?

Im guessing 17weeks,2 days , 13hours, 5 mins and 24sec till the drop from 50 to 25. I can comprehend the implications of that. Yes I know what a block is. I know what you're referring to.

Do you have any experience using substances? Do you know what it feels like to experience a beautiful change in perception in the use of psychedelics? Have you gone astral planing on DMT? Do you know what DMT is? Have you ever felt extreme empathy and love that you never thought you were capable of by using MDMA? I could go on and on and on

You say you dont mean to be insulting by stereotyping drug users. But I was a little. I put your insult down to your lack of life experience or being misinformed about the demographics of your average recreational user.

Maybe you should give a substance a crack. I suggest a dose of MDMA. It will open your eyes I promise.

IMO your bitcoin stinks for selling items. Its unstable and inconvenient. It always has been. Nothing beats hard currency when it comes to trading goods. Most sellers(of goods) are not trying to play investor, They want to sell their goods and exchange it into cash for the exact same price as the bitcoin they sold it for. Unfortunately this doesnt happen. I see SR as a service more than a way to make money. SR puts substances into the reach of buyers who would probably never normally get the chance to use.
SR is a statement more than anything else.

I predict bitcoin will never take off in legitimate services. The blackmarket is what will keep your coin turning over not some miners with their water powered ;D mining rigs playing 'investor'

Anyway... take a look around. You will find that dumb questions get asked everywhere. I blame peoples lack of patience and hence their unwillingness for research....not because they are 'dumb' from the substances they use
Title: Re: The key with the bitcoin is not to panic!!!
Post by: profspudhed on August 11, 2011, 04:07 pm
yep, in fact ive been wondering if someone with a hefty amount of coins is responsible for all this, imagine if you will someone with a hell of a lot of coins starts selling them at any rate going bombing the price, at that point other people panic and start selling low too, at that point the guy who crashed the market buys as many coins as poss while theyre cheap as chips and everyone is panic selling, he holds on to the coins he bought at $6 a coin until theyre worth 12 and doubles his money instantly.

and just to add when i saw it bomb the first thing i did was buy as many coins as i could (at around £4 a coin) now ive spent them all at the rate of £6.40 a coin or thereabouts, more drugs for yer money, cant beat it. although i agree it can be hell for sellers unless you happen to cash out your coins asap and even then escrow can screw you over, so the system isnt perfect but it sure is by far the best method we have, ive literally just been looking at pecunix and it seems a right ballache to setup and fund, especially for those without bank accounts like me