Silk Road forums

Discussion => Silk Road discussion => Topic started by: huecityboy on October 20, 2011, 09:56 pm

Title: Bitcoin Devaluation the Real Problem
Post by: huecityboy on October 20, 2011, 09:56 pm
I'm as concerned as anybody about SR being down.  I've got two sellers I can't finalize on, because of it.  But this same thing happened a few months ago, and we whethered it, but at that time, our newfound--and unwanted--notoriety seemed to be accompanied by btc going thru the roof.  Over 20 bucks best I remember. 

But btc since those days have been constantly dropping in value.  Makes it hard to do business if it's not stable.  And exchanges have been going haywire also.  First MtGox, then HillTrade quit taking dwolla, then it took them with bitinstant, but that was down until it came back up again yesterday.  Then we finally get a good one to do business with, exchangebitcoin, and damn if *they* don't go down.

I don't feel as optomistic this time, as I did last time SR went down.  It seems some other currency needs to be created.  Something tied to the dollar, or the pound, or the peso, I don't care, but something controlled at a central source so we could continue with our anonymity.   I just don't know how it would be done.  BTC is one of the main attractions about SR.  Need some genius out there to figure out another one...
Title: Re: Bitcoin Devaluation the Real Problem
Post by: RapidImprovementV2 on October 20, 2011, 10:03 pm
Bitcoins are becoming more of a hassle than they're worth.
Title: Re: Bitcoin Devaluation the Real Problem
Post by: phubaiblues on October 20, 2011, 10:13 pm
Yep, me too...feel kind of bad for two sellers right now: I can't get on to finalize their orders, and btc's are dropping quickly and i don't think they were hedged. 

It doesn't seem to matter so much *where* it stops, as long as it stops somewhere...but we'll have a hell of a time trading and buying them if they don't settle down, as the exchange shops will shut down...they're having troubles as it is....
Title: Re: Bitcoin Devaluation the Real Problem
Post by: Dopeboy on October 20, 2011, 10:37 pm
Bitcoins are revolutionary in that they are NOT controlled by any government. It's value goes up and down depending on people's confidence in it, and by saying you don't support the bitcoin, you're helping devalue it.

Do you seriously want to give your freedom away to a "leader" just so you can feel safe? That's so sad in my opinion.
Title: Re: Bitcoin Devaluation the Real Problem
Post by: Raffael on October 20, 2011, 11:08 pm
As long as we don't get paid in fixed rates and not pegged, BTC isn't really a currency, only a token.
Title: Re: Bitcoin Devaluation the Real Problem
Post by: fruity on October 21, 2011, 12:31 am
hoping things will stabilise @ 1bt=1$
Title: Re: Bitcoin Devaluation the Real Problem
Post by: deniedwings on October 21, 2011, 08:57 am
Its very difficult to watch this happen, but I honestly feel we are getting somewhat close to a bottom.  Go to bitcoincharts.com and look at the 1 year graph. 

Bitcoin was gradually increasing until late April when it started to get a little publicity, then Schumer made his comments about bitcoin / SR and the price shot up.  People heard about it - lots of anti-government / independent / libertarian people were very interested (to some degree I put myself right in there with them at that point).  The price skyrocketed, sellers refused to sell, buyers - most of them who were brand new to bitcoin and had no idea what they cost 1 month previous -  were paying anything for one.  Since the marketplace for bitcoins didn't exist at that point, other that SR, there wasn't much reason to have the coins.  Once the price started dropping more and more people started selling because they didn't want to the person holding the bag.

My point in all of this is we are getting down fairly close to where we were before the price bubble due to all the unjustified hype that started back in April.  And in the interim there have been DDOS attacks on the miners and MtGox, various scammers, threats, etc, and the bitcoin protocol itself has not been shown to have any holes.  I think that is an incredible statement to the quality of the protocol and the underlying code.  And SR itself has proven consistently that if you can buy coins anonymously you CAN transfer value anonymously. 

I for one hope bitcoins don't get much publicity for awhile, I think the price will drop down another 50% or so, near parity with the pound or euro or dollar and then hopefully it will be stable or start increasing slowly based on fundamental value of the bitcoin network and not in the bubble fashion we saw a few months ago.

It was always going to be difficult to get bitcoin on stable footing, but I think it has weathered a difficult storm and still works - hopefully SR can weather the storm it is currently facing and continue providing the service that it does. 
Title: Re: Bitcoin Devaluation the Real Problem
Post by: mastic on October 21, 2011, 09:43 am
Since 3 days i thought BTC is gonna fall under 2$ but since yesterday it seems to stay at the same level 2.10/2.50, hope it is the beginning of a new spectacular progress for the bitcoin :)
Title: Re: Bitcoin Devaluation the Real Problem
Post by: spirit on October 21, 2011, 12:19 pm
Ive just posted about sr being down and defending what annon ymous is suposed to be about ,now i read here that all the  exchanges are going tits up,It is a real threat to goverment/global economies ,having a an annonymous currency.its bad enough if you say you wont trade oil unless its paid for with gold,and look what happened to gaddaffi.Thay have had plenty of time to cook up  some options ,maybe this is the start of it.i hope ime wrong because every one has something to gain somewhere with this system.Its freedom or rights .
Title: Re: Bitcoin Devaluation the Real Problem
Post by: phubaiblues on October 21, 2011, 02:25 pm
Bitcoins are revolutionary in that they are NOT controlled by any government. It's value goes up and down depending on people's confidence in it, and by saying you don't support the bitcoin, you're helping devalue it.

Do you seriously want to give your freedom away to a "leader" just so you can feel safe? That's so sad in my opinion.

You're right, and sometimes it is just a matter of seeing the big picture the way you say.  I'm libertarian, and currency is a big part of that.   I've staked a lot on btc, and I think I wouldn't be human if I didn't voice the fears I have sometimes.  I put in my buy order at 'two', cuz it's a nice round number, and I'm braver today, sometimes I *do* want the trains to run on time, but I don't mussolini as the price for it... :)
Title: Re: Bitcoin Devaluation the Real Problem
Post by: phubaiblues on October 23, 2011, 05:08 am
btc creeping back up....good deal, it's just settling down a bit.