Silk Road forums

Discussion => Security => Topic started by: Tokin' Minority on June 18, 2011, 07:39 pm

Title: BTC value climbing up again!
Post by: Tokin' Minority on June 18, 2011, 07:39 pm
For the sake of everyone here and the overall Bitcoin movement, I like to believe those who say SR is just a very small slice of the BTC economy.

However, when the ups and downs of the BTC value very closely mirrors the availability of our particular market, I can't shake the feeling that it's more than just a coincidence.

Too bad I'm too broke to be a speculator ... actually maybe it's a good thing.
Title: Re: BTC value climbing up again!
Post by: performance on June 18, 2011, 08:54 pm
I've been following Bitcoin for a while now. The only reason I finally started using it is because of the Silk Road! I'm pretty sure there are lots of other people in the same boat.
Title: Re: BTC value climbing up again!
Post by: PancakeGod on June 18, 2011, 10:27 pm
same here, SR is the only reason i use BTCs, if i could use them for other stuff i would happily do so, but since discovering BTCs i have yet to find a use for it outside of here.
i live in hope that someday it'll be a valid currency in most online shops
Title: Re: BTC value climbing up again!
Post by: j789745 on June 18, 2011, 11:31 pm
i believe that bitcoin value is influenced by SR.  there's virtually nothing else you can use it for. and even those merchants who do take it  provide little incentive for customers to use it over their own currency. we probably we won't see bitcoin used much outside of the blackmarket any time soon, which sucks because we need a wider market to avoid these giant fluctuations
Title: Re: BTC value climbing up again!
Post by: Megatherium on June 19, 2011, 05:18 pm
We have less than 6 days till this block stretch is over. The diff is estimated to rise over 60% with the new stretch. Coins will become expensive (as long as SR stays up :D)
Title: Re: BTC value climbing up again!
Post by: Modoki on June 19, 2011, 06:10 pm
I can't get rid of the feeling you guys have no clue what you're talking about.
There is a huge fucking much of speculation going on.
then the illicit stuff market is much bigger than silkroad.
And then Bitcoin as commodity is big as well.
Also, for example, I just came via bitcoins to the silkroad though I was around at such places, but not with bitcoins.
Thinking that Bitcoin is not more than silkroad is pretty ignorant and as well showing that you didn't come here before silkroad was so fucking popular.
Greets, M
Title: Re: BTC value climbing up again!
Post by: Botulism on June 22, 2011, 12:57 am
I don't believe that bitcoin price and silk road are very much related. If you head on over to bitcoin-otc you'll quickly realize the price changes are little more than coincidence. Unfortunately, people are going to believe what they believe and there's little you can do to change their mind.
Title: Re: BTC value climbing up again!
Post by: rake on June 22, 2011, 01:11 am
The value has been slowly receding with mtgox being unavailable.  The use of BTC as a currency to buy products has not diminished though.  If anything, having a major exchange down for an extended period of time should have increased the value but it hasn't so that would indicate that people are using other currencies to complete transactions instead of BTC.
Title: Re: BTC value climbing up again!
Post by: niggerjim on June 22, 2011, 06:16 pm
You think the guy with $500k in btc was buying drugs? People are investing in BTC because its value is climbing exponentially, its called math, go look it up.
Title: Re: BTC value climbing up again!
Post by: Ahoyhoy on July 14, 2012, 12:12 pm
I've been following Bitcoin for a while now. The only reason I finally started using it is because of the Silk Road! I'm pretty sure there are lots of other people in the same boat.

There's another use for BTCs????
Title: Re: BTC value climbing up again!
Post by: Imaginarytailus13 on July 14, 2012, 01:32 pm
There's another use for BTCs????

: /
Title: Re: BTC value climbing up again!
Post by: BigScrote on July 14, 2012, 06:41 pm
You think the guy with $500k in btc was buying drugs? People are investing in BTC because its value is climbing exponentially, its called math, go look it up.

Exponentially? No it's not. That's a pretty basic math construct that you've maybe confused with something else. It's actually called an unregulated, speculative, free market.

I don't really care one way or the other. Like OP said, I'm too broke to invest. But it's always nice to wake up the next day and realize the rise in BTC covers my shipping!
Title: Re: BTC value climbing up again!
Post by: 34tuforlunch on July 14, 2012, 08:05 pm
I have made about $1 on each of my coins and I have about 600 coins =).
Title: Re: BTC value climbing up again!
Post by: sundhara on July 14, 2012, 08:48 pm
Exponentially? No it's not. That's a pretty basic math construct that you've maybe confused with something else. It's actually called an unregulated, speculative, free market.

-1 I hate sarcasm.

And from what I know of stocks, bitcoin is due for a huge crash... It's as others in this thread said: It's not going to be used for anything else but investments, and black market dealings for quite some time. There is no reason for the average, government-friendly citizen to use bitcoins. It carries huge risks with it, but you can also make a huge amount of money. For most people, the risks are too great to be serious about investing in bitcoins.

Open up a bitcoincharts.com, set the time frame to 1 year (hopefully you are using Mt Gox USD)

Firstly, we notice that the chart is going downwards, this started around mid-2011. We see that it hits a reaction-low... It typically reaches a figure that is not yet stable with current market trends, but because of it's low price, everyone tries to invest at once... (Mid-October 2011 - Spikes up by about 33%) because of the demand, price spikes up, no one wants it... it hits a record low. NOTE: This is just reading it off the charts. All my values are approximate.

IMO, the main reason why bitcoins picked up after Mid-November 2011 is because of the huge volume that Mt Gox bought (like, 390k?). They did this just as it dropped by something like 15%. Right after that? Bitcoin prices become more expensive. Now, I don't know how much of an effect Mt Gox has on bitcoins right now, but when it was losing it's value... Mt Gox pretty much took over the market and had quite a degree of influence on the prices. To be honest, Mt Gox seems a bit fishy to me simply because of this. They've had market dominance since July 2011. The market crashed in August 2011. Kind of a perfect timing, y'know. But I don't know the specifics of this so I'll stay away from it.

I wasn't on SR during the 420 sales... I was at home. Broke as fuck. Texting a mate who was getting high for a vicarious experience LOL.

420 sales? Oh yes, lets look at the impact of the 420 sales on the bitcoin economy: BZZZZZT derp. Either everyone already had money for the sales before it was announced, or silkroad is only a small dent in the bitcoin economy... And it is true. Silkroad is only a small dent in the bitcoin economy (and the admins were still able to somehow fund a free cruize, iphones and what not).


All of this information... could have been easily predicted (except the 420 sales.. lol) with the use of charts.

It has been breaking resistance over and over again. If you would like, change the Time Period to All data. The economy looks to be heading for another moderate drop before the year is through (I don't know if we'll ever see a drop like the one that started in August 2011... Simply because no one will let the prices get that low...)

Oh, and yes as BigScrote mentioned, it is indeed just speculation, however nothing is to say you shouldn't try speculating... who knows, you might just find yourself to be good at that :P

Title: Re: BTC value climbing up again!
Post by: wasta on July 14, 2012, 09:08 pm
Btc will drop in the first few day or even weeks.
There has been a other new heist, and you never guess where.
Right!
40.000 btc, because there was a safety device preventing to steal even more.
They have stolen the max possible!
With a lastpass password that was stolen at the heist of last year.
So btc will drop!
A set back of one or two months I suspect.
4 euro or 5 dollar again, maybe even less.
I can not predict for how long and for how far the btc will come down.
But after last year's heist the drop was substantial.

Wasta



 
Title: Re: BTC value climbing up again!
Post by: BonesJones42 on July 14, 2012, 11:07 pm
Btc will drop in the first few day or even weeks.
There has been a other new heist, and you never guess where.
Right!
40.000 btc, because there was a safety device preventing to steal even more.
They have stolen the max possible!
With a lastpass password that was stolen at the heist of last year.
So btc will drop!
A set back of one or two months I suspect.
4 euro or 5 dollar again, maybe even less.
I can not predict for how long and for how far the btc will come down.
But after last year's heist the drop was substantial.

Wasta

Somebody wanna translate this for me?
Title: Re: BTC value climbing up again!
Post by: International on July 14, 2012, 11:38 pm
You think the guy with $500k in btc was buying drugs? People are investing in BTC because its value is climbing exponentially, its called math, go look it up.

Exponentially? No it's not. That's a pretty basic math construct that you've maybe confused with something else. It's actually called an unregulated, speculative, free market.

I don't really care one way or the other. Like OP said, I'm too broke to invest. But it's always nice to wake up the next day and realize the rise in BTC covers my shipping!

This guy is exactly correct. And, something important to note about unregulated markets, only those in the know would be wise to invest.
Title: Re: BTC value climbing up again!
Post by: TheBusiness on July 15, 2012, 05:16 am
Just over a week ago I juggled a bunch of money from various sources and bought a nice chunk of BTC to see me through next few months orders, then I log in and see these threads, check mtgox and see the exchange rate... woohoo!

It's like the molly fairy just showed up and threw a couple of Gs in my face out of thin air.

Thanks internet! Keep on a rollin'   :D :D :D

 
Title: Re: BTC value climbing up again!
Post by: MollyMarley on July 15, 2012, 03:33 pm
.
Title: Re: BTC value climbing up again!
Post by: JB HOME on July 16, 2012, 07:52 pm
Btc will drop in the first few day or even weeks.
There has been a other new heist, and you never guess where.
Right!
40.000 btc, because there was a safety device preventing to steal even more.
They have stolen the max possible!
With a lastpass password that was stolen at the heist of last year.
So btc will drop!
A set back of one or two months I suspect.
4 euro or 5 dollar again, maybe even less.
I can not predict for how long and for how far the btc will come down.
But after last year's heist the drop was substantial.

Wasta

Somebody wanna translate this for me?



CHECK THIS ARTICLE: http://www.cyberwarnews.info/2012/07/14/bitcoinica-breach-done-by-leaked-source-code-results-in-40000-being-stolen/
Explains everything... My guess Mt.Gox had obtained those 40.000 bitcoins and now having the advantage of having even more bitcoins so they can
control the price for a few weeks or months now. My wild guess is that it will decrease in value to around 6+ usd.
Title: Re: BTC value climbing up again!
Post by: Whothefuckisthis on July 16, 2012, 07:58 pm
It's as if too me, with BTC's constant inflation fluctuation it should increase in value to the point where it bursts and rapidly deflates. I'm no economist but what I have learned and seen this is almost the eventual outcome of every currency. It's happening to the Euro now.
Title: Re: BTC value climbing up again!
Post by: Limetless on July 17, 2012, 05:29 am
It's as if too me, with BTC's constant inflation fluctuation it should increase in value to the point where it bursts and rapidly deflates. I'm no economist but what I have learned and seen this is almost the eventual outcome of every currency. It's happening to the Euro now.

You are correct and when all the BTC are all mined, unless more are produced this is a certainty.
Title: Re: BTC value climbing up again!
Post by: Imaginarytailus13 on July 17, 2012, 06:14 am
It's as if too me, with BTC's constant inflation fluctuation it should increase in value to the point where it bursts and rapidly deflates. I'm no economist but what I have learned and seen this is almost the eventual outcome of every currency. It's happening to the Euro now.

The total that coins that can even be mined amount to 160 million. I doubt we`ve reached that amount yet. Whats happening with the Euro is different, it lost value because it was exposed. Meaning that they were basically moving around money/funds/stocks that weren`t there. The greek government is at fault, the union should have checked their records instead of being enthusiastic to invite another country.
Title: Re: BTC value climbing up again!
Post by: TheBusiness on July 17, 2012, 07:09 am
Isn't it a lot smaller.. like 8M mined, 20M total or something. Not sure.. I'll look it up later.

In any case, the cost to mine now exceeds the value of the coin itself so I assume it will be left to the botnets or future advances in computing to uncover the rest :)

Title: Re: BTC value climbing up again!
Post by: wasta on February 14, 2013, 12:41 am
Btc will drop in the first few day or even weeks.
There has been a other new heist, and you never guess where.
Right!
40.000 btc, because there was a safety device preventing to steal even more.
They have stolen the max possible!
With a lastpass password that was stolen at the heist of last year.
So btc will drop!
A set back of one or two months I suspect.
4 euro or 5 dollar again, maybe even less.
I can not predict for how long and for how far the btc will come down.
But after last year's heist the drop was substantial.

Wasta

Somebody wanna translate this for me?

I think I am doing alright,  considering I have been only in England for a few days.
If I went to school and learned for 200 hours the English language, Then my English would be a whole lot better.

So have you ever been outside of your country? To China , an Arabic country, or the Netherlands?
Spain perhaps?
I would like to see your writing, in that particular language.

Not all of us went to school and learned a foreign language,
Sure I wish I learned English for a week or two, but sadly that's not the case.


Now the point I wanted to make.
The bitcoin went from 11 euro to 20 euro in just one month.
Sadly the prices stayed almost the same.

Would it not be fair to adjust the prices , so the price would be at the same level in $ or € as they were one month ago?

Prices have almost doubled in one month.
Please sellers do something about your prices !

Wasta
Title: Re: BTC value climbing up again!
Post by: CrazyBart on February 14, 2013, 02:35 am
Isn't it a lot smaller.. like 8M mined, 20M total or something. Not sure.. I'll look it up later.

In any case, the cost to mine now exceeds the value of the coin itself so I assume it will be left to the botnets or future advances in computing to uncover the rest :)

Thats not true. Especially with what coins are trading at.