BitCoin Price/Demand Decrease? Suggestions on buy/sell?

[szskateman22]

I woke up this morning and checked the news on Yahoo! (not that their news is worth much now-a-days...) to find this little article:

http://abcnews.go.com/US/silk-road-website-dealt-drugs-guns-assassins-bitcoins/story?id=20446005

How do you think this will affect the bit-coin economy? Will bit-coin disable their "coins", since they are all frozen inside the site, and release new ones?

Do you think it would be wise to buy some up right now or wait and see how this affects them? Like what are the chances that they go up in price significantly because of this?

Anyone have any opinions on this?

 

[wizardzgame]

Well, the price has dropped over $40 in 24 hours, what do you think? This is devastating news for the bitcoin market.. it's highly fueled highly by illegal activity, and silkroad was a drug haven. There are other sites still up like BMR (works great, I use it myself) but this just goes to show the server locations for sites on the TOR network can easily be found.. tor isn't secure anymore.. half of the network is government honeypots now. This is why I use a custom config file for tor to block all usa, canada, and uk exit nodes though. If you want to know how to do this, PM me and I'll send you my config file.

Anyway.. this won't last for too long. TOR will die out when John Mcafee comes out with his new device that lets you onto his "new internet" that won't be traceable by even the NSA because its entirely decentralized and doesn't use publicized nodes like TOR does.

At a tech and music conference last weekend, John McAfee, controversial founder of the eponymous anti-virus software company, announced that he is inventing a device that will stop the NSA from spying on Americans. It's called D-Central, it will be out within the next six months, and it will only set you back around $100.

The NSA-proof device acts like a wireless internet router that broadcasts small, private networks across a radius of about three blocks in the city and a little over a quarter mile in the country. By accessing these networks, users within range of the device can secretly swap files with each other or access a "public mode"— without jumping on the main internet backbone. "It will of course be used for nefarious purposes, just like the telephone is," McAfee said at the conference, agreeing that it could be described as a "dark web."

"It looks like this is definitely something that could be physically built, but whether anyone would want it is another question," says Matthew Green, an encryption expert at Johns Hopkins University. "You would still have to avoid Facebook, Google, Twitter—because these are centralized providers that have a relationship with the NSA."

TL;DR: its a new dark web using technology similar to a mesh network.. meaning every node is connected to every node. Everyone is everyone. On TOR, everyone is someone else.. but if you connect to that someone else and they're a honeypot they can log everything you do.. everything you click, every website you go to while you're connected.. etc. TOR isn't safe so don't trick yourself into thinking it is kiddies, and it won't be around forever so check it out while it still exists (and if you do, connect to it through a VPN or something.. but don't use a public VPN because those might as well be honeypots themselves.. they legally log everything)

Have fun kiddies, stay safe.

 

[TradeFortress]

I honestly have no clue what the government is going to do with all the seized Bitcoins. I guess it would make sense for them to sell them and use the money, but it just seems odd to do that. Either way I'm expecting in the near future for BTC to drop as that was a main site that was a part of BTC. $10,000's, if not $100,000's of dollars were processing through there each day, and it just leaves a big empty space for everyone in that market. Basically dropping the amount of demand to get BTC by some sort of percentage, even if it's small. So in the end SR going down decreases demand for BTC, but if the Gov just keeps the BTC they've seized it could still go up.