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(BBC)   Bitcoin value drops sharply due to: "the association of bitcoins with illegal activity". More likely reasons to the right -   (bbc.co.uk) divider line 55
    More: Obvious, FBI, virtual currency, Trend Micro, alternative investment, collective investment scheme, encryption key, technology policy  
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1312 clicks; posted to Business » on 03 Oct 2013 at 11:47 AM (40 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-03 11:24:12 AM
My guess is "here, hold this bag!"
 
2013-10-03 11:41:07 AM
Bitcoins fluctuate wildly in value.

Film at 11.
 
2013-10-03 11:55:32 AM
So while users of Silkroad may have lost over 3 million dollars, what's to keep the site from being set up again in another country with a different domain?
 
2013-10-03 11:58:29 AM
Wallstreet hates competition
 
2013-10-03 11:58:51 AM
Actually, the Feds getting into bitcoin ownership should be a good thing.

If they can spend them and like it, that may give them an incentive to put the NSA server farms into mining bitcoins out.

Might put the debt ceiling off by a few months.

/or days
 
2013-10-03 12:02:44 PM

StrikitRich: So while users of Silkroad may have lost over 3 million dollars, what's to keep the site from being set up again in another country with a different domain?


Probably the fact that the last guy that tried it got arrested by the FBI and will in all likelihood die in prison.  I'd say the odds of someone else wanting to step up to be next in line are pretty slim.  Not to mention that everyone who ever used or affiliated with Silk Road is probably busy trying to figure out if the FBI already knows who and where they are.  So they may have bigger things to be worrying about right now.
 
2013-10-03 12:03:10 PM
More likely Bitcoin value is associated with  the association of bitcoins with illegal activity
 
2013-10-03 12:04:48 PM

StrikitRich: So while users of Silkroad may have lost over 3 million dollars, what's to keep the site from being set up again in another country with a different domain?


Nothing, really, except the FBI now has a much better handle on Tor than they did before.  If speculation about the massive spike in Tor traffic a while ago is correct, and it was due in all or some part to FBI infiltration, then they have the tools to begin sniffing out that kind of traffic wherever it goes.  The real problem, the hilarious problem, is that Silkroad wasn't taken down by some amazing bit of cyber-investigation but by the pretty mundane act of not being more careful about your online identity.  Ars had an article up yesterday about the whole thing.  The dude that ran the site connected himself, by name, to identities that eventually led back to the site.
 
2013-10-03 12:09:31 PM

ToastTheRabbit: Wallstreet hates competition


Of course, there's tons of countries that thrive with a national currency backed by a federal government and a sketchy neckbearded shadow currency behind it that is generated online, just like...uh....that one over in.....uh....Europasia...
 
2013-10-03 12:11:03 PM
Wasn't that the whole point of bitcoins?
 
2013-10-03 12:13:33 PM
You know what other currency is associated with illegal activity?
 
2013-10-03 12:13:48 PM

ToastTheRabbit: Wallstreet hates competition


Wall Street doesn't see bitcoins as competition - mainly because they aren't.  You'd be more likely to see Wall Street embrace them - maybe have them as part of a fund, or even as an option in forex trading.
 
2013-10-03 12:17:53 PM

Eddie Adams from Torrance: You know what other currency is associated with illegal activity?


Costa Rican Colones?
 
2013-10-03 12:18:22 PM

paidhima: StrikitRich: So while users of Silkroad may have lost over 3 million dollars, what's to keep the site from being set up again in another country with a different domain?

Nothing, really, except the FBI now has a much better handle on Tor than they did before.  If speculation about the massive spike in Tor traffic a while ago is correct, and it was due in all or some part to FBI infiltration, then they have the tools to begin sniffing out that kind of traffic wherever it goes.  The real problem, the hilarious problem, is that Silkroad wasn't taken down by some amazing bit of cyber-investigation but by the pretty mundane act of not being more careful about your online identity.  Ars had an article up yesterday about the whole thing.  The dude that ran the site connected himself, by name, to identities that eventually led back to the site.


That was also something the Reuters article on the Silk Road shutdown that was posted to Fark (LGT thread) focused on.  I think Agent Casper put it best on The West Wing "In thirteen years with the Bureau, I've discovered that there's no amount of money, manpower or knowledge that can equal the person you're looking for being stupid."
 
2013-10-03 12:23:40 PM
Welcome to the digital age. Buy coke on Silk Road? Not a secret. Cheat on your SO using Ashley Madison? Not a secret. You WILL be caught, someday, with zero plausible deniability.
 
2013-10-03 12:33:40 PM

EatHam: You'd be more likely to see Wall Street embrace them - maybe have them as part of a fund, or even as an option in forex trading.


Already happening.
 
2013-10-03 12:34:00 PM
So, time to buy bitcoins?

/quasi-serious
 
2013-10-03 12:35:35 PM
they're not even close to cheap right now.
 
2013-10-03 12:41:48 PM

Need a Dispenser Here: So, time to buy bitcoins?

/quasi-serious


Maybe, if you can correctly guess where to put the 'you are here' marker.
i.imgur.com
 
2013-10-03 12:57:50 PM

H31N0US: Welcome to the digital age. Buy coke on Silk Road? Not a secret. Cheat on your SO using Ashley Madison? Not a secret. You WILL be caught, someday, with zero plausible deniability.


You can get away with stuff for a while but you have to know when to quit and walk away.
 
2013-10-03 12:58:12 PM

paidhima: The real problem, the hilarious problem, is that Silkroad wasn't taken down by some amazing bit of cyber-investigation but by the pretty mundane act of not being more careful about your online identity.


That is what they claim but why would anyone actually believe it? Does anyone seriously think the law enforcement agencies will announce to the whole world that Tor is compromised so that the bad guys stop using it? Get real. The hilarious thing is that anyone trusts what the security agencies say.
 
2013-10-03 01:00:43 PM
Buttcoins are the currency for hilarity. Silkroad was the biggest prop to BTC outside of moronic speculators. The price dropped sharply but many idiots saw this as a chance to "buy in" to a speculative currency of dubious real world value.

Don't worry, Butterfly Labs will be delivering your ASIC soon. It swears.

Honestly if you want to make money right now, selling proverbial shovels to the masses is a far better move.
 
2013-10-03 01:23:30 PM

Need a Dispenser Here: So, time to buy bitcoins?

/quasi-serious


I think by the time this was published, the BC market corrected. I just looked at my wallet  and its actually up by a few bucks since I checked it last week.
 
2013-10-03 01:40:13 PM
This is great.  Now there will be 50 smaller Silkroad like sites that pop up.  This will make things much safer for everyone involved.
 
2013-10-03 01:48:09 PM
"Used his real name..." what a load. The NSA cracked TOR and then backed into something that could be used in court.

Think that never happens? The program is known to target drug dealers.

http://www.huffingtonpost.com/2013/08/05/dea-surveillance-cover-up_n _3 706207.html
 
2013-10-03 02:00:00 PM
Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.
 
2013-10-03 02:05:49 PM
I check the exchanges fairly often. Bitcoins have actually been going up in value lately

To The Escape Zeppelin!: Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.


. Wrong. The government just recently held a conference with the top holders of Bitcoins. And the government has recognized them as having value.
 
2013-10-03 02:05:52 PM

H31N0US: Welcome to the digital age. Buy coke on Silk Road? Not a secret. Cheat on your SO using Ashley Madison? Not a secret. You WILL be caught, someday, with zero plausible deniability.


Maybe we'll get lucky someday and a computer virus or solar flare will come along and let us all start over.
 
2013-10-03 03:27:24 PM

H31N0US: Cheat on your SO using Ashley Madison? Not a secret. You WILL be caught, someday, with zero plausible deniability.


Duh, that's what Craigslist is for.
 
2013-10-03 03:36:04 PM

Vlad_the_Inaner: Actually, the Feds getting into bitcoin ownership should be a good thing.

If they can spend them and like it, that may give them an incentive to put the NSA server farms into mining bitcoins out.

Might put the debt ceiling off by a few months.

/or days


Platinum coin, biatches!  Just mint up a $10 trillion coin and we're good to go.
 
2013-10-03 03:45:09 PM

To The Escape Zeppelin!: Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.


For your narrative to make any sense, bitcoin would need to actually be a successful currency.  At present it is much moire akin to a virtual commodity.  While the government will often get involved to stop people from owning certain commodities (i.e. 90% of what is bought on Silk Road), there is no great sweep of government history stopping people from owning crap that has value.  As that would be pretty much all crap.
 
2013-10-03 04:01:45 PM

trotsky: Buttcoins are the currency for hilarity. Silkroad was the biggest prop to BTC outside of moronic speculators. The price dropped sharply but many idiots saw this as a chance to "buy in" to a speculative currency of dubious real world value.

Don't worry, Butterfly Labs will be delivering your ASIC soon. It swears.

Honestly if you want to make money right now, selling proverbial shovels to the masses is a far better move.


I know a guy from high school who thinks he will corner the bitcoin market.  He wanted to hire me to build an ASIC to do this, based on my LinkedIn.  I agree, it's hilarious and sad.
 
2013-10-03 04:08:42 PM
The US federal government didn't crack TOR. They developed TOR. If anyone thinks they didn't leave themselves a back door than they are not aware of how the NSA or CIA operate.

PGP - now with secret keys to crack your encryption.
 
2013-10-03 04:54:47 PM

EatHam: ToastTheRabbit: Wallstreet hates competition

Wall Street doesn't see bitcoins as competition - mainly because they aren't.  You'd be more likely to see Wall Street embrace them - maybe have them as part of a fund, or even as an option in forex trading.


Or bundled in with other assets that are made to appear secure enough to warrant AAA rating on the investment as a whole, which will then be sold to pension funds while being furiously shorted by the good folks at a totally independent and completely isolated department of the same bank that absolutely does not share information with the folks doing the bundling, no sir!
 
2013-10-03 05:18:08 PM
Bitcoins are back to where they were a month ago. It's no big deal.
 
2013-10-03 05:36:05 PM
I thought it was because people found out only a few people hold some ridiculous percentage of all bitcoins in various shell accounts.
 
2013-10-03 06:05:59 PM

ajgeek: I thought it was because people found out only a few people hold some ridiculous percentage of all bitcoins in various shell accounts.


The Winkelvii and other evil nere-do-wells... .01% of the 1% vs the rest of us Schmucks...
 
2013-10-03 07:00:09 PM
It dropped from $140 to $120 and is creeping back above $130 now. It'll hit zero any day now.
 
2013-10-03 10:21:35 PM
Sucks to be you at the moment, biatchcoin.
 
2013-10-03 10:32:07 PM
2.bp.blogspot.com
 
2013-10-03 10:36:33 PM

Eddie Adams from Torrance: You know what other currency is associated with illegal activity?


Um...

Hitler?
 
2013-10-04 12:42:54 AM

robv83: I check the exchanges fairly often. Bitcoins have actually been going up in value lately

To The Escape Zeppelin!: Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.

. Wrong. The government just recently held a conference with the top holders of Bitcoins. And the government has recognized them as having value.


The value of bitcoins is that they are an easily manipulatable currency by distributed anonymous attack. It is one of the worst ideas to meet the needs of an actual currency. The "safeguards" in place for market flooding actually immediately tanks miner investment. Yeah, the government supports something they crash at any point with an hour on the NSA farm...
 
2013-10-04 03:02:18 AM

Apik0r0s: Zionist Banksters FTW.


You sound tired.
 
2013-10-04 08:22:50 AM
One of my friends got into Bitcoin mining last year. He showed me his PayPal account the other day, he makes $60 a day from Bitcoin mining. Not bad for doing nothing.
 
2013-10-04 09:47:25 AM

ex0du5: robv83: I check the exchanges fairly often. Bitcoins have actually been going up in value lately

To The Escape Zeppelin!: Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.

. Wrong. The government just recently held a conference with the top holders of Bitcoins. And the government has recognized them as having value.

The value of bitcoins is that they are an easily manipulatable currency by distributed anonymous attack. It is one of the worst ideas to meet the needs of an actual currency. The "safeguards" in place for market flooding actually immediately tanks miner investment. Yeah, the government supports something they crash at any point with an hour on the NSA farm...


LOL WRONG.
 
2013-10-04 11:59:42 AM

BigSlowTarget: "Used his real name..." what a load. The NSA cracked TOR and then backed into something that could be used in court.

Think that never happens? The program is known to target drug dealers.

http://www.huffingtonpost.com/2013/08/05/dea-surveillance-cover-up_n _3 706207.html


I think it's retarded anyone thought TOR was uncrackable and that the NSA hadn't done so years (okay, maybe mere months) ago.
 
2013-10-04 12:03:25 PM

Swampmaster: ajgeek: I thought it was because people found out only a few people hold some ridiculous percentage of all bitcoins in various shell accounts.

The Winkelvii and other evil nere-do-wells... .01% of the 1% vs the rest of us Schmucks...


Maybe Bitcoins are a legit currency after all...
 
2013-10-04 12:15:31 PM

robv83: ex0du5: robv83: I check the exchanges fairly often. Bitcoins have actually been going up in value lately

To The Escape Zeppelin!: Bitcoins will never survive. They thrived because they were outside the influence of the government and the government will never tolerate a successful currency outside their reach.

. Wrong. The government just recently held a conference with the top holders of Bitcoins. And the government has recognized them as having value.

The value of bitcoins is that they are an easily manipulatable currency by distributed anonymous attack. It is one of the worst ideas to meet the needs of an actual currency. The "safeguards" in place for market flooding actually immediately tanks miner investment. Yeah, the government supports something they crash at any point with an hour on the NSA farm...

LOL WRONG.


That's a very cogent argument.  I guess I have to concede.
 
2013-10-04 03:02:37 PM

Crotchrocket Slim: BigSlowTarget: "Used his real name..." what a load. The NSA cracked TOR and then backed into something that could be used in court.

Think that never happens? The program is known to target drug dealers.

http://www.huffingtonpost.com/2013/08/05/dea-surveillance-cover-up_n _3 706207.html

I think it's retarded anyone thought TOR was uncrackable and that the NSA hadn't done so years (okay, maybe mere months) ago.


TOR was created by the Navy. So if you don't think the government always had a backdoor to it you are naive.
 
2013-10-04 04:48:06 PM

ToastTheRabbit: Wallstreet hates competition


That's cute, you think that a "currency" with around $1B in total value is a threat to anybody. Small investment banks perform transactions every day worth more money than the entirety of the BTC supply. Wall Street is threatened by bitcoin about as much as you're threatened by an amoeba.
 
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