Silk Road forums
Discussion => Silk Road discussion => Topic started by: Arcturian on April 03, 2013, 01:00 pm
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https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
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They were at $147.9 earlier mate ;D
Really don't worry, they will continue to rise, Bitcoin is here to stay and has made it's mark! :o
The value of Bitcoins in years to come will be 10's of thousands or more... rest easy. ;)
There are apps for your phone to be used as a wallet and more businesses are implementing it world wide.
The more it is in demand the more the market will grow in value and each coin will be worth more and more.
I LOVE BITCOIN!!! 8)
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I love it.. I'm sure vendors are really loving it.
If only i would have waited a day to purchase, i would have had soooo much more money, overnight. At this point in time, if i could love on all btc i would. This includes bills, food, and living expenses. It's way easier being your own banking institution, instead of having some overseer dictate which money god you worship. BTC = power in the peoples hands.
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I'm bullish on bitcoin, but this has far exceeded my expectations.
At this point I wouldn't be surprised if we hit $1000 by the end of the year.
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If only i would have waited a day to purchase
Know that feeling.. :( Overall it works out alright for me though, orders i lose out on buying i gain on when selling. If you'd have told me a year ago btc would be £100 soon oh how i'd have laughed :D Mass media are actually good for something, who'd have thought it?
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Holy shit! BC started the day at 106, and now hovering around 141 (US$).
I've been watching them slowly climb since finding SR back in October last year when BC were $12.
I know the Cyrus situation fueled BC rise, but I kinda thought it might level or have a slower rise after that.
This is the biggest jump I've seen in a day. Anybody know what fueled this HUGE jump this morning?
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Holy shit! BC started the day at 106, and now hovering around 141 (US$).
I've been watching them slowly climb since finding SR back in October last year when BC were $12.
I know the Cyrus situation fueled BC rise, but I kinda thought it might level or have a slower rise after that.
This is the biggest jump I've seen in a day. Anybody know what fueled this HUGE jump this morning?
The reason I believe is that the world is caught on to Bitcoin, now it's going to take over the global economy and once the $ collapses it will be adopted as the only currency that people can trust.
You can analyze the entire blockchain at will, there is not a bank in the world that offers that level of openness while simultaneously remaining anonymous.
It's a revolution and we should be thankful to be here at it's dawn to witness the new horizon.
It's the wild west of money and when you can carry literally billions across borders in your phone or a microSD, it will be adopted by everyone from cartels and arms traders to your local grocery store literally meaning this current 1 or 2 billion $ economy will go to trillions within the next couple of years.
- JWM 8)
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Never seen anything like this. Just remember as fast as its going up it also can go down just as fast. Enjoy the ride on this roller coaster!
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Never seen anything like this. Just remember as fast as its going up it also can go down just as fast. Enjoy the ride on this roller coaster!
O don,t say this i know you,re right but now i,m so excited,this morning i checked the value of bitcoin 82.43 euro and now it reached 96.95 :o :-*
I bought a few bitcoins months ago value 13 euro i wish i bought more to invest/make profit,very exciting development :) maby over a month they are worth 200 euro haha...
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https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
I fell asleep exhausted and just wok up. I thought I was still dreaming when I saw that. I just saw a thread saying they were now £65...... that was like 4 hours ago. £95? ??? How the hell can that be, they were $87 AUD just last week. Dollars not pounds. Weighted Avg: currently AU$122.03, $124.83 USD and £86.62 GPB. That is still very high.
Lol, I would be in Bora Bora right now had I invested mid last year. Why did someone not tell me about this awesome website, and Tor, and bitcoins, back then? ??? I'm laughing at the banks right now expecting people to simply come in with $5000 or more for a term deposit. Someone just said they made more money in 3 months than in years with the bank interest. Not surprised. Can someone invent me a time machine? Suga on top? :'(
Piece, Love, and Fuck Haters.
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https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
I fell asleep exhausted and just wok up. I thought I was still dreaming when I saw that. I just saw a thread saying they were now £65...... that was like 4 hours ago. £95? ??? How the hell can that be, they were $87 AUD just last week. Dollars not pounds. Weighted Avg: currently AU$122.03, $124.83 USD and £86.62 GPB. That is still very high.
Lol, I would be in Bora Bora right now had I invested mid last year. Why did someone not tell me about this awesome website, and Tor, and bitcoins, back then? ??? I'm laughing at the banks right now expecting people to simply come in with $5000 or more for a term deposit. Someone just said they made more money in 3 months than in years with the bank interest. Not surprised. Can someone invent me a time machine? Suga on top? :'(
Piece, Love, and Fuck Haters.
right i wish i knew this in advance and for sure you made more profit than whit bank interest haha a time machine that,s the solution.
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https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
I fell asleep exhausted and just wok up. I thought I was still dreaming when I saw that. I just saw a thread saying they were now £65...... that was like 4 hours ago. £95? ??? How the hell can that be, they were $87 AUD just last week. Dollars not pounds. Weighted Avg: currently AU$122.03, $124.83 USD and £86.62 GPB. That is still very high.
Lol, I would be in Bora Bora right now had I invested mid last year. Why did someone not tell me about this awesome website, and Tor, and bitcoins, back then? ??? I'm laughing at the banks right now expecting people to simply come in with $5000 or more for a term deposit. Someone just said they made more money in 3 months than in years with the bank interest. Not surprised. Can someone invent me a time machine? Suga on top? :'(
Piece, Love, and Fuck Haters.
A lot of people are saying it's never too late to invest in BTC. I'm starting to agree with them ;D. Wish i was one of the lucky ones who invested earlier though.
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The Bitcoin Boom
On March 16th, the Cypriot President Nicos Anastasiades, who’d been in office for about a month, announced a strategy to solve the country’s banking crisis. This plan, which would be funded in part by confiscating money directly from every single bank account in Cyprus—even the very smallest—met with instantaneous and violent opposition from the country’s citizens. Offstage, the European Union, led by a group of adamant Germans, Finns, and Danes, as well as the I.M.F. and the European Central Bank, pointed a cannon at Anastasiades’s head: if he didn’t move forward with this plan, the Cyprus banks would go bust and their hapless customers would lose pretty much all their money, instead of a measly 6.75 per cent. However, under great pressure from their constituents, Cypriot M.P.s rejected the proposal and sent Anastasiades back to the drawing board.
The following Monday, the price of the decentralized electronic currency bitcoin rose from forty-five to fifty-five dollars on the major exchanges, and by Wednesday it had nipped up to sixty-five dollars. The financial media generally agreed that the two dramas are related. According to Bloomberg Businessweek, it appears that Spaniards are liable to have been particularly active buyers of bitcoins that week, having taken the debacle in Cyprus as the likely sign of a forthcoming governmental plunder of their own savings. The evidence coming out of Spain is circumstantial—a spike in Google searches for “bitcoin,” and another on mobile-app downloads of Bitcoin-related software were widely reported—but the pieces appear to fit. Subsequent developments (including the announcement of an eleventh-hour bailout deal for Cyprus) have so far failed to stabilize the euro or cool the bitcoin fever, with the price over a hundred and three at the time of writing.
That a number of panicked Europeans appear to have reckoned the wildly volatile, vulnerable, and tiny bitcoin market a preferable alternative to their own banking system, even temporarily, signals a serious widening of the cracks between the northern and southern E.U. countries in the wake of the euro-zone debt crisis. It also illustrates the broader collapse of trust that is threatening the world of global banking and fiat money.
The weakness in existing currencies stems from lack of faith in institutions—particularly central banks, which are often in league with commercial and investment banks. When a government bails out a failed bank or insurance company—in essence, by printing money—the net effect is that the currency as a whole is debased, in favor of a few and at the literal expense of everyone else, which amounts to a fair description of today’s global financial system. Hence the sudden appeal of bitcoins, which appear, for the moment, at least, to be immune to the machinations of inept or crooked bankers and politicians.
* * *
In many ways, bitcoins function essentially like any other currency, and are accepted as payment by a growing number of merchants, both online and in the real world. But they are generated at a predetermined rate by an open-source computer program, which was set in motion in January of 2009. This program produced each one of the nearly eleven million bitcoins in circulation (with a total value just over a billion dollars at the current rate of exchange), and it runs on a massive peer-to-peer network of some twenty thousand independent nodes, which are generally very powerful (and expensive) G.P.U. or ASIC computer systems optimized to compete for new bitcoins. (Standards vary, but there seems to be a consensus forming around Bitcoin, capitalized, for the system, the software, and the network it runs on, and bitcoin, lowercase, for the currency itself.)
Bitcoin releases a twenty-five-coin reward to the first node in the network that succeeds in solving a difficult mathematical problem requiring a certain amount of brute-force computation (known as a proof-of-work calculation.) The solution is then broadcast throughout the network, and competition for a new block and its twenty-five-coin reward begins. (There’s a good rundown of the technical aspects of Bitcoin on the Bitcoin wiki; there’s also a wonderfully pellucid explanation of the proof-of-work angle from Paul Bohm, on Quora.)
At first, anyone armed with an ordinary computer could download and run the Bitcoin software and gather (or “mine”) bitcoins. The more computing power you can dedicate to Bitcoin calculations, though, the better your chances of arriving first at each solution. This feature of the system, by design, resulted in a kind of computational arms race that strengthened the network by rewarding increased computing power. Four years into the Bitcoin project, only very powerful, purpose-built machines have enough muscle to keep pace with existing network nodes.
In this way, bitcoins are mined like gold used to be, in quantities that are small relative to the total supply, so that the supply grows slowly. There is an upper limit of twenty-one million new coins built into the software; the last one is projected to be mined in 2140. After that, it is presumed that there will be enough traffic to keep rewards flowing in the form of transaction fees rather than mining new coins. For now, the bitcoins are initially issued to the miners, but are distributed when miners buy things with them or sell them to non-miners (such as jumpy Spanish bank depositors) who desire an alternative currency. The chain of ownership of every bitcoin in circulation is verified and registered with a timestamp on all twenty thousand network nodes. This prevents double spending, since no coin can be exchanged without the authentication of some twenty thousand independent cyber-witnesses. In order to hack the network, you would have to deceive over half of these computers at the same time, a progressively more difficult task and, even today, a very formidable one.
In 2008, Satoshi Nakamoto, the founder of Bitcoin, whose real identity is not known, cleverly combined existing peer-to-peer network technologies, cryptographic techniques, digital signatures, and the potential power of network effects to design and develop the Bitcoin system. Nakamoto was very clearly motivated in this effort by the fallout from the 2008 financial crisis. When the experiment was launched and the first fifty bitcoins (the so-called genesis block) were mined, in January of 2009, he (or she, or they) included this line of text along with the data: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Until his disappearance from the Web, around the spring of 2012, Nakamoto was a visible participant on cryptography forums, where he discussed Bitcoin freely, and published a nine-page paper outlining the details of the project. These posts reveal that even in 2008, Nakamoto was able to respond to concerns regarding the scalability of bitcoin with remarkable prescience; he clearly understood the ramp-up of computing power that would be required for producing bitcoins as the system grew.
Only people trying to mine new coins need to run network nodes And at first, most users ran network nodes, but as the network grew beyond a certain point, mining increasingly became the domain of specialists with server farms of specialized hardware.
A casual review of Nakamoto’s various blog posts and bulletin-board comments also confirms that, from the first, Bitcoin was devised as a system for removing the possibility of corruption from the issuance and exchange of currency. Or, to put it another way: rather than trusting in governments, central banks, or other third-party institutions to secure the value of the currency and guarantee transactions, Bitcoin would place its trust in mathematics. At the P2P Foundation, Nakamoto wrote a blog post describing the difference between bitcoin and fiat currency:
[Bitcoin is] completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts… With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.
* * *
Much of what has been written so far about bitcoins has centered on the perceived dangers of their relative anonymity, the irreversibility of transactions, and on the fact that they can be used for money laundering and for criminal dealings, such as buying drugs on the encrypted Web site Silk Road. This fearmongering is a red herring, and has so far prevented the rational evaluation of the potential benefits and shortcomings of crypto-currency.
Cash is also anonymous; it is also used in money laundering and illegal transactions. Like bitcoins, stolen cash is difficult to recover, and a cash transaction can’t readily be traced back to the source. Nor is there immediate recourse for the reversal of transactions, as with credit-card chargebacks or bank refunds when one’s identity has been stolen. However, I find it difficult to believe that anyone who has written critically of the dangers of bitcoin would prefer an economy where private cash transactions are illegal.
Contrary to hysterical media reports, such as this recent video from the Guardian, the Bitcoin-software community is loosely governed not by wild-eyed kids camping out in half-deserted lofts but by what appears to be a rational and sober group of adult administrators who run the Bitcoin Foundation. This organization was modelled on the Linux Foundation, according to Gavin Andresen, who is currently the Bitcoin Foundation’s chief scientist. As the lead developer for the project, Andresen is paid a salary by the Bitcoin Foundation. He has been involved full-time in Bitcoin since the spring of 2011.
Like the Linux Foundation, the Bitcoin Foundation is funded mainly through grants made by for-profit companies, such as the Mt. Gox exchange, Bitinstant, and CoinLab, who depend on the stability and continued maintenance of the underlying open-source code.
“The Linux Foundation provides a bit of a center for Linux, and to pay the lead developer, Linus Torvalds, so that he can do nothing but concentrate on the kernel,” Andresen said. “It’s a tricky thing, once you get to be a certain size as an open-source project, how do you sustain yourself? Linux is the most successful open-source project in the world, so we thought it would make sense to use that as a model.”
Gavin Andresen is one of the few people in the world who are known to have corresponded directly with Satoshi Nakamoto. (Joshua Davis tried to track him down for The New Yorker in 2011.) When I said I’d like to know more about Nakamoto, Andresen burst out laughing.
“So would I!” His laughter had a credibly rueful edge to it.
He was active on the bitcoin forums through December of 2011. He told me he was going to get busy, and then he stopped posting on the forums. A few months later, he disappeared, and as far as I know nobody has heard from him since then.
Whenever I corresponded with him, it was always on Bitcoin forums or e-mail, we never even real-time text chatted. He was always very businesslike, no personal details, always strictly about the project.
Indeed, a casual review of Nakamoto’s writings online reveals him to be unfailingly cool and collected; the only time I noticed him becoming a little heated was in a few forum posts in December of 2010, when WikiLeaks supporters began soliciting bitcoin donations for WikiLeaks. Nakamoto rejected the idea unequivocally. According to Andresen,
Satoshi just felt the project was still too small to take that much attention. He didn’t want WikiLeaks to jump in at that point, and they didn’t… but a year later they did, and it was fine. I think people realized once I got invited to speak at the C.I.A. that there was no kind of hiding. They, whoever “they” are, already knew about this project. Satoshi was obviously a lot more private, and more worried about what government would do than I am.
I asked Andresen to explain to me the degree to which he and his colleagues are worried about government interference in Bitcoin.
I think if the U.S. government decided that Bitcoin was a bad thing and told me, “Stop doing what you’re doing,” I’d stop doing what I’m doing, quite frankly. But that wouldn’t be very effective, because there are people all over the world who could pick up and reimplement it, for example in different programming languages; if you browse the Bitcoin forums you’ve seen the enormous chaos and energy there. There’s all sorts of people doing all sorts of things—many of them crazy things that will never succeed, but some of those will be the next big things in Bitcoin.
As it happens, a few days ago, the Financial Crimes Enforcement Network (FinCEN), the federal agency that enforces laws against money laundering, announced new guidelines requiring certain “virtual currency” trading entities to register as Money Services Businesses (M.S.B.s). Though the Bitcoin Foundation’s general counsel, Patrick Murck, was somewhat critical of the new guidelines, this move went a certain distance toward calming Bitcoin speculators and others who’d been worried that the government would take more drastic steps against the mining, transfer, and exchange of bitcoins. Andresen is among those who sees the new FinCEN guidelines as a positive development.
In my opinion, the FinCEN guidance is fantastic news: it gives Bitcoin users and businesses clear rules on how they will or won’t be regulated. It is great for ordinary users, because FinCEN said that using bitcoins to buy products or services is perfectly legal. And, long-term, it is great for businesses, because they now know how FinCEN will classify them and what regulations they must obey here in the U.S.
That said, it might cause problems for some smaller U.S. bitcoin-based businesses, who might have been hoping that they wouldn’t be regulated at all. The bigger bitcoin businesses have been anticipating this for a while, so I don’t think it will affect them.
But what about new government regulations that may arise down the road: making it illegal to accept bitcoins as payment, for instance, or outlawing or regulating the exchanges? It might not be so difficult to shut Bitcoin down, and that has to be producing a lot of downward pressure on more widespread acceptance, I suggested.
If you’re asking me what I would expect to happen… I would expect that some country or another will try to do that. You have the same kinds of arguments about the Internet and the free flow of information across the world. And we’ve seen countries like China, that try to either ban the Internet or restrict it. I don’t think you can just hop on the Internet in North Korea.
Nope.
So I’d expect some countries that really want to c
Cleranet link
Read more: http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html#ixzz2PQ5kSQnT
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https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
I fell asleep exhausted and just wok up. I thought I was still dreaming when I saw that. I just saw a thread saying they were now £65...... that was like 4 hours ago. £95? ??? How the hell can that be, they were $87 AUD just last week. Dollars not pounds. Weighted Avg: currently AU$122.03, $124.83 USD and £86.62 GPB. That is still very high.
Lol, I would be in Bora Bora right now had I invested mid last year. Why did someone not tell me about this awesome website, and Tor, and bitcoins, back then? ??? I'm laughing at the banks right now expecting people to simply come in with $5000 or more for a term deposit. Someone just said they made more money in 3 months than in years with the bank interest. Not surprised. Can someone invent me a time machine? Suga on top? :'(
Piece, Love, and Fuck Haters.
right i wish i knew this in advance and for sure you made more profit than whit bank interest haha a time machine that,s the solution.
No that was somebody else lol, but I wish I had invested as well. I didn't know about bitcoins mid last year. If I had, I would be having my breakfast brought to me in a paddled out canoe right now.
https://mtgox.com
This is crazy, the price just jumped £7 in the space of an hour. Really really hope there isnt a crash, all my coins are stuck in the SR system because of the withdrawal problems that everyones having, got basically 20 coins i cant get to.. When i sent them they were £65.. & when i first got them they were £13.. That's a big profit 8)
I fell asleep exhausted and just wok up. I thought I was still dreaming when I saw that. I just saw a thread saying they were now £65...... that was like 4 hours ago. £95? ??? How the hell can that be, they were $87 AUD just last week. Dollars not pounds. Weighted Avg: currently AU$122.03, $124.83 USD and £86.62 GPB. That is still very high.
Lol, I would be in Bora Bora right now had I invested mid last year. Why did someone not tell me about this awesome website, and Tor, and bitcoins, back then? ??? I'm laughing at the banks right now expecting people to simply come in with $5000 or more for a term deposit. Someone just said they made more money in 3 months than in years with the bank interest. Not surprised. Can someone invent me a time machine? Suga on top? :'(
Piece, Love, and Fuck Haters.
A lot of people are saying it's never too late to invest in BTC. I'm starting to agree with them ;D. Wish i was one of the lucky ones who invested earlier though.
NOW would be a bloody good time to buy for anyone looking at it from a investment perspective. Only chance you'll get I dare say, for a while.
Piece, Love, and Fuck Haters.
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I think a lot of people are forgetting why the BTC rapidly increased in value in the first place:
Bank accounts of Cyprus residents over a certain value were going to be taxed as a result of the recent bailout so people sought to get their money into a different currency (and probably out of the country) to avoid the high tax rates. The supply of circulating BTC reduced due to the high number of people in Cyprus holding onto their coins, and as a result the value in exchange markets like Mt. Gox increased. As the numbers rose, BTC gained more popularity so an increased number of buyers came to the market, thus invoking one of the simplest rules in economics: High demand with limited supply = Higher prices.
What people who came to the BTC markets fail to realize is that this whole trend is TEMPORARY. The people who started this bubble were going to eventually need to convert their money back into a real-world useable currency (let's be real, nobody is going to live their life with BTC as their primary currency!) which means that eventually you were going to see a flood of BTC into the market. Essentially, this was a short-term trend and now we're seeing the bubble pop as more BTC re-enter the market. With more BTC in circulation, it becomes more difficult to sell BTC at higher prices. This time around, the supply outweighed the demand and so economics struck again and the price decreased.
You will not see the BTC trade at $266 for any sustained period of time in the near future. I hate to be the bearer of bad news but the bubble is popping and people are leaving the markets. This happens all the time. Tech Bubble, DotCom Bubble...