Silk Road forums
Discussion => Silk Road discussion => Topic started by: doobiebros on April 04, 2013, 07:34 am
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Litecoin would be awesome if you started accepting it as well.
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seconded, I imagine a lot of people will be looking for the next digital currency and there more there are the better for all of us :)
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i'll load up on them hella fast lol
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Lite coins are doubling each week. Too cool.
I think SR should work with a weak coin brand like 'strong coin' and prop it up as the currency of SR.
It would give market control to Silk Road it's members. We can collectiey choose to raise or lower the market price to cool it off or heat it up.
Silk Road is big enough now to establish its own currency or 'site bucks' of some sort.
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Whats wrong with using bitcoin?
If there are to many crypto currency's they will all end up worth nothing and it will just be a hole heap of encryption that no1 wants. Bitcoins still a young and it's still at a good price.
you are buying 100million satoshis.
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How would you cash out or buy your silkroad currency?
This would never work because everyone who buy's it or sells it would be flagged and charged with proceeds of crime.
Lite coins are doubling each week. Too cool.
I think SR should work with a weak coin brand like 'strong coin' and prop it up as the currency of SR.
It would give market control to Silk Road it's members. We can collectiey choose to raise or lower the market price to cool it off or heat it up.
Silk Road is big enough now to establish its own currency or 'site bucks' of some sort.
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I could see this as being beneficial to BTCs pr, as SR would no longer be as much of a reason for the government to try and take out BTC. It would also probably help establish LTC as a legit currency. I like this idea.
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They can't stop it because anyone can fork bitcoin and create their own digital currency. We could use drugcoin!
What they can stop, or make exceedingly difficult, is exchanging state-backed currency to e-coins and vice versa.
It's hard enough for some people to get bitcoins. Litecoins introduce an extra step, because most people would have to convert BTC to LTC.
But let's admit what this is really about. You want to mine LTC and get free drugs. :)
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But let's admit what this is really about. You want to mine LTC and get free drugs. :)
LOL, I'm already ahead of you guys and hoarding LTC just in case. :)
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But let's admit what this is really about. You want to mine LTC and get free drugs. :)
LOL, I'm already ahead of you guys and hoarding LTC just in case. :)
I have been mining for the past week ;)
They can't stop it because anyone can fork bitcoin and create their own digital currency. We could use drugcoin!
What they can stop, or make exceedingly difficult, is exchanging state-backed currency to e-coins and vice versa.
Which will be easier I think now that FINCEN has weighed in on it. Even bitcoin-otc could get shutdown if they start regulating moneypaks and such.
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Which will be easier I think now that FINCEN has weighed in on it. Even bitcoin-otc could get shutdown if they start regulating moneypaks and such.
Yep. That's good and bad.
It's bad if you want anonymous bitcoins for illegal purchases, but it's good if you are a legal business that wants to integrate bitcoins as a payment option, because the rules for doing so are clearly defined now.
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making multitute of currencies usable on SR wil increse bandwidth problems which the site faced in last 4 months
all digital currency is easily convertible to another digital currency
so not much much moving to ltc when btc works fine
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making multitute of currencies usable on SR wil increse bandwidth problems which the site faced in last 4 months
all digital currency is easily convertible to another digital currency
so not much much moving to ltc when btc works fine
This ^^. I was going to write THAT EXACT REPLY :P but chickened out, and was busy as well. :'(
Piece, Love, and Fuck Litecoin :)
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drugcoin!
pmsl ::)
It's hard enough for some people to get bitcoins. Litecoins introduce an extra step, because most people would have to convert BTC to LTC.
Just got used to bitcoin as it is. I know Litecoin exists on this planet, but.... I never really liked those little guys. I prefer MY guys to be little bitcoin guys...... :-*
Piece, Love and Fuck Little Litcoin Guys :)
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drugcoin!
pmsl ::)
It's hard enough for some people to get bitcoins. Litecoins introduce an extra step, because most people would have to convert BTC to LTC.
Just got used to bitcoin as it is. I know Litecoin exists on this planet, but.... I never really liked those little guys. I prefer MY guys to be little bitcoin guys...... :-*
Piece, Love and Fuck Little Litcoin Guys :)
There does not have to be conversion, but I think the majority of methods handling that would be too complicated.
Good thing about LTC is that since it is so much easier to mine right now, people can mine, convert to BTC, then use that to fund SR if they want. But I guess it is not yet time for LTC and BTC to be integrated. Maybe once BTC reaches more than 10^8 USD per BTC LTC will see more use as a lower denomination cryptocurrency.
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drugcoin!
pmsl ::)
It's hard enough for some people to get bitcoins. Litecoins introduce an extra step, because most people would have to convert BTC to LTC.
Just got used to bitcoin as it is. I know Litecoin exists on this planet, but.... I never really liked those little guys. I prefer MY guys to be little bitcoin guys...... :-*
Piece, Love and Fuck Little Litcoin Guys :)
There does not have to be conversion, but I think the majority of methods handling that would be too complicated.
Good thing about LTC is that since it is so much easier to mine right now, people can mine, convert to BTC, then use that to fund SR if they want. But I guess it is not yet time for LTC and BTC to be integrated. Maybe once BTC reaches more than 10^8 USD per BTC LTC will see more use as a lower denomination cryptocurrency.
Just seems a hassle after getting used to BTC. I've never been fond of alternatives to anything unless it's actually better. I agree on the advantage of them being easier to mine right now -- bitcoins have exploded more times these last 30 days than soft yet firm things have been exploded inside Jenna Jameson's willing and waiting mouth. It's ridiculous. (So are her movies.) Some Silk Roaders don't just buy bitcoins ENTIRELY for drugs you know. Hedging means nothing on these occasions, doesn't make a difference at all on non-merchandise transactions. At time of writing 1 BTC is 123.00 USD but 1 LTC is 4.09 USD. Big bloody difference!! :o Course it would be great for mining............. assuming litecoins follow the path of botcoins which I can almost guarantee they will not. And there;s the problem. We would have to stuff things around to find out they wil not take off as much, how can they, bitcoin has taken that momentum and no one is going to suddenly get on board with litecoins commercially in the same way, you know it is not even possible.
I could see this as being beneficial to BTCs pr, as SR would no longer be as much of a reason for the government to try and take out BTC.
Probably wouldn't be as much of a reason, but I can assure you they will try and do it anyway as it is not able to be manipulated the way the Reserve Bank has manipulated regular currencies since day 1 (early 20th century from memory). Look at what has happened in UK recently with blockchain. I'm going to bow out of placing the blame on government for this, I am not that silly. If I don't know, I will admit. I admit it. I don't know. I don't know what happened to blockchain in UK (still up for other countries, I was looking at it last night). But I've seen the conspiracy theories on the net -- "the only people who buy BTC are shady drug barons and assassins and dark people who only want to spend it on terrorism, hit contracts and Silk Road, a vast underground narcotics empire of unimaginable power and subterfuge, etc, etc," please shut up these people, you know how far the media run with this ball. I don't think a federal government, at least in the global north, can shut it down in a very definite high profile way but banks asking Fallkniven why he wants to purchase bitcoins for is the type of thing that just pisses me off and makes it a hassle to obtain them in the first place. (I can understand the logic of keeping BTC transactions fully in house via use of a Silk Road BTC vendor as a buffer from this kind of subtle harassment and a paper trail, I really do.)
Shit, did this go off topic at any time?
Piece, Love, and Fuck Haters.
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Whats the advantage of using litecoin? Ive seen this question posed around the bitcointalk forums but no one seems to know.
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Whats the advantage of using litecoin? Ive seen this question posed around the bitcointalk forums but no one seems to know.
Faster Blockchain generation is one of the major advantages, means faster transactions. Not sure about how far it will rise, but I can sure afford to jump on the train and ride it until the crash :)
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I've been looking at LTC as well, but mainly as an alternative investment (to spread the risks on e-currencies and not have all on BTC's).
But regarding the use on SR, since you can buy parts of BTC's I don't really see the use.
OK, if you had to buy BTC's per unit then I would understand that people who want to have an order of 10$ or so wouldn't be too happy to be obligated to invest 100$ or more. But if you want to buy for less than the worth of 1 BTC, just buy a piece of a BTC...
So yes, for the investment I understand the demand (also because people who invest now in LTC would probably see the LTC value go up quite quickly if it were usable on SR) - but I'm not sure there's a real need for a second currency on SR.
It would indeed complicate all much more for DPR and his team.
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This whole bitcoin fiasco has got me thinking. Would using litecoin as well as bitcoin not be a good idea in spreading the vulnerability of these virtual currencies?
If we didn't depend on just the one currency we could maybe get round all the problems that come about if MT Gox gets attacked etc. Ideally SR could eventually accept a number of virtual currencies. This would strengthen SR and crypto currencies in general.
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Adding litecoin would be a positive move. The Atlantis market uses both litecoin and bitcoin. Somehow I don't think it will happen here any time soon.
Litecoin is not the panacea that people are hoping for. It suffers from the same problems as bitcoin, because it was built on the same erroneous assumptions.
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Adding litecoin would be a positive move. The Atlantis market uses both litecoin and bitcoin. Somehow I don't think it will happen here any time soon.
Litecoin is not the panacea that people are hoping for. It suffers from the same problems as bitcoin, because it was built on the same erroneous assumptions.
Could you elaborate on what you mean when you say BTC is built on erroneous assumptions? I'm sincerely interested in BTC, how it functions, and it's relationship to the traditional economy. I'd like to hear opinions of people who have been thinking about this for longer than I have.
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Adding litecoin would be a positive move. The Atlantis market uses both litecoin and bitcoin. Somehow I don't think it will happen here any time soon.
Litecoin is not the panacea that people are hoping for. It suffers from the same problems as bitcoin, because it was built on the same erroneous assumptions.
Could you elaborate on what you mean when you say BTC is built on erroneous assumptions? I'm sincerely interested in BTC, how it functions, and it's relationship to the traditional economy. I'd like to hear opinions of people who have been thinking about this for longer than I have.
Sure, here it goes.
Bitcoin was intended to be a 'transactional currency'. Unfortunately, bitcoin is not a 'transactional currency', because it is neither primarily transactional, nor is it a currency.
The idea at the outset was to get people involved in the network by having 'mining' for bitcoins. That certainly did get people involved. Unfortunately it created a horder's mindset right from the start. In this 'transactional currency' 80% or more of the bitcoins never circulate. The problem is the idea that bitcoins are a currency - it isn't, and won't be, until there is a mass of people that primarily think of their wealth, and prices, denominated in bitcoins.
The result is huge swings in the value of the bitcoin. Quite a few people got burned this time around. People want to know that the value of their 'transactional currency' will still be there when they go to sleep and wake up in the morning. That simply isn't the case with bitcoins, litecoins, or any other existing 'crypto-currency'.
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Adding litecoin would be a positive move. The Atlantis market uses both litecoin and bitcoin. Somehow I don't think it will happen here any time soon.
Litecoin is not the panacea that people are hoping for. It suffers from the same problems as bitcoin, because it was built on the same erroneous assumptions.
Could you elaborate on what you mean when you say BTC is built on erroneous assumptions? I'm sincerely interested in BTC, how it functions, and it's relationship to the traditional economy. I'd like to hear opinions of people who have been thinking about this for longer than I have.
Sure, here it goes.
Bitcoin was intended to be a 'transactional currency'. Unfortunately, bitcoin is not a 'transactional currency', because it is neither primarily transactional, nor is it a currency.
The idea at the outset was to get people involved in the network by having 'mining' for bitcoins. That certainly did get people involved. Unfortunately it created a horder's mindset right from the start. In this 'transactional currency' 80% or more of the bitcoins never circulate. The problem is the idea that bitcoins are a currency - it isn't, and won't be, until there is a mass of people that primarily think of their wealth, and prices, denominated in bitcoins.
The result is huge swings in the value of the bitcoin. Quite a few people got burned this time around. People want to know that the value of their 'transactional currency' will still be there when they go to sleep and wake up in the morning. That simply isn't the case with bitcoins, litecoins, or any other existing 'crypto-currency'.
Thanks for the perspective... What's interesting to me is the floundering around as everyone tries to figure out how to assign a value and what value really means.
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I think it would be positive just to have the option of both BTC and litecoin. Vendors choose what to accept. Specifically for times like this huge crash and people don't want to use BTC it would be trivial to just use litecoin.
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I think it would be positive just to have the option of both BTC and litecoin. Vendors choose what to accept. Specifically for times like this huge crash and people don't want to use BTC it would be trivial to just use litecoin.
Think of integrating this though. It would be more work for vendors spent on paperwork and calculating it, than actually on packaging and order-filling. One of my mantras is never spend in insubordinate amount of time doing unnecessary work if you can help it, as it takes time away from real work.
I guess if bitcoin rose so high or became unnaturally volatile it may be worth looking into. It would take a HELL of a lot of mucking around though, both setting it up, implementing it into the .SYS, and working with it side-by-side with good old bitcoin. You would want it to be worth it.
Piece, Love, and Fuck Haters.