Silk Road forums

Discussion => Security => Topic started by: CocaineFlakes on May 02, 2013, 01:32 pm

Title: What happend with BTC (bitcoins)
Post by: CocaineFlakes on May 02, 2013, 01:32 pm
Need some help from specialists, will it raise again to the 200 euro or will it slowly fall down.
Please any tips are welcome.

Need to know SELL THEM or HOLD THEM

Thanks for help.
Title: Re: What happend with BTC (bitcoins)
Post by: ProudCannabian on May 02, 2013, 02:49 pm
It will eventually rise again, but it could take a long time.  This dip may be all the folks grabbing their coins from SR and cashing out quickly after that hiatus.
When I first started here coins were worth $70 or so, then within a week or so they crashed down to a little over $1 each, and hovered around that for months.
I think it will hover around $100 for awhile though.
Title: Re: What happend with BTC (bitcoins)
Post by: that1guy on May 02, 2013, 03:26 pm
Over the past few hours they have been dropping like crazy.. hoping by the time I leave work I can buy them at around ~70 USD
Title: Re: What happend with BTC (bitcoins)
Post by: happertand on May 02, 2013, 03:34 pm
I joined the road when the exchange rate was 1BTC = $5!

I have a colleague who bought "a salary's worth" of bitcoins when it was around $25 and he suggests keeping it and not spending at all. (he does not know about SR and I don't think he uses drugs)

This guy is a seasoned investor; gold and silver most notably. He says he will keep his bitcoins until it reaches four figures which I think will take a very long time at least but probably impossible.

If I had loads of bitcoins, I'd save them and forget about them. Alas, I smoke cannabis and my primary source atm is SR!
Title: Re: What happend with BTC (bitcoins)
Post by: Tripazoid on May 02, 2013, 04:46 pm
It's been really annoying!

While SR was down, I used the time to stock up on BTC for when the Road would be up and running again. Now SR is (mostly) accessible, the BTC I bought have lost nearly a third of their value. So I'm reluctant to place any orders. I'd rather wait until the coins are worth closer to what I paid for them,.

Still, it beats waiting around for hours in a cold and rainy bus shelter for the local coke dealer who, no matter how many times you call him is perpetually "Just round the corner and will be there in 10 minutes". And when he finally DOES arrive, all he's got is a gram that weighs 0.7 and is cut with 70% mannitol!
Title: Re: What happend with BTC (bitcoins)
Post by: technofarm on May 02, 2013, 05:34 pm
It will eventually rise again, but it could take a long time.  This dip may be all the folks grabbing their coins from SR and cashing out quickly after that hiatus.
When I first started here coins were worth $70 or so, then within a week or so they crashed down to a little over $1 each, and hovered around that for months.
I think it will hover around $100 for awhile though.

I remember when Bitcoins were $3,  I had about 500 of them..... FML wish i didn't sell them at $14 but what can you do.
Title: Re: What happend with BTC (bitcoins)
Post by: colorblack on May 03, 2013, 01:50 am
OP - you want to hold them. They're on the verge of mainstream. And I mean, REALLY MAINSTREAM. You will regret "cashing them out" in a few weeks/months. The interest is at an all time high. When "Big Money" moves in (they've already started), and values go up, and people are talking in mBTC (1000th of a Bitcoin because 1 BTC will be worth $1,000 and more).. you will be pulling your hair out in regret.
Title: Re: What happend with BTC (bitcoins)
Post by: lokiju on May 03, 2013, 02:23 am
Yeah, if you had a thousand dollars, it'd be good to just buy all that a thousand (about 10 now) would buy and hang on to it. About 3 weeks ago, I spent $3000 when they were $80 each, and it went up to $260+-I should have sold, but figured it would keep going up, I had slightly over $8000 worth. I'm kicking myself now for not selling. However the conditions that led to a sell off are still possible, but I don't think it will go below much than $100 (could be wrong though!) What happened is that MtGox was hit with a DDOS and people couldn't log on and that led to panic selling. MtGox has done NOTHING (that I've heard) to fix this. They are super anti Silk Road, so it's  unlikely they will put some servers in a TOR network, I think that would keep them from a DDOS (I'm not a tech guy though)
I don't think you will go wrong if you can get BTC for a hundred or less.
Title: Re: What happend with BTC (bitcoins)
Post by: lukeuser on May 03, 2013, 05:40 am
OP - you want to hold them. They're on the verge of mainstream. And I mean, REALLY MAINSTREAM. You will regret "cashing them out" in a few weeks/months. The interest is at an all time high. When "Big Money" moves in (they've already started), and values go up, and people are talking in mBTC (1000th of a Bitcoin because 1 BTC will be worth $1,000 and more).. you will be pulling your hair out in regret.

Yeah, I've thought that. But who knows, it could just collapse as well. It's got a lot of interest at the minute, but things could change.
Title: Re: What happend with BTC (bitcoins)
Post by: operatorplease on May 04, 2013, 04:36 am
The recent crash will have rocked current and new investors confidence about the short to medium term prospects of bitcoin's worth, I'd say there is one more correction of the price coming in the next couple of weeks so if you're looking to buy save some cash and wait for it to drop >$90 again.

Mt. goxxed needs to be removed from this Earth if bitcoin is to ever succeed...please excuse my french but I'd love to punch that chubby cunt in his face.
Title: Re: What happend with BTC (bitcoins)
Post by: Jack N Hoff on May 04, 2013, 04:59 am
if you're looking to buy save some cash and wait for it to drop >$90 again.

Drop above $90?  I think you meant below...
Title: Re: What happend with BTC (bitcoins)
Post by: Fah-Q on May 04, 2013, 02:18 pm
I can remember bitcoin was $2.50 back in November '11. Man, I should had bought bunch of bitcins back then.
Title: Re: What happend with BTC (bitcoins)
Post by: PerPETualMOtion on May 04, 2013, 07:24 pm
Need some help from specialists, will it raise again to the 200 euro or will it slowly fall down.
Please any tips are welcome.

Need to know SELL THEM or HOLD THEM

Thanks for help.

You need Nostradamus, not dopeheads from Silk Road.  :P
Title: Re: What happend with BTC (bitcoins)
Post by: colorblack on May 06, 2013, 01:28 am
You guys see the news about Chinese CCTV doing a 1 hour pro Bitcoin special? It's about to be a frenzy in China. Believe me on that.
And they would love to taunt the US Dollar. If it aired on CCTV, Bitcoin got the green light from the Chinese leadership.. which is SERIOUS. I think Bitcoin-QT already was downloaded 7,000x more in 2 days since the special aired then in the last few months alone in China.

With there being a bank holiday in Japan.. and no new money coming into Gox till Tuesday. Watch what happens this week. You guys thought $266 was cool?

Reminds me of that line in The Social Network - "A million dollars isn't cool. You know what's cool? A billion dollars". If you have BTC, its value is going to start increasing like never before (Not to mention pro BTC comments by CEO's of Paypal, Western Union, MoneyGram etc). If you don't have BTC, GET IT while it's still $116. When it's double or triple this or quadruple this in a few weeks, you'll thank me.

Title: Re: What happend with BTC (bitcoins)
Post by: Jack N Hoff on May 06, 2013, 01:34 am
You guys see the news about Chinese CCTV doing a 1 hour pro Bitcoin special? It's about to be a frenzy in China. Believe me on that.
And they would love to taunt the US Dollar. If it aired on CCTV, Bitcoin got the green light from the Chinese leadership.. which is SERIOUS. I think Bitcoin-QT already was downloaded 7,000x more in 2 days since the special aired then in the last few months alone in China.

With there being a bank holiday in Japan.. and no new money coming into Gox till Tuesday. Watch what happens this week. You guys thought $266 was cool?

Reminds me of that line in The Social Network - "A million dollars isn't cool. You know what's cool? A billion dollars". If you have BTC, its value is going to start increasing like never before (Not to mention pro BTC comments by CEO's of Paypal, Western Union, MoneyGram etc). If you don't have BTC, GET IT while it's still $116. When it's double or triple this or quadruple this in a few weeks, you'll thank me.

Digital currencies that can be exchanged for fiat currency can only be used to trade in virtual goods and services in China.  It is illegal to buy physical goods and services with a digital currency like bitcoin in China.

Just putting that out there.
Title: Re: What happend with BTC (bitcoins)
Post by: colorblack on May 06, 2013, 01:38 am
Hmm.. Didn't know that. But the fact that CCTV was allowed to run a 1 hour pro BTC documentary means that the Chinese Communist Party approved it. They'd NEVER let anything that flouts their strict restrictions to be aired with impunity. Additionally, wouldn't put it past the Chinese to prop up a currency (virtual or other) that would snub and/or challenge the US dollar.. dont you think? But then the flip side is, China holds a LARGE amount of US dollars. So that might be like cutting off the nose to spite the face? I'm not an economist.. I don't know. But China nothing airs on CCTV (especially something like Bitcoin) without a greenlight from the government. Interesting indeed.
Title: Re: What happend with BTC (bitcoins)
Post by: thetopshelf on May 06, 2013, 01:46 am
Hmm.. Didn't know that. But the fact that CCTV was allowed to run a 1 hour pro BTC documentary means that the Chinese Communist Party approved it. They'd NEVER let anything that flouts their strict restrictions to be aired with impunity. Additionally, wouldn't put it past the Chinese to prop up a currency (virtual or other) that would snub and/or challenge the US dollar.. dont you think? But then the flip side is, China holds a LARGE amount of US dollars. So that might be like cutting off the nose to spite the face? I'm not an economist.. I don't know. But China nothing airs on CCTV (especially something like Bitcoin) without a greenlight from the government. Interesting indeed.

the Chinese are anti-drug communists
Their government would surely be against SR, but there is not many china-china drug dealers on here.
That is likely the reason they let it thru, SR has not yet revolutionized the Chinese drug market.
Title: Re: What happend with BTC (bitcoins)
Post by: maxieBB on May 06, 2013, 01:55 am
You guys see the news about Chinese CCTV doing a 1 hour pro Bitcoin special? It's about to be a frenzy in China. Believe me on that.
And they would love to taunt the US Dollar. If it aired on CCTV, Bitcoin got the green light from the Chinese leadership.. which is SERIOUS. I think Bitcoin-QT already was downloaded 7,000x more in 2 days since the special aired then in the last few months alone in China.

With there being a bank holiday in Japan.. and no new money coming into Gox till Tuesday. Watch what happens this week. You guys thought $266 was cool?

Reminds me of that line in The Social Network - "A million dollars isn't cool. You know what's cool? A billion dollars". If you have BTC, its value is going to start increasing like never before (Not to mention pro BTC comments by CEO's of Paypal, Western Union, MoneyGram etc). If you don't have BTC, GET IT while it's still $116. When it's double or triple this or quadruple this in a few weeks, you'll thank me.


when BTC is below $200 USD on May 15th and you pay me the $50 you bet me, then I will thank you.
Title: Re: What happend with BTC (bitcoins)
Post by: Jack N Hoff on May 06, 2013, 01:55 am
Hmm.. Didn't know that. But the fact that CCTV was allowed to run a 1 hour pro BTC documentary means that the Chinese Communist Party approved it. They'd NEVER let anything that flouts their strict restrictions to be aired with impunity. Additionally, wouldn't put it past the Chinese to prop up a currency (virtual or other) that would snub and/or challenge the US dollar.. dont you think? But then the flip side is, China holds a LARGE amount of US dollars. So that might be like cutting off the nose to spite the face? I'm not an economist.. I don't know. But China nothing airs on CCTV (especially something like Bitcoin) without a greenlight from the government. Interesting indeed.

the Chinese are anti-drug communists
Their government would surely be against SR, but there is not many china-china drug dealers on here.
That is likely the reason they let it thru, SR has not yet revolutionized the Chinese drug market.

It is very hard for anyone in China to even access SR.  TOR and public bridges are blocked in China.  You need a private bridge to even get on the TOR network.

Bitcoins can legally be used for digital goods and services and it can also be exchanged for fiat currency in China.  It just can't be used for physical goods or services.

Just putting that out there.
Title: Re: What happend with BTC (bitcoins)
Post by: PerPETualMOtion on May 06, 2013, 05:14 am
You guys see the news about Chinese CCTV doing a 1 hour pro Bitcoin special? It's about to be a frenzy in China. Believe me on that.
And they would love to taunt the US Dollar. If it aired on CCTV, Bitcoin got the green light from the Chinese leadership.. which is SERIOUS. I think Bitcoin-QT already was downloaded 7,000x more in 2 days since the special aired then in the last few months alone in China.

With there being a bank holiday in Japan.. and no new money coming into Gox till Tuesday. Watch what happens this week. You guys thought $266 was cool?

Reminds me of that line in The Social Network - "A million dollars isn't cool. You know what's cool? A billion dollars". If you have BTC, its value is going to start increasing like never before (Not to mention pro BTC comments by CEO's of Paypal, Western Union, MoneyGram etc). If you don't have BTC, GET IT while it's still $116. When it's double or triple this or quadruple this in a few weeks, you'll thank me.

These are very ambiguously exciting times, indeed!