DUMP YOUR BITCOINS

[ncapatina]

And even if you're not one of the lucky people who got in early, if you had 50 coins and turned them into 80, you'd still have made over 3 grand this afternoon if you played it wisely.

[Orruar]

Originally Posted by r00t [You must be logged in to view images. Log in or Register.]

I know it isn't the death of the internet black market. This dude was clearly a moran. He should have hosted in Iran and lived in North Korea, then the feds would never bust him.


btw when people dump prices go down, that whole supply > demand thing....

Yeah, but people were dumping for no particular reason (other than fear, which is temporary). Other websites will pop back up (if not the exact same silk road site), and will still use bitcoin. Nothing changed in terms of the utility of bitcoin as a currency, so there was no reason for the price to drop like that. Too bad the market corrected faster than I anticipated. Was gonna throw some cash into it if they got down to the $50 range.

[runlvlzero]

Bit coins is just yet another fiat controlled by a single corporation rather than the National Treasury Department.

The current banks have enough real assets to inflate and control bitcoins in the same manner as they do our current economy.

Sure you could get in on the ground floor mining/earning them. Before inflation really bubbles. But the end results are going to be exactly the same if they ever get traction as a world currency.

[runlvlzero]

Lastly if bitcoins ever became a threat to current fiats. The government would regulate the rate of mining.

[Orruar]

Originally Posted by runlvlzero [You must be logged in to view images. Log in or Register.]

Bit coins is just yet another fiat controlled by a single corporation rather than the National Treasury Department.

The current banks have enough real assets to inflate and control bitcoins in the same manner as they do our current economy.

Sure you could get in on the ground floor mining/earning them. Before inflation really bubbles. But the end results are going to be exactly the same if they ever get traction as a world currency.

In what way can they inflate the supply of bitcoins? They become exponentially more difficult to mine and then there is a hard cap on the total number (about double the current supply).

[runlvlzero]

They can purchase more mining equipment than you or I. There's already in industry around mining it.

The people who run the bitcion company can always flip a variable in the algorithm.

Banks or bitcoin mining operations can always purchase more bit coins than you or I can mind collectively. IMO.

[runlvlzero]

Its trivially easy to transfer real world $ to bitcoins as well. Then again re-establishing control of the bitcoin wall street.

[runlvlzero]

Bitcoins is not backed by anything but good faith. Its just another fiat.

[runlvlzero]

I've done a bit of research you can spend 1000$ cash to lease mining equipment to mine you 2000$ USD bitcoins with a year on return of investment. By then they either hope you buy more mining gear or cash out.

It doesn't take an economics degree to see how this new ponzi scheme will work.

[runlvlzero]

Lastly right now it has very little regulation other than the good faith of the corporation allowing you to mine the coins.

It's almost a worse devil than what we have. Perhaps.