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Bit Coin loses 21% of it's value

ajoy39
By ajoy39
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The price of bit coins has dropped 29 dollars per unit since this morning. 

http://bitcoinity.org/markets?exchange=mtgox

 

The reason being, Silk Road has been busted up. 

http://www.nytimes.com/2013/10/03/nyregion/operator-of-online-market-for-illegal-drugs-is-charged-fbi-says.html

 

 

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Buy it all!

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Realistically, you couldn't expect non regulated currency to retain it's value considering all the illegal activities that it could fund. No chance in hell the governments around the world will sit idly by as some internet regulated currency is around.

 

 

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Think of Bitcoins as a very volatile stock and you have figured out how to deal with it.

† Christian Member †

For my pertinent links to guides, reviews, and anything similar, go here, and look under the spoiler labeled such. A brief history of Unix and it's relation to OS X by Builder.

 

 

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Slowly climbing back up now...

 

Probably a good idea to buy now and then sell again when it gets to $130

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Realistically, you couldn't expect non regulated currency to retain it's value considering all the illegal activities that it could fund. No chance in hell the governments around the world will sit idly by as some internet regulated currency is around.

Germany sees bitcoin as a currency

http://www.cnbc.com/id/100971898

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Germany sees bitcoin as a currency

http://www.cnbc.com/id/100971898

That's not his point. Bitcoin is stil unregulated and it's worth is tied to closely to the black market. When places like silk road go down it loses a lot of it's value, and you can bet that governments are going to keep trying to close down those markets. 

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That's not his point. Bitcoin is stil unregulated and it's worth is tied to closely to the black market. When places like silk road go down it loses a lot of it's value, and you can bet that governments are going to keep trying to close down those markets. 

I'll find it quite funny when they try and shut down the online gambling sites that use Bitcoin. Legally, they can't do that. :P

† Christian Member †

For my pertinent links to guides, reviews, and anything similar, go here, and look under the spoiler labeled such. A brief history of Unix and it's relation to OS X by Builder.

 

 

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post-18973-0-25751000-1380740854.jpg

MY HOLE LIFE!!

“Give a man a fire and he's warm for a day . Set a man on fire and he's warm for the rest of his life.”

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That's not his point. Bitcoin is stil unregulated and it's worth is tied to closely to the black market. When places like silk road go down it loses a lot of it's value, and you can bet that governments are going to keep trying to close down those markets. 

It just like the Stock Market. If something happened bad to any company the stock would drop.  maybe not this much, but would still drop. 

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It just like the Stock Market. If something happened bad to any company the stock would drop.  maybe not this much, but would still drop. 

Right, but unlike the stock market, governments around the world are trying to shut down some of the major markets in which bit coin is used. 

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What the... I thought the government was "shut down". Yet they find the time to do things like this.

 

Edit: It's at $128 now so it looks like it's recovered a bit.

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The silk road is closed?!? http://nooooooooooooooo.com/

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If only I had the money to invest in a potential bitcoin boom in the future

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How in hell did they pull that off?

I thought the FBI was shut down along with all of the US government anyway...

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Glad I sold my bitcoin collection when they hit that high earlier this year. Totally worth it.

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How in hell did they pull that off?

I thought the FBI was shut down along with all of the US government anyway...

 

US government shut down "needless" services. Services that don't pull in money. "Protective" services are still very active and you can be damn sure FBI, CIA, NSA all pull in their own revenue on their own time. This is partially the reason they also still function normally when we have budget cuts and job cuts, they are nearly self sustained or can go in to "self powered mode" where they don't actually need the rest of the US government to keep on functioning. That's one of the many scary things about the US government, is that it is not unified and does not entirely operate on one single set of rules. If needed, most agencies have the unspoken power to do exactly what they want to do all by their self without actually needing approval. (sometimes)

sysloc

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Title should read, Bitcoin on sale today ;)

 

While it's sad to see SilkRoad go, another will take it's place and be even further underground. SilkRoad simply got too big for it's own good. Whether you agree or not, the SilkRoad helped by taking sketchy drug deals off the streets making it a lot safer for everyone involved.

 

I really hope guy arrested has a good lawyer as the media is going to make it out to sound like he was doing everything. It's essentially the same as arresting and seizing the funds of every seller on Ebay for reasons of fraud because someone bought broken hardware when it said "like new". According to interviews, he didn't make the site, nor was he the original/sole owner. The bitcoins "seized" will likely not stay seized due to the nature of bitcoin as people should hold their own private keys to move the coins anywhere.

 

And you can bet, there have been some illegal measures taken to "catch" this guy.

 

 

One thing to note, it's rather sad to see this happen right after the announcement of dozens of dealers donating their proceeds to charity for this week.

 

 

 

There is a lot more to the bitcoin protocol besides buying drugs. In the future perhaps this will change the quick response of it's only for buying drugs when explaining it to others. Bitcoin is not tied to blackmarkets, it has real world value beyond what most people think. Just like the internet has more use than porn alone.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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really wanted to visit  silkroad one last time

i saw a Latvian passport on sale :/

If your grave doesn't say "rest in peace" on it You are automatically drafted into the skeleton war.

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really wanted to visit  silkroad one last time

i saw a Latvian passport on sale :/

Just out of interest because im Latvian,

how much was it? :D

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Just out of interest because im Latvian,

how much was it? :D

cant recall but it was expensive

i think like 2000$ +

and it was the only passport for sale

 

 

PS

my cusin sold his passport like 3 times :P

If your grave doesn't say "rest in peace" on it You are automatically drafted into the skeleton war.

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