Silk Road Resurrected, Skyrockets Bitcoin To All-Time High

[SethAFitzgerald]

The value of Bitcoin took a hit after the largest online drug marketplace in the world, Silk Road, was shutdown. Now, the site is back up and running despite its founder being behind bars.

 

As a result of Silk Road's new and improved interface (likely more secure than before), the value of Bitcoin reached an all time high of $308. (Mind you, Bitcoin was less than $150 only a few weeks ago.)

 

Here are some detailed articles on it:

 

http://money.cnn.com/2013/11/06/technology/new-silk-road/

http://www.forbes.com/sites/andygreenberg/2013/11/06/silk-road-2-0-launches-promising-a-resurrected-black-market-for-the-dark-web/

http://www.nbcnews.com/technology/silk-road-2-0-rises-ashes-improvements-8C11545412

[miyabwah]

But... I don't mine bitcoins..... ):

[SethAFitzgerald]

But... I don't mine bitcoins..... ):

Neither do I, I had tried but without an army of computers (or a really powerful one) it is pointless.

 

Although, I had purchased bitcoins a while ago but already sold them, wish I had held on for this price increase.

[Bluejay0]

Oh boy... A fee of my buddies are going to be celebrating...

[Ethnod]

Well if they dont host the site in the states they should be ok this time around. Also if they dont try and kill anyone that would be nice also lol

[RatedBlam]

Oh boy... A fee of my buddies are going to be celebrating...

Your drug addict friends?

but I'd say that's a massive increase in value

[TopWargamer]

Shame I don't have more Bitcoins.

[HaZardousLP]

Bitcoins were only like <$100 earlier in the year right? Damn... Wish I bought some

[Bluejay0]

Your drug addict friends?

but I'd say that's a massive increase in value

 

Yes... them... 

 

What do you expect? I'm in high school and they got to get them somehow! Personally, I don't do it.

[dalekphalm]

I need to start mining lol, thats insane

The current Bitcoin difficulty is insanely high as well, so unless you had a 30+ GHash/s miner, it would likely be a waste of time. Unless you already had the mining equipment, and I doubt GPU based Bitcoin mining even breaks even anymore due to electricity costs and the extremely high difficulty rate. All the ASIC's are driving up the difficulty very fast as they slowly start to flood the market.

 

I'm sticking to Litecoin mining. It's not as profitable as it once was, but hopefully it gets a value boost by side-effect from the current Bitcoin trend.

[Osmium]

Yes... them... 

 

What do you expect? I'm in high school and they got to get them somehow! Personally, I don't do it.

 

I'm in high school and I dont have any of drug addict friends...

Then again I don't have friends so I wouldn't know.

[SethAFitzgerald]

Oh boy... A fee of my buddies are going to be celebrating...

I think there are thousands of people celebrating rght now.

[Osmium]

I think there are thousands of people celebrating rght now.

Unfortunately...

[SethAFitzgerald]

Unfortunately...

I know, it's obviously not good. The only "good" side of sites like this is the fact that it definitely eliminates a lot of "bad quality" stuff in the sense that there are ratings for the buyers.

 

So, people normally know what they are getting. It's basically the biggest "F U" to the DEA though.

[Osmium]

I know, it's obviously not good. The only "good" side of sites like this is the fact that it definitely eliminates a lot of "bad quality" stuff in the sense that there are ratings for the buyers.

 

So, people normally know what they are getting. It's basically the biggest "F U" to the DEA though.

 

I've always wondered who it is so damn hard to shut down these sites. Demonoid and those torrent sites are shut down all the time and that is technically not illegal, running torrent sites I mean (even though it kind of should be). But there are entire agencies dedicated to stopping drug sales and trafficking and they can't keep it down.

[SethAFitzgerald]

I've always wondered who it is so damn hard to shut down these sites. Demonoid and those torrent sites are shut down all the time and that is technically not illegal, running torrent sites I mean (even though it kind of should be). But there are entire agencies dedicated to stopping drug sales and trafficking and they can't keep it down.

Because they are using a relatively anonymous payment system, Bitcoin.

So, as long as things stay anonymous and servers are outside of the US, it's hard to really shut them down. Plus, the buyers and sellers are realy hard to stop.

[Mooshi]

News Flash: Not every Internet transaction happens within the USA. (Shocker, I know)

[Legion]

Bitcoins were only like <$100 earlier in the year right? Damn... Wish I bought some

I think I seen them crash to like 60 at one point really kicking myself for not buying some

[SethAFitzgerald]

I think I seen them crash to like 60 at one point really kicking myself for not buying some

At the same time, you have to really be on top of the market since the value of bitcoins drastically falls and jumps a lot (as we saw today.)

[Matsy]

If only I could go back in time and buy a thousand coins......

Man....

[qwertywarrior]

I think I seen them crash to like 60 at one point really kicking myself for not buying some

my cousin bought like 10 bitcoins when it crashed at 60$

and sold it a while ago when it got around 160$

[digitalnav]

I always kick myself for not buying some Bitcoin.

[GeTecknics]

i swear all this bitcoin news is making me want to mine them. i want dat sweet  moooonay

[SethAFitzgerald]

i swear all this bitcoin news is making me want to mine them. i want dat sweet moooonay

You would be better off buying some when the price drops, mining is no longer worth it.