Bitcoin drops 20% amid shutdown of Silk Road website

Amid Silk Road uncertainty, Bitcoin value drops over 20% in 3 hours

I figured this was pretty relevant. Considering how so many people on ATS have sworn on Bitcoin as the next coming of a Jesus currency, I think it is pretty damning that a currency could drop so much value over a single event. I have never been a supporter of Bitcoin and I don't think this will help anyone who is on the fence.

Any thoughts on this situation?

reply to post by TheNewRevolution


Oh look, an unregulated "currency" is dropping out of control...who would've thought?

I have no pity for people that put their trust in things like bitcoins.

reply to post by TheNewRevolution


Unless Bitcoin is Backed by a Precious Metal , it's just Another Worthless IOU . Same goes for All World Currencies that do not offer " Hard Value " for their Circulation .

watch it, it will go up.

Made some money on accident on bitcoin price fluctuations, if it drops low enough I may pick up a bunch of it to see what happens.


Black market Reloaded is still up, and frankly I felt was a better site than silk roads.

AlienScience
reply to post by TheNewRevolution

 

Oh look, an unregulated "currency" is dropping out of control...who would've thought?

I have no pity for people that put their trust in things like bitcoins.

$97+- USd per coin.

It was there a few weeks ago too..

I love reading how much you have no sympathy for people. You're awesome. Ignorant too.

benrl
watch it, it will go up.

Made some money on accident on bitcoin price fluctuations, if it drops low enough I may pick up a bunch of it to see what happens.


Black market Reloaded is still up, and frankly I felt was a better site than silk roads.

edit on 2-10-2013 by benrl because: (no reason given)

Exactly. It was there a few weeks ago. It's not going to drop or crash. It is too well established. The people who have only ever heard of it or have no idea, but want to bag it, are reading things like "Super secret drug website that started bitcoin, goes down. Bitcoin drops in value." and they are frothing at the mouth with hardons..

Pretty funny actually.. lol

winofiend

benrl
watch it, it will go up.

Made some money on accident on bitcoin price fluctuations, if it drops low enough I may pick up a bunch of it to see what happens.


Black market Reloaded is still up, and frankly I felt was a better site than silk roads.

edit on 2-10-2013 by benrl because: (no reason given)

Exactly. It was there a few weeks ago. It's not going to drop or crash. It is too well established. The people who have only ever heard of it or have no idea, but want to bag it, are reading things like "Super secret drug website that started bitcoin, goes down. Bitcoin drops in value." and they are frothing at the mouth with hardons..

Pretty funny actually.. lol

edit on 2-10-2013 by winofiend because: (no reason given)

Good points! Also, how long do you think before Silk Road comes back? Hidden services are always under attack, but they have an impressive history of recovering over time. Silk Road is too big to go away this easily, and I think BitCoin value will reflect that.

winofiend

benrl
watch it, it will go up.

Made some money on accident on bitcoin price fluctuations, if it drops low enough I may pick up a bunch of it to see what happens.


Black market Reloaded is still up, and frankly I felt was a better site than silk roads.

edit on 2-10-2013 by benrl because: (no reason given)

Exactly. It was there a few weeks ago. It's not going to drop or crash. It is too well established. The people who have only ever heard of it or have no idea, but want to bag it, are reading things like "Super secret drug website that started bitcoin, goes down. Bitcoin drops in value." and they are frothing at the mouth with hardons..

Pretty funny actually.. lol

edit on 2-10-2013 by winofiend because: (no reason given)

I was going to post a long response, but you freaking nailed it. EXACTLY what I wanted to say.

...bunch of sourpusses, eager to piss on parades. grow up.

reply to post by AlliumIslelily


Apparently there are already alternatives using the same set up. One called atlantis, I think. It will certainly come back as a MKII - they didn't do anything but reveal what not to do. And like torrent sites, one goes down, one comes up off shore.

But even beyond the illicit trades of the dark web, there are established normal web sites that deal with bitcoin. From watching other crypto currencies grow I've seen what good people pushing the idea can achieve, where they get people involved and services start to embrace it.

These things only make the news when something bad happens. THe long silences in between are where people are making change and .. some buggers getting really rich...

Oo

reply to post by winofiend


Atlantis just shut down for "security reasons". I think this bust scared them into hiding, probably to double check they aren't making similar mistakes.

This is touted as a success in the war on drugs, but I think it really has nothing to do with that, and everything to do with crushing BitCoin. The fed doesn't like Bitcoin for the same reason they didn't like the greenback: they can't regulate it.

If this was really about the war on drugs, shutting down Silk Road would make no sense. The FBI had all these people in one organized location. To scatter them back out into the world and eliminate the one thread that kept them all connected is completely counter-productive if your goal is to find out who they are and stop them.

reply to post by AlliumIslelily


I agree. there were even similar comments in the trollbox on btc-e.

And you can see they are really reaching deep to make sure people without any real insight, accuse this guy in line with the image portrayed to the public.

He's a drug dealer, who ordered hits on people, told people how to hack, with no morals and $$$ for pupils.

Oh and they also now claim bitcoin is traceable. well sure your wallet transactions are in the blockchain. why is it we're all encrypting and obfuscating our wallets, I wonder..

Just who is that masked string of characters that could come from anywhere....