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Bitcoin Story: One Reason Why its value went up!

Destiny

Destiny

Platinum Member
Source:

http://topinfopost.com/2013/10/03/f...d-of-billion-dollar-internet-drug-blackmarket

According to the indictment documents filed today in New York, the FBI was able to determine that over the last two years, SilkRoad processed $1.2 billion dollars worth of transactions. In other words, 9.5 million Bitcoins have flowed back and forth between SilkRoad buyers and sellers. What does that mean for Ross Ulbricht personally? Over that same time period, the FBI determined that Ulbricht collected some 600,000 Bitcoins in the form of his commission. How much are 600,000 Bitcoins worth? At today’s closing price, $78 million. At yesterday’s closing price? $90 million (the price of Bitcoins dropped sharply in the wake of Ulbricht’s arrest). When Bitcoins hit an all time peak value in April 2013 of $266 per coin, his virtual collection was worth $160 million. To give you some idea of how insane the market for Bitcoins has been recently, in the fall of 2011 when SilkRoad was founded, a single Bitcoin was worth just $2.
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darkewaffle said:
I somehow doubt there was $1.2B moving through that site in two years.
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It's easy when the thing of value has no intrinsic value. Allow me to demonstrate...

This post has a value of $2.4 billion. I hereby give it to darkewaffle.

See, ATOT moves more value in one day than SilkRoad moved in two years.






PS: Don't forget to pay tax on the $2.4 billion.
 
I mined some bitcoins back when I got my 6870s.
Bitcoins were worth next to nothing at the time.

They were pretty much 'worthless'

A few months ago, I use those "worthless" bitcoins to buy 2 very good boxes of cigars.
 
protip - if you have $78 million, GTFO from the US. (or wherever you are committing your crime from)

thailand springs to mind. buy yourself a nice island, perhaps?
 
BurnItDwn said:
I mined some bitcoins back when I got my 6870s.
Bitcoins were worth next to nothing at the time.

They were pretty much 'worthless'

A few months ago, I use those "worthless" bitcoins to buy 2 very good boxes of cigars.
Click to expand...

Does that mean that I can now say that bitcoins cause cancer? 😀
 
IronWing said:
It's easy when the thing of value has no intrinsic value. Allow me to demonstrate...

This post has a value of $2.4 billion. I hereby give it to darkewaffle.

See, ATOT moves more value in one day than SilkRoad moved in two years.






PS: Don't forget to pay tax on the $2.4 billion.
Click to expand...

attention all, i am selling this copy of ironwings post for a mere 1.2 billion. i accept USD only for payment.
 
A few years back when I first considered mining for Bitcoins, it was a very popular discussion to do something like this. Basically the Miners were looking to establish an Economy where BC were being utilized and the idea of the Drug Trade was being openly and intensely discussed.

I really don't know how the BC Market(not the Currency exchange itself, but the Retail/Services aspect) has developed over the years. If it hasn't diversified by this time, I can't see it lasting much longer.
 
sandorski said:
A few years back when I first considered mining for Bitcoins, it was a very popular discussion to do something like this. Basically the Miners were looking to establish an Economy where BC were being utilized and the idea of the Drug Trade was being openly and intensely discussed.

I really don't know how the BC Market(not the Currency exchange itself, but the Retail/Services aspect) has developed over the years. If it hasn't diversified by this time, I can't see it lasting much longer.
Click to expand...

The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
 
preslove said:
The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
Click to expand...

Without drugs, it has a market in digital goods that are centered on privacy. Email, VPNs, and software...
 
preslove said:
The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
Click to expand...

They are the ones that probably snitched him out - given the USA wants its fair share of tax proceeds... that was how they got Capone and the mafia - through tax evasion! D:
 
lxskllr said:
Without drugs, it has a market in digital goods that are centered on privacy. Email, VPNs, and software...
Click to expand...
These reasons are why I use bitcoins where I can. Privacy and anonymity being the most important. Also the lower fees associated with BC transactions are a big plus.
 
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