breaking news: someone found a legit reason to use bitcoin

[Spungo]

to buy illegal drugs

The currency used on the site is called Bitcoin — a digital currency that makes it nearly impossible for authorities to follow the money trail. One Bitcoin currently converts to just over $11 (Canadian), but the rate changes on a daily basis.
Bitcoin’s main draw to illicit websites such as Silk Road is that it is decentralized and uses a network of computers, or nodes, to make monitoring transactions online much more difficult.

Mystery 100% solved. Use Tor so they can't track your IP then use bitcoins so they can't follow the money. w00t. Time to find a site that sells grenade launchers and fully automatic AK-47s in exchange for bitcoins.

 

[Attic]

so are you long or short bc's?

 

[Spungo]

so are you long or short bc's?

I don't think this would have much effect on bitcoins if people buy them just for the drug transaction then the seller immediately cashes them in. I can't imagine drug dealers holding large amounts of bit coins just to see where the price goes.

 

[gevorg]

someone think of the children, ban bitcoins now!

 

[xj0hnx]

Welcome to three years ago?

 

[DucatiMonster696]

to buy illegal drugs




Mystery 100% solved. Use Tor so they can't track your IP then use bitcoins so they can't follow the money. w00t. Time to find a site that sells grenade launchers and fully automatic AK-47s in exchange for bitcoins.

You can do this already with US currency. Also what do you think the biggest import from the US is for Mexico and its Mexican drug cartels? Hint: It ain't drugs or ATF green light guns.

 

[Saint Nick]

Silk Road rocks :thumbsup:

 

[Mandres]

Welcome to three years ago?

No shit... this has been pretty much the only market that accepts BT currency since the very beginning.

 

[Spungo]

No shit... this has been pretty much the only market that accepts BT currency since the very beginning.

Well why didn't anyone tell me this? I've seen bitcoin discussions on lots of forums and IRQ channels and nobody explicitly stated that they were used for buying illegal drugs.

 

[zanejohnson]

Silk Road rocks :thumbsup:

yes it does, edit, didnt know the cat was already out of the bag lol..didnt read link..

 

[MrColin]

I've never been to silk road but I've been mining coins and trading on volatility for a little over a year now. The price hit over $15 today, cant wait for a precipitous drop.

 

[Doppel]

Bitcoin lol

 

[eternalone]

Rules #1 and #2. Lock thread.

 

[davmat787]

I've never been to silk road but I've been mining coins and trading on volatility for a little over a year now. The price hit over $15 today, cant wait for a precipitous drop.

I get what a bitcoin is, but what exactly is this mining you speak of? Just curious.

 

[StrangerGuy]

I get what a bitcoin is, but what exactly is this mining you speak of? Just curious.

How to encrypt data for the sake of encrypting and expect money to flow out of it.

 

[MrColin]

I get what a bitcoin is, but what exactly is this mining you speak of? Just curious.

All of the bitcoins in existence were "mined" by somebody grinding away cryptographic hashes on a computer. You can read about it more here: https://bitcointalk.org
or if you're an animated video type of guy: http://youtu.be/Um63OQz3bjo

How to encrypt data for the sake of encrypting and expect money to flow out of it.

Not even close.

 

[Doppel]

Not even close.

In fact, not only is he close, but now that some people actually *chuckle* will trade real, actual USD for it, it's 100% accurate.

Another way to define bitcoin mining is it's something a person does before then going to other forums and promoting the concept to people, this only slightly preceding the inevitable mockery that always erupts from these people.