Silk Road and Bitcoins - Buy drugs online?



character said:
;)

also 99% of all bitcoins are in someones belonging (in wallets), so only way for price to actually crash would be if EVERYONE just magically forgot about them

but the demand is going to increase, and so will the value
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considering demand would sharply drop if it was banned in the US...
 
music4mic said:
I seriously doubt anyone expects you to pay $3000 for meth. The price is supposed to fluctuate with the market, so if the guy wants $50 for a gram of meth and a bc is worth $10, it should read 5 bc and as the bc value increases or decreases, it's supposed to be reflected in the bc cost.
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So what happens when you sell $5,000 in product for 500 BC's and then when you need to cash out two months later the value of BC's drops by 50%?
 
dtea206 said:
So what happens when you sell $5,000 in product for 500 BC's and then when you need to cash out two months later the value of BC's drops by 50%?
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What happens when you're paid in dollars, but the value drops?
 
papajohn56 said:
I'm not saying it'd stop - but demand sure would plummet.
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I think Bitcoin would have to go really mainstream before banning it would cause any kind of plummet. The average Internet user isn't able to use (or understand) Bitcoin right now at all. You download a client, have no security checks, and your "money" is stored in a .dat file. What I'm saying is that anyone who already uses Bitcoin is definitely tech savvy enough to keep using it if it were to be banned (somehow). Most people I know who use it are already doing their transactions from behind a proxy.

I'm just pissed that I refused to take Bitcoin payments for the past few months. Oh well...
 
having played with bitcoin a little bit the last week, this shit is so far away from being accessible for real people that its going to be a while before it gets any significant ecommerce presence.

That said, this is some of the most disruptive technology i've ever seen in my life. If it does somehow get into the mainstream, holy shit.
 
subigo said:
And back down we go... Bitcoin is back down to $21.90 as of right now. Will probably hit $16-18 by the end of the day.
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These are what they call buying opportunity's. A guy can play the up and downs just like any market.
 
dmnEPC said:
These are what they call buying opportunity's. A guy can play the up and downs just like any market.
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Assuming you have a way to easily and quickly purchase Bitcoins. Right now the process takes days, unless you already have someone willing to sell to you at a price you like. And even then, you have to trust them.
 
subigo said:
Assuming you have a way to easily and quickly purchase Bitcoins. Right now the process takes days, unless you already have someone willing to sell to you at a price you like. And even then, you have to trust them.
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I am not talking about buying and selling goods I am referring to trading the currency through the exchanges, just like you would any other currency or a stock market (ie.. buy BC at $20 and then sell or convert back to dollars when it goes to $25) this thing fluctuates so much and so fast you can hit it going up down or sideways and never actually buy any tangible goods or services
 
dmnEPC said:
I am not talking about buying and selling goods I am referring to trading the currency through the exchanges, just like you would any other currency or a stock market (ie.. buy BC at $20 and then sell or convert back to dollars when it goes to $25) this thing fluctuates so much and so fast you can hit it going up down or sideways and never actually buy any tangible goods or services
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That's what I'm talking about too... You can't quickly buy via an exchange. Right now it takes an average of 3-5 days. Unless of course you already have available funds with one of the exchanges, but that's not what I'm talking about.
 
dtea206 said:
So what happens when you sell $5,000 in product for 500 BC's and then when you need to cash out two months later the value of BC's drops by 50%?
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That's not really what I was getting at man. Price of bitcoins will probably fluctuate wildly, but who knows. If they become more widely accepted the price will probably only increase. If some of the banks holding the "real" funds gets seized, or those against the currency figure out another way to disrupt the market then this may cause them to go down in value. I really don't want to debate this though.

All I was saying though is that people who have 1 gram of meth listed at 50 BC or whatever are probably confused about how the system works. It looks like the most trusted sellers have prices that correlate with the dollar and probably understand the system better. Example, as the price/value of the BC has gone up the cost (# of BC it takes to purchase) per unit of whatever they are selling has gone down. It does remain constant with the dollar value. In other words, $50 of meth 3 weeks ago still costs $50 today.
 
"Silk Road is temporarily closed. We will be back up either Saturday or Sunday. Thank you for your patience and sorry for the lack of notice on this one :)"

Wonder what's going on..
 
-joe- said:
"Silk Road is temporarily closed. We will be back up either Saturday or Sunday. Thank you for your patience and sorry for the lack of notice on this one :)"

Wonder what's going on..
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Strengthening security maybe?

even .onion sites have their weaknesses from what I've read.
 
If you are looking to get in, now is the time. Value of the BTC lost 30% yesterday due to Silk Road being temp closed.

Should be able to pick them up for around $20 at the time of writing this.
 
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