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Holy crap! BTC (bitcoin) plummeted hard... wondering why?

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posted on Dec, 18 2013 @ 08:13 AM
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Zcustosmorum

shaneslaughta
reply to post by Zcustosmorum
 


Its not fear mongering, its truth. Simply put, most of the money inserted into bitcoins go strait to the silk road. If you dont know that it is, google it. Its been discussed enough here.


I'm sure the US had something to do with it. Most of the drugs such as synthetic marijuana come from china in bulk form. Sold as research chemicals and so forth.

There is a high demand for such thing on the silk road. The US is trying to stop people from ordering them and bringing them into the country.



Silk Road was anonymous because it was on the Tor Network so everything was anonymous, it is not a direct link to Bitcoin.

Secondly, Silk Road no longer exists.
edit on 18-12-2013 by Zcustosmorum because: (no reason given)



The silk road is not dead, they resurrected it. Version 2.0 is operational.....no i will not point anyone to it.

Tor is not anonymous.....the feds own exit nodes that unsuspecting TOR users connect to.
People just believe its anonymous because the intrawebs says so.




posted on Dec, 18 2013 @ 08:16 AM
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reply to post by shaneslaughta
 


That's debatable and there's certainly no proof that it is the case.

Additionally, according to the releases by Edward Snowden, Tor Network was unbreakable.



posted on Dec, 18 2013 @ 08:17 AM
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reply to post by Zcustosmorum
 


Dude, haneslaughta is right... Tor is not safe, anyone can start an exit node, including any intelligence agency out there. And it's obvious they do regardless of what Snowden said.
edit on 18/12/2013 by ChaoticOrder because: fixed username



posted on Dec, 18 2013 @ 08:19 AM
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Zcustosmorum
reply to post by shaneslaughta
 


That's debatable and there's certainly no proof that it is the case.

Additionally, according to the releases by Edward Snowden, Tor Network was unbreakable.



Its not debatable.....do a little research on freenet and tor....i wont go into any more detail than that.

Tor is not secure.....the people running the exit nodes hold your security in their hands.

All data that goes over TOR "SECURE" networks is unencrypted by the exit node and rerouted to its destination.
edit on 12/18/2013 by shaneslaughta because: Errors



posted on Dec, 18 2013 @ 08:20 AM
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jimmyx
a couple of common sense questions about BITCOIN....
1...why does it take much longer to redeem bitcoin back into real money, than to actually buy it?
2...why is assumed that the amount of bitcoin out there is limited to a set amount?
3...why is it assumed that the "person" that created it is honest and trustworthy?
4...why is it that on heavy volume "sell" days, there seems to be glitches in transactions?
5...why would any legitimate business deal in bitcoin, considering the tax and legality implications?


I'm not an expert, so I can't guarantee satisfying answers but
1. it takes time to redeem bitcoin back to real money because there are probably administrative delays which are present even when attempting to cash a cheque, or wire transfer money, or any sort of monetary, virtual exchange.
2. you have a good point here, but at the same time, i think we can all rest assured that there ARE only so many bitcoins, as in order to cook the books to that degree (because the bitcoin algorithm IS real and does ONLY have a limited amount of solutions) would be a task so monumental you would probably need a computer the size of the moon to do it.
3. we don't assume that they are honest or trustworthy, because we as the consumer, user and purchaser of the bitcoin also have the ability to mint them and 'generate' them for ourselves (while supplies last), not the 'original creator' (or first one to mint) of bitcoins.
4. I don't trade so I don't know... sorry
5. Because there ARE NO TAX IMPLICATIONS.



posted on Dec, 18 2013 @ 08:20 AM
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reply to post by ChaoticOrder
 


Well, whoever is right. The point of the thread wasn't the Tor Network.

I still maintain the power lies with Bitcoin



posted on Dec, 18 2013 @ 08:23 AM
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Zcustosmorum
reply to post by ChaoticOrder
 


Well, whoever is right. The point of the thread wasn't the Tor Network.

I still maintain the power lies with Bitcoin



That i agree with. Without BTC there is no way for totally anonymous transactions to take place on the dark web.

Without BTC there would be no silk road.

Tor and BTC go hand in hand.
edit on 12/18/2013 by shaneslaughta because: (no reason given)



posted on Dec, 18 2013 @ 08:25 AM
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take it from a last century old coder...the phrase "what can be written, can be read" still applies. the only way I would possess BITCOINS, is if you gave them to me for free.



posted on Dec, 18 2013 @ 08:29 AM
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reply to post by jimmyx
 


And that is totally valid and understandable. I'm wary of getting into it myself - I have nothing invested in BTC, but it is beyond interesting to understand it, and observe it, without getting involved. But, understand the psychology of the average person that trades, has something, sometimes LOTS of somethings, invested into the market, and so when they hear good news or bad news, it greatly affects them and influences their actions in the market. That's the interesting part, and it goes back to what I was saying about the love of money. If we as a society can step away from being in love with money, like we are being given a chance to right now, as we speak, and use money in a way which benefits the ALL instead of the ONE, we can REALLY and HONESTLY move forward into a golden dawn!



posted on Dec, 18 2013 @ 08:37 AM
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3OGRE3

jimmyx
a couple of common sense questions about BITCOIN....
1...why does it take much longer to redeem bitcoin back into real money, than to actually buy it?
2...why is assumed that the amount of bitcoin out there is limited to a set amount?
3...why is it assumed that the "person" that created it is honest and trustworthy?
4...why is it that on heavy volume "sell" days, there seems to be glitches in transactions?
5...why would any legitimate business deal in bitcoin, considering the tax and legality implications?


I'm not an expert, so I can't guarantee satisfying answers but
1. it takes time to redeem bitcoin back to real money because there are probably administrative delays which are present even when attempting to cash a cheque, or wire transfer money, or any sort of monetary, virtual exchange.
2. you have a good point here, but at the same time, i think we can all rest assured that there ARE only so many bitcoins, as in order to cook the books to that degree (because the bitcoin algorithm IS real and does ONLY have a limited amount of solutions) would be a task so monumental you would probably need a computer the size of the moon to do it.
3. we don't assume that they are honest or trustworthy, because we as the consumer, user and purchaser of the bitcoin also have the ability to mint them and 'generate' them for ourselves (while supplies last), not the 'original creator' (or first one to mint) of bitcoins.
4. I don't trade so I don't know... sorry
5. Because there ARE NO TAX IMPLICATIONS.


I disagree with every point you make, except for #4...but, that is what makes up an argument, and you are entitled to your own beliefs, I'll stick to legitimate currency.



posted on Dec, 18 2013 @ 08:57 AM
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reply to post by 3OGRE3
 


BitCoin's only power is its trading value. BitCoin isn't a stable, viable, realistic currency. It's limited as a world currency...the only real value is when you cash it out...into that evil fiat money.

I love the stupidity of people who dog current fiat money only to state 'BitCoin is the future of currency...' Really?



posted on Dec, 18 2013 @ 09:07 AM
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youtu.be...

Recent days have brought headlines about Chinese authorities clamping down on Bitcoin — not wanting various institutions to deal in the digital currency.
The latest is that BTC China, the big Bitcoin startup there, announced that it could no longer accept deposits in the local currency.
This makes sense. One of the big things that everyone was talking about was how Bitcoin made for the perfect tool to circumvent capital controls (restrictions on getting money out of the country).
So Bitcoin is getting crushed. Not that long ago it was above $1,000. Then it settled into around a $900 area, then it dropped to around $700.
Now it’s around $500.

www.businessinsider.com...



posted on Dec, 18 2013 @ 09:13 AM
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reply to post by shaneslaughta
 


These days mining bitcoins costs more money in equipment and electricity than you make in BTC. Thats great if you are using your parents electricity etc but for most people its just not worth it.

The other thing is mining bitcoins does not drive the price up. If everyone just mined BTC then the price would stay low. Buying BTC drives the price higher.



posted on Dec, 18 2013 @ 09:29 AM
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PhoenixOD
reply to post by shaneslaughta
 


These days mining bitcoins costs more money in equipment and electricity than you make in BTC. Thats great if you are using your parents electricity etc but for most people its just not worth it.

The other thing is mining bitcoins does not drive the price up. If everyone just mined BTC then the price would stay low. Buying BTC drives the price higher.


Im aware of BTC mining and its downfalls. Its not so bad if you can get decent second hand hardware.

As for inflation, that is more ore less caused by the use of the coinage period. the more it gets used the more the value.

If someone dumped their holdings, lets say thousands of coins at a time....there could be a serious market crash.

If countries like china keep blocking the purchase, it will also spell out the end of BTC as there has to be give and take for any system to function.



posted on Dec, 18 2013 @ 09:41 AM
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reply to post by shaneslaughta
 


I think it would be more realistic to mine litecoin and feathercoin even though they're valued at less, then trade them for bitcoin.. or just trade the feathercoin for litecoin and keep the litecoin, because that looks promising as well.



posted on Dec, 18 2013 @ 09:48 AM
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reply to post by shaneslaughta
 

Ok, here's what happened recently. The price shot up in October and November because of trading in China, specifically on BTC China, and more specifically it followed a waiving of transaction fees by BTC China. This propelled BTC China to the spot of the largest BTC exchange in the world.

A couple weeks back, the Chinese government announced that it was barring banks from transacting in BTC and that caused a large drop but prices had been steadily rebounding since then. What happened in the last 24 hours that resulted in the prices plummeting is that BTC China announced that they will no longer be accepting yuan deposits.



posted on Dec, 18 2013 @ 09:48 AM
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reply to post by shaneslaughta
 


Even with second hand hardware it still costs more to mine than you make. you are running at a loss. Not only that you not contributing to the value of bitcoins by doing it.

Yes if someone sells a lot of coins the price goes down but there a lot more factors in play that cause a crash.


edit on 18-12-2013 by PhoenixOD because: (no reason given)



posted on Dec, 18 2013 @ 09:56 AM
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reply to post by shaneslaughta
 


I disagree with btc being fiat currency. There are only 21 million coins that can be mined, and the value of the coin is in the service offered (super low transaction fees, open source, alternative to inflated dollars,etc.). My question is what will quantum computers do to the encryption of the currency. This is a major threat to centralized banks around the world, that's why China shut btc down.



posted on Dec, 18 2013 @ 09:57 AM
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reply to post by PhoenixOD
 


What do you think about mining other crypto currencies? As opposed to bitcoin...since mining btc is on it's last leg.



posted on Dec, 18 2013 @ 09:58 AM
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jaws1975
reply to post by shaneslaughta
 


I disagree with btc being fiat currency. There are only 21 million coins that can be mined, and the value of the coin is in the service offered (super low transaction fees, open source, alternative to inflated dollars,etc.). My question is what will quantum computers do to the encryption of the currency. This is a major threat to centralized banks around the world, that's why China shut btc down.


21 million BTC? Wow! (atm, using btc-e ) 21 million BTC is worth 11613000000 dollars....

that looks like a trillion to me... wow.



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