Bitcoins - digital currency - Page 319 - Business, Finances and Investing Forum

re: JD

there are 679 investors

1 over 10k, 5 with 4 digits, 63 with 3 digits, 154 with 2 digits, 171 with 1 digit, and 285 with less than 1 BTC invested

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10-04-2013 , 06:44 PM

#7952

spike420211

banned

Join Date: Jun 2007 Posts: 9,509

Quote:

Originally Posted by fluorescenthippo

So Silk Road is down and BitCoin is still valued just as high (except for a small blip when SR initially went down I think). Proof BTC is legit and here to stay?

Confirmed from my monitoring.

Also, there was mondo external drama @ Silk Road:
>FBI
>Suspected Pedos
Which snowballed towards:
>Massive DEA investigation [might've been ongoing anyways]
>Suspected major drug hit ["redandwhite" tied to the Hell's Angels]

Silk Road now proven to be just a small fish in Bitcoin's large-and expanding- pond.

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10-04-2013 , 08:07 PM

#7953

Dylanzesz

veteran

Join Date: Apr 2010 Posts: 2,620

Anyone like to speculate on what's gonna happen to the 'seized' Bitcoins?

What are the options here?
Selling would be a pretty big statement.
But destroying them would have a big impact on the current Bitcoins value right?

Only started looking into Bitcoins 2 days ago (to my regret) so forgive me if I'm asking for the obvious.

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10-04-2013 , 08:10 PM

#7954

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by fluorescenthippo

So Silk Road is down and BitCoin is still valued just as high (except for a small blip when SR initially went down I think). Proof BTC is legit and here to stay?

All the SR vendors are already shifting to other sites. BTC were confiscated and the online drug business will continue. It kind of proves the point of, you shut something down in BTC world another will just pop up. Also creates awareness about BTC.

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10-04-2013 , 11:11 PM

#7955

Happy_Fish

Carpal \'Tunnel

Join Date: Mar 2012 Posts: 7,497

Quote:

Originally Posted by Dylanzesz

http://www.forbes.com/sites/kashmirh..._medium=social

Quote:

The FBI initially seized over 26,000 Bitcoins. I asked the FBI spokesperson what the plan is for those cryptocoins. “We will download the Bitcoin and store them,” she said. “We will hold them until the judicial process is over.”

Then what?

“This is kind of new to us,” she said. “We will probably just liquidate them.”

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10-05-2013 , 03:19 AM

#7956

NLSoldier

Carpal \'Tunnel

Join Date: Feb 2004 Posts: 24,252

Quote:

Originally Posted by Calpeman

Thanks a lot for this. That post from Pattern_Juggled just makes so much sense and makes the pieces fall perfectly into place. The story just seemed so strange before reading that.

+1 to that being a great post.

Quote:

And then, guess who gets "referred" by FriendlyChemist as the "vendor" owed the money? R&W, which as anyone will likely know, is a not-subtle reference to folks who would NOT use such a name in such a situation. Ever. In a billion, billion years. But one might assume, if one were creating such a sting, that DPR - not being "of that world" - would not know that, and with a bit of Googling would think "oh, wow, I see, yeah that makes sense... now I understand." It's all put there on a plate, ready to be devoured by a hungry man. With hook carefully hidden inside.

Quote:

If DPR buys the bait that R&W is who he will, inevitably, think it is - I'm not spelling it out, and please don't do so in this thread - the he's likely to let his guard down.

Only part I don't understand is who he thinks R&W is and when he's afraid to even say so in that thread.

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10-05-2013 , 03:41 AM

#7957

mithras

adept

Join Date: Apr 2007 Posts: 963

Quote:

Originally Posted by NLSoldier

Only part I don't understand is who he thinks R&W is and when he's afraid to even say so in that thread.

My google skills are failing me. Some kind of Canadian gang?

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10-05-2013 , 03:41 AM

#7958

JimAfternoon

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 6,903

^^ Thanks, it makes sense now.

Pretty sure red & white = hells angels

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10-05-2013 , 06:47 AM

#7959

daddyrnac

old hand

Join Date: Apr 2012 Posts: 1,254

Why is he scared to write that and thinks nobodby else should in the thread? Their wiki page hardly makes them out to be big time. Glad you quoted that part too because when I read it I was wondering the same thing.

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10-05-2013 , 02:19 PM

#7960

Cuban B

old hand

Join Date: Jan 2005 Posts: 1,765

Quote:

Originally Posted by Dylanzesz

Government will delay a decision and then forget about them, someday when they go to 100k+ a coin, feds will then cash in on DPRs 600k stash.

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10-05-2013 , 03:14 PM

#7961

HurtK

grinder

Join Date: Dec 2011 Posts: 537

Quote:

Originally Posted by Cuban B

Government will delay a decision and then forget about them, someday when they go to 100k+ a coin, feds will then report these bitcoins went missing

FYP

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10-06-2013 , 11:44 AM

#7962

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

They could pretty easily crash the market with 600k coins. Would make for a good buying opp. I may have to follow the case and try and sell in advance of this possibly happening and pick up on the low. I wonder how long this case could possibly take.

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10-06-2013 , 12:40 PM

#7963

Calpeman

centurion

Join Date: Aug 2004 Posts: 132

Quote:

Originally Posted by onemoretimes

They only managed to confiscate like 30k coins. The rest is probably in cold storage somewhere. Would be pretty funny if Pirate Roberts is let out of prison in like 30 years and is one of the richest people in the world...

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10-06-2013 , 12:45 PM

#7964

R0b5ter2

centurion

Join Date: Jul 2012 Posts: 160

Sry for posting this, I know this is the wrong forum but I've posted several times in the swap thread trying to swap some FTP or Stars for bitcoins but no one has been interested. If anyone here has a few coins they'd like to swap for some poker money PM me.

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10-06-2013 , 12:53 PM

#7965

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by Calpeman

Pretty sure they will get him to talk on where those coins are. Who knows though. Who's even to say he saved the coins and wasn't selling them as he got them.

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10-06-2013 , 02:54 PM

#7966

sinner

veteran

Join Date: Dec 2008 Posts: 2,929

Quote

10-06-2013 , 03:39 PM

#7967

Calpeman

centurion

Join Date: Aug 2004 Posts: 132

Quote:

Originally Posted by onemoretimes

Pretty sure they will get him to talk on where those coins are. Who knows though. Who's even to say he saved the coins and wasn't selling them as he got them.

Doubt he has sold much as he seems like a true believer in Bitcoin and has not spent a lot of money. Would bet a lot that he still is holding 200k+ at least. Will be interesting to see if they get him to give up where those coins are though.

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10-06-2013 , 04:54 PM

#7968

Reefer A friend

enthusiast

Join Date: Jun 2011 Posts: 88

Quote:

Originally Posted by fluorescenthippo

So Silk Road is down and BitCoin is still valued just as high (except for a small blip when SR initially went down I think). Proof BTC is legit and here to stay?

Thats the one good thing about silk road going down, it showed btc is strong and not dependant on the black markets so much, i still cant believe the damn coin barely even flinched.

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10-06-2013 , 05:45 PM

#7969

sinner

veteran

Join Date: Dec 2008 Posts: 2,929

they barely stopped any bitcoin black market activity--all the vendors are moving to BMR, SMP, and Deepbay and are able to verify their identities with PGP

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10-06-2013 , 07:20 PM

#7970

JimAfternoon

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 6,903

Bitcoin payment protocol overhaul nears implementation

http://www.coindesk.com/bitcoin-paym...ocol-makeover/

Quote:

The BIP 70 payment protocol will be smoother, richer, and more secure. It replaces tortuous bitcoin addresses with human-readable addresses. It also enables ‘payment received’ messages, so that the customer isn’t left hanging.

BitPay has already agreed to adopt it, meaning at least 10,000 businesses will have access to the updated feature, enabling them to send payment requests using BIP 70 message formats.

All of this will mean a more merchant-friendly payment system.

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10-06-2013 , 11:00 PM

#7971

Tyrannic

old hand

Join Date: Jul 2006 Posts: 1,896

One question I had from all this silk road business is how effective will bitcoins be in the future as a means of tax evasion / money laundering (whether for the 'legit' super rich, hedge fund manager types, or for drug cartels, etc.).

Would suck if BTC got stable then the .001% just start using it to skimp on taxes.

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10-06-2013 , 11:08 PM

#7972

JimAfternoon

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 6,903

Bitcoin has a more detailed transaction history than any other currency.

I don't think it would be anybody's first choice for tax evasion, especially as it becomes more mainstream and gets faces more regulatory scrutiny.

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10-06-2013 , 11:26 PM

#7973

Rob1543

old hand

Join Date: Sep 2008 Posts: 1,414

Quote:

Originally Posted by JimAfternoon

I think you're mistaken here. You can not take a dollar and divide it into a million pieces, then reassemble those pieces with pieces from a million other dollars a million different times. If you could it would be much easier to launder dollars.

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10-06-2013 , 11:27 PM

#7974

fluorescenthippo

Pooh-Bah

Join Date: Apr 2005 Posts: 5,848

Bitcoin overall and bitcoin being used in anonymous markets is still proving to work, right?

Like he was caught due to being careless (posting gmail adress i think) not because the Feds got some info through Bitcoin in some way. Pretty sure Bitcoin can be traced fairly easily back to the original bank account or withdrawal bank account. Even when using mixing services, if you are transferring a lot, this may only mix 99%. I'm guessing he wasn't busted because of any bitcoin tracing but still, you gotta think the NSA is nearly capable of this at this point.