Silk Road operator arrested, bitcoin price getting hammered?

Discussion in 'Digital Currencies' started by Caput Lupinum, Oct 2, 2013.

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  1. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    http://www.zerohedge.com/news/2013-...owing-us-government-seizure-silk-road-website
     
    Caput Lupinum, Oct 2, 2013
    #1
  2. House

    House Well-Known Member Silver Stacker

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    ;)
     
    House, Oct 2, 2013
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  3. Altima

    Altima Well-Known Member Silver Stacker

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    So what's the price of BitCon now?
     
    Altima, Oct 2, 2013
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  4. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    123.5 US averaging about 125
     
    mmm....shiney!, Oct 2, 2013
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  5. goldpelican

    goldpelican Administrator Staff Member

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    Looks to have been about a $20 USD haircut on the price across the board on MtGox, btc-e and ANX.

    Will be interesting to see how much of an effect there is long-term on the price. BitPay are claiming 7,500 business customers, so they weren't all being spent on dope.

    My signature is still valid :p
     
    goldpelican, Oct 3, 2013
    #5
  6. Dabloodymess

    Dabloodymess Active Member

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    I am truly amazed that this guy was living in the US... any sensible person running such a website would have been out of there long ago. I cant help but think he is a bit of an idiot.
     
    Dabloodymess, Oct 3, 2013
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  7. thatguy

    thatguy Active Member

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    Fixed it for ya
     
    thatguy, Oct 3, 2013
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  8. goldpelican

    goldpelican Administrator Staff Member

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    The End of the Internet's Biggest Black Market Is Good for Bitcoin

    Read more: http://www.businessweek.com/article...s-bitcoin-value-and-saves-bitcoins-reputation
     
    goldpelican, Oct 3, 2013
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  9. trew

    trew Active Member Silver Stacker

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    If they seize enough bitcoins in these operations, pretty soon the biggest holder of bitcoins will be the US govt

    :lol:
     
    trew, Oct 3, 2013
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  10. willrocks

    willrocks Well-Known Member Silver Stacker

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    For someone you'd think was reasonably smart. He made a dumb mistake. My guess is he didn't realize every silk road related post was probably being investigated by a team of FBI agents.

    Another dumb mistake was keeping operations in the USA.

    Edit. The above quote is wrong. Mr Ulbricht actually posted the question on Stack Overflow. This is concerning to me since I actually answered that question (correctly I might add). Hope I'm not on a FBI hit list now.
     
    willrocks, Oct 3, 2013
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  11. willrocks

    willrocks Well-Known Member Silver Stacker

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    If the FBI agents had half a brain amongst them. They would have kept the silk road running and inserted code to identify the drug sellers' IP address (not impossible if you own the server). Then take them down one-by-one.
     
    willrocks, Oct 3, 2013
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  12. Altima

    Altima Well-Known Member Silver Stacker

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    Just wondering, what if the US gov decided to sell all the bitcoins they seized? Would that create a massive sell off resulting in a massive crash?
     
    Altima, Oct 3, 2013
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  13. goldpelican

    goldpelican Administrator Staff Member

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    Only $3.6m worth were seized - now worth probably $3m. Already 4 times that turnover today on MtGox alone.
     
    goldpelican, Oct 3, 2013
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  14. thatguy

    thatguy Active Member

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    thatguy, Oct 3, 2013
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  15. trew

    trew Active Member Silver Stacker

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    Drug dealers are obviously not the target.
     
    trew, Oct 3, 2013
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  16. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Well the Pirate Bay wasn't in the USA and they still got raided by the USA, sort of.
     
    Jislizard, Oct 3, 2013
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  17. JulieW

    JulieW Well-Known Member Silver Stacker

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    Your NSA at work.
     
    JulieW, Oct 3, 2013
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  18. goldpelican

    goldpelican Administrator Staff Member

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    Never visited the site - did people hold coins in wallets on Silk Road?
     
    goldpelican, Oct 3, 2013
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  19. Load of Bullion

    Load of Bullion Well-Known Member

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    Drugs --- Big money --- Perspective


    [​IMG]


    [​IMG]
     
    Load of Bullion, Oct 3, 2013
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  20. PMS

    PMS New Member

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    The largest drug seller's servers are located in Langley, Virginia! ;)
     
    PMS, Oct 3, 2013
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