How does the silk road work?

Finshaggy

Finshaggy

Well-Known Member
If you want to get started with Bitcoins, first thing to do is go to http://www.MtGox.com/ and make an account. Then go to http://www.BitInstant.com/ and use it to put money on you MTGox account. Then g to a MoneyGram anywhere in your town and to deposit into your account. It will be in the account by the time you get home.

Then you buy the coins on MTGox and from their you can either buy things by depositing from your MTGox account directly, or you can make a bitwallet at http://www.Blockchain.info/
 
Fungus Gnat

Fungus Gnat

Well-Known Member
Figong said:
Yeah, just read about that.. someone worked out the average speed for a solo mining project vs difficulty, and it reads:

"With the current difficulty it estimates the average time that it would take before I would get “lucky” and find a block would be 13 years, 152 days."
Click to expand...
They must have updated the difficulty people have been mining them for awhile and i dont think it takes them 13 years.
http://forums.anandtech.com/showthread.php?t=2167303
 
A

aquastoner

Member
Silkroad used to be a decent place to "shop", but in the last three months it has gone to hell ,everyone is ripping everyone off .so i just stopped going got a new place don't need all that other bs around me while im surfing because there are tons of traps and pervs and hackers just trolling around .if you go be careful where u go
 
heckler73

heckler73

Well-Known Member
This vid explains why people who get hot for BitCoins are as sharp as bowling balls.
You do realize that wherever there is a market to be had,
REAL TRADERS will take over...
And here is the result of your effort.

[video=youtube;BNPv7KnXObo]http://www.youtube.com/watch?v=BNPv7KnXObo[/video]
 
heckler73

heckler73

Well-Known Member
And here is the follow-up, just a few hours later

[video=youtube;u0lqpvS_llE]http://www.youtube.com/watch?v=u0lqpvS_llE[/video]
 
Finshaggy

Finshaggy

Well-Known Member
It's good when the market goes down. You act like that's a bad thing. It let's new investors on board, and lets more people buy bitcoins that wouldn't be interested in them if they had to pay 50$ a piece. When prices drop it means lots of people are buying and EVERYONE is selling. It's only bad if no one wants to buy them AT ALL. And I don't think that will happen unless the government intervenes or a better cryptocurrency comes along.
 
heckler73

heckler73

Well-Known Member
Finshaggy said:
It's good when the market goes down. You act like that's a bad thing.
Click to expand...
I believe you are missing the bigger picture here.

It let's new investors on board, and lets more people buy bitcoins that wouldn't be interested in them if they had to pay 50$ a piece. When prices drop it means lots of people are buying and EVERYONE is selling.
Click to expand...
Did you pay attention to the size of contracts being traded? Compared to ForEx, it is a FLEA MARKET !!!
One transaction can crush it or pump it.

It's only bad if no one wants to buy them AT ALL. And I don't think that will happen unless the government intervenes or a better cryptocurrency comes along.
Click to expand...
Who the hell WANTS to buy them? Black Marketeers, arbitrageurs, and doom'n'gloom troglodytes... that's it... THAT is the market.
2 shady snake-oil salesmen and a shitload of suckers...

Did you catch this tidbit of info during your research:
Deflation

Because the monetary base of bitcoins cannot be expanded, the currency would be subject to severe deflation if it becomes widely used. Keynesian economists argue that deflation is bad for an economy because it incentivises individuals and businesses to save money rather than invest in businesses and create jobs. The Austrian school of (MORONIC) thought counters this criticism, claiming that as deflation occurs in all stages of production, entrepreneurs who invest benefit from it. As a result, profit ratios tend to stay the same and only their magnitudes change. In other words, in a deflationary environment, goods and services decrease in price, but at the same time the cost for the production of these goods and services tend to decrease proportionally, effectively not affecting profits. Price deflation encourages an increase in hoarding — hence savings — which in turn tends to lower interest rates and increase the incentive for entrepreneurs to invest in projects of longer term.

Where the concept of bitcoins really went wrong was with its erroneous, founding guidelines for how money supply works in the modern era.
It is not the central bank that only issues it; the commercial banks have the same power (if not more) via credit/securities creation, and as demonstrated in 2008, with stunningly damaging effects!
And what has "the bitcoin community" done in its delusional adoption of this medium? They basically made a low-budget, carbon-copy of the same system, except with strict limitations on issuance, kind of like the gold standard of yore.
And anyone who thinks THAT was a good idea, really needs to look at the last 200 years more carefully...

But I digress.
Why do YOU want them and promote them? So you can get your paws on some BMX or LOL or whatever the hell drugs you're feeding your plants? Is that it?

Learn to grow cannabis properly, and you can use THAT as a medium of exchange, a store of savings, and an investment that pays dividends... and that's precluding the accretion of your own HUMAN CAPITAL in the process!
 
B

BlazedMonkey

Well-Known Member
Its a very interesting system, with the constant deflation (also bitcoins that are lost are lost forever so constantly dwindling supply). Like heckler pointed out thought wall street has picked up on it, also people realize that you can pump and dump it realllllllly easily. So i predict that we will see at least a couple "bitcoin crashes" in the next few years where someone or group buys a bunch drives the price then sells off and everyone gets scared and sells (see stock market crashes lol)

Furthermore if anyone ever figures out how to break the anonymity of the system then it becomes worthless to the black market buyers and then only real value is lost and the currency will become valueless and fade to oblivion.

Anyone looking into bitcoins should really know what they are doing and accept the risks of a market crash or the currency becoming obsolete.
 
A

aquastoner

Member
I don't know i have been buying, selling, and using bitcoins for a year.Tthey seem volatile but i cant see anything but $$$ lol
i buy low sell high (hehe)and use them to get my M.O.MJ but as investments you'd have to be brave as hell to just let your money ride in that.Hell i have about $1000 in coins now in my wallet so im taking the same risk just cash out daily you should be ok
 
Finshaggy

Finshaggy

Well-Known Member
BlazedMonkey said:
Its a very interesting system, with the constant deflation (also bitcoins that are lost are lost forever so constantly dwindling supply)..
Click to expand...
Actually the people that lose their bitcoins only have 1-2 while there are people mining out 25 new coins every 10 minutes, and that is if only one block gets done at a time, which I'm sure isn't the case. So I'm pretty sure the minting of coins far outbeats the loss of them.
 
Finshaggy

Finshaggy

Well-Known Member
heckler73 said:
I believe you are missing the bigger picture here.



Did you pay attention to the size of contracts being traded? Compared to ForEx, it is a FLEA MARKET !!!
One transaction can crush it or pump it.



Who the hell WANTS to buy them? Black Marketeers, arbitrageurs, and doom'n'gloom troglodytes... that's it... THAT is the market.
2 shady snake-oil salesmen and a shitload of suckers...

Did you catch this tidbit of info during your research:
Deflation

Because the monetary base of bitcoins cannot be expanded, the currency would be subject to severe deflation if it becomes widely used. Keynesian economists argue that deflation is bad for an economy because it incentivises individuals and businesses to save money rather than invest in businesses and create jobs. The Austrian school of (MORONIC) thought counters this criticism, claiming that as deflation occurs in all stages of production, entrepreneurs who invest benefit from it. As a result, profit ratios tend to stay the same and only their magnitudes change. In other words, in a deflationary environment, goods and services decrease in price, but at the same time the cost for the production of these goods and services tend to decrease proportionally, effectively not affecting profits. Price deflation encourages an increase in hoarding — hence savings — which in turn tends to lower interest rates and increase the incentive for entrepreneurs to invest in projects of longer term.

Where the concept of bitcoins really went wrong was with its erroneous, founding guidelines for how money supply works in the modern era.
It is not the central bank that only issues it; the commercial banks have the same power (if not more) via credit/securities creation, and as demonstrated in 2008, with stunningly damaging effects!
And what has "the bitcoin community" done in its delusional adoption of this medium? They basically made a low-budget, carbon-copy of the same system, except with strict limitations on issuance, kind of like the gold standard of yore.
And anyone who thinks THAT was a good idea, really needs to look at the last 200 years more carefully...

But I digress.
Why do YOU want them and promote them? So you can get your paws on some BMX or LOL or whatever the hell drugs you're feeding your plants? Is that it?

Learn to grow cannabis properly, and you can use THAT as a medium of exchange, a store of savings, and an investment that pays dividends... and that's precluding the accretion of your own HUMAN CAPITAL in the process!
Click to expand...
You didn't even reply to anything that was said, this is trolling at its WORST. You just took a bunch o meth or just amphetamine, came on here, read what I had to say, didn't like it, but instead o arguing it, you came on here and just spouted your own ideas and in no way explained in what way I was wrong. I've said that the market would inflate and deflate this whole time, you don't have to pretend you are somehow "beating me" by pointing it out :lol:
 
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