[youtube id=”NoBFhdeR9PE” width=”580″ height=”337″]

ETA: According to some dude on reddit, “It looks like they sniffed him out by looking back at old Internet records (forum posts, IPs etc) around the times of SRs appearance. The first person to ever advertise SR was DPR himself, and he used an email account attached to his natural born identity. No NSA or technical hack.”

The post The Silk Road is closed appeared first on Buttcoin Foundation.

• Sure, but it beats verifying all the transactions by hand like they did in the old days of quaint paper money, hahaha those poor bastards with their ”cash registers” and shillings and whatnot.
• I love this. People who try to make points like this against bitcoin don’t seem to realize how infantile cash and banking systems are in comparison.
• this is governments going OMG/WTF bitcoin is real–it’s a strong currency in the midst of our little currency war. All currencies are competing to devalue, simultaneously. BTC isn’t. This is like prohibition; as soon as inflation picks up, the masses will come.
• Using Xbox or PS3 to mine coins? Anybody tried this before? I know their GPU’s aren’t top of the line, but for people like me who don’t game much they could be going to much better use.
• I don’t think we are near the peak either. It’s fascinating to watch bitcoin grow, evolve and get its financial tentacles all over things.

• No government would want BTC. Why would they want BTC when they can print their own money as much as they want out of thin air?
• actually by the time BTC becomes the world currency, $80,000,000/BTC could be a tiny fraction of the worlds wealth. These $$ are printable with no limit.
• When I barter with my Bitcoin, I’m exchanging fair value for fair value.
• is there a site/service where a person could buy a Bitcoin Certificate of Deposit for x Bitcoins with y% interest over z months?
• wow I thought someone had paid a hooker in bitcoin….
• Let’s hear your ideas for plots and situations for a hollywood movie that are only relevant and made possible by Bitcoin.
• Every time you buy something online, ask if they accept bitcoin. If enough people do this, surely the businesses will start taking the hint.
• This is the best scam so far. That’s truly brilliant in its simplicity.
• I will be starting a company in the coming months that will be doing business with people throughout my city, particularly in the hoods. I see this as a great opportunity to get bitcoins into the hands (or computers/cell phones) of those that need them most.
• Can you direct deposit money directly to MtGox?
• I don’t know anyone else who uses them. I have a lot of friends who are vaguely interested, but when I start explaining how one obtains bitcoins, their eyes glaze over. The benefits of bitcoin over fiat currency are just not tangible enough for them to justify keeping a separate bitcoin wallet
• That new fangled Bitcoin magazine site looks great on my Android tablet.
• I think Bitcoin is a great match for making transactions online for a variety of reasons, and would love to explore how it could improve the reddit community. If you have any thoughts, advice, or ideas (e.g. tipping redditors, or perhaps betting on which stories will make the front page), I’d love to hear them!
• I don’t always read economic analysis. But when I do, I prefer to read it in magazines about computer networking.
• buy cars with bitcoin this is huge
• Writing is spelled wrong in the navigation. I will proofread the rest of your site for one bitcoin.
• Whats keeping prices down? 1st the triangel that has formed since the 17th of July, in which final stage we are (jump up or down immanent)
• Super. A few more hacks and controversies, and the price might get back down to 2 dollars again so I can buy in.
• Me and a person or two I know up in Fargo ND would be happy to order some guns for BTC.
• Do you realize, if you put $1000 in Facebook IPO and $1000 in Bitcoin on the same day, Facebook investment would be worth $550, while your Bitcoin investment would be $1780.
• Modern day deposit insurance is a moral hazard that only exists because the ability to print fiat from nothing exists.
• When a EMP from a nuke fries all the computers and magnetic media, all the bitcoins will be wiped out along with the currency of choice(If Bitcoins get adopted).
• there is about 5 billion ounces of gold above ground according to Wikipedia’s article on ‘gold’. And yes, that would translate to about 238 ounces of gold for every whole bitcoin.
• I would emphasize that bitcoin is a strong currency provided by an honest banking system. Strong currency because it cannot be inflated away. And its banking system only does accounting, and no gambling means it will never need a bailout. What is it backed by: The laws of supply and demand, and the laws of mathematics.
• Bitcoin will evolve and in 17 years nation states will all crumble as they are unable to justify their own existence any longer. The bizarre global civilization that will arise out of this will operate well with Bitcoin and only after the freedoms and benefits of a bitcoin based money society are fully realized will there ever be critical mass enough to take it to that whole nother level and do the pure mutual credit thing.
• If you consider just the US money supply alone, M2, which consists of currency and bank deposits, is approximately 10 trillion dollars. If Bitcoin were to replace Federal Reserve notes, one Bitcoin would be equivalent to $330,000.
• I’m scared because I believe I’m beginning to witness the collapse of the current dominant currency (USD), and the rise of a new one (Bitcoin).
• Bitcoin, the poor Americans offshore tax haven.
• Court upholding a Bitcoin contract could definitely affect demand, enhancing confidence in Bitcoin businesses.
• For a nanosecond, Bitcoin market capitalization was 9.65 quadrillion, 138 times world GDP!
• I’m perfectly happy exchanging bitcoins with individuals and spending my bitcoins to friends and coworkers when they buy my lunch with their shiat currency. If we all do this, eventually one of those friends will be a smart CEO (or small business owner) that wants his business to support it. Bitcoin is all about Network Effect.
• The price can only go up. Anyone buying into the market has to cash out at a higher price to make money and anyone with coins won’t want to push the price down. So unless someone comes along with many many coins and just wants to dump them on the market to devalue their own worth there are no factors currently to push the price down.
• PON-Z: the world’s first honest ponzi scheme. Using bitcoin.
• If you own Apple share, sell them and use the money to buy bitcoins.
• Lol, know any hookers that take BTC?
• I look at Bitcoin as not a currency, per se, but rather as a store of value.
• Fraud IS acceptable in bitcoin.
• Can somebody ask this Japanese giant robot manufacturer to accept Bitcoin donations?
• Bitcoin is the only object in the known universe with a known, verifiable, guaranteed, fixed supply.
• It is not a bubble, it’s an inverted correction from last year’s crash.
• If he pulls this off… it will be a Ponzi scheme that didn’t hurt its investors, probably the first. Probably will deserve a paragraph in the wikipedia article on Ponzi schemes.
• Bitcoinica is stealing from themselves to valuate the Bitcoin. Once people start hearing that Bitcoins are being stolen the perceived value of Bitcoin increases as people start to realize that Bitcoin is something worth stealing.
• guess i’m going to wait a week before buying more bitcoin.. shit’s gonna drop like a rollercoaster.
• I love the bitcoin community; every time the price goes up they cheer about how much more their investment’s worth, and every time it goes down again they cheer about how they can buy cheap bitcoins again. That kind of optimism is just heartwarming in today’s cynical world
• Is this the first Bitcoin bank bailout?
• My wife will be so happy when I show her all the bitcoins we will have. I invested all our money without telling her. When I first mentioned the trust fund, she said it was a ponzi and that if I ever sent pirate a bitcoin she would dissolve me in an Alkali Bath. Glad I will be proving her wrong.
• I actually see bitcoin as a commodity, fundamentally, with some currency-like properties. It exists in nature, just waiting to be found (mathematical keypairs) by anyone willing to put in the work, just like gold or oil.
• This guy has balls to rob a digital currency that can be used for assassinations from tech savvy people who know how to find him.
• How could reddit omit bitcoin as a payment option for their new fundraising?
• bitcoin will become the primary international reserve and trade currency. value of each bitcoin will be ~10oz gold each. additional decimal places will be added to support future microtransactions. the institution of central banking will become impotent to manipulate humanity any longer. nation states will fall. infrastructure and law and order will be financed by voluntary donation.
• Looks like total garbage. I’m curious to learn more.
• When the too-big-to-fail popcorns start popping, sudden price spikes, never to return. Remember that traders in TBTF banks have i) lots of their own cash; ii) they are watching bitcoin and they will jump in at some point; and iii) they’ll probably be scared of clawbacks.
• It’s not good for the bitcoin economy if a large fraction of the entire currency is held by thieves…
• Come to think of it, Bitcoin is actually the ideal money for ransom payments.
• Bitcoin is the new ‘small unmarked bills’ – except you don’t have to take the risk of physically picking up a dufflebag / briefcase.
• These thefts and scams are a symptom of Bitcoin’s success.
• At the end of the month I’ll be starting a new job that’ll pay me more than I need at the present so I’ll be saving most of the money. I am also thinking of exchanging a portion of the wage for Bitcoins every month.
• you should hold 15% gold, 25% silver and 60% bitcoins, all the way.
• I am planning to hold the bitcoin I own now for 5-10 years. They are part of my retirement plan!
• Bitcoin is already to the point where backing it with gold is meaningless. It has value. It has usefullness. It has unique properties, which are valuable.
• Bernanke bucks won’t be worth a confederate dollar in a few years.
• It’s based on math and rationality, not whim and arbitrary decisions.
• we all know that the mining of gold, silver, diamonds etc, has and will continue to couse a lot of misery for the people whose lands have been colonised/ invaded for these minerals. Plus the exploitation of miners, slave wages they are payed…just need to look at what’s happening in South Africa at the moment. So could we say that Bitcoin doesn’t have the taint of blood on its hands?
• faith in central banking and nationalism is a religion, and bitcoin strikes at the root of both
• everyone will have to have their keys encrypted and stenographied into a photo of their cat
• With no service level agreement, … you could say Bitcoin delivers 100% and be correct.
• Wife challenged me to explain Bitcoin while we’re having sex later tonight.
• Bitcoin is transmitted nerd to nerd its how we change world
• Why is it ok to say ‘Bitcoin is a haven for anonymous criminals’ when there is trillions of dollars of crime going unpunished with dollars?
• Anyone buying bitcoin below 5000 dollars will eventually be seen as an ‘early adopter’.
• Bitcoins are much sweeter than any candy so this will be my second year giving away bitcoins for halloween.
• Wonder how many coins were destroyed by the hurricane Sandy.

The post This is what Bitcoiners actually believe appeared first on Buttcoin Foundation.

There’s really little chance of it ever coming back above that price point. Here’s the all-time chart, this is by far the largest selloff in Bitcoin’s history happening right now.

And just for fun, here’s another graph:

Remember when I called the peak at the beginning of June? I got so much shit for that.

The post Bitcoin crashes below the $5 mark, loses 35% of it’s value, MASSIVE selloff today. appeared first on Buttcoin Foundation.

Someone decides they want to be an internet million, sells off 135k of bitcoins, becoming a millionaire off the backs of broke nerds.

What happens when you place a sell order that large in a market that volitile? It drops like a fucking rock.

Woah, nelly. And it seems to be dropping and dropping more and more every minute.

The currency of the future!

BTW Mt. Gox stands for “Magic the Gathering online exchange”. That is the larget bitcoin marketplace, a discarded MtG site.

The post The buttcoin crash begins appeared first on Buttcoin Foundation.