So what happens to Bitcoin now? | TigerDroppings.com

Posted byMessage
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56017 posts
 Online 

So what happens to Bitcoin now?


Do we see a massive crash?

Feds seize Silk Road







Back to top
Share:
boosiebadazz
Member since Feb 2008
45284 posts

re: So what happens to Bitcoin now?


Curious to see what the Wikster and joshua have to say about this.





Back to top
  Replies (0)
WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So what happens to Bitcoin now?


quote:

Do we see a massive crash?


We'll see a small crash.



Word on the street:
quote:

It looks like they sniffed him out by looking back at old Internet records (forum posts, IPs etc) from around the time 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.






Some other site will replace it to fill the vacuum soon.







Back to top
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56017 posts
 Online 

re: So what happens to Bitcoin now?


quote:

Some other site will replace it to fill the vacuum soon.


So it's not as elaborate as it seems to set up?






Back to top
WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So what happens to Bitcoin now?


quote:

So it's not as elaborate as it seems to set up?


God no.

The technical side of it is easy.

The hard part is attracting buyers and sellers.






Back to top
  Replies (0)
WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So what happens to Bitcoin now?


quote:

So it's not as elaborate as it seems to set up?


Also, I wouldn't be surprised if DPR had already prepared for this by providing the source code and database to potential "heirs."

That is what the whole concept of "DPR" represents. It comes from "The Princess Bride."

Dread Pirate Roberts: It is revealed during the course of the story that Roberts is not one man, but a series of individuals who periodically pass the name and reputation to a chosen successor. Everyone except the successor and the former Roberts is then released at a convenient port, and a new crew is hired.






Back to top
jimbeam
USA Fan
University of LSU
Member since Oct 2011
30448 posts

re: So what happens to Bitcoin now?


Now in going to lose everything







Back to top
  Replies (0)
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56017 posts
 Online 

re: So what happens to Bitcoin now?


The problem seems to be getting customers to a new site and having them trust that site. Which could take years.





Back to top
  Replies (0)
boosiebadazz
Member since Feb 2008
45284 posts

re: So what happens to Bitcoin now?


quote:

It looks like they sniffed him out by looking back at old Internet records (forum posts, IPs etc) from around the time 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


If this is true, I'm a little disappointed it took the feds this long.






Back to top
WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So what happens to Bitcoin now?


quote:

If this is true, I'm a little disappointed it took the feds this long.


now it looks like more stuff is coming out on other issues, like a hit he tried to put out, and fake ID's he ordered that may have also contributed to his arrest






Back to top
Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56017 posts
 Online 

re: So what happens to Bitcoin now?


This dude is a straight up gangsta. Props.





Back to top
ell_13
USA Fan
Alex Box
Member since Apr 2013
21976 posts

re: So what happens to Bitcoin now?


quote:

This dude is a straight up gangsta
he's so white






Back to top
  Replies (0)
TH03
Notre Dame Fan
In Darth's Head
Member since Dec 2008
92749 posts

re: So what happens to Bitcoin now?


used his real email addy with his full name in it when starting up the site. just pure genius





Back to top
  Replies (0)
southernelite
Iowa State Fan
New Orleans
Member since Sep 2009
40822 posts

re: So what happens to Bitcoin now?


LINK

quote:

Authorities also seized $3.6 million worth of digital currency Bitcoin


I thought it wasn't possible for this to happen?






Back to top
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80632 posts
 Online 

re: So what happens to Bitcoin now?


quote:

one of his public YouTube videos appears to include his phone number.






Back to top
  Replies (0)
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80632 posts
 Online 

re: So what happens to Bitcoin now?


quote:

Authorities also seized $3.6 million worth of digital currency Bitcoin



I thought it wasn't possible for this to happen?
Don't tell me it was all a lie?!?






Back to top
southernelite
Iowa State Fan
New Orleans
Member since Sep 2009
40822 posts

re: So what happens to Bitcoin now?


I know you're shocked, sir, but it seems so.





Back to top
  Replies (0)
Cold Cous Cous
LSU Fan
TD OG
Member since Oct 2003
13531 posts

re: So what happens to Bitcoin now?


quote:

WikiTiger

This is why I don't buy the theory that you can just technology your way out of any problem. Technology won't change the fact that, inevitably, people frick up.






Back to top
WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So what happens to Bitcoin now?


quote:

I thought it wasn't possible for this to happen?



A government gaining physical access to unencrypted private keys that aren't backed up would make those bitcoins vulnerable to seizure.

the coins seized were likely the sites escrow coins, which were probably able to be seized along with the physical servers.

any properly protected bitcoins can not be seized.

for instance, why aren't they reporting that all of DPR's wealth has been seized? he supposed made almost $80 million on the site. so why haven't they seized whatever he has left of that?







Back to top
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80632 posts
 Online 

re: So what happens to Bitcoin now?


quote:

why haven't they seized whatever he has left of that?
Probably because he converted most of it to usable currency and has it hidden away in cash somewhere. Or in an offshore bank account.

You know, those things you said bitcoin was superior to...






Back to top


Back to top