Silk Road owner now may own almost 5% to 10% of the world's Money!

“We have seized everything we were entitled to seize under the civil forfeiture action,” said the spokesman, Peter Donald.

Yes he got 600,000 Bitcoins password of which won't be lost! Even in case if he goes into prison, he won't lose that money, in the opposite, his money will multiply throughout the years since Bitcoin is an unstoppable currency!


The criminal complaint against him filed in New York claims Ulbricht pulled in a grand total of600,000 Bitcoin, worth roughly $80 million by current exchange rates, over the course of two years, as commission on sales of drugs and other illegal goods and services on his black market website. U.S. prosecutors filed a corresponding civil forfeiture action against Ulbricht and Silk Road, authorizing the FBI to go in and seize any assets tied to the operation of the website. In the end, they took hold of about 27,000 units of Bitcoin, which an FBI spokesman said on Monday is all they were authorized to take.

I am personally wouldn't traded any of my wealth to any other currency or form of assets if I had any of them. That's why I don't understand speculations around the Bitcoin

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Money mindsets study

• Money hustlers: they are ready to sacrifice most of things for current profit. Things they usually consider as a sacrifice is: personal life (de-facto), their resource of ideas, administrative resources, intellectual resources, carbonite bath, their kind relationships with the other people & govt.

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Services which would work well if you have your own web site or better a web service

• http://rafflecopter.com/#
• 
  

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freemarket.com redirects to freelancer.com

I keep wondering why they need an additional domain to advertise themselves?
That's pretty awesome way to conquer web by taking all those expenses to sustain the information as an asset

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Bitcoin message from ransom4all YouTube channel owner

You could say that I am also a fan, but without unnecessary delusions about cryptocurrencies very near future. But before the real future of Bitcoin its still a long way. But the direction is correct. Now , basically, it is a subject of speculation, obvious one. In early October, again began to massively " merge " Bitcoin , which is somewhat undermined its stability as a unit. People may be bored and they will continue to look towards fiat currencies. This is clearly involved and interested banks, though not so clearly and massively as it was after the start of my video - then there was an attempt to bury the Bitcoin, by undermining its credibility. I have video and still no do not, although a lot of interesting things happened during this time in the environment Bitcoin . Took a wait - he kept looking and there is no sense to shout something and claim professionals kriptorynka now while poking around , finish , put in order , and then you look and yavyat Bitcoin world in the new shell for an offline - as long as it's a very narrow range interested . Most significantly , the Germans officially recognized Bitcoin unit of account ( in the hope of winning the taxes for the operation of citizens) , and how many different conferences and presentations made ​​monthly , in which the British do well . Popularization and practical application - the main stage in the Bitcoin the looming collapse of the financial system , " replanting " of all the polls in the New World Order and the subsequent chipping . Bitcoin is honest antidote against the ugly and press down all by itself by the system. He had to survive and give people a breath of air. I would be glad to communicate . After all, we have so little) )

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Bitcoin is like realty ownership of which you can divide and share/transfer.

http://www.youtube.com/watch?v=V-3haBibXWc
Whole system works only to make possible payments matrix exist. When you purchase a Bitcoin, you purchase part of that matrix (right now there's 11 million those matrix parts we call 11 million of bitcoins). Right now 1 Bitcoin is like owning $140 in cash, but when demand will be higher, you surely will appreciate each bitcoin way more because each bitcoin which you posses is a treasure which everyone will want to posses.

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The Truth About Bitcoin

Why does anyone have to accept it at all ? Many small business won't and I accept payment that way either. Ask ever corner store if they will accept it as payment ? To most, it has no value to replace stock on shelves.It has obvious advantages. Disadvantages as well. As do all currencies. It may be the money of the future. If governments can't tax it, control the people farm, you can bet they will do everything possible to destroy it. I will not bet all of my future on it. Do you have that faith

There are plenty of people who accepts it. Especially people who do freelance work like web design. You can convert it into fiat very easily (easier through Bitpay) and restock the shelves. Governments can tax it, it's as taxable as cash in most cases. Nobody is asking you to bet anything on it.

bit coins are not durable. My computer dies, bitcoin dies

Bit coins are only portable on another device? i mean, i suppose you could carry it in an SD card, but you can't carry the bit coin in your hand. Can't touch it, so it really isn't portable

It isn't divisible

It has intrinsic value in the same sense that superman issue 1 has it. It doesn't really, it's value is only how much you can fool other people into thinking it is.

It isn't scarce. Right now it is, but numbers are infinite.

You have no idea what you're talking about.

No one cares if you can physically hold money. I pay for everything with a debit card. The fact that it's electronic makes it MORE portable, because I can access it anywhere.

Bitcoins are divisible into 100,000,000 Satoshis.

There is no such thing as intrinsic value. The only value of a thing is what you can get for it.

Bitcoins are scarce by design. There can never be more than 21 million of them.

But if the value of bitcoin tanks you have nothing ... nothing. If gold tanks you still have something ... it's a fine line between extrinsic value and intrinsic value, but one is based on "feelings" while the other is based on real items. The difference being is in the end, reality is worth more than a virtuality any day.

If the value of gold tanks, you have a shiny paper weight. GG.

There's no such thing as "intrinsic value", everything is worth what people will give you for it.

So

Everything only have the valve someone is prepared to pay for it.

Once the government have a substantial amount of them, they will no longer have any value.

Governments have computers too. What making you think there are no government computers mining bitcoins as well.

The large majority of bitcoins are in the hands of non-government entities. Governments can fire up miners all they want, but more than half of the 21 million bitcoins that can ever exist are already out there in the pockets of hundreds of thousands of ordinary people. If governments want to keep their coins, then so be it. It only makes the coins that are being traded around more valuable, not less (remember the rule of scarcity).

Is bit coin regulated like real money when it comes to the creation of it? like real money loses value when the government prints it, often called a stealth tax. how is bitcoin created and how does it keep it's value? is they a limit to it's creation?

Bitcoins are "mined" by users running a program that attempts to solve extremely complex decryption problems. Every time one of these is solved, a "block" is mined and the person who solved it gets a certain amount of bitcoins. As more blocks are mined, it becomes harder to mine new blocks.

So basically, bitcoins are constantly being created, but the rate slows based off how many have been created. Also, there is a cap of 21 million. Once 21 million bitcoins have been mined no more can be made.

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I am purchasing my first car

I wish I could be a lot younger before I did it, but anyway its better than never.

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I'm going to donate my Bitcoin wallet 10% from all of my earnings

I think that this is a pretty useful practice for everyone.
And I think that if everyone of us would do it, the Bitcoin would grow faster. Long-term savings in Bitcoin is the reason why Bitcoin could succeed as a currency, and I'm glad to do everything I can for it.  Jim Rohn once said that main thing is that you must have a plan. Bitcoin sounds like pretty awesome deal as a savings for me.

Computers are my life, and if my money will die without them, then that's probably my fate.

Here's my plan: I'm going to use my local exchange service for transferring my dollars into Bitcoins as 10% of my income money just for seeing the power this investment technique. I haven't been investing into anything for too long. Maybe its time to change it.

10% isn't such money which I will be greedy to give up as a savings to Bitcoin. I would even put way more money, but that would make me feel uncomfortable about the whole idea. 10%. That's how much I'm ready to give up. That's like my additional religion, to whom I must tithe.

I suppose everyone must do it. Because its easy. Because it will make some impact for Bitcoins. Because each payment will reflect the overall quantity of your earnings.

What I gonna do with those 10% of Bitcoins in future? Nothing. I won't touch it. I want to use them only when I will be able to purchase something substantial: car or house


I'll keep posting updates on EarlFox.com about how much money so far yearly I was able to save this way :).

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Why I can't stop thinking about Bitcoin

Its October 7, 2013. I want to talk about Bitcoin again.
I won't explain how it works here, since perhaps very soon everyone will know pretty good picture about Bitcoin.

Today there's no such topic on the Internet which inspires me more than Bitcoin.

Why do I like Bitcoin and think that it deserves so much attention?

1. Its protocols are open-source and transparent, everyone can track moneyflow happening in the world. I always hated counterfeiting, and thought that governments throughout the world one day will create electronic money and will prohibit printing the paper for giving value to the money.
2. Okay, if governments would create their e-money, then in this case we still have a problem with trust: since we can't be sure that government aren't unequally adding more money on the accounts of its privileged citizens. That's why I think the Bitcoin is goes to win this battle, because the Bitcoin's amount won't depend from its currency regulators.
3. First two points about Bitcoin I believe sets the new precedent about Bitcoin's perspectives, and I believe that Bitcoin pretty much has huge chances to become a default currency everywhere. Right now not everybody understands it, but I think that its the case where I can trust IT experts and mathematical models.
1. So, right now the price of bitcoin is $136 according to http://bitcoin.clarkmoody.com and the Bitcoin economy has around 11 million bitcoins in circulation. If you'll multiply them on their costs in usd (11 million multiplied on $136) you will get the amount around $1,5 billion which represents the current value of bitcoin economy. I think that $1,5 billion dollars is pretty low amount for such perspective currency, and this number will definitely grow AT LEAST 50 times larger than you see it right now.

I love Bitcoin, because it fights with everything I hate about regular money, and I mention here only few reasons:

• Unfair transfer fees for fiat money transfer methods. Regular money haven't created to be teleported. Bitcoins are.
• Its relatively easy to counterfeit with paper money. That gives too much power to Mafia, who's handling that business. Governments withdraw hunderds millions of dollars in counterfeit money from economy every year, and there's yet too much dollars and other paper pieces which isn't even really valid.
• Its easier than anything to print more money when you need it if you have an authority to do that. That's what I call cheating. As a citizen I don't feel that I deserve that. I suppose there's no such fiat currency on the earth that haven't printed any extra money. Nobody really knows yet, how much % of inflation exactly that amounts of "official counterfeiters" eats money from your budget.
• Credits. Loans are stealing people's lives. And Federal Reserve again printing even more money than before. 

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iPhone 5S revolutionized the mobile market again by introducing 64bit chips

Yes, I'm that Apple fan, that I'm even dedicating the whole 1 sentence article for such event

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Money is what money does: Treats which Bitcoin community ignores and scientifically can face

• The protocol change. When people are in crisis, they do foolish stuff too. Here are rules which controlled by Bitcoin client aka public awareness:
• Money emission: the fact that we can have only 21 million Bitcoins. The quantity of Bitcoins could be a subject for change during the years: since media rules the world - some powerful organizations will try to persuade masses to change the quantity of bitcoins from amount of 21 million of coins to the amount of for example 210 millions of bitcoins. Or they could even set unlimited amount of bitcoins for future bitcoin clients (they will just delete those restriction which was set by Satoshi Nakamoto)
• Rewards for mining. The same public awareness is a pretty achilese feet: it brings weakness for the Bitcoin: when the Bitcoins community will face such problems as lack of network computing power, then bringing back the rewards for mining will raise again! People by all means will try to return the rewards for mining: even though now (October 6, 2013) the bitcoin reward is 25 BTC, and later it will be closer to 0, the community will make an attempt to persuade masses to return to the old 50 BTC or even set a new reward for mining blocks: 100 BTC.

All of those changes to protocol could bring endless amount of harm to the Bitcoin system, and that's why as conscious people we must be sure that masses won't make such dumb decissions. With the Bitcoin protocol I would recommend everyone to stay conservative, but another problem arises:

• Recently FBI arrested the SilkRoad owner who had $3,6 in Bitcoins, probably that's a miserable amount of bitcoins in comparison with how much bitcoins are out there in circulation, but anyway, there is possibility that huge corporations such as Microsoft, Apple, Govt or whoever else could make an attempt to purchase all of the Bitcoins (right now 11 millions of Bitcoins are in circulation, and that means that it will take only $1,5 billion to purchase all amounts of bitcoins). 

That's pretty scary thing, since that will bring some unpleasant segmentation for the bitcoin market. Let's imagine that Microsoft has purchased all of the bitcoins by investing $1,5 billion. And let's imagine that after that Microsoft stopped using that Bitcoins to pay anyone during the next 20 years. Is it possible that a huge corporation will purchase a bitcoins? Yes.

What it will cause if suddenly 90% of bitcoins will be owned by 1 corporation? The bitcoins will raise in price, and people will try to use the left amount of bitcoins (which sooner or later will become 50% since we haven't mined the remaining 10 million of bitcoins yet).

As a Bitcoin investor its the most disadvantageous situation for me when people who own a lots of money now purchases a Bitcoin, because that will again give the initial power to the corporations (if even a 50% of bitcoins are owned by corporations, it is still gonna mean that corporations are in charge of this world)

Right now bitcoin has only 1% of power over the world's finances & economy. But that thing is a subject to change. When Bitcoin will take over the world's economy, it will have around 60 to 90% of influence over what happening in the finance world. In this case when corporations own significant parts of that virtual currency they have a greater freedom for purchasing other financial assets, such as lands, real estate, HR - this two things will never get old.

Okay, we've decided here that corporations won't lose their power due to bitcoins anyway. But how about governments?

Before the Bitcoins, the governments were pretty big at regulating the corporations by regulating their finances. In case if the world will face the Bitcoin revolution where Bitcoin takes over the whole economy, then government will lose its power over regulating the corporations, and corporations won't lose their power, since they will be the ones who's getting the most profit for acquiring and earning the bitcoins, but in this case now they're won't even share this outcome with governments.

With Bitcoins the world will never be the same. We will become a witnesses of pure burn of world where government has no power over the finance world, where Federal Reserve aren't controlling that stuff too, but where giant corporations like an Apple and Microsoft will rule the whole world order.

I suppose that's pretty likely to happen, since they're the leaders in sales.

Doesn't matter how much dollars every bitcoin costs and what value it will have after Bitcoin revolution, the core of revolution could be easily described by just one word: SALES

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AnonimityLoses and AnonimityWins: FBI arrests largest Bitcoin project: SilkRoad shutdown

The site owner used an email with his personal real name as the handle then went looking for programmers online for Silk Road... kinda dumb.

Neither TOR or Bitcoin (the encryption stuff) was broken.

File sharing? We're talking about a mail order service. There's not just data traffic to follow. And napster wasn't the only service hit. Most any service built and running on U.S. soil has been targeted at a certain level of popularity. So I guess if you compare to file sharing, they'll have to buy a privately owned country and develop their own distribution company that somehow bypasses all government resources?

The owner was being careless and used his personal email address for something related to the website.

The bitcoins were held in your in your silk road account. The owner was not famous, he got caught by trying to hire a hitman, that was something totally separate.
This has become too big of a concept with too many people (900,000+ members) and too much money involved (over $1.2 billion market) for them to ever stop it now. It's like when they first shut down napster, it didn't stop people from stealing music. Even if they shut down more sites people are already talking about building a sort of p2p type system where the data is decentralized.
The FBI is not the hacker department; you'd be surprised what you can extract from people with bribes and immunity from prosecution. Just need to know who you're after.

This BMR actually sounds dangerous.

I don't think a lot of fools were on SR as it took a good amount of effort to even get on the site in the first place. But this Black Market Reloaded shit sounds extremely dangerous. Funny how they shut down SR but not something like BMR.

this is the problem of using the young turks as a "news source". This was a very poorly researched 3 min video for the sole purpose of gaining views for a recent event. It wasn't the encryption that brought SilkRoad down, it was the owners own negligence and ignorance that caused the Feds to find who he was. If you read the criminal indictment then you will know for yourself.

I just think it's hilarious how they established a Craigslist for dope and other illicit commodities. It almost sounds easier and less risky to do it the old fashion way as I described.

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