6 ms·
My random thoughts on the reason for the plunge: 1) Bitcoin August 1st uncertainty is leading to vast capital outflows from crypto in general. 2) Capital outf
by sna1l 9y ago
My random thoughts on the reason for the plunge:
1) Bitcoin August 1st uncertainty is leading to vast capital outflows from crypto in general.
2) Capital outflows are more significant due to so much dumb money coming in from people who just came in for a fast buck and are now scared.
Obviously nobody knows for sure, but fun to speculate. :)
- nashashmi 9y agoDark market crashes. Leading to widespread crashes in the cryptocurrency market as well.
- dogma1138 9y agoEth has almost no presence on the dark markets. Even bitcoin is much much more rare than what people would think by reading the news.
- reefoctopus 9y agoWhat are the primary coin(s) used on dark markets?
- cypherpunks01 9y agoTypically Bitcoin-only, but in the past 1-2yrs Monero (XMR) has gained acceptance in certain large venues. I'm not sure, but I suspect your parent commenter may be referring to the large amount of darknet commerce that does not take place using cryptocurrency?
- dogma1138 9y agoPlain old cash, including western union, money gram, gift cards and even PayPal. Bitcoin is used more by "bored" western whales and by the Chinese that need to put their money into something the government can't control than by drug or arms dealers.
- urspx 9y agoWhat Darkmarkets still use cash, western union, PayPal, etc? My understanding is this all died out once bitcoin became a viable currency. Then again, I guess I'm mostly just thinking of drug-focused markets, not the other kinds... but still. It'd be bizarre if those kept using the payment methods you mentioned.
- deleted 9y ago[deleted]
- dogma1138 9y agoAlso tons of ICOs that are borderline scams flodding the market with Eth when they cashout. It's basically kickstarter with crypto issue your own worthless tokens which might be used for a future product which might or might no come to any fruition in exchange for Eth, dump the Eth afterwards for cash and profit.
- nodesocket 9y agoAren't you forgetting Alphabay being shut down and the founder committing suicide? I am certain lots of people had crypto coins float in Alphabay, which is now just lost. Can't be sold, just lost into the air.
- dogma1138 9y agoThe beauty of the blockchain is that everything is open. Most of the bitcoins sit in the wallets of rich Americans (or well westerners) and Chinese "investors". The former looks for a cool new investment tool the latter seeks to have global financial influence and a way to get money out of China without ending up in prison for life.
- c0nducktr 9y agoAre you sure the coins in Alphabay are lost? Couldn't the government just sell them off like they did with the coins from Silk Road?
- nodesocket 9y agoI believe there is a difference between coin seized from the personal accounts and general Alphabay account. Also, this assumes the government has private keys and access.