How does the silk road work?

see4 said:
wait. i wanna get in on this. code mining? racer.. whats this all about? bitcoins?
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I think bitcoins are the way they get us to stop caring about gold and paper. I always thought that our children or our children's children would live in a world like Star Wars (not in every aspect) in the sense that they would ALL have credit cards, and no one would ever see paper/solid money, except the super rich. But now it looks like we will go even deeper, and instead of all having the credit cards we have today, we will either have digital credit cards that display and trade bitcoins, or a credit card that redeems bitcoins. So that it is ACTUALLY impossible for anyone to ever see real money. They just exchange bitcoins for labor or whatever it is they "do". (another thing, we shouldn't ask our kids "what do you want to be when you grow up?" we should ask, "How do you want to be when you grow up?")
 
racerboy71 said:
it's virtual money.. it started off as some dude who wanted to make his own monetary system not based on banks... he started some big code and set a number limit on how much money could ever be created by his system.. if you crack the codes, he pays you x amount of bc's for your work. they call this mining for some odd reason.. when bc's first came out, you'd get a nice pay out of bc's for your work, but at the time they didn't have much value to them... now they're up to $30 a bc if what da'ath said is true, which i'm not doubting him.. i know only like 3 months ago, they were only $13 per bc, so they have really gone up in the past few months..

once all the bitcoins are mined, there will never be anymore of it created, unlike the $ in which they print more at will, fucking up the economy and the value of it in the process..

bc's are now being accepted at lots of places online instead of real money or even paypal and credit cards, not just the silk road..

check out the story of the dude who created it if you're interested, it's pretty interesting..
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Yeah, it has jumped a lot. I checked it via mtGox. I've been mining for a little while, and I'm guessing the jump in price is due to difficulty increases in mining, and the prospect of new mining technologies being developed.

There may be a limited amount of coins that can be mined, but they can be divided indefinitely. Once they've all been mined, the 'miners' will just be running network security for the currency, verifying transactions and whatnot.

That's some of my very limited understanding of a very complicated system.
 
Racer, I looked at bc about two weeks ago and they were around $13 each. If they are at $30 now, and are limited in qty, seems they could be a great investment, as more people start to use them; no?
 
Once I buy bitcoins at say 7-11. Are they automatically in my account after X amount of time? Or do I have to manually put them in my account somehow? How does that work?
 
Has anyone heard of Black Market Reloaded? Or the Armory? I am just now hearing about these. Sounds kinda crazy, and possibly the reason for the Batman shootings and stuff. And after reading more about the Silk Road, I'm starting to think that it is just the CIA and FBI selling people stuff through the internet.
 
MrEDuck said:
And those powerful people have wanted it down for over a year. The DEA doesn't have the resources to take it down and the agencies that do actually benefit from the extra traffic on TOR. And the site owners encourage its discussion because it encourages traffic.
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I found this on another Silk Road thread and I think it's a really good statement. People keep acting like it's a good idea to keep the Silk Road a secret, but the more people know about it, the SAFER it is. Because the more people know about it, the more people will BE on it, therefore INCREASING your anonymity by default, not only online but during the transit and delivery of your package. The more people that get turned on to bitcoins, TOR and SR, the safer it will be for all of us. If anything the DEA will be selling people all of their drugs trying to figure out how to get our addresses. :lol: And it doesn't just increase safety. If more people get on SR, that means more vendors. More vendors means more competition, more competition means better prices.
 
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