Drug Site Silk Road Says It Will Survive Bitcoin's Volatility

Sparrowvsrevolution writes "Bitcoin's recent spike and then collapse in value has convinced many that it's too unstable to use as a practical currency. But not the founder of Silk Road, the black market drug site that exclusively accepts Bitcoin in exchange for heroin, cocaine and practically every other drug imaginable. Silk Road's creator, who calls himself the Dread Pirate Roberts, broke his usual media silence to issue a short statement that Silk Road will survive Bitcoin's bubble and bust. The market's prices are generally pegged to the dollar, with prices in Bitcoin fluctuating to account for movements in the exchange rate. And Roberts explained that vendors on the site have the option to also hedge the Bitcoins that buyers place in escrow for their products, so that they can't lose money due to Bitcoin's volatility while the drugs are in the mail. As a result, only about 1,000 of the site's more than 11,000 product listings were taken down during the recent crash."

Comments

Speculation

[Errol backfiring]

Why blame the victim? The rise and fall in price (PLEASE, not "value". There's a difference, you know) is due to speculation, not to the currency itself. Dollars, euros and other fiat currency are just as vulnerable.

Re:Speculation

[sribe]

Dollars, euros and other fiat currency are just as vulnerable.

Bullshit! Currencies backed by the economic activity of entire 1st-world nations are nowhere near as vulnerable.

Re:Speculation

[tehcyder]

There is a direct correlation between having insane rightwing views and believing that a return to the Gold Standard will usher in a new kingdom of heaven on Earth.

Re:I sell actual things in Bitcoin

[Wookie Monster]

So, you like BTC being unregulated, but you want governments to make certain activities illegal. How is this not regulated?