Bitcoin Price Surge, Silk Road 2.0, Senate Homeland Security Hearings
Bitcoin prices have surpassed $300 following endorsements from institutional investors and acceptance by Chinese firms like Baidu. The launch of Silk Road 2.0 occurred just one month after federal agents shuttered the original site, prompting Senator Tom Carper of the Senate Homeland Security Committee to call for adaptive federal policies. Skepticism remains regarding the legitimacy of the new marketplace due to unrealistic drug pricing displayed in media reports.
bitcoin· silk road 2.0· baidu· tom carper· second market· barry silbert· cryptocurrency
00:00 When Puff the Magic Dragon shows up, then I'll listen to your crappy argument. Adam Curry John C. Dvorak That's Thursday November 7th 2013 time for your Gitmo Nation Media Assassination episode 563! This is no agenda Brushing off my bitcoins here in the Travis Heights hideout and FEMA region 6 Austin Tejas in the morning everybody I'm Adam Curry and from northern Silicon Valley. We're plain and simply, I'm John C Dvorak Yay More than just playing simple play it is simple hmm Wow so Bitcoin over $300 now It's pretty wild
00:47 It's fantastic. You should have bought some of those coins when they were like a buck Well I still have a whole bunch, remember? Yeah you have ten! Yeah right... You're gonna need them. What, i'm sorry? You're gonna need them the way the show donations are going. I know! I'm so happy I didn't spend them all on Silk Road which has reopened magically. We can cross that one off for The Red Book but it's now reopened as an official honeypot Yeah, well I think it was kind of a honeypot before but now it's official. Well I think the timing is not coincidental there's something coming up on the horizon which fits in perfectly and now of course I'm even getting your buddy Horowitz sending me emails about Bitcoin since we talked about couple weeks ago right that it was it was now being accepted on Baidu or one of those Chinese things? yeah...I don't know what you buy on Baidu followers
01:42 But it's news and I think this Bitcoin thing with Silk Road, it's all kind of flowing into one It's going on one direction, you know the virtual currency appears to be getting a lift from greater expectance and some high-profile Endorsements its new high coming a month after many were predicting bitcoins demise That's when silk road an online purveyor of drugs and other illegal services was shut down by US law enforcement Since it's inception bitcoins been dogged by the belief that silk or Silk Roads customers would bitcoins primary users given the anonymity it provides but far from
02:19 from falling out of favor. Since then, it seems more people are buying Bitcoin. Converge strategist Nick Kolas point into China as a source of added demand where big companies like SearchShine and Baidu are now accepting Bitcoins for payment. Kolas also points to demand for second markets recently launched Bitcoin Trust through which institutional and high net worth investors can invest in Bitcoin. Second market's Barry Silber telling CNBC the trust has taken in $15 million so far, more than expected but he also cites other factors that are benefiting Bitcoin including bullish comments recently from the CIO of the hedge fund giant Fortress who said he was a buyer. Also, eBay's plans to look at alternative payment methods including bitcoins in upcoming hearings on Capitol Hill. Silbert says these are expected to be more informational rather than confrontational and that is good for bitcoin. Yeah this is Tom Carper who was the chairman of the Senate Homeland Security and Governmental Affairs Committee released a statement about Silk Road 2.0
03:18 But he's on the ball, huh? It's first it's so crazy. All of a sudden we have guys like oh the Statement right away not even a week or anything in between it It's weird. This new website launched barely a month after federal agents shut down the original Silk Road underscores the inescapable reality that technology is dynamic and ever-evolving, and that government policy needs to adapt accordingly rather than play... Yeah apparently it has. Rather yeah rather than play whack-a-mole with the latest website currency or other method criminals are using in an effort to evade the law we need to develop thoughtful nimble sensible federal policies
03:56 Without stifling innovation. So on April I see when mm-hmm When do we have think it's coming up at the end of the month? We have Some hearings this is it's all just a little too cozy for me. Yeah, it's a scam Yeah well, I don't know what to make of I even know what to make of it but it's the fact that people did they were showing Clint you know They're promoting it to in a funny way They were showing clips on one of the local TV stations. They made this, you know the same story that you read essentially floated around and they showed screenshots of somebody scrolling up and down the screen of this new thing. Yeah so this is Silk Road 2.0? Yeah but the thing was it was like ounce of cocaine 24 cents
04:50 A pound of hash. An ounce? Hold on, an ounce of cocaine?! I swear to God these numbers were ludicrous! I was thinking I should buy some of these vests... Please if you can find a couple ounces at that price bring it on! No and they had like cash heesh you know it was like $1 a pound. What's $1 a pound!? It's the five- it's John's Five & Dime Drug stall I'm telling you there was like a you looked at this because I'd actually stop the DVR and back it up in slow-mo it so I could see cuz this can't be right. It was ludicrous prices Yeah, and I'm not so sure that an ounce would be 24 bit sense or whatever where they caught don't they have a name? It's the Satoshi's yeah Well, this is clearly some masterful manipulation
05:44 Just masterful what the way this is going and this it's really really good. I'm impressed And and I've said, uh, I've just set a limit for myself when they hit a thousand That's when I sell if I can say I don't know if I think if I can unload him at that point Yeah, it's one of those you know Guy calls his stockbroker he says uh, I got to get some some flamingo corporation stock. He says, well how much you want? I like to buy 10 thousand shares is that so it's right now it's selling for five cents got your order in its ten thousand shares he says and I think I'm gonna buy another ten thousand shares and guess what up to ten cents all right fine get it
06:29 So this goes on for like a week. I need 100,000 shares. I need 200 thousand shares. I need 500 thousand choices Okay, I got you the shares are now $1,000 to share The guy says okay sell and the other guy at the broker says to who? Exactly exactly well we shall see we shall see Okay, I notice in the Candidavian News we have very few donors from Canada this show. Thunder Bay somebody came in but that's...I don't believe that Thunder Bay is in Canada and then you've got to talk about this crazy...this is the kind of thing we need in this country This mayor of Toronto Yeah You know they've got some good elites there because we do not have anyone as funny
