Bitcoin Forum

http://techcrunch.com/2013/10/02/fbi-seize-deep-web-marketplace-silk-road-arrest-owner/

And I was just about to post this -.- LOL!
Nice!
That sucks for all us pot heads!

This just opens up a spot in the market, there will be other services which will replace Silk Road. The war on drugs will never be won.

There's already Atlantis though I'm not sure if its still in service. I visited those sites out of curiosity a couple times.
Never actually bought anything though I did eventually want to sell some clothing on there. I liked the idea of a really free market. Free of restrictions. Too bad someone always has to fuck shit up.

More sources:

http://rt.com/usa/silk-road-bitcoin-shut-650/

http://www.bbc.co.uk/news/technology-24373759

http://gizmodo.com/feds-seize-silk-road-everybodys-favorite-illegal-drug-1440172693

question is, how will the btc price react?

Exactly! That's what I'm worried about. I just hope that mainstream adoption has surpassed the adoption of criminals and drug dealers. LOL!
Otherwise its time to SELL! SELL! SELL!

There are many whales waiting for a bottom to invest. There were pretty big news regarding investment opportunities in Bitcoin recently. I think the price will probably go down on this news, but not that much. I'm not telling you not to sell anyway.

Lets hope so.

What will become of bitcoin now?????

Is Black Market Reloaded still operating?

We must be patient and find out my friend.

Big red candles forming on BTC-e....

Does this whole story seem fishy to anyone else?  The takedown notice has a freaking camel in it (like it is a joke), the only corroborating source is krebs, the government agencies happen to be in a shutdown state and unable to respond for comment, DPRs account was last active at 8:54pm last night (after he was supposedly arrested), and the section of code cited in the notice is for CIVIL forfeiture.

http://rt.com/usa/silk-road-bitcoin-shut-650/

Reuters... It must be true

Didn't the price of BTC drop suddenly when Atlantis went down? Now this. I suspect the price will drop again once this get all over the news. As for copycat sites, there are some already. The have been trying to compete with Silk Road, a few even allow firearms!

That is Russia Today, not Reuters. Reuters only provided the picture of a guy using a laptop.

Here's the FBI''s criminal complaint. (http://krebsonsecurity.com/wp-content/uploads/2013/10/UlbrichtCriminalComplaint.pdf)  This is good reading.  At one point, Ulbricht had a problem with someone blackmailing him. So he asked for quotes on a "hit". Then he tried to negotiate the price down. ""Not long ago I had a clean hit done for $80K. Are the prices you quoted the best you can do? I need this done asap as he is talking about releasing the info on Monday."

The FBI now has the Silk Road servers. They will probably go after some customers.

Go to Google News and type in Bitcoin.

Like every news outlet on earth is picking this story up.

Any publicity is good publicity?

this is screaming fake to me. Look at the images! I posted them at plaxant (http://plaxant.com/something-fishy-silk-road-seizure/)

Dread Pirate Roberts got caught because he was an idiot.

There will be other sites, I'm sure. He was outed by his own incompetence, using real information, inconsistent (if any) security procedures. Hell, was the man stoned all the time? That's the only way I can understand his copious and rather embarrassing errors.

It will be a hit on the image, I'm sure - but the network is still running, and SR isn't the only game in town for Bitcoin transactions. Even if it was a catalyst to get us to where we are now, it isn't the single thing that will "kill" Bitcoin, in my opinion.

It is good publicity. It means Bitcoin has moved beyond illegal drug trade. No longer will media herald:

It's bullshit, there's a guy in a camel there!

I like your avatar...

80 million for DPR, 80 million for Walter White.  I wonder if DPR buried a thumbdrive somewhere in New Mexico...

Fuck me Nagle is back!!  :D

For anyone who wasn't around in 2011 have a look at Nagle's posts from back then  ;D

His arrogant and unashamedly wrong analysis pointed to Bitcoin having a negative value by December 2011  ::)

What a fool  :D

I hope that over the long term this is good for BTC.  I want BTC to be legitimately used for good but we will see how much some of the "dark side" of BTC was holding up the price.

Today, price has rebounded to where it was before the seizure. The takeaway?

• The "dark side" of Bitcoin was not holding up the price significantly.
• However, many people thought it was and panic sold.

This is further evidence that the media, and often Bitcoiners themselves, give far too much credit to Silk Road and other "dark side" markets. Those are not important for Bitcoin, for they make up a minimal amount of trade (after the Silk Road closure, transaction volume has not declined).

LOL!  ;D

They don't hold up Bitcoin's price anymore. Bitcoins has been invested in by many VCs and small business owners. If this shutdown would have occurred before 2013 it would've been catastrophic for Bitcoin.

It's nearly inevitable that Ross Ulbricht will have many imitators/wannabes, one of them will build the next Silk Road.

Think about it, 600K BTCs, or 80 f**king million dollars of pure profits in no more than 3 years, unseizeable even by FBI, how many can resist such temptations?

Is it confirmed anywhere that they have indeed seized that amount of coins or is it just media hype?

At this point I'm just glad that bitcoin's value didn't suffer significantly.

http://blogs.reuters.com/unstructuredfinance/2013/10/14/fbi-not-waiting-for-silk-road-owners-bitcoin-pword/

We don't need to listen to what FBI has to say, we can just check for ourselves. ;)