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The Silk Road was a darknet market best known as a platform for selling illegal goods. It operated as a Tor hidden service to exclude traffic monitoring, which was convenient for criminals to deliver their services through the network. Silk Road was launched in February 2011 and already had 10,000 products for sale 70% of which were drugs by March 2013.

Although there were a lot of illegal products on the site, there were also restrictions: child pornography, stolen credit cards, assassinations, and weapons of any type were banned for sale and exchange. The site provided some legal goods as well, such as apparel, art, books, cigarettes, erotica, jewelry, and writing services.  

The Silk Road was shut down in October 2013 by the FBI, whose agents also arrested Ross William Ulbricht, the founder of the system. There were two attempts to recreate the Silk Road, but both of them have been unsuccessful. The latest news on the Silk Road promises no further attempts.

Source: Cointelegraph


There have also been some reports that the current sharp price drop in Bitcoin and the entire crypto market is as a result of the 100,000 BTC that was allegedly dumped from a wallet associated with the Silk Road.

no it has nothing to do with that because the drop occurred in less than a day ago (24 hours) but these coins (which are not even obvious at all and it is pure guess) moved about 2 weeks ago. and on top of that neither the amount and nor where they moved to and why are not clear. it all started from a guesswork of someone on Reddit.

yesterday's drop was probably because of Goldmansachs news and the panic about that. nothing more.

I have also heard from different sources the reason for the sharp decline in prices. Some sources have attributed it to the Silk Road movement of 100,000 BTC while I also saw in some places that the Goldmansachs are withdrawing a form of support. Whichever, let's hope the prices recover.

I've only seen speculation on Reddit and clickbait stories to support this theory. I haven't seen anything particularly convincing. Any blockchain evidence that shows these coins went to exchanges? If these were controlled by the US government, they wouldn't be dumped on exchanges of course. They might be auctioned, though.

Markets thrive on fear (and greed, but that's another story). Major BTC movements (triggering high bitcoin days destroyed) have always fed into fear, like any other FUD, e.g. that news about Goldman Sachs earlier. I don't think these coins were dumped. People are just fearful and panicky.

I am not able to find any news related to silk road in cointelegraph in recent past. The last news published about Silk Road was on June 28th, 2018 about the review of Life imprisonment of Ross Ulbricht and nothing else after that date. I will appreciate if you can share a news link to us.


That may be possible. I was looking at the price chart of bitcoin and the kind of price decrease we are seeing, it is not possible unless there is a huge dump. Just look at the one day chart and you will understand. No news can make so much powerful impact so the evidence of dump is clear. But don't really know whether it is from the Silk Road associated accounts or from any other source.

https://i.imgur.com/JzSEb7H.jpg

Just hoping everything will get back in track once this dump ends!

in case you haven't figured it out yet, news and drops or rises is not something with delayed effect. it is something with immediate effect. for the most obvious example you can look at exchange hack news. as soon as it comes out price drops. there isn't even seconds between the news and the drop because there are insiders who sell first. you will never see news come out and then 2 weeks later the effects of the news be seen!

that is the case with Silk Road. the news or better said speculation about it started a week ago and if price could drop it would have dropped back then not now.

In my opinion it was just a typical manipulative dump to keep the price low and keep the weak hands panicking, I'm sure we will bounce up again from  around 6k level.

A good introduction but I do not expect that site "Silk Road" or those coins "100,000 BTC" to have anything to do with what is happening now in the market.
If you check the charts, the decline was seen in the altcoins before it appears on bitcoin.
It means that the beginning of this decline is not due to those 100,000 BTC although it may affect amplifying the drop.

Here's an article (https://bitcoinist.com/silk-road-sell-off-theories-emerge-fresh-movement-800m-bitcoin-wallet/) related about the 100k Bitcoin that is associated with Silk Road. On reddit (https://www.reddit.com/r/Bitcoin/comments/9ceb5v/1b_bitcoins_on_the_move_owner_transfers_100m_to/) a user named sick silk started to track these transactions to see how much was dumped out of the 100k and so far only 11k BTC was moved to different exchanges.

The first part that OP copied is just the description about the silk road tag on cointelegraph(reference (https://cointelegraph.com/index.php/tags/silk-road)). The last sentence was part of an article (https://cointelegraph.com/news/crypto-markets-see-sharp-decline-as-total-market-cap-drops-12-billion-in-one-hour) about the recent price dip.

It honestly looks like a well sought out manipulation dump that was done so that the new ones or the ones who are not that experienced will not panic and that the price will remain low. But this wil not be the scenario for long though.

I am glad and appreciate that you have ask for my opinion but I am sorry that I haven't found any updates about this over the market so I would ask for you patience for bit more longer

People like you just throw some BS stuff around because you want to make sense of the price. Same as folks that were telling it is the MTGOX account that is selling the coins etc. You are simply trying to make sense of the situation. But reality is pretty simple. People were buying in because they saw easy money and saw bitcoin and crypto scene as some get quick rich scheme. When everybody was buying prices pumped and you see that bubble, everybody thought it was going up and this is the reason why they bought. Now when market is in bearish position you even see less volume because people don't believe in bitcoin because they see the price is falling. Mostly what happens is pshycology of an investor, if you understand that you will understand why things happen. Yes crypto market is prune to manipulation and pump and dump schemes and that is how it is.

this is new information for me, illegal transactions will not disappear from the business world, I think only regulations can solve this problem.

regulation can make the crypto world develop safer and better.

Illegal transactions always give bad impact to the public, so the public has the assumption that crypto is a criminal.

Yes, it might be important to all to know about Silk Road and the current Bearish market. I am trying to know more about this topics since I have no clear idea about this Silk Road. So, I am trying to know more about it.

Since this Silk Road is not very well known to me.But I think it might be a typical manipulative dump or anything ealse for keeping the price low. I am little sure that it will bounce up again from around 5k level.

I think news and drops or rises is not something with delayed effect. it will be something with immediate effect. Athough I do not have a clear idea about this Silk Road but want to know more.

i think google is here for helping you and in this discussion lots of people helping you for understanding this thing.you know lots of thing already about this site

The price fluctuations are due to the many complex market forces currently inplay, rather than one specific factor. The swings in price will continue until bitcoin stops being a novelty and is much more generally accepted for everyday transactions.

i think google is here for helping you and in this discussion many people helping you for understanding this thing. lots of thing already you know about this site.

I didn't get how the drop of market connected with the attemps o open silk road again. But if it's recreate then crypto will be usee their for illegal term.

although it does not sell that is related to pornographic or weapons content, it still harms the country. because of the illegal black market, illegal transactions run alone without state procedures and are vulnerable to not paying taxes. that is what is very detrimental to the country.

If silk road exists then bitcoin and other crypto will be use on there because it's tottaly decentralized and that's why cruminal can transect currency easily and nobody can't able to detect them.

I didn't hear about silk rooad before and it's very dangerous for world and it's should be effect bad all over the world with crypto and specially bitcoin. Hope crypto will be use for legal term not for illegal term.

This is just contemporary and result of down market condition. This will not last for longer time. Analyzer predicting that, before the end of the year bearish condition turned into Bullish run. I also want , it may happen.

This is what's included in the package of being involved in crypto currency. The ghost of the past will continue to haunt us even up to this day, due to the wrong doings of previous users of crypto currencies. Better days will come, as the future is already here.

Even I have heard that Silk road was behind the recent manipulation of market where we saw 100 million worth of Bitcoin getting dumped but I would like to see some evidence that proves that Silk Road was the culprit here. So far, I have only seen claims of people, blaming them but no concrete proof to say the least.

As I know Silk Road was an online black market and the first modern darkest market, which was known for selling illegal drugs. Later it has been closed for their illegal activities.

I think the Goldmansachs news is one of the main reason of the price drop. The price was dropped less than 24 hours and the coins were moved almost 2 weeks ago. Someone on Reddit started this guesswork. Hoping, the price will bounce up again very soon.

Probably the news of the Goldmansachs is one of the reason of price drop. These coins were moved almost 2 weeks ago and the price drop occurred less than a day ago. This started from guesswork of someone on Reddit. The price will go up again.

It is all just pure speculations as no one certainly know if the silk road was actually responsible or not and certainly there can be no proof of that. Over time, people have always wanted to find a reason for every market movement, but really, I do not see this market as respecter of news, as whatever is bound to happen based on the whales will happen anyway. As far as I am concerned, in a bear market, market can move down pretty fast, and whatever could have been the cause, there is still a lot of bear FUD in the market.

It may have been and it may not have been. One thing I am so certain of is that there is absolutely no way anyone can really tell how things would always turn out when it comes to a market and all that can just be done is to speculate this could be the cause of an up rise or a downtrend but whether this happened as a result of Goldman sach or not, it happened. Trying to find explanation of why a global market behaves in the way it has done is absurd to me.

Just because Silk road and similar black markets where illegal and criminal stuff were sold Bitcoin has come to the bad reputation at the first place.
I know there will always be demand for such services but that doesn't justify their existance as well as people who run such market.
Stil I don't think that activities on illegal markets influence price significantly in some way.

Probably, the price drop of the yesterday was because of the news of the Goldmansachs news and the panic about that. The price drop occurred less than a say ago and these coins were about moved almost 2 weeks ago. And all this started from a guesswork of someone on Reddit. Hope, the price will bounce up again.

That shows how easy to trigger people are to label everything as illegal or against the law just because their government said so.

I honestly don't mind black markets to exist. It's always a minority of the vendors giving the market as a whole a bad name. Good thing is that the level of moderation on these markets has increased, so the likeliness of being exposed to the extreme side of it has been reduced significantly. It's impossible to prevent completely which people have to bear in mind. Let's blame the people doing these bad things instead of the tools they use.

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It's quite interesting to see how creative people are with finding all sorts of potential reasons as to why the price goes up or down, and yet they completely miss the point of why the market is actually heading down. The only consistent aspect of the market this year has been the contiuous lower high formation, which is perfectly normal during a bear market, but super difficult to grasp with how people don't acknowledge the market as it comes.

Every bump up makes people believe we are due for a recovery, but they have been proven wrong time on time again.

That you op for giving us this great understand and I believe we just need to keep our mind and heart encouraging by believing that the current market conditions will be a thing of the past.  Bitcoin is going to grow again and no matter the dumps by this group bitcoin will still recover.

You can say this is a condition that is not always in alarming scope, especially with prices that have lost a lot of the previous price, we are just waiting when we return to goodness, whether it may be in the next few months until the end of the year or we wait years new, believing that the market will again become a bull, this puts pressure on everyone's mind to surrender, but relent is not something good because future benefits await us.

Recently, a wallet was activated after 4 years with millions worth of Bitcoin in it and it was thought that, it belonged to Silk Road. That's it. No proper evidence at all. So, I am not buying it yet. I think there's more to the recent dump and Silk Road wouldn't have been able to manipulate the market on such a large scale.