2013-10-02 FBI Seize Deep Web Marketplace Silk Road, Arrest Owner

[dree12]

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

Bitcoin, the currency used primarily by drug dealers...

[pedrog]

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

[kibblesnbits]

Go to Google News and type in Bitcoin.

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

Any publicity is good publicity?

I like your avatar...

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

[meanig]

Here's the FBI''s criminal complaint.  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.

Fuck me Nagle is back!!  

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

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

What a fool 

[BitChick]

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

Bitcoin, the currency used primarily by drug dealers...

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.

[dree12]

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

Bitcoin, the currency used primarily by drug dealers...

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).

[The 4ner]

I wonder if DPR buried a thumbdrive somewhere in New Mexico...

LOL! 

[The 4ner]

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

Bitcoin, the currency used primarily by drug dealers...

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).

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.

[oakpacific]

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?

[Fabrizio89]

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

[The 4ner]

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

[pedrog]

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

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

[oakpacific]

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

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.