How did SilkRoad actually work?

[bbit]

I never used it.

Did you send BTC to your account and this is how the guy made a commission?

Nobody, has ever explained how it actually functions.

[panda1]

I think the court documents explained it pretty well.

[bbit]

I think the court documents explained it pretty well.

Court documents actually point out how it worked? so far from what I read its an overview.

[acoindr]

I know they charged for Seller accounts, about $100 I think (may have varied), as a way to filter for serious sellers. They probably also had some kind of Buyer/Seller payment escrow of which they could take a percentage.  But they could also charge for other things, like featured placement/advertising etc. There was no shortage of ways to make money. That's capitalism at work. There was so much pent up demand for such a marketplace that it was easily a financial success. That's why there are already at least two more underground marketplaces I've seen already looking to fill the void, with more planned.

[malevolent]

Sellers had to pay a 6.23% commission on every sale but this was later changed:
http://www.reddit.com/r/SilkRoad/comments/1i0r8l/dead_pirate_roberts_addresses_commission_increases/

I know they charged for Seller accounts, about $100 I think (may have varied), as a way to filter for serious sellers.

$500 at least IIRC

They used to be free before though.

[theonewhowaskazu]

Sellers had to pay a 6.23% commission on every sale but this was later changed:
http://www.reddit.com/r/SilkRoad/comments/1i0r8l/dead_pirate_roberts_addresses_commission_increases/

out of curiosity, how exactly did he come up with the number 6.23? Seems super random.

[malevolent]

out of curiosity, how exactly did he come up with the number 6.23? Seems super random.

No idea. You may try sending him a letter once he's in prison. 

[Zooey]

I never used it.

Did you send BTC to your account and this is how the guy made a commission?

Nobody, has ever explained how it actually functions.

{yawn}