Feds shut down The Silk Road, legendary Deep Web drugstore

[Exiled Martian]

No, it's fukking stupid unless you feel like throwing small amounts of money at it for fun.

double your money or lose half from greed, brehs

Don't be such a naysayer friend.....BTC isn't a pyramid scheme with a nasty catch. The system is completely open source, you aren't crunching numbers to destroy America per se. The one catch is that it is not free money, you may make some money in the short run, but unless you have cheaper electricity and can stay ahead of the pack hardware wise, and I'm not just talking about GPUs.....basically in layman's terms you need some serious bit of KIT (profitability is proportional to this) to really capitalise on the prospects of the long term digital mining...Its pretty interesting to read about it. I think like 42 million worth of bitcoins are out there as of now. You can buy actual stuff with them so its not real shady. Just not popular. Bitcoins biggest problem is that there is very little to use Bitcoins for. Basically most of the activity is based around converting them into more established Currency. I highly suspect it will eventually fail, but until it does many people will make decent £££$$$ doing it... so what you waiting for?? Go open up a Wallet... back that up on a hard drive & join a legitimate pool & get mining breh

P.S: BTC is down pretty significantly from ~$140 to ~$114 right now...Damn volatility is a biitttchh...should bounce back up alil by next quarter. Hopefully more legitimate businesses will start using BTC...and takes LTC along for the ride only then will I jump on the bubble bandwagon fully... for now I'm just dabbling with BTC in drips & drabs

 

[2Quik4UHoes]

smmfh, all that tax revenue....

 

[jaguar paw]

So which one of you geeks got next on this here e-Trap?

 

[Danie84]

Very smart Ulbricht, using your real name for an email address, while running an anonymous nefarious site

 

[ExodusNirvana]

i noticed this guy was using a lot of free wifi locations like coffee places and libraries, is that really safe?

If he was doing things smart yeah...using something like Linux off a flash drive, directing everything through TOR, using a PC that he bought with cash and not logging on to anything of note using said PC.

There's way to remain annon as fukk in this world, but who the fukk wants to do all that shyt? I feel like it's only now that people are really on that privacy tip in light of all the NSA news that's popping up.

The rules are still the same though, if you don't want the feds or anyone else looking at something, don't post it or say anything that you're not willing to defend in court.

 

[Exiled Martian]

The Bitcoin Story: One Reason Why its value went up (Source below)

http://topinfopost.com/2013/10/03/f...d-of-billion-dollar-internet-drug-blackmarket

According to the indictment documents filed today in New York, the FBI was able to determine that over the last two years, SilkRoad processed $1.2 billion dollars worth of transactions. In other words, 9.5 million Bitcoins have flowed back and forth between SilkRoad buyers and sellers. What does that mean for Ross Ulbricht personally? Over that same time period, the FBI determined that Ulbricht collected some 600,000 Bitcoins in the form of his commission. How much are 600,000 Bitcoins worth? At today’s closing price, $78 million. At yesterday’s closing price? $90 million (the price of Bitcoins dropped sharply in the wake of Ulbricht’s arrest). When Bitcoins hit an all time peak value in April 2013 of $266 per coin, his virtual collection was worth $160 million. To give you some idea of how insane the market for Bitcoins has been recently, in the fall of 2011 when SilkRoad was founded, a single Bitcoin was worth just $2.

 

[Kritic]

i better put these pair of 7970's to use... i'm gettin tired of you niccas anyway..

The Bitcoin Story: One Reason Why its value went up (Source below)
According to the indictment documents filed today in New York, the FBI was able to determine that over the last two years, SilkRoad processed $1.2 billion dollars worth of transactions. In other words, 9.5 million Bitcoins have flowed back and forth between SilkRoad buyers and sellers. What does that mean for Ross Ulbricht personally? Over that same time period, the FBI determined that Ulbricht collected some 600,000 Bitcoins in the form of his commission. How much are 600,000 Bitcoins worth? At today’s closing price, $78 million. At yesterday’s closing price? $90 million (the price of Bitcoins dropped sharply in the wake of Ulbricht’s arrest). When Bitcoins hit an all time peak value in April 2013 of $266 per coin, his virtual collection was worth $160 million. To give you some idea of how insane the market for Bitcoins has been recently, in the fall of 2011 when SilkRoad was founded, a single Bitcoin was worth just $2.

 

[Ethnic Vagina Finder]

FBI struggles to seize 600,000 Bitcoins from alleged Silk Road founder

The FBI has found that seizing an anonymous decentralised peer-to-peer currency was trickier than it seemed, following the Bureau’s bust of the international drugs marketplace, Silk Road.
When Ross Ulbricht, known as Dread Pirate Roberts to users of the site, was arrested last week, the FBI seized 26,000 Bitcoins belonging to Silk Road customers. But it also attempted, unsuccessfully, to claim the nearly 600,000 - thought to be worth around $80m - which Ulbricht himself is thought to be holding.
Bitcoin is a digital currency based on a methods of cryptography similar to those used to protect confidential emails. Due to its decentralised nature – the currency does not rely on any centralised agency to process payments, instead relying on work done by users’ computers – it is popular for a number of fringe-legal and illegal uses. One of those uses was Silk Road, where Bitcoin was required for all transactions.
In order to transfer Bitcoins out of a “wallet”, the name for the digital file which contains the encrypted information necessary to spend the currency, users need to know that wallet’s password or “private key”.
According to Forbes’ Kashmir Hill, that hurdle is causing the FBI difficulty.
“The FBI has not been able to get to Ulbricht’s personal Bitcoin yet,” wrote Hill. An FBI spokesperson said to Hill that the “$80m worth” that Ulbricht had “was held separately and is encrypted”. At current exchange rates, that represents slightly more than 5% of all bitcoins in circulation.
Even if the FBI is not able to transfer the money, now that Ulbricht is in captivity and most of his possessions have been seized, the funds are likely to stay where they are. A few high-security ways of storing bitcoins, such as a "brainwallet", a way of converting a bitcoin address into an easy-to-remember phrase, could still bypass their authority, but there is no indication at present that Ulbricht has used them.

 

[Artificial Intelligence]

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[newarkhiphop]

Best believe bit coin is living on borrowed time

 

[AgentGrey]

Black Market Reloaded

you wildin breh

 

[Artificial Intelligence]

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[AgentGrey]

I had some bit coins left... so I put an order in


my boy makes hundreds a month mining them, if BMR blows up I might have to join him

Thats exactly whats going to happen, BMR was the runner up and backup exchange site for whenever SR had problems.
Imagine having investments in Lowes when Home Depot vanishes over night...

You wildin for putting it out there like that tho

 

[Artificial Intelligence]

.......................

 

[O.Red]

my boy makes hundreds a month mining them, if BMR blows up I might have to join him