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 todays closing price, $78 million. At yesterdays closing price? $90 million (the price of Bitcoins dropped sharply in the wake of Ulbrichts 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.
We already know the Silk Road's owner was arrested and had a lot of bitcoins the FBI took. Thanks for the repost.
I somehow doubt there was $1.2B moving through that site in two years.
It's easy when the thing of value has no intrinsic value. Allow me to demonstrate...I somehow doubt there was $1.2B moving through that site in two years.
I mined some bitcoins back when I got my 6870s.
Bitcoins were worth next to nothing at the time.
They were pretty much 'worthless'
A few months ago, I use those "worthless" bitcoins to buy 2 very good boxes of cigars.
I mined some bitcoins back when I got my 6870s.
Bitcoins were worth next to nothing at the time.
They were pretty much 'worthless'
A few months ago, I use those "worthless" bitcoins to buy 2 very good boxes of cigars.
And are used to buy drugs.Does that mean that I can now say that bitcoins cause cancer?
Does that mean that I can now say that bitcoins cause cancer?
It's easy when the thing of value has no intrinsic value. Allow me to demonstrate...
This post has a value of $2.4 billion. I hereby give it to darkewaffle.
See, ATOT moves more value in one day than SilkRoad moved in two years.
PS: Don't forget to pay tax on the $2.4 billion.
Why would you want that?I'm looking forward to bitcoin going through a final self destruct sequence.
A few years back when I first considered mining for Bitcoins, it was a very popular discussion to do something like this. Basically the Miners were looking to establish an Economy where BC were being utilized and the idea of the Drug Trade was being openly and intensely discussed.
I really don't know how the BC Market(not the Currency exchange itself, but the Retail/Services aspect) has developed over the years. If it hasn't diversified by this time, I can't see it lasting much longer.
The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
The fact that BC exists and is looking for a market, I'm sure there will be a couple competing silk road replacements soon. This time based out of the US and with more competent criminals doing it.
These reasons are why I use bitcoins where I can. Privacy and anonymity being the most important. Also the lower fees associated with BC transactions are a big plus.Without drugs, it has a market in digital goods that are centered on privacy. Email, VPNs, and software...