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  1. #1
    The Buzz's Avatar
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    Default Founder of Bitcoin black market Silk Road arrested

    Ross Ulbricht, who founded a black market that took payment exclusively in Bitcoins, was arreseted today, according to Business Insider. Silk Road was best known as a place to buy illegal drugs with Bitcoins. The story notes that 26,000 Bitcoins were seized, worth $3.2 million.

    http://www.businessinsider.com/silk-...rested-2013-10

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  3. #2
    JackTenSuited is offline Private Member
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    Apparently he was caught as he used his real email address on bitcointalk when looking for a partner/programmer :/
    The value of bitcoin is plummeting now http://bitcoinity.org/markets

  4. #3
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    Obviously this stuff is exploding all over the place and has been a major topic of discussion at a number of places.

    Slashdot has a fairly active thread on this and one comment I found interesting was
    http://yro.slashdot.org/comments.pl?...7&cid=45015705
    The "it" being referred to in this comment is the governement:
    If it gets the addresses of all their wallets, all their customer account information, and the identity of some coins that were spent on the silk road, it only has to work backwards to see who turned those coins into cash. People think bitcoin is anonymous, but it keeps a record of every transaction. This is probably the beginning of the end for bitcoin. I'm not sure it's mature enough to sustain itself without the black market support
    Rick
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    Here is a NBC news link
    http://investigations.nbcnews.com/_n...hire-plot?lite

    It reads like a Tom Clancy novel ... and appears that BitCoin is a side issue - although the the usual "money Laundering" charges have been included as well.

  7. #5
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    Yea I have been reading that too.

    I think the biggest issue surrounding Bitcoin users now will be that, the government will have links to hundreds, if not thousands, of bitcoin users, predominantly those who had made purchses through silk road's sites.

    But once they make the connections through to the sites that allowed users to turn bitcoins into real money, they will have additional targets.

    Rick
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    This is making the bitcoins less and less valueable. The truth is that anyone can be tracked even if they are using a vpn, there is always digital footprints. I have read threads here where someone was saying it is anonymous, there is no way. The bottom line is if the gov wants to find the information they will find it.

  9. #7
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    Not that I watched bitcoin pricing a lot, but I have a few times when large gains or losses have been seen in a short amount of time. But I have been watching pricing a little today and there have been some drops, but not near as large as I might have expected.

    The site I was watching that has an active feed for live pricing had it listed at approximately $118 and it is right this verytime $105.10 so it has seen a 10% drop at this particular site over a few hours, and yet at one of the other sites it was approximately $122 and is now at $123.

    I actually expected more significant changes, but it may be more gradual or it may be that all the attention the news stories are bringing to the table that a lot of new investment is flowing in.

    Depending on how some of the media spins the stories that will be done on this, could actually sway pricing some.

    I think that for anyone that has a considerable amount of funds tied up into bitcoins, their investment just took on a heck of a lot more risk, which could translate into larger gains or huge losses.

    Rick
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    Cracking down on drug rings is what governments are supposed to do regardless of the currency being used to buy/sell them.

    Having said that, this is quite interesting to see what type of effect it will have on the value of bitcoin and whether it will have a long term effect, or if this recent dip will bounce back over the next few months. If it scares a lot of people into selling their bitcoin it will increase the supply which you would expect to lower the value further at least in the short term.

    I suppose if you were a brave investor and expected them to bounce back it could be a good opportunity to buy them cheaper than usual and flip them 6-12 months later for a profit, but there will always be risks involved.

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    This particular case is very intriguing and in my opinion it couldn't have ended otherwise. The guy went on Forbes interview in August explaining how he did 1.2bln in revenue from illegal drug trade... This would definitely capture some law enforcement attention. In a way it reminds me of Calvin Ayre, and how he boasted himself on Forbes, and how he got indicted later. 1.2bln is more than what some of the largest drug lords do, plus the bitcoins these online drug dealers were getting, was always converted to USD, as I doubt it the actual street level distributors will accept anything different from USD, and especially not digital currencies... It already has its effect on the price though unfortunately, and it might go down even further.
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    Bitcoin seems to have gained some strength back at 131.
    Simon Eaton - Online marketing consultancy with 20 years experience

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    p.arena is offline Former AM
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    Trading at a high of 139 today and yesterday and mt Gox. It doesn't look like it had a major impact on the prices, after the sharp drop it bounced back pretty quickly.

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    Yes, very unexpected It seems like bitcoin is stronger than what everyone thought. Great news.
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    It is hot, all this information!

  18. #14
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    I do not think this shows bitcoin is stronger, time will tell, let the government dig through the lists a bit.

    Rick
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  19. #15
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    Possible publicity stunt to get more media and PR attention that is going to work in the end, and in turn making more money to bail out your own ass. Bitcoin will likely rise in the face of poor US dollar performance and the upcoming spending season. I am sure more people will go down, but to little resolve. Bitcoin didn't have to take a day off like the US federal government and I think the new $100 bills are weird...

  20. #16
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    Don't give up!

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    -Shay- is offline Public Member
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    Quote Originally Posted by Alex Vin View Post
    Don't give up!
    Trying to make post count, mate?

  22. #18
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    Yes and no

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    NDG
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    That is one reason why the government will eventually find a way to put an end to Bitcoin.

    If it is a completely anonymous payment solution, then obviously criminals are going to exploit it as best as they can.

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    p.arena is offline Former AM
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    Quote Originally Posted by p.arena View Post
    Trading at a high of 139 today
    Make that 159 now..

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