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Silk Road shutdown Bitcoin Plummets

So apparently there's this anonymous site where people can buy and sell drugs online called Silk Road using Bitcoins

the FBI had been monitoring and conducting transactions on it since 2011

and they've shut it down (although the forums are still up)

Supposedly there was over $1.2 billion dollars worth of transactions done since monitoring began

http://cdn2.sbnation.com/assets/3325...icht_woods.JPG
and the 29yr old owner of the site made $90million in commission

FBI seizes underground drug market Silk Road, owner indicted in New York | The Verge

The Value of bitcoins went from $130 down to $85 after the bust but closed at $105

Bitcoin price nosedives after bust of underground drug market Silk Road | The Verge

It's back up to $115. NBD.

I pity the fools who think the interweb is anonymous.

Dropped to 75 at one point. Panic sellers, lulz.

Peeps made bank big time

LTC at like 1.19 was like wtfffff....too bad I had no funds to get in on it
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he had a master's degree in chemical engineering...put a hit on a competing drug dealer then another hit on his former employee...turns out the gun for hire was a fed...they even staged the hit.

Ross Ulbricht Charged In 2nd Silk Road Murder-For-Hire Plot - Business Insider

this all sounds very familiar :suspicious:

Quote:

Originally Posted by twitchyzero (Post 8332352)

another hit on his former employee

The employee he wanted to have hit is a guy from White Rock.
And there have been a couple of guys gone missing from the area, vanished without a trace.

Just saiyan.
:ahwow:

Well, this is just a taste of what some people's thinking is behind Silk Road. I grabbed this off reddit, from the SR forums.

Quote:

Silk Road - A sad farewell - post by mod on the SR forums:
Ladies and gentlemen, brothers and sisters in arms,
It is with a heavy heart that I come before you today. A heart filled with sadness for the infringements of our freedoms by government oppressors, and a heart filled with sadness for the pain that all of you whom have lost everything are feeling.
Silk Road has fallen.
Whilst this is devastating to me personally on so many levels, and I will not be commenting on the arrest of any person portrayed by the media as "Dread Pirate Roberts", it serves to strengthen my resolve to fighting the hands of Law Enforcement that are committed to strangling personal freedom from our bodies, demonstrating a lack of conscience and justice on their part in the process. They will stop at nothing to enforce the unjust laws created and maintained by the societal and governmental framework within which they operate, and the actions of one persona, the Dread Pirate Roberts, has managed to stymie their efforts for two and a half years.
Think about that for a moment.
Dread Pirate Roberts - as a persona - has singlehandedly kept world governments at bay for two and a half years. This idea that this one entity can successfully thwart the phenomenal resources and bloodthirsty power of numerous governments for so long is something that should be taken to heart, and never forgotten. We have the power to fight these agents of oppression, to fight the governments that task them with that oppression, and with the fires that Silk Road has stoked in our hearts and minds we must do just that.
Dread Pirate Roberts has shown that free people can engage in consensual free-market transactions for any good or service that they desire without societal or community breakdown, nor the need for enforcement from jackbooted thugs. Silk Road as an experiment has shown that the idea of the free-market is one that works, and works exceptionally well.
We must stand on the shoulders of this tragedy that has befallen us and raise high what still remains - our sense of community, freedom and justice. No doubt we will all regroup elsewhere, and I look forward to seeing all of you again, still free and still engaging in free trade without government interference into your personal affairs.
Whilst Silk Road may have fallen, its spirit will spring eternal. The spirit of this community that has inspired and helped so many will continue to live on regardless of what governments wish to say about it. It has been an absolute pleasure serving and working with all of you, and I sincerely wish you all the best for the future wherever you choose to go.
The Dread Pirate Roberts is a revolutionary, a comrade in arms and a true hero who will live on as such in our hearts and minds without fail for as long as we breathe. His ideals and sacrifices will never be forgotten, and they will spur the next generation of revolutionaries into action against oppression.
To the members of Law Enforcement that are no doubt reading this, many of you may have received pats on the back and "high-fives" from your peers. You may feel good now, ecstatic even, but I urge you to consider the effects of your actions. You are going to see more bloodshed on our streets (note "our", not "your", for those streets belong to the people), and more dealer on buyer violence as free people that wish to engage in activities that harm none are forced to return to their previous methods of securing the goods that they wish to put into their own bodies. That blood is now on your hands, and the hands of the politicians that you live to serve and serve to live. I pity you, for as long as you live to serve you will never know freedom.
To the community at large, you have been nothing short of incredible. Keep fighting the good fight, and never let they who are bound by the chains of law tell you that you are not permitted to be free simply because they are shackled themselves. Governments tells us that we are free but the reality is that the moment we are born we are shackled by the rule of law. Government has no place in a free society, and we need to make sure that they who deem it their right to take away the natural rights of others as free beings are made fully aware of that.
Take the fight wherever it is needed, and support every effort to take your government down. You are justified in those actions as they would not hesitate to take you down for standing up for your freedom.
"Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed." - Martin Luther King Jr.
It has been an honor and a privilege to be part of something so incredible with all of you.
Until we meet again, brothers and sisters.
'X'

Bold move, quoting Martin Luther King. Bold.

I personally love how people will pick and choose what laws they think are just, and feel that even though its quite obvious that they personally benefit from their ignorance, they claim to be doing it for the better good.

Already at least 3 markets to replace Silk Road are available

After Silk Road's demise, online drug dealing moves to new sites | The Verge

This "deep web" thing interests me but I don't want FBI at my door, my PVR recordings are probably enough to land me in an investigation lol
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Quote:

Originally Posted by StylinRed (Post 8332939)

Already at least 3 markets to replace Silk Road are available

After Silk Road's demise, online drug dealing moves to new sites | The Verge

Well that was fast. The two big ones was leaked out just like that.

I haven't read much about the actual service but how are the drugs, guns, etc delivered to buyers?
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This is going to be made into a movie one day.

Quote:

Originally Posted by Gridlock (Post 8332874)

I personally love how people will pick and choose what laws they think are just, and feel that even though its quite obvious that they personally benefit from their ignorance, they claim to be doing it for the better good.

I didn't read the article, but you don't expect people to blindly follow every law out there just because it's on paper do you? I think part of being a critical thinker is consciously choosing how to live life and what guidelines to follow. I know I have broken some laws out there, I'm sure we all have a friend who sold us weed in high school or whatever.

Again, I did not read the article nor am familiar with silk road, just commenting on your comment, hehe.

-J

Quote:

Originally Posted by Redlines_Daily (Post 8333040)

Fair enough. I'm talking more along the lines of where they talk about this like they are accomplishing something so much more than scoring drugs off the internet.

It's the same as the torrent people. We fight for freedom of content, and don't view it as stealing and so on and so on...but we're also the same people that benefit from scoring cheap movies off the pirate bay.

Your opinion is kind of tainted by being the one that benefits from it, you know?

I don't know if that makes sense, or if I even agree myself. :) I guess I look down upon SR and supporters of because it doesn't even pretend to have a legit use. It's straight up illegal products, so to write out things like I posted above about how the fight carries on...I don't see it as a fight, I see it as a bunch of people scoring drugs off the internet.

Oh, plus the leader/owner of the site is being accused of offing people, so its hard to say that buying this shit online is so much safer than on the street. So there is that.

Ya, I should probably read the thing he wrote before I posted

actually buying online is kinda safer than on the streets.

There's have a reputation system on those market sites. They need to build up their reviews and they want to do business, to make money ofc. and everything has to be encrypted so the emails u send to each other and the email addresses are encrypted. If they dont have a good rep, they wont make money. You cant really scam them or they cant scam you. They are smart people and know what they are doing.

You can buy anything pretty much online, if you know where to go.

Dread Pirate Roberts is going to be someone's prison bitch for the next 20 years. LOL. Scum bag lowlifes who think this is a fight about "freedom" and putting questionable substances in their bodies but expect society to look after them when they end up in the emergency room.

Quote:

Originally Posted by Marco911 (Post 8333136)

It is about freedom. The government has no right to dictate your right to an altered physiological and.psychological state (within reason of course)
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Quote:

Originally Posted by Sid Vicious (Post 8333176)

It is about freedom. The government has no right to dictate your right to an altered physiological and.psychological state (within reason of course)
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Yes, and that takes it from a debate about silk road into something different entirely.

I would argue that the "within reason of course" is where the heart of the debate lies.

I'd say the Internet can be anonymous. If you don't make mistakes.
If you read the affidavit, basically how they nabbed him was because he advertised the site using an alias on some forums back in 2011, and later used the same alias to try and hire a programmer, but he used his own personal email. Security wise, tor is still pretty much impossible to trace/shut down. Also he had some fake id's that got intercepted on the way to his house.

Look up the criminal complaint, it's a pretty interesting read.
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Quote:

Originally Posted by Sid Vicious (Post 8333176)

It is about freedom. The government has no right to dictate your right to an altered physiological and.psychological state (within reason of course)
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Yes it does. One of the social compacts of living in a developed, advanced society is that we have asked the government to protect our safety through regulations. We regulate the food industry and the pharmaceutical industry. I pay a lot of tax dollars so I can live in a civil functioning society not ruined by dope addicts.

You do not have a right to ingest substances of unknown chemical origin and expect us to pay for your treatment of something goes wrong or if you become addicted. If you want "freedom" move to a country like Somalia where the government can barely function and there is anarchy. Nobody will give a shit what you choose to snort, ingest or shove up your ass. And if the trip is not quite what you expected, you pay the price, not anyone else. That sounds a lot more just to me.

Quote:

Originally Posted by Shorn (Post 8333227)

Yup, he got busted because he was cheap and didn't use the tools to make it tough for the feds to track him down.

Judging by reading the article, this guy wasn't really smart about watching his own back. :seriously: