The BitCoin Model Is Being Challenged By A Huge Federal Bust Of Anonymous Internet Kingpin Silk Road Website And Owner

Posted By on October 2, 2013

Reuters reports: U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as “Dread Pirate Roberts,” in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing.

Governments of the world won’t stand for having taxed transactions (revenue) stolen away by anonymous ghost rogue websites using borderless currency (money without a country) . The U.S. has now made it very clear, it can and will take down anyone, anywhere no matter how sophisticated the setup is. 

Today, Silk Road, one of the largest anonymous and stelth built websites thought to use the most advanced alogos anywhere (maybe not?), and one that used and aggressively promoted the use of BitCoin, was shut down by the U.S. government. Yep, kaput, knocked out and flatened like a banana peel run over by a 16 wheeler. Done. They are no more.

For an understanding of just what a BitCoin is, here is a link reviewing its definition….   http://en.wikipedia.org/wiki/Bitcoin

In a Forbes interview back in August with link shown below, site opperator Ross William Ulbricht, known as “Dread Pirate Roberts,” was quoted as saying the value of the business could be 10 or maybe 11 figures, our math says that’s at least 1,000 million or in other words a billion dollars.  Hmm…tradeable market values of BitCoin’s were plunging after the news of this bust.

Here’s one of the many Q and A from the Forbes interview, this question is about security: 

On the subject of security: What really protects you and Silk Road’s users from law enforcement? I understand you use Tor, PGP, and Bitcoin. Anything else I’m missing? Are you confident that these things can stand up to law enforcement’s surveillance tactics? Or the NSA’s?

I am, unless they have cracked the modern encryption algorithms, which I highly doubt. There are a multitude of security measures we take to secure the infrastructure that powers Silk Road, but I can’t go into details lest I empower those that would try to do us harm. There are a couple of little features that aim to improve security, such as incognito browsing which hides all of the images and the Silk Road logo, so it will be harder to tell what you are up to if someone else is in the room.

Further into the Forbes Interview: The Value Of Silk Road……

As far as my monetary net-worth is concerned, the future value of Silk Road as an organization dwarfs its and my liquid assets. At this point I wouldn’t sell out for less than 10 figures, maybe 11.

Goodby yellow brick road, hello rusty old steel bars.

Forbes Online did an interview back on August 14,2013 with Digital Lord: The Silk Road’s Dread Pirate Roberts (Q&A). Here is the link:

     http://www.forbes.com/sites/andygreenberg/2013/08/14/an-interview-with-a-digital-drug-lord-the-silk-roads-dread-pirate-roberts-qa/

Sources Wise Dog, Forbes,Reuters

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