14 Aug '13, 12am

Silk Road as a Self-Regulating Black Market Awesome piece by @anjiecast. #bitcoin

Silk Road as a Self-Regulating Black Market Awesome piece by @anjiecast. #bitcoin

he last place you might expect to find a singular cultural dedication to high quality products and killer customer service is the digital den of drug-dealers known as Silk Road . The Deep Web black market is among the farthest from the reach of the state. It facilitates an estimated $30 million worth of illegal transactions each year, with impunity, using the concealing tools and ethos of the cypherpunks . It is Chuck Schumer’s worst nightmare . It is also a great case study of a self-regulating black market in action. It is remarkable that Silk Road was able to overcome its significant coordination challenges to begin with. While traditional black markets rely on intricate in-person trust networks to survive outside of the law, Silk Road is founded on pseudonymity. Merchants know that their property rights will be respected by no formal court. Customers know they can get ...

Full article: http://theumlaut.com/2013/08/13/silk-road-as-a-self-regul...

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