02 Oct '13, 6pm

Silk Road collected 9.5 million bitcoin—and only 11.75 million exist

Silk Road collected 9.5 million bitcoin—and only 11.75 million exist

Silk Road, the illicit online marketplace that first brought bitcoin to notoriety in 2011, was shut down today and its alleged founder was arrested. The criminal complaint revealed that the site had collected revenues of some 9.5 million bitcoin since 2011, the equivalent today of $1.2 billion in sales and $80 million in commissions for Ross Ulbricht, who allegedly ran the site under the moniker “Dread Pirate Roberts.” What’s crazy about that number is that today there are only about 11.75 million bitcoin in circulation. There were even fewer when Silk Road first began—the supply of bitcoin will steadily increase until there are 21 million in existence. That suggests a huge amount of bitcoin activity went through Silk Road, a reminder that the currency’s primary use so far (besides as a speculative investment vehicle and point of departure for futuristic payment schemes) w...

Full article: http://qz.com/131084/silk-road-collected-9-5-million-bitc...

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