03 Oct '13, 11am

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)...

Full article: http://www.blacklistednews.com/Silk_Road_collected_9.5_mi...

Tweets

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

Silk Road collected 9.5 million bitcoin—and onl...

QZ.com 02 Oct '13, 6pm

Silk Road, the illicit online marketplace that first brought bitcoin to notoriety in 2011, was shut down today and its all...

Why Dread Pirate Roberts didn't take #Bitcoin down with his ship: #silkroad #btc

Why Dread Pirate Roberts didn't take #Bitcoin d...

dailydot.com 03 Oct '13, 5pm

The crypto-currency Bitcoin , the world’s most popular form of digital money, has been prone to pronounced spikes and prec...

Today In Bitcoin: Silk Road Busted and Bitcoin Forum Hacked

Today In Bitcoin: Silk Road Busted and Bitcoin ...

spectrum.ieee.org 04 Oct '13, 5am

An important piece of the Bitcoin libertarian dream crumbled this Tuesday as a handful of FBI agents stormed the science f...

The Silk Road Is Dead. But Bitcoin Lives On

wired.com 04 Oct '13, 10am

Photo: Tomohiro Ohsumi/Bloomberg via Getty Images Two years ago, Democratic Senators Charles Schumer and Joe Manchin sent ...

Silk Road Kingpin Apparently Hid a Stash of $80...

gizmodo.com 04 Oct '13, 8pm

Ross Ulbricht, the recently arrested mastermind behind Silk Road, appeared in court today where his lawyer begged for more...

The Silk Road is dead. But Bitcoin lives on.

wired.com 04 Oct '13, 7pm

Photo: Tomohiro Ohsumi/Bloomberg via Getty Images Two years ago, Democratic Senators Charles Schumer and Joe Manchin sent ...

Silk Road underground market closed – but other...

theguardian.com 03 Oct '13, 2pm

Silk Road, the best-known underground marketplace for the trade of illegal drugs on the internet, has been shut down leavi...

Silk Road underground drugs market closed – but...

theguardian.com 03 Oct '13, 3pm

Silk Road, the best-known underground marketplace for the trade of illegal drugs on the internet, has been shut down leavi...

'Dread Pirate Roberts' Charged In 2nd Silk Road Murder-For-Hire Plot, Over Bitcoin Debt

'Dread Pirate Roberts' Charged In 2nd Silk Road...

businessinsider.com 03 Oct '13, 4am

Following that, Ulbricht came to believe that an "employee" of Silk Road — a site protected by the encrypted Tor network —...

Silk Road Bust Could Slow Bitcoin Economy

technologyreview.com 03 Oct '13, 4am

News today that the FBI had arrested a man on suspicion of running the notorious online marketplace Silk Road, where bitco...

Online Currencies: What's In Store for Bitcoin ...

eztweeter.blogspot.com 05 Oct '13, 7pm

Silk Road, allegedly the largest online black market for illegal drugs, was shut down by the FBI, and the value of Bitcoin...

Bitcoin tumbles on closure of drugs black market the Silk Road

Bitcoin tumbles on closure of drugs black marke...

telegraph.co.uk 03 Oct '13, 9am

The indictment alleges since the Silk Road emerged online in 2011, it has been used to exchange 9.5 million Bitcoins, wort...

What Does the Silk Road Seizure Mean for Bitcoin?

reason.com 07 Oct '13, 5pm

Bitcoin’s censorship-resistance means that the government cannot engage in prior restraint when it comes to financial tran...

What seizure of illicit Silk Road means for virtual currency Bitcoin - Los Angeles Times

What seizure of illicit Silk Road means for vir...

latimes.com 03 Oct '13, 6pm

There have been stories about the wild swings in the virtual currency's exchange rate, moves by financial regulators to sh...

Silk Road shutdown sends bitcoin prices tumbling

Silk Road shutdown sends bitcoin prices tumbling

csmonitor.com 03 Oct '13, 4am

The price of the bitcoin digital currency dropped on Wednesday, after U.S. law enforcement authorities shut down Silk Road...