04 Oct '13, 10am

The Silk Road Is Dead. But Bitcoin Lives On

Photo: Tomohiro Ohsumi/Bloomberg via Getty Images Two years ago, Democratic Senators Charles Schumer and Joe Manchin sent a message to Attorney General Eric Holder and the head of the Drug Enforcement Agency: Shut down the Silk Road, they said. Concerned by reports about a wide-open marketplace operating as a kind of stoner’s Amazon, the two senators demanded action. The Silk Road kept chugging along, but the senators’ June 8, 2011 letter had an immediate effect somewhere else: in the world of Bitcoin, the digital currency that helps drive the Silk Road. Bitcoin prices promptly went over a cliff, dropping by two-thirds over the next three days. And they kept drifting downwards for months after that. The plunge seemed to confirm that the fates of the Silk Road and Bitcoin were intertwined. Nobody really knew how big a part of the Bitcoin economy the Silk Road really played....

Full article: http://www.wired.com/wiredenterprise/2013/10/silk_road/

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The Silk Road is dead. But Bitcoin lives on.

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