05 Oct '13, 9pm

Could the Silk Road Closure be Good for Bitcoin?

Could the Silk Road Closure be Good for Bitcoin?

Bitcoin first gained wide attention after a 2011 Gawker exposé of Silk Road named it as the drug bazaar’s currency of choice. That illicit association has dogged it ever since. In August, after the New York Department of Financial Services handed subpoenas to more than twenty Bitcoin companies, Benjamin Lawsky, state superintendent of financial services, wrote in a memo , “If virtual currencies remain a virtual Wild West for narcotraffickers and other criminals, that would not only threaten our country’s national security, but also the very existence of the virtual currency industry as a legitimate business enterprise.” The shutdown of Silk Road, then, and Ulbricht’s arrest, offer a chance for Bitcoin to turn the page on its checkered past. “It’s a watershed moment for Bitcoin,” Marco Santori, the chairman of the regulatory-affairs committee of the Bitcoin Foundation, a no...

Full article: http://www.newyorker.com/online/blogs/currency/2013/10/co...

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