07 Oct '13, 3pm

Why the Silk Road bust could help Bitcoin

Some entrepreneurs actually take the Silk Road fiasco as one of the best things to happen to the currency, arguing that before Bitcoin can enter the mainstream financial system, it will need to clean up its shady side. FORTUNE-- Federal investors last week shut down Silk Road, an underground website that hosted a massive billion-dollar black market drug ring. The site gained attention in 2011 when Sens. Charles E. Schumer (D-N.Y.) and Joe Manchin (D-W.V.) singled it out as an example of all that's shady about Bitcoin, the once-obscure virtual currency that's gained plenty of attention from news media and regulators over the past year. All deals on Silk Road were made in Bitcoin; the senators worried it would be used by terrorists and criminals attracted to the anonymity of the currency. They were right, if you believe what federal investigators found. The recent crackdown ...

Full article: http://finance.fortune.cnn.com/2013/10/07/silk-road-bitcoin/

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