18 Oct '13, 6pm

Bitcoin And The Silk Road | by @mikevolkov20

Bitcoin And The Silk Road | by @mikevolkov20

The advent of the Internet is not all positive – criminals like to use the Internet and they are very good at doing so. The same might be said for Bitcoin, the new raging virtual currency. Bitcoin is on the government’s radar screen from both a regulatory and an enforcement perspective. Eventually, Bitcoin will be regulated. In the meantime, however, the trade press is definitely enjoying the headlines when criminals using the Internet merge their operations with Bitcoin (or any other virtual currency). Silk Road was a black-market website where consumers could buy illegal products. Most of its trade involved drugs. Customers’ identities were anonymous. The FBI seized the website servers and arrested its owner and operator. Silok Road used Bitcoin for users to buy and sell its illegal goods. In the aftermath of the seizure, Bitcoin’s value dropped 20 percent...

Full article: http://www.jdsupra.com/legalnews/bitcoin-and-the-silk-roa...

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