07 Aug '12, 8pm

Study estimates $2 million a month in Bitcoin drug sales

Study estimates $2 million a month in Bitcoin drug sales

We've noted before that the cryptocurrency Bitcoin has been adopted enthusiastically by those engaged in legally dubious pursuits like gambling and drug purchases. Forbes points us to a new study that backs up this proposition with hard data. Nicolas Christin, a researcher at Carnegie Mellon, monitored the online marketplace Silk Road over a period of months. The research turned up some striking statistics about the volume and distribution of transactions made on the secretive site, which primarily facilitates drug deals. Silk Road sellers have collectively had around $1.9 million of sales per month in recent months. Almost 1,400 sellers have participated in the marketplace, and they have collectively earned positive ratings from 97.8 percent of buyers. And the service is growing, with Silk Road's estimated commission revenue roughly doubling between March and July of this...

Full article: http://arstechnica.com/tech-policy/2012/08/study-estimate...

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