Silk Road was shut down and the FBI has arrested the man who runs and created the most sophisticated online drug bazaar to date. Ross William Ulbricht was arrested on Tuesday afternoon charging him with drug trafficking, money laundering and computer hacking, according to CNN Money on Oct. 2.
bitcoin markets dropped sharply in reaction to the news. On BTC-e, the exchange rate between Icomarkets.com and USD dropped from 124 to a low of 75 in a period of two hours, and on MtGox, the exchange rate dropped from 139 to a low of 110 in the same period of time. The exchange rates have come up significantly from their lows as of this writing, but have not returned to their former levels.
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It is perhaps inevitable that this type of digital, peer to peer, currency would rise, but it is the flaws in the current systems that are giving it a boost. As people lose faith in the government and banks, they are going to be looking for something that will provide more options. They will see the advantages of skipping the middleman of credit cards. International transactions will start to happen skipping the middlemen of banks and wire services. As national currencies destabilize, they will start to see an electronic, non-national, currency as a good reserve currency to hedge against inflation, runs, etc.
Although this is simplified, it is basically how the system functions. You work for shares in a block and when complete you get a percent of the block based on the amount of workers alongside you, less fees. Utilizing this technique will earn you money.
Ulbricht went to great lengths to conceal where his illegal business was based and he went to great lengths to keep the FBI from finding out his identity, but in the end it was his “carelessness” that got him caught.
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