2013-10-02 FBI Seize Deep Web Marketplace Silk Road, Arrest Owner

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: pedrog on October 16, 2013, 04:32:31 PM

Quote from: Fabrizio89 on October 16, 2013, 08:35:06 AM

Is it confirmed anywhere that they have indeed seized that amount of coins or is it just media hype?

http://blogs.reuters.com/unstructuredfinance/2013/10/14/fbi-not-waiting-for-silk-road-owners-bitcoin-pword/

We don't need to listen to what FBI has to say, we can just check for ourselves. Wink

pedrog

legendary

Activity: 2786

Merit: 1031

Quote from: Fabrizio89 on October 16, 2013, 08:35:06 AM

Is it confirmed anywhere that they have indeed seized that amount of coins or is it just media hype?

http://blogs.reuters.com/unstructuredfinance/2013/10/14/fbi-not-waiting-for-silk-road-owners-bitcoin-pword/

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

At this point I'm just glad that bitcoin's value didn't suffer significantly.

Fabrizio89

hero member

Activity: 924

Merit: 1000

Is it confirmed anywhere that they have indeed seized that amount of coins or is it just media hype?

oakpacific

hero member

Activity: 784

Merit: 1000

It's nearly inevitable that Ross Ulbricht will have many imitators/wannabes, one of them will build the next Silk Road.

Think about it, 600K BTCs, or 80 f**king million dollars of pure profits in no more than 3 years, unseizeable even by FBI, how many can resist such temptations?

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

Quote from: dree12 on October 12, 2013, 01:18:29 PM

Quote from: BitChick on October 02, 2013, 06:19:06 PM

Quote from: dree12 on October 02, 2013, 03:06:23 PM

It is good publicity. It means Bitcoin has moved beyond illegal drug trade. No longer will media herald:

Quote

Bitcoin, the currency used primarily by drug dealers...

I hope that over the long term this is good for BTC. I want BTC to be legitimately used for good but we will see how much some of the "dark side" of BTC was holding up the price.

Today, price has rebounded to where it was before the seizure. The takeaway?

The "dark side" of Bitcoin was not holding up the price significantly.
However, many people thought it was and panic sold.

This is further evidence that the media, and often Bitcoiners themselves, give far too much credit to Silk Road and other "dark side" markets. Those are not important for Bitcoin, for they make up a minimal amount of trade (after the Silk Road closure, transaction volume has not declined).

They don't hold up Bitcoin's price anymore. Bitcoins has been invested in by many VCs and small business owners. If this shutdown would have occurred before 2013 it would've been catastrophic for Bitcoin.

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

Quote from: kibblesnbits on October 02, 2013, 05:15:16 PM

I wonder if DPR buried a thumbdrive somewhere in New Mexico...

LOL!

dree12

legendary

Activity: 1246

Merit: 1079

Quote from: BitChick on October 02, 2013, 06:19:06 PM

Quote from: dree12 on October 02, 2013, 03:06:23 PM

It is good publicity. It means Bitcoin has moved beyond illegal drug trade. No longer will media herald:

Quote

Bitcoin, the currency used primarily by drug dealers...

I hope that over the long term this is good for BTC. I want BTC to be legitimately used for good but we will see how much some of the "dark side" of BTC was holding up the price.

Today, price has rebounded to where it was before the seizure. The takeaway?

The "dark side" of Bitcoin was not holding up the price significantly.
However, many people thought it was and panic sold.

This is further evidence that the media, and often Bitcoiners themselves, give far too much credit to Silk Road and other "dark side" markets. Those are not important for Bitcoin, for they make up a minimal amount of trade (after the Silk Road closure, transaction volume has not declined).

BitChick

legendary

Activity: 1148

Merit: 1001

Quote from: dree12 on October 02, 2013, 03:06:23 PM

It is good publicity. It means Bitcoin has moved beyond illegal drug trade. No longer will media herald:

Quote

Bitcoin, the currency used primarily by drug dealers...

I hope that over the long term this is good for BTC. I want BTC to be legitimately used for good but we will see how much some of the "dark side" of BTC was holding up the price.

meanig

hero member

Activity: 531

Merit: 501

Quote from: Nagle on October 02, 2013, 02:17:48 PM

Here's the FBI''s criminal complaint. This is good reading. At one point, Ulbricht had a problem with someone blackmailing him. So he asked for quotes on a "hit". Then he tried to negotiate the price down. ""Not long ago I had a clean hit done for $80K. Are the prices you quoted the best you can do? I need this done asap as he is talking about releasing the info on Monday."

The FBI now has the Silk Road servers. They will probably go after some customers.

Fuck me Nagle is back!! Cheesy

For anyone who wasn't around in 2011 have a look at Nagle's posts from back then Grin

His arrogant and unashamedly wrong analysis pointed to Bitcoin having a negative value by December 2011 Roll Eyes

What a fool Cheesy

kibblesnbits

hero member

Activity: 557

Merit: 500

Quote from: bobdude17 on October 02, 2013, 02:48:03 PM

Go to Google News and type in Bitcoin.

Like every news outlet on earth is picking this story up.

Any publicity is good publicity?

I like your avatar...

80 million for DPR, 80 million for Walter White. I wonder if DPR buried a thumbdrive somewhere in New Mexico...

pedrog

legendary

Activity: 2786

Merit: 1031

It's bullshit, there's a guy in a camel there!

dree12

legendary

Activity: 1246

Merit: 1079

It is good publicity. It means Bitcoin has moved beyond illegal drug trade. No longer will media herald:

Quote

Bitcoin, the currency used primarily by drug dealers...

TraderTimm

legendary

Activity: 2408

Merit: 1121

Dread Pirate Roberts got caught because he was an idiot.

There will be other sites, I'm sure. He was outed by his own incompetence, using real information, inconsistent (if any) security procedures. Hell, was the man stoned all the time? That's the only way I can understand his copious and rather embarrassing errors.

It will be a hit on the image, I'm sure - but the network is still running, and SR isn't the only game in town for Bitcoin transactions. Even if it was a catalyst to get us to where we are now, it isn't the single thing that will "kill" Bitcoin, in my opinion.

plaxant

member

Activity: 100

Merit: 10

this is screaming fake to me. Look at the images! I posted them at plaxant

bobdude17

sr. member

Activity: 454

Merit: 250

Go to Google News and type in Bitcoin.

Like every news outlet on earth is picking this story up.

Any publicity is good publicity?

Nagle

legendary

Activity: 1204

Merit: 1002

Here's the FBI''s criminal complaint. This is good reading. At one point, Ulbricht had a problem with someone blackmailing him. So he asked for quotes on a "hit". Then he tried to negotiate the price down. ""Not long ago I had a clean hit done for $80K. Are the prices you quoted the best you can do? I need this done asap as he is talking about releasing the info on Monday."

The FBI now has the Silk Road servers. They will probably go after some customers.

Bitware

hero member

Activity: 926

Merit: 1001

weaving spiders come not here

Quote from: alnoor1231 on October 02, 2013, 11:52:26 AM

http://rt.com/usa/silk-road-bitcoin-shut-650/

Reuters... It must be true

That is Russia Today, not Reuters. Reuters only provided the picture of a guy using a laptop.

MisO69

legendary

Activity: 1946

Merit: 1005

My mule don't like people laughing

Didn't the price of BTC drop suddenly when Atlantis went down? Now this. I suspect the price will drop again once this get all over the news. As for copycat sites, there are some already. The have been trying to compete with Silk Road, a few even allow firearms!

alnoor1231

sr. member

Activity: 276

Merit: 250

http://rt.com/usa/silk-road-bitcoin-shut-650/

Reuters... It must be true

Seth Otterstad

sr. member

Activity: 328

Merit: 250

Does this whole story seem fishy to anyone else? The takedown notice has a freaking camel in it (like it is a joke), the only corroborating source is krebs, the government agencies happen to be in a shutdown state and unable to respond for comment, DPRs account was last active at 8:54pm last night (after he was supposedly arrested), and the section of code cited in the notice is for CIVIL forfeiture.

alnoor1231

sr. member

Activity: 276

Merit: 250

Big red candles forming on BTC-e....

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

Quote from: alnoor1231 on October 02, 2013, 11:29:36 AM

What will become of bitcoin now? Huh

?

We must be patient and find out my friend.

pedrog

legendary

Activity: 2786

Merit: 1031

Is Black Market Reloaded still operating?

alnoor1231

sr. member

Activity: 276

Merit: 250

What will become of bitcoin now? Huh

?

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

Quote from: ?? on ??

Quote from: The 4ner on October 02, 2013, 11:22:46 AM

Quote from: favdesu on October 02, 2013, 11:17:12 AM

question is, how will the btc price react?

Exactly! That's what I'm worried about. I just hope that mainstream adoption has surpassed the adoption of criminals and drug dealers. LOL!
Otherwise its time to SELL! SELL! SELL!

As much as I want it to go down, so I can stock up on a bunch of coins, it wouldn't. The price is too stable once VC's are in the economy we are pretty strong.

Lets hope so.

Fabrizio89

hero member

Activity: 924

Merit: 1000

There are many whales waiting for a bottom to invest. There were pretty big news regarding investment opportunities in Bitcoin recently. I think the price will probably go down on this news, but not that much. I'm not telling you not to sell anyway.

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

Quote from: favdesu on October 02, 2013, 11:17:12 AM

question is, how will the btc price react?

Exactly! That's what I'm worried about. I just hope that mainstream adoption has surpassed the adoption of criminals and drug dealers. LOL!
Otherwise its time to SELL! SELL! SELL!

favdesu

legendary

Activity: 1764

Merit: 1000

More sources:

http://rt.com/usa/silk-road-bitcoin-shut-650/

http://www.bbc.co.uk/news/technology-24373759

http://gizmodo.com/feds-seize-silk-road-everybodys-favorite-illegal-drug-1440172693

question is, how will the btc price react?

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

There's already Atlantis though I'm not sure if its still in service. I visited those sites out of curiosity a couple times.
Never actually bought anything though I did eventually want to sell some clothing on there. I liked the idea of a really free market. Free of restrictions. Too bad someone always has to fuck shit up.

Peter Lambert

hero member

Activity: 756

Merit: 500

It's all fun and games until somebody loses an eye

This just opens up a spot in the market, there will be other services which will replace Silk Road. The war on drugs will never be won.

The 4ner

hero member

Activity: 602

Merit: 500

R.I.P Silk Road 1.0

And I was just about to post this -.- LOL!
Nice!
That sucks for all us pot heads!

gweedo

legendary

Activity: 1498

Merit: 1000

http://techcrunch.com/2013/10/02/fbi-seize-deep-web-marketplace-silk-road-arrest-owner/

Quote

The feds have caught up to the Silk Road. The underground website long known for drug trafficking was seized by the FBI who also arrested the owner on three criminal counts. Prosecutors charged Ross William Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing.

Topic: 2013-10-02 FBI Seize Deep Web Marketplace Silk Road, Arrest Owner (Read 4831 times)