Everyone knows that SR is just a huge honeypot..
I am sure that is not is the case, at least not for buyers.
I've never heard of anyone getting busted from using Silk Road. I also know many people personally who have ordered from Silk Road vendors with no issues.
I don't think it makes financial sense for the authorities to go after people who are buying small amounts of drugs for personal use. It would cost so much money to process cases, incarcerate people, police resources etc. Sure, if a police officer searches you and finds illegal drugs on you, they have a responsibility to arrest you and follow the legal channels, but are they going to mount a large and expensive operation in order to arrest and convict consumers? I highly doubt it.
The police have limited resources, and much bigger fish to fry. Like importers, distributors and dealers.
Is it a honey pot to trap dealers who wish to sell through the site? There would at least be some motive for doing that, but I am still skeptical. As I say, I know people who have ordered from Silk Road and received legitimate product, so at least some people must be selling drugs successfully through the site.
If you want a conspiracy theory, I think it's actually far more likely that Silk Road is being run by the CIA. They are no stranger to operating in the drug trade in order to fund their secretive operations.
Most likely though it's simply some guy who is very confident in his ability to use technology in order to keep himself anonymous. Bitcoin veterans will perhaps remember that the site didn't always take a commission from sales. I think possibly the original motivation was simply a political disagreement with drug prohibition, before he realized that he could make big money by taking a small vig on transactions.
Selling drugs on the internet isn't a new thing, but until Silk Road it was largely confined to cannabis. Previous sites processed payment with Liberty Reserve, Pecunix, and, when it was around, E-Gold. Any internet savvy potheads from 2004-2005 will recognize names such as Pepe, Budmonkey and Hermes the Hash Trader. One of the biggest sites from this era, Budmail.biz, is still going strong. My personal belief is that it's run by a Canadian motorcycle gang.
The idea that drugs can be bought safely through the internet and delivered to your door is often greeted with skepticism, but it has been going on for a long time now. I wouldn't advise anyone to do it, but I wouldn't advise anyone to take drugs either, but more because they are extremely unhealthy rather than the level of risk involved in buying them from Silk Road.