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.
Silk Road was apparently down temporarily, so the detractors were quick to blame Bitcoin. But the site was also the target of a series of distributed denial of service (DDoS) attacks, which has nothing to do the economics of the situation.
In the beginning it was the crime. People would offer to sell something for free bitcoins and not pay. Or offer to sell bitcoins and never deliver. You get this in almost every online marketplace. It erodes the trust in the system and is common. Most internet savvy folks know just how to prevent the worst of it. Since bitcoins is still confined mostly to techies, it has been even less of a difficulty. Sites instantly sprang up that listed trustworthy sites, buyers and sellers as well as those never to do business with. The machine was self policing in a nutshell order.
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12/4: The Heartland Poker Tour 2012 Player of the Year, Greg “Fossilman” Raymer, talks about how the game has changed since he won the WSOP Main Event in 2004. [Visit Website] [Download MP3].
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