Silk Road1: Theory & Practice
gwern.netSaved by Yash Mimani aka ahafisher
Silk Road1: Theory & Practice
Saved by Yash Mimani aka ahafisher
The Silk Road wasn’t just a digital drug cartel. It was a highly lucrative start-up with a lot of optionality.
There was, however, an often unspoken irony in the success of Silk Road, and of Bitcoin for that matter. The site and the currency, which aimed to circumvent the power of the government, were largely built on technology that had been created by the government or through research sponsored by tax money.
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out on June 5 when Senator Chuck Schumer of New York held a heavily covered news conference, at which he decried the brazen business of Silk Road and called for prosecutors to shut it down. He described Bitcoin as an “online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug.”