Earlier today, Ross Ulbricht, the 31-year-old pioneer who founded the bitcoin "black market" marketplace known as Silk Road, was sentenced to life in prison without parole. In addition, Ulbricht was ordered to forfeit $184 million dollars, or approximately 98% of the website's total revenue since its inception in February of 2011.
Ulbricht's troubles began early in October of 2013, when he was arrested in a San Francisco library after an FBI investigation revealed that Ulbricht was the infamous "Dread Pirate Roberts" who ran Silk Road. Ulbricht was indicted on charges of money laundering, computer hacking, and conspiracy to traffic narcotics. According to the FBI, roughly $1.2 billion in illegal drug transactions took place on Silk Road.
While mainstream media outlets are quick to label Silk Road as a drug marketplace, very few media outlets point out that Silk Road was not merely a place to buy illegal drugs, but an experiment in virtual currency where goo…
Ulbricht's troubles began early in October of 2013, when he was arrested in a San Francisco library after an FBI investigation revealed that Ulbricht was the infamous "Dread Pirate Roberts" who ran Silk Road. Ulbricht was indicted on charges of money laundering, computer hacking, and conspiracy to traffic narcotics. According to the FBI, roughly $1.2 billion in illegal drug transactions took place on Silk Road.
While mainstream media outlets are quick to label Silk Road as a drug marketplace, very few media outlets point out that Silk Road was not merely a place to buy illegal drugs, but an experiment in virtual currency where goo…