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Friday, June 16, 2017

Bitcoin is Not Responsible for Online Drug Dealing

Bitcoin is Not Responsible for Online Drug Dealing

Bitcoin is a currency that is born out of the Internet and is used on networks both for legal and illegal purposes - the intervention of the state at some level is a foregone conclusion. When it comes to the sale of drugs online, the issues are complex and serious and there is more than what meets the eye.


Recently, Ross Ulbricht, a man who also went by the name of “Dread Pirate Roberts” online, lost his appeal for a new trial. He was the man behind the infamous Silk Road marketplace and operated the website between 2011 and 2013. The marketplace sold things such as drugs, weapons and other contraband.


Ulbricht has been sentenced to life in prison without the possibility of parole and his original sentence will stand. Silk Road payments were made in Bitcoin and, in fact, $15 mln worth of Bitcoin was recovered from Ulbricht’s computer when he was arrested.


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