Silk road shutdown, Bitcoin is free to go mainstream
Today the feds seized, and shutdown the elusive online marketplace, Silk Road. For those of you that don't know. Silk Road was an online marketplace for everything. When I say everything, I mean, everything. From drugs, to weapons, and everything else in between, Silk Road had it. They were able to stay ahead of the feds, because they used the "semi-anonymous" Tor network. The Tor network connected you through dozens, if not hundreds of servers globally. For example, if connected to the Tor network, it would appear that your IP address was coming from Turkey, when you were actually sitting in a coffee shop in Los Angeles.
Bitcoin has long been in the shadow of what some would call "illicit" behavior. It was nearly impossible to find a mainstream news story about bitcoin, without the mention of illicit behavior, being carried out by a strong minority of bitcoin users. Silk Road wasn't always mentioned by name in these news stories, but it was certainly the poster child, for the anti-bitcoin spinsters. From a freedom perspective, I don't condone what Silk Road did as a business model. At the same time, I don't condone the feds shutting them down either. The amount of illicit transactions taking place with good ole US Dollars, cash if you will, exceeds anything Silk Road may have done.
People in the bitcoin community have always kept a close eye on Silk Road, knowing that this would happen someday. In September, one of Silk Roads competitors, Atlantis, abruptly, and without warning voluntarily shutdown on September 20, less than two weeks ago. Coincidence? It's not known how many bitcoin, and litecoin were tied up with Atlantis, but the feds seized around 29,000 bitcoins, valued at around $3.7 Million USD.
With Silk Road, and Atlantis shutdown. This will hopefully shed the negative connotation that bitcoin has endured. Moving itself into the mainstream of daily economics, and widespread adoption. It's quite clear that digital payment systems like bitcoin, and litecoin are far superior than the traditional systems. Now that Silk Road, and Atlantis are gone, we can encourage the mainstream media to give a proper report, on the value proposition that bitcoin holds.
The future of bitcoin is now untethered from the Silk Road albatross, and will continue to grow exponentially. Cameron and Tyler Winklevoss, have filed for an IPO of their bitcoin trust. They are seeking $20 Million to create the first publicly traded financial instrument, that holds bitcoin, and bitcoin related investments. This is great news for the standard investor, having easy access to, potentially the most exciting thing in technology, economics, and individual freedom, since the internet. It's a bold claim; however, understanding the potential of bitcoin, and litecoin, is very exciting, and could potentially change the world of finance forever.
Tell me what you think.