Silk Road Darknet Market Testing For Bitcoin – Bitcoin Magazine

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This is an opinion editorial by Jacob Kozhipatt, a YouTuber and writer.

For the uninitiated, The Silk Road was a darknet marketplace where users bought and sold all manner of products, including those considered illegal — most often drugs.

Supporters argued that the Silk Road leveraged technology to create markets necessarily divorced from the corruption of governments and big banks. For critics, the marketplace was an enemy of The State, that facilitated the sale of illegal substances that decimated countless lives.

For Bitcoiners, however, the marketplace was the first example of bitcoin being used as an actual currency — a mixed legacy as the website popularized the alternative currency, but also created a stigma surrounding digital currencies that lasts even today. So what exactly was Silk Road, and why did it play such an important role for bitcoin?

What Was The Silk Road?

The Silk Road was created and run by Ross Ulbricht. He created the marketplace in 2011 as a manifestation of his libertarian philosophy, rooted in the ideas of Austrian economists like Ludwig von Mises. Ulbricht believed that governments inherently utilize force to impede an individual’s sovereignty — a sentiment he believed manifested in the United States’ War on Drugs.



Source link Bitcoin Magazine

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