Bitcoin Value Plummets After Silk Road FBI Drug Bust

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News Posted: Thu, Oct 3 2013 11:45 AM
Bitcoin is a digital currency that has been rather volatile both in regard to its legality and in terms of its value. Up and down it goes, and the value has dropped again to $129 after hitting $140 the previous day in the wake of the shutdown of online marketplace Silk Road by the FBI.

Silk Road was a space where illegal drugs and other shady miscellany were allegedly sold, and the anonymity afforded by Bitcoin was certainly an appeal for buyers. Those Bitcoins--all $3.6 million worth--have now been “seized” by the FBI, and Silk Road’s owner Ross William Ulbricht (aka “Dread Pirate Roberts”) has been arrested.

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It’s likely that the arrest had something to do with the Bitcoin value drop, as Bitcoiners are skittish about the fact that the feds have all of Ulbricht’s records and data. "They're going to be pouring [sic] all over his records, getting subpoenas for every piece of data and account he has ever used and trying to figure out who all these different dealers are," Garth Bruen, a security expert at Internet consumer group Digital Citizens Alliance, told Reuters. "People are jumping ship."

Reuters also stated that Silk Road’s sales included over 9.5 million Bitcoins.
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When i mined I sold all mine for cash at the peak. $237 a piece.

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ECouts replied on Thu, Oct 3 2013 3:45 PM

Doesn't the FBI know the government's shutdown?

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Except the price has already been back up for almost 24 hours.

A Minotaur in the Metropolis.

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sevags replied on Thu, Oct 3 2013 7:28 PM

Ecouts: hahahaha, seriously.

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yeah, no... that's not "Plummeting" and it's already stable again :P

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I never could get my bitcoin miner set up right. was too confusing on what I was supposed to do and no help doing it.

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JMeloni replied on Fri, Oct 4 2013 12:11 AM

It is stable again

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Um yeah it is now 137.50 usd/bc. Pretty darn stable. If anything this makes the currency look quite robust.

But on the other hand don't you think it is a little bit strange that the takedown notice had the silk road camel logo as a watermark? Also, don't you think that the real owner of silk road would exit stage right if the feds came to his apartment to interview him about his fake ids getting intercepted at the border? Super Fishy.

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