Billy Kluge 3
Mike Middleton 2
Sammy Kovnat 4
Jodi Dziedzic 1
Drugs for BitCoins
Bitcoin is a form of currency created on the Internet. From the main website it is portrayed as an easy peer-to-peer exchange method but in reality has alternative motives. Bitcoin creates a secret hard to track way to sell and purchase illegal drugs.
When a Bitcoin is created and traded each one has its own encrypted code that changes over time. The coins are nearly impossible to track back to the owner through each transaction. This means if a website accepts the currency, the user can purchase what ever they please without having to worry about consequences. A website named Silk Road is an anonymous market that sells numerous illegal drugs. Silk Road exclusively accepts Bitcoins, and can only be seen by BitCoin users. A large portion of Bitcoin owners use the currency to buy drugs because they know using them will allow complete anonymity and zero risk when getting drugs. They are actually paying extra, however the drug user population is ignorant to the corruption or too addicted to care. This causes them to use the convenient online system. Bitcoin is a huge factor in the online drug trafficking, and taking advantage of drug users.
Satoshi Nakamoto is the only known name of the creator of Bitcoin but this is thought to pseudonym and has never given an interview. He or she is keeping himself or herself anonymous. This gives him or her a huge advantage over each Bitcoin user. As the creator of the program he can do what he pleases to this online economy and could be feeding lies as to the purpose of BitCoin. Detached from the drug trafficking by name and controlling the currency he or she s a puppet master of the operation feeding on the fact that the products being sold are illegal.
A Bitcoin is not a physical object; it is completely created and hidden behind the Internet. The company uses the fact that the currency is peer to peer and not monitored by the government as a good thing, however this is more bad than good. With no government involvement there is no law enforcement system, no one to monitor what is happening. Some people are investing their life savings and time into a business that can be altered at any moment. Silk Road and Satoshi are untouchable because they are hidden behind a computer screen.
Andy. “Founder Of Drug Site Silk Road Says Bitcoin Booms And Busts Won’t Kill His Black Market.” Forbes. Forbes.com LLC, 16 Apr. 2013. Web. 16
The article discusses the Silk-Road black-market drug culture that runs exclusively on the anonymity behind Bitcoins.
Metro. “What is bitcoin? An idiot’s guide to the virtual currency.” Metro.
Associated Newspapers Limited, 11 Apr. 2013. Web. 16 Apr. 2013. <http://metro.co.uk/2013/04/11/ what-is-bitcoin-an-idiots-guide-to-the-virtual-currency-3592493/>. This article describes what a Bitcoin is, and a few key points about Bitcoins as a whole.
– – -. “‘Zerocoin’ Add-on For Bitcoin Could Make It Truly Anonymous And Untraceable.” Forbes. Forbes.com LLC, 12 Apr. 2013. Web. 16 Apr. 2013. This article is all about a research group at Johns Hopkins University that have created a new “piece of code” called “Zerocoins” that if implemented with the Bitcoin system could make the entire currency of Bitcoins completely untraceable, and even safer for the booming drug economy that runs off of