members: Adam Tutolo, Taylor Brody, Kirsten Smith, Joe Passalacqua
Our Thesis: Despite the positive efficiency of Bitcoin, the purchasing of drugs and illegal products on “Silk Road,” an online black market, is too common to ignore, and Bitcoin needs to be regulated to a point where it can be effectively monitored to avoid the purchasing of illegal products.
Our Argument: Bitcoin is a virtually untraceable currency; the online drug industry thrives by using Bitcoin as payment because no one can see what was exchanged. The “Tor” Network, an anonymous browser, changes a Bitcoin user’s IP Address every couple of minutes or so, avoiding detection by online tracking programs used by law enforcement and government agencies. This is a powerful tool that the drug industry now possesses, and if it goes unchecked, underground drug sales will go through the roof, bypassing law enforcement itself. Bitcoin has also found its way into other countries, because it it can be exchanged just as real currency can be exchanged. This could allow for the spreading of drugs in other countries without government detection.