The story of Silk Road Founder Ross Ulbricht in the Sunday Business section of the New York Times is an interesting sketch on a complex personality. On the one hand, he seems to be kind, compassionate, and deeply philosophical young adult who graduated from several top schools, was well regarded by his peers and parents and found a way to create an interesting living confidentially matching buyers and sellers on the web using Bitcoin, a computer generated currency that is currently unregulated. On the other hand, Silk Road seems to have been set up primarily to provide buyers and sellers of illicit drugs and other illegal activities with a means of connecting anonymously through advanced encryption technology called Tor. Mr. Ulbricht believed strongly in economic freedom and extremely limited government. The FBI recently arrested him and charged him with a series of crimes that make him out to be a sociopath.
Tag Archives: bitcoin
The Sunday Business section cover article in this week’s New York Times is fascinating. Entrepreneurs are investing in virtual mining operations across the world to mine for Bitcoin, a virtual currency that can be used for real business transactions and traded on several exchanges for real currency. Other articles have pointed to nefarious purposes for Bitcoin such as a means to fund drug dealing and hit man operations. The currency is unregulated and created anonymously. It has a finite amount of coins (21 million) that will eventually be released as powerful computers compete to mine for coins that are available on the open source market every ten minutes. About half the total are currently in use and the price per coin continues to rise from $20 in 2009 to over $1000 today. Volatility is high as threats to the network exist from governments like China. Nevertheless, the network is currently thriving and mining operations are attracting real capital.


