ANNOUNCEMENT: Well it has happened! Another Silk Road Darknet Market has spawned after the demise of Silk Road 2.0. The new site is called Silk Road Reloaded and is utilizing different technology than its predecessors therefore a new guide for Silk Road Reloaded will be coming soon. In the meantime Agora Marketplace is still alive and kicking bigger than ever with more listings than Silk Road 2.0.
Prosecutors in the Silk Road case look likely to use the cryptic and pseudonymous nature of bitcoin to their advantage as the prosecution of Ross Ulbricht, alleged Silkroad mastermind strides into its second week. Washington D.C. based cryptocurrency legislation expert Jared Marx saysbitcoin’s complexity provides just the right ammunition that the prosecution needs. Mr Marx thinks the prosecution will try to convince the jury that the anonymity that comes with transferring bitcoin and the fact that such transfers do not need banks associates the cryptocurrency with illegal dealings.
During period of the dark net bazaar’s operation, it did allegedly process transactions worth more than $1 billion in illegal goods transactions. Moreover, all these transactions were completed in bitcoin. The fact that this cryptocurrency traded online owns no allegiance to any central bank and that it is difficult to trace could not have come at a more inopportune time.
Despite bitcoin transactions’ shady nature, Mr Marx still thinks bitcoin is mature enough to fend off any ‘bad PR moment’ that the Silk Road trial brings its way. According to him, there are two faces to this situation: The effects of this trial on bitcoin as a brand and the regulations as they stand now. Bitcoin may be associated with illegal activity but policy makers had figured this out long ago.
Despite this general belief and the fact that bitcoin is not the focus of the Silk Road alleged mastermind’s trial, it remains a vital resource in this case. All transactions made in bitcoin as well as public records related to this currency may offer crucial evidence for both sides of the divide. So far, the prosecution has not presented in court specific bitcoin transaction. There however is no doubt that they will. They however face an uphill task explaining all this new information concerning bitcoin and hoping the jury will buy it. This is especially so, considering that opposing sides of the case cannot seem to agree on the definition of technical terms.