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Turns out the primary market for them (the TOR black market site The Silk Road) has been shut down.

Bitcoin value has dropped from $138 to $80 in the last 8 hours.

Fascinating story of ineptitude (and likely NSA snooping fed to the FBI) in the founder's downfall.

Even funnier: the FBI seized the site and all it's BitCoin accounts (some $4,000,000 worth) of the drug dealer user accounts.

Many of them shipped out drugs they now can't get paid for and others paid for drugs they can't now get.

read it all on reddit:

http://www.reddit.com/r/SilkRoad/



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That whole reddit thread was an eye opening read.
I just find it amusing that folks who knew so much about encryption believed the Feds couldn't read their mail.


A government is the most dangerous threat to man�s rights: it holds a legal monopoly on the use of physical force against legally disarmed victims.
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or that they bought stuff with PGP encrypted bitcoin accoutns, then had it mailed to their unencrypted real address.


crazy



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According to well placed sources, the federal government could disencrypt PGP files in about 15 minutes, with resources that existed 15-20 years ago.

They carried on quite a disinformation campaign, bellyaching because they couldn't penetrate the code, and a lot of people thought they were safe when they used it. Well, that was the point.

There have been recent advances in cryptography that make even the best ciphers much easier to break.

I do know of one "left field" system that is probably less vulnerable, but that is no sure thing.

I suppose you could frustrate someone by encrypting a table of random numbers....

Last edited by denton; 10/02/13.

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from what I've read on the TOR / .onion service , if it's done correctly (best practices) it's virtually impossible the be traced either on the input or output feed (it's legitimately used for reporting, etc in non-free countries).


this breaks down though when you use a public key linked to a fake email address linked to your real name on a clearnet server.

D'oH !!!



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Originally Posted by jorgeI
...Actually Sycamore, you are sort of right....
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Originally Posted by jorgeI
...Actually Sycamore, you are sort of right....
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NSA and the international bankers. What could go wrong?

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Ok WTF are Bitcoins?


The factory of the future will have only two employees, a man and a dog. The man will be there to feed the dog. The dog will be there to keep the man from touching the equipment. � WARREN G. BENNIS
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Originally Posted by George_in_SD
Ok WTF are Bitcoins?

They're like the old Pokemon tokens. wink


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Never understood the appeal of bit coin. Its vulnerabilities always seemed obvious to me.

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Glad I don't know anyone that damn stupid to invest in chicanery such as this.

Gunner


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Nothing more than the domestic version of "off shore" banking. What a shock that drug dealers utilized them.

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Sounds like something Al Gore would come up with.

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As much as it may have turned out badly and all the 20/20 hindsight quarterbacks can crow about it, I applaud the idea of trying to find a currency that the government can't trace.

Anything to f*ck with the Feds and their oversight of every minute detail of our lives is all right by me.

So, all you computer nerds, get back to the drawing board and find something that does work.


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Yup.....what could have possibly gone wrong with untraceable and un-taxable currency.

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Originally Posted by The_Real_Hawkeye
Never understood the appeal of bit coin. Its vulnerabilities always seemed obvious to me.


Me either but than I could never understand BitCoin anyway. Beyond this slide rule mind.


Don't vote knothead, it only encourages them. Anonymous

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Originally Posted by The_Real_Hawkeye
Never understood the appeal of bit coin. Its vulnerabilities always seemed obvious to me.


Yeah, imagine a token that had value only because everyone that used it agreed it had value...


Democracy is not freedom. Democracy is two wolves and a lamb voting on what to eat for lunch. Freedom comes from the recognition of certain rights which may not be taken, not even by a 99% vote.
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Originally Posted by derby_dude
Originally Posted by The_Real_Hawkeye
Never understood the appeal of bit coin. Its vulnerabilities always seemed obvious to me.


Me either but than I could never understand BitCoin anyway. Beyond this slide rule mind.


Think of it as a Gift Card that can become worthless before you ever get a chance to use it.

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Originally Posted by mcmurphrjk
Originally Posted by The_Real_Hawkeye
Never understood the appeal of bit coin. Its vulnerabilities always seemed obvious to me.


Yeah, imagine a token that had value only because everyone that used it agreed it had value...

Like the dollar?


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