Bitcoin

Silk Road Seizure to Boost the Bitcoin Economy, Contradicting Skeptics

By Forexminute - Deepak Tiwari | Bitcoin |

Silk Road Seizure to Boost the Bitcoin Economy, Contradicting Skeptics

The Bitcoin Foundation received several requests to comment on the shutdown of Silk Road and in response it says that this is good for the Bitcoin economy in general and the reputation in specific.

Bitcoin Foundation General Counsel Patrick Murck in his statement said that the FBI caught Silk Road the same way they would catch somebody using cash. He also added that the FBI was able to capture an alleged criminal without any new investigative methodologies being needed and without having to get into changing the nature of the Bitcoin protocol.

Privacy Depends a Lot on Users

The international body for Bitcoin says that the seizure proves that Bitcoins are in and of themselves a neutral store of value or medium of exchange; however, it firmly believes that privacy does not necessarily have to be compromised for law enforcement purposes.
In its statement the organization opined that first and foremost, it is important to note that the sanctity of the Bitcoin protocol remains intact as according to it, it was not a weakness of the core protocol that led to the apprehension of Mr. Ulbricht.

The Bitcoin Foundation says that although Bitcoin is not anonymous by default, Bitcoin addresses were not a factor in solving the case. Notwithstanding, Bitcoin’s principal attributes of irreversibility and user-defined privacy will remain intact and the users will still be able to benefit from Bitcoin.

It is Not the End of Privacy

In fact, in its filing of the case, the FBI acknowledged that “Bitcoins are not illegal in and of themselves and have known legitimate uses. Thus, it is not the end of the road for Bitcoin but an onslaught on the companies that carryout contraband activities.
Affirming the privacy of customers/users the Bitcoin Foundation says that it would like to reaffirm that financial privacy sits on a sliding scale expressed differently by different individuals.

The organization clears that within the Bitcoin transaction network, privacy has a lot to do with the user in any transaction as according to it the specific level of that privacy is determined, managed, and set by the user.

Ross Ulbricht Denies the Charges

Ross Ulbricht, the alleged founder of underground marketplace Silk Road, has however, denied his charges in a San Francisco federal court. His public defender, Brandon LeBlanc, talking to reporters said that his client is denying all charges and he is trying to put together the best bail.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

About: Forexminute - Deepak Tiwari

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal ...


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