DarkMarket Rebrands Itself, Now Known as OpenBazaar

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DarkMarket Rebrands Itself, Now Known as OpenBazaar

ForexMinute.com – DarkMarket, known to be a successful replacer of the demised online drug marketplace Silk Road, recently rebranded itself as ‘OpenBazaar’, probably to wear down its shady image before the governments and public.

The rebranding came at a time when Bitcoin, as well as other cryptocurrencies, are falling under the scans of financial regulators all around the world. The wide acceptance of these digital coins have made many governments fall back on their earlier stands. For instance, the United States, which used to be the biggest critics of Bitcoin, is now simply taxing it to indirectly monitor its transactions. In a pure sense, it is against the very concept of a decentralized currency – being monitored and regulated.

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On the other hand, the use of Bitcoin in illegal activities have made it the target of such atrocities. OpenBazaar, the new face of a mischievously named DarkMarket, is thus simply carrying forward the legacy of Silk Road which got banned by the FBI for its part in drug trafficking business. The new marketplace, which will likely involve itself in the illegal businesses held by its predecessor, is though trying to be sure about staying untraced from law agencies, such as the FBI.

OpenBazaar allows a viable connection between two parties, supervised with a third-entity – an arbiter who/which issues the buyer’s fund in Bitcoin to seller upon the completion of the transaction. The key feature for which this marketplace can outrun Silk Road is its decentralized headquarter. None of its creator wants to do involve itself in its activities; hence the bosses here are users (which could be in thousands or millions). Lawmakers simply can’t investigate into each and every user account.

The matter is made worse with the launch of Dark Wallet this week, a software which is co-developed by the original DarkMarket’s creator Amir Taaki. This app wallet is made to help users spend their cryptocurrency anonymously. Integrated with OpenBazaar, this pair can seriously trouble regulators and lawmakers in near future, as it will directly boost the money laundering activities throughout the world.

Earlier, the creator’s response to DarkMarket’s rebranding was: “People need to stop being afraid and reclaim these words of power used to control us. The Dark name evokes great imagery and sounds cool. It’s like when they used to call us pirates to shame us and the pirate party stood up and said, ‘Yeah! We are pirates!’ There were many internet freedom parties before and they got nowhere. Our team is not here to fit in nicely with the status quo. We are here to challenge it.”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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