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Ross Ulbricht, Silk Road, Bitcoin, and More

By PAOLA BAPELLE YEET MAGAZINE | Even though Ulbricht did nothing but create a website—just like the famous billionaires Mark Zuckerberg or Jeff Bezos—he was treated like El Chapo in court because his invention worked against the system, instead of for it.

YEET MAGAZINE

Oct 17, 2023 • 10 min read

YEET MAGAZINE - Ross Ulbricht, Silk Road, Bitcoin, and More

By PAOLA BAPELLE YEET MAGAZINE | Published October 17,2023

Is it possible that Ross Ulbricht, the individual responsible for establishing the secretive drug trade platform known as the Silk Road, might also have a connection to the development of Bitcoin?

There is no definitive evidence linking Ross Ulbricht, the Silk Road founder, to the creation of Bitcoin.

Bitcoin's genesis is credited to an individual or group under the pseudonym "Satoshi Nakamoto," whose true identity remains undisclosed.

Ulbricht's arrest in 2013 and subsequent conviction were related to his involvement with the Silk Road, a darknet marketplace that employed Bitcoin as a means of payment for illegal drugs and illicit items. However, it is important to clarify that Ulbricht did not create Bitcoin.

Satoshi Nakamoto's identity remains a topic of speculation and investigation within the cryptocurrency community, with various theories proposed by experts and enthusiasts.

Nonetheless, none of these theories have been conclusively substantiated. It is crucial to rely on verifiable information when discussing this matter, as attributing the creation of Bitcoin to Ross Ulbricht or any specific individual remains speculative in the absence of concrete evidence.

Fighting for his freedom: Lyn Ulbricht with her son Ross in prison in July of this year. Photo: Lyn Ulbricht.

Ross Ulbricht is the founder of the Silk Road, a renowned anonymous online marketplace specializing in the sale of illegal drugs and illicit goods.

The Silk Road was a pioneering platform in adopting Bitcoin as its primary payment method, drawing substantial attention from law enforcement and authorities due to the challenges it posed in regulating and monitoring unlawful transactions.

In 2013, Ross Ulbricht was apprehended and subsequently convicted for his central role in operating the Silk Road.

While he contributed to the widespread use of Bitcoin within the Silk Road ecosystem, he is not the individual or group responsible for originating Bitcoin. The creation of Bitcoin is attributed to an enigmatic entity or person operating under the pseudonym "Satoshi Nakamoto," whose true identity remains undisclosed.

Ulbricht's case and the Silk Road stirred significant public and media interest in the realm of cryptocurrencies and their association with illegal activities.

However, it's vital to distinguish between his role as the Silk Road's founder and the actual creation of Bitcoin, as these are distinct and separate matters.

Ross Ulbricht, the creator of the Silk Road, faced a trial that saw him treated like a criminal mastermind, akin to El Chapo.

This was because his creation challenged the system rather than conformed to it, similar to well-known figures like Mark Zuckerberg and Jeff Bezos.

An often-overlooked aspect of the Ulbricht trial was the Silk Road's potential to make the world safer by undermining drug prohibition. Despite the illegality of drugs, many people use them, putting themselves in perilous situations due to these prohibitions. The Silk Road provided a means for individuals to purchase drugs from the safety of their homes, avoiding the risks of dark alleyway transactions. Moreover, it allowed them to read product reviews, protecting them from harmful substances that could endanger their lives.

Some argue that Ross Ulbricht should be celebrated for his visionary use of groundbreaking technology. Instead, he was arrested in October 2013 and has remained in federal prison, hoping for a breakthrough in his case or the end of the war on drugs. Following his arrest, the FBI seized 174,000 Bitcoins, valued at $34.5 million at the time. Today, these Bitcoins stolen from Ulbricht are worth approximately $1.74 billion, and the fate of this wealth remains uncertain.

Sentenced to life imprisonment - Ross Ulbricht, the geek turned drug lord

In early October 2013, just before Ulbricht’s arrest, Bitcoin was still very underground and worth about $140.

In the month following the shut down of the Silk Road, more people than ever flocked to Bitcoin and the dark web, pushing the cryptocurrency to new heights of $1,000 just a month later.

As the mainstream media told the world about Bitcoin and what was happening on the dark web, dozens of anonymous marketplaces popped up in place of Silk Road, and some of them are still running today.

This constant reinvention of the Silk Road brand and the myriad of spin-off marketplaces is reminiscent of the battle that took place between online file sharing websites and the global record and film industries.

Whenever the government took down a file-sharing site, ten more would spring up in its place, making it very difficult for authorities to keep up with the overgrowing connectivity that the internet provides.

Even now that the cryptocurrency is appearing on mainstream television and reaching a market cap that rivals that of major banks, governments still have no clue how to deal with a technology that allows citizens to easily avoid taxes and trade in prohibited goods off the radar.

Just this week, Nobel Prize-winning economist Joseph Stiglitz called for the cryptocurrency to be banned, saying that “Bitcoin is successful only because of its potential for circumvention, lack of oversight….So it seems to me it ought to be outlawed.”

Meanwhile, Coinbase, one of the world’s largest Bitcoin exchanges has announced that the IRS is forcing them to hand over the information of anyone who has had more than $20,000 flowing through the site in the past year.

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Topic: Bitcoin buy, bitcoin buy, bitcoin account , bitcoin wiki, bitcoin mining , bitcoin wallet, bitcoin exchange rate , bitcoin stockRoss Ulbricht, the Silk Road creator, faced a trial that portrayed him as a criminal mastermind, reminiscent of El Chapo.

This perception stemmed from his creation challenging the established system, akin to notable figures like Mark Zuckerberg and Jeff Bezos.

A crucial yet overlooked facet of the Ulbricht trial was the potential of the Silk Road to enhance global safety by subverting drug prohibition.

Despite drug illegality, many individuals use them, often jeopardizing themselves due to these bans. The Silk Road offered a safer alternative, enabling drug purchases from the security of one's home, avoiding the dangers of dark alleyway transactions, and providing product reviews to shield users from harmful substances.

Some argue that Ross Ulbricht deserves recognition for his visionary application of revolutionary technology.

Nevertheless, he was arrested in October 2013 and has since remained in federal prison, anticipating a breakthrough in his case or an end to the war on drugs. Following his arrest, the FBI confiscated 174,000 Bitcoins, initially valued at $34.5 million. Today, these Bitcoins taken from Ulbricht are estimated at approximately $1.74 billion, with the fate of this wealth remaining uncertain.