The founder of the dark web market. bitcoin-news/silk-roads-ghosts-haunt-bitcoin-market-as-us-government-moves-9800-btc/” rel=”nofollow noopener” target=”_blank”>Silk Road who dealt exclusively with bitcoin, Ross Ulbricht, recently Announced who had spent 10 years in prison. Despite his fraudulent actions, Ulbricht is a popular figure in the crypto community, as he is believed to have contributed to the accelerated adoption of the flagship cryptocurrency. bitcoin.
The Silk Road and bitcoin Adoption
Silk Road was a black online platform used to facilitate illegal activities, including drug trafficking and money laundering. Interestingly, bitcoin was the only currency used to facilitate these transactions, as Ulbricht is said to have been a big proponent of the flagship cryptocurrency.
According ulbricht’s mother, his son created the Silk Road with the intention of providing a “truly free market.” He said that he used bitcoin as the platform currency because he believed in the “monetary freedom” that the currency provided.
His actions undoubtedly helped increase the utility and popularity of bitcoin (although not necessarily in a good way). In fact, Silk Road is considered by some to be bitcoin‘s “first meaningful use case,” as it exemplifies what could be achieved (the good and the bad) with the decentralized currency.
Silk Road is said to have processed up to $45 million annually in sales (all in bitcoin). There is no doubt that the platform provided early liquidity to the ecosystem, as such a figure suggests that there was massive demand for the currency as a result of transactions on the Silk Road platform.
Ulbricht’s Silk Road was even bitcoin/who-hashad-the-most-bitcoins-was-it-silk-road-maybe-not/” rel=”nofollow noopener” target=”_blank”>rumored having been one of the largest holders of btc at some point. Law enforcement is bitcoin/who-hashad-the-most-bitcoins-was-it-silk-road-maybe-not/” rel=”nofollow noopener” target=”_blank”>saying having confiscated a total of 174,000 btc from Ulbricht and the Silk Road syndicate.
The use of bitcoin on the platform also provided insight into how bitcoin (and other cryptocurrencies) could disrupt the financial system and become the preferred choice for daily transactions, especially as the world continues to adopt decentralized systems.
Ross Ulbricht shows remorse
Meanwhile, the Founder of the Silk Road has continued to express remorse for his actions on his platform X (formerly Twitter). However, it is believed that a relative manages the page, considering that Ulbricht is still in prison.
In his last message, announcing 10 years in prison, he admitted that his “bad decisions” led him to where he is now, and all he could do was pray for mercy.
Many have also jumped to his defense and continue to claim that an injustice was committed in the way his case was handled. Some believe that he did not deserve the punishment because it did not fit the crime. Ulbricht prayer It is a life sentence without the possibility of parole.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/10-Years-in-Prison-How-Ross-Ulbrichts-Silk-Road-Accelerated" alt="Tradingview.com bitcoin Price Chart (Ross Ulbricht Silk Road)” width=”2884″ height=”1746″/>
btc price rises above $28,000 | Source: BTCUSD on Tradingview.com
Featured image of Vicarius, chart from Tradingview.com
