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article imageU.S. Government auctions off $18 million in bitcoins

By Walter McDaniel     Jun 13, 2014 in Business
Silk Road was a major website exchanging drugs for bitcoins until it was shut down. Their massive stock of bitcoins was confiscated as well and is now being auctioned off.
The world of 'Tor' and sites hidden from the rest of the Internet is big business for many. Silk Road was one site like this. They made huge profits selling drugs and equipment for using those same drugs. Bitcoins were their preferred payment. They eventually got too big and people started to take notice. It culminated in a takedown which left assets confiscated and operators in serious legal trouble.
Now they are auctioning off the ill-gotten goods to the public at large. The sale itself opens June, 16th, 2014. U.S. Marshals running the event expect it to be an orderly proceeding where legitimate citizens can buy some of the property. Those interested must offer multiple checks on their identity and a deposit of $200,000 so this is only for wealthy investors.
In addition authorities are still checking on the huge cache of bitcoins that Silk Road Owner Ross Ulbricth had. These may go into yet another auction later on. For those in the business of online investing this auction represents an interesting opportunity. If you ever wanted to get into this market in a bit way this is your chance.
The story of commerce in the dark recesses of the internet does not end here. There are still many other services offering drugs, hacking and even murder. Many of these are simple scams but a few actually do deliver. While many government agencies are aware of them (the government can access these as easily as any citizen) they only go after a select few.
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