Silk Road was shut down and the FBI has arrested the man who runs and created the most sophisticated online drug bazaar to date. Ross William Ulbricht was arrested on Tuesday afternoon charging him with drug trafficking, money laundering and computer hacking, according to CNN Money on Oct. 2.
The FBI was able to buy drugs from Silk Road on several occasions. They purchased ecstasy, heroin, cocaine and LSD. Each time they would try and backtrack the shipment, narrowing it down until they hit pay dirt. They tracked down several of Silk Road’s servers including one that was out of the country.
An e-currency exchanger converts money to your chosen e-currency and places it in your account for you to spend as you wish. Funds can be sent to an exchanger by many methods, but the most popular are bank transfer and Paypal.
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There were some “freelancers” offering to provide this service, but I would caution against that. Mostly because you have to provide them with your address, which we were not comfortable doing.
A run on Argentine bank deposits occurred in 2001. The natives were understandably restless with the continued failure of their government’s economic policies. People wanted to flee the Argentine peso for the refuge of the USD. As you might expect, the government froze bank accounts for up to a year and limited customer withdrawals. Recently we had something similar occur in Cyprus when rumors began swirling about deposit confiscation in order to deal with the poor financial state of banks in that country. In similar fashion, the government of that country took measures to limit withdrawals and the rumors became fact. Depositors did lose money though the term used was the more euphemistic “tax”.
At this very moment, all over the globe, approximately 85% of non cash funds are being converted to digital money…the days of World Paper Money are numbered and…there is nothing that you or I can do about it. It is the wheels of progress at work. Take it or…