It’s been a serious week for Bitcoins into the news; a whammy that is triple actually.

First, there was the arrest by the FBI of Silk path’s founder known online only by his handle ‘Dread Pirate Roberts’, but apparently known to the feds a little more intimately as Ross William Ulbricht- as well as the seizure and shut down of the Silk Road web site itself. Silk Road was an exclusively Bitcoin site that is gambling well-known to many being an open market for illegal drugs and more; the web site’s just under a million registered users were often cash launderers, according to the arrest warrant.

‘Based on my training and experience, Silk Road has emerged as the most sophisticated and extensive unlawful marketplace on the net today,’ FBI Special Agent Christopher Tarbell noted in the grievance. Tarbell added that in the past 2 1/2 years, Silk Road generated some $1.3 billion worth of equivalent Bitcoin trades and netted $85 million in commissions for itself, usually for things as macabre as employing hitmen, searching for computer hackers or purchasing weapons that are illegal.

Major Rate Volatility Ensues

Meanwhile only a few days following the shut down of the web site by the feds and the arrest of Ulbricht Bitcoins by themselves went through some Cat-5 volatility, once the rates for the Continue reading Silk Path Founder Arrested While Bitcoins Plummet →