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Bitcoin-Based Drug Market Silk Road Thriving With $22 Million In Annual Sales

Sparrowvsrevolution (1926150) writes | more than 2 years ago

Bitcoin 0

Sparrowvsrevolution (1926150) writes "Every day or so of the last six months, Carnegie Mellon computer security professor Nicolas Christin has crawled and scraped Silk Road, the Tor- and Bitcoin-based underground online market for illegal drug sales.

Now Christin has released a paper on his findings, which show that the site's business is booming: its number of sellers, who offer everything from cocaine to ecstasy, has jumped from around 300 in February to more than 550. Its total sales now add up to around $1.9 million a month. And its operators generate more than $6,000 a day in commissions for themselves, compared with around $2,500 in February.

Most surprising, perhaps, is that buyers rate the sellers on the site as relatively trustworthy, despite the fact that no real identities are used. Close to 98% of ratings on the site are positive."

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