Using Silk Road: Cyphernomicons Black Markets
Ziemlich grandiose und extrem ausführliche Analyse des Bitcoin-Drogenmarktplatzes Silk Road, sollte man sich unbedingt die Zeit für nehmen.
Bitcoin satisfies an old dilemma bedeviling the early cypherpunks; and we have covered how SR follows recommended design principles in achieving their dream of self-enforcing marketplaces, and then went through a lengthy example of how buyers can rationally order and thereby contribute to the necessary dynamics.
The drug market has grown and thrived beyond all expectations, despite an extraordinary – perhaps unprecedented – level of media coverage and transparency of operation. By its mere existence, it lays bare the universality of illicit drug use; by its sales volume, it provides a benchmark for understanding what estimates of the global black market really mean: if the Silk Road has turnover of $20m a year and the black market turn over closer to $100b a year, then the latter is equivalent to 5000 Silk Roads. By its use of public technology (even immature & hard to use technologies) and ordinary postal services, it demonstrates the infeasibility of the long-standing War on Drugs; and by taming drug use, turning it from a violence-prone seamy affair to a smooth commercial transaction, it suggests that there is no necessity for the War on Drugs.