Will 'Silk Road' Bust Kill Bitcoin?
Bitcoin no longer needs the Silk Road.
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The eBay of the black market has met its demise. The U.S. Justice Department has shuttered Silk Road and indicted its alleged founder.
An online marketplace founded in 2011, Silk Road facilitated commerce in illegal goods and services, including narcotics, counterfeit currency and hacking services, with payments processed in the digital currency Bitcoin. Perhaps not coincidentally, the price of Bitcoin fell to about $119 at 3 p.m. EDT, down from $145 at the end of September.