End Of The Silk Road: BTC Global CEO Mauro Betschart Speaks Out Post Seizure
by
Andrew Saks McLeod
Following the governmental seizure of deep web virtual currency marketplace Silk Road, BTC Global CEO and Founder speaks to Forex Magnates on his view of the effect from within the cryptocurrency industry.
The future of the anonymous marketplace has been the subject of much scrutiny among virtual currency advocates and dissenters alike over the last few weeks.
Government interest in putting an end to illicit cross-border trading has escalated since the US government put paid to the alleged money laundering mal-intent of Liberty Reserve, culminating in last week’s seizure of Silk Road.
Just a few days prior, Litecoin-supporting anonymous marketplace Atlantis went west, sparking speculation that the owners favored voluntary cessation over compulsory.
Most certainly, a crossroads has been reached whereby the idea of virtual currency moving increasingly into the mainstream could become further legitimized because of the downfall of marketplaces which engender illicit business forms one possible outcome, with a potential polar outcome if the currency is destined to remain away from the mainstream, with criminal activity its key driver of value.
People’s Currency?
Forex Magnates spoke to Mauro Betschart, CEO and Founder of BTC Global in order to ascertain the viewpoint from what is now a post-Silk Road industry.
“I have had, since I got involved with Bitcoin, a love-hate relationship with silk road. I loved it because I know Bitcoin would not have grown as much as it did and would not have become known if it was not for silk road. On the other hand, I despised the fact that some of the things traded there were morally questionable (And I don't mean a sale of marijuana)” Mr. Betschart explained to Forex Magnates.
He went on to say that “Nevertheless, I know that the public opinion, due to lack of information or simple prejudice, was directly relating Bitcoin to the illegal marketplace where very bad people hang out, and this did not help its cause. So, in a way, I think this moves Bitcoin a little closer to the masses.”
As far as the end being nigh for anonymous marketplaces, Mr. Betschart considers the recent activity to be the tip of the iceberg, and that the demand for deep web purchasing activity will continue: “I know that there will always be open marketplaces that use cryptocoins on the deep web, but to have the biggest and most known one taken down is what the public needed to hear.”
Mr. Betschart observed that: “There is also a very interesting fact to look at, and that is the variation of the bitcoin price after the news came out” stated Mr. Betschart. “As expected, it dropped pretty fast for about one hour. It went from $140 to $115 (mtgox price), but then it bounced back up to $130 in less than 20 minutes.”
…..Followed By Stability
“About 48 hours later it was back up to $135, proving without any doubt that bitcoin does not depend on Silk Road” he confirmed. “Even if I'm not happy to see the free marketplace being shut down, as someone who wants to bring Bitcoin to the masses I can only say that this is a point to prove the maturity of Bitcoin. Also, it just destroyed one of the most powerful popular arguments against Bitcoin, in that it is considered to be drug money by dissenters.”
As far as Mr. Betschart’s view on the attempts at retribution which have been directed at the Federal Bureau of Investigation by Silk Road users and supporters, he told Forex Magnates that: “To the trolls that are directing their efforts at the FBI, I don’t think much will happen. Ignoring them will be a lot more profitable than prosecuting them.
Mr. Betschart concluded by inferring that: “The authorities might do something with the Silk Road user data though, if they have it.”
The future of virtual currency, with or without anonymity of trading outlets, is indeed becoming further cemented. As the legitimacy of online deep web market places becomes a subject of governmental discussion, it will be interesting to note the direction which use of Bitcoin as an everyday unit of currency takes, with virtual ATMs and merchant acceptability, compared with its use amid the anonymous world of cyberspace.
The future of the anonymous marketplace has been the subject of much scrutiny among virtual currency advocates and dissenters alike over the last few weeks.
Government interest in putting an end to illicit cross-border trading has escalated since the US government put paid to the alleged money laundering mal-intent of Liberty Reserve, culminating in last week’s seizure of Silk Road.
Just a few days prior, Litecoin-supporting anonymous marketplace Atlantis went west, sparking speculation that the owners favored voluntary cessation over compulsory.
Most certainly, a crossroads has been reached whereby the idea of virtual currency moving increasingly into the mainstream could become further legitimized because of the downfall of marketplaces which engender illicit business forms one possible outcome, with a potential polar outcome if the currency is destined to remain away from the mainstream, with criminal activity its key driver of value.
People’s Currency?
Forex Magnates spoke to Mauro Betschart, CEO and Founder of BTC Global in order to ascertain the viewpoint from what is now a post-Silk Road industry.
“I have had, since I got involved with Bitcoin, a love-hate relationship with silk road. I loved it because I know Bitcoin would not have grown as much as it did and would not have become known if it was not for silk road. On the other hand, I despised the fact that some of the things traded there were morally questionable (And I don't mean a sale of marijuana)” Mr. Betschart explained to Forex Magnates.
He went on to say that “Nevertheless, I know that the public opinion, due to lack of information or simple prejudice, was directly relating Bitcoin to the illegal marketplace where very bad people hang out, and this did not help its cause. So, in a way, I think this moves Bitcoin a little closer to the masses.”
As far as the end being nigh for anonymous marketplaces, Mr. Betschart considers the recent activity to be the tip of the iceberg, and that the demand for deep web purchasing activity will continue: “I know that there will always be open marketplaces that use cryptocoins on the deep web, but to have the biggest and most known one taken down is what the public needed to hear.”
Mr. Betschart observed that: “There is also a very interesting fact to look at, and that is the variation of the bitcoin price after the news came out” stated Mr. Betschart. “As expected, it dropped pretty fast for about one hour. It went from $140 to $115 (mtgox price), but then it bounced back up to $130 in less than 20 minutes.”
…..Followed By Stability
“About 48 hours later it was back up to $135, proving without any doubt that bitcoin does not depend on Silk Road” he confirmed. “Even if I'm not happy to see the free marketplace being shut down, as someone who wants to bring Bitcoin to the masses I can only say that this is a point to prove the maturity of Bitcoin. Also, it just destroyed one of the most powerful popular arguments against Bitcoin, in that it is considered to be drug money by dissenters.”
As far as Mr. Betschart’s view on the attempts at retribution which have been directed at the Federal Bureau of Investigation by Silk Road users and supporters, he told Forex Magnates that: “To the trolls that are directing their efforts at the FBI, I don’t think much will happen. Ignoring them will be a lot more profitable than prosecuting them.
Mr. Betschart concluded by inferring that: “The authorities might do something with the Silk Road user data though, if they have it.”
The future of virtual currency, with or without anonymity of trading outlets, is indeed becoming further cemented. As the legitimacy of online deep web market places becomes a subject of governmental discussion, it will be interesting to note the direction which use of Bitcoin as an everyday unit of currency takes, with virtual ATMs and merchant acceptability, compared with its use amid the anonymous world of cyberspace.
Interactive Brokers Posts Strong April Metrics, Daily Average Revenue Trades Soar 33%
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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