Summary

The auction of 29000 bitcoins seized during a raid on the Silk Road internet market place has been completed. Silk Road, owner Ross William Ulbricht, shut down following raids by the FBI, for trading in illegal drugs. The seized bitcoins are part of the civil forfeiture and criminal action brought against Mr. Ulbricht. The sale of the coins, worth about $18.7m (£11m), was carried out by the US Marshals Service. the agency accidentally leaked a list of some of the buyers in an email update about the sale. Until now Bitcoin has been technically illegal to buy and sell using virtual currencies. But in California, Bitcoin is legalization.

My opinion

This is the first I’ve heard of virtual currency Bitcoin. Silk Road used a large sum of Bitcoin in illegal trading. So when the FBI has seized the Silk Road’s bitcoins, the market price of bitcoin was slumped. I think that digital and virtual currency is dangerous because the market is not systematized enough and out of government’s control. It is easy for criminals to do illegal business by using virtual currency. There are also fears of hacking and theft. So I opposite virtual currency.