Bitcoin Used For the Narcotics Trade

An anonymous reader writes "A story on Aljazeera tells how bitcoin is being used to pay for cocaine, marijuana and other drugs at various eBay style drug websites. From the article: 'Two US senators are asking federal authorities to crack down on an online narcotics market that accepts "virtual" currency. The "Dark Web," an anonymous and secretive online community that trades in heroin, cocaine and methamphetamines among other drugs, has been operating unhindered for months.' Who said bitcoin is not used in the real world?"

Slashdot as arbitrage tool

[Anonymous Coward]

https://mtgox.com/trade/history [mtgox.com] (click "all time")

In two months, the value per Bitcoin has increased from .5 USD to 20 USD, a 40 fold increase. Slashdot is being flooded by bitcoin speculators to increase prices. People are paying $20 for something worth 50 cents for no good reason. The price will collapse to less than $1 in the near future. People are throwing money away.

Re:It's not just Bitcoin.

[PitaBred]

And the solution to that is to fight an unwinnable war that increases violence all over, drives the profit of making drugs higher, and spends billions of our tax dollars to make shit worse for us?

Why don't we treat drugs like the public health problem they are, rather than something to be "fought"? You can't protect everyone from themselves, but you can help them help themselves. And you'd have a lot fewer women and children beheaded [cnsnews.com] because of attitudes like yours.

Re:It's not just Bitcoin.

[icebraining]

Drug usage dropped here in Portugal when it was decriminalized.

Re:It's not just Bitcoin.

[davidbrit2]

Have you ever seen a dude high on on some drug fighting? NO! they're all like peace bro! I think drugs might be a social service!:P but seriously drugs don't kill people, people kill people!

Do a Google search for "daddy ate my eyes". Go on.

Re:It's not just Bitcoin.

[Plugh]

"It's going to be that way until we finally repeal the idiotic War on Drugs and admit that in a so-called "free country" it is wrong to ever tell consenting adults what they may do with their own bodies in their own homes."
Amen, brother. If you're serious about wanting liberty in your lifetime, check my .sig... and join us. Drug policy [freestateproject.org] is important to many of us.

Re:It's not just Bitcoin.

[joelmax]

Well now... you can't assume all drugs == pot... doesn't work that way.. go hang out with a methhead and see how mellow they are..

Re:It's not just Bitcoin.

[Vegeta99]

Ecstasy is not safe. Please don't put an unapproved synthetic research chemical in the same category as a, well, weed.