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Another question: According to reports Silk Road and DPR made $80 million in commissions. Yet the FBI has only told us about seizing $3.6 million in BitCoins.
by Aqueous 13y ago
Another question: According to reports Silk Road and DPR made $80 million in commissions. Yet the FBI has only told us about seizing $3.6 million in BitCoins.
Where's the rest of the fortune?
- jws 13y agoWine, women, and song?
- sliverstorm 13y agoSupposedly DPR lived well within his means in modest accommodations.
- swamp40 13y agoWell, riddle me this: Why is the Cayman Islands, with a population of 56,000, the 5th largest financial center in the world?
- noonespecial 13y agoThat would be because they've managed to acquire somewhat of a reputation both for not handing over depositor's money to any and every government thug that waves some paper at them and for returning that money to said depositor on request. A tough reputation indeed to maintain on 21st century earth.
- jonknee 13y agoMost likely they are using the current value of BTC against the cumulative proceeds which vastly overstates revenue unless all funds were kept in BTC.
- anfedorov 13y agoThe article refers to a "26k BTC fortune", which was confiscated, while the complaint against Ross said the total SR commissions were 614,305 BTC (https://en.wikipedia.org/wiki/Silk_Road_(marketplace)#Site_statistics https://en.wikipedia.org/wiki/Silk_Road_(marketplace)#Site_s...).
- jonknee 13y agoExactly. That severely overstates the revenue taken in as SR was in business for quite some time before BTC was worth much. SR started in early 2011 when 1 BTC was worth less than $1. Hosting alone would have taken many tens of thousands of dollars a month a today's exchange rates.
- anfedorov 13y agoI'd wager Ross only kept enough coins accessible from the machine hosting SL for day-to-day operations, and sent the extra proceeds to an account the production machines didn't have access to, one with the private key either on his personal laptop or in a safety deposit box.
- Aqueous 13y agoMaybe he buried his BitCoin wallet in the desert.
- jlgreco 13y agoSo what we are saying here is that there might be actual modern burried pirate treasure somewhere. Awesome.
- Aqueous 13y agoWhat's unfortunate for DPR is that, even if there is a pirate's booty out there, the whole murder for hire thing and being an accessory, if not a patricipant, in a massive amount of drug trafficking makes it very likely that he will spend a large chunk, if not the rest of his life, in prison, making the 80 mil all but unusable to him.
- mkmkmmmmm 13y agohe can buy a lot of cigarettes
- olefoo 13y agoI would think he could get some very high quality legal representation w/ $80 million lurking out there. Although it might be complicated by the fact that he won't be allowed out on pre-trial release. And let's face it; he could very well be the fall guy for the originators of Silk Road and not the "real" Dread Pirate Roberts at all.
- beedogs 13y ago
- gesman 13y agoFBI was hoping you'd never ask!
- nyarlathotep 13y agoIt seems likely that the seized funds were taken from SR's escrow accounts. It matches up roughly with the amount of money said in the FBI complaint to be stored in escrow. I can only assume that they have no idea where his personal Bitcoin stash is, otherwise they would have hyped up seizing ~80mil.