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Prosecutors present evidence in Silk Road trial that links $13.4M in Bitcoins to Ulbricht's laptop

By Shawn Knight
Jan 30, 2015
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  1. Since his arrest in October 2013, alleged Silk Road mastermind Ross Ulbricht has maintained that the Bitcoins confiscated by the FBI do belong to him and are a result of early investments he made in the cryptocurrency - not proceeds...

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  2. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 6,514   +2,060

    What difference does it make if the Bitcoins belong to him or not, it's not as though he'll need them where he's going anyway.
     
  3. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 8,559   +2,900

    I guess this debunks the concept that Bitcoin transactions can not be traced! Tell me again why Bitcoins are used over the already existing trade methods?
     
  4. insect

    insect TS Evangelist Posts: 315   +114

    Bitcoins can always be traced via the BlockChain (google it) - but there are ways to make it very very hard to trace (like splitting up 1 bitcoin into 100 transactions, then 100 more and so on until each is at the minimum value then slowly recombining them over a long time).

    What makes bitcoin anonymous (but traceable) is that no one knows who owns which "accounts" until you access the PC with the wallet (a key of sorts) to see which transactions they have been a part of. Lose your wallet (I.e., PC dies and you didn't back it up) then those bitcoins are gone forever (analogous to you storing your cash in your mattress, but then your house burns down). This is how Mt. Gox was able to steal everything - people trusted them with their wallets and to keep them backed up (much like we trust banks with our savings accounts so we don't have to worry about the mattress). Personally, I just keep mine on my PC and backed up to a few other flash drives, just in-case because I don't trust the online bitcoin "banks".
     
  5. RustyTech

    RustyTech TS Guru Posts: 865   +434

    "...prosecutors have detailed a journal they found that details the site’s creation and heard testimony from a college friend that claims Ulbricht confessed that he created the site."

    right...
     
  6. At least in jail, Ulbricht will get to eat a lot of Shatner.
     

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