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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: ahhaha who wrote (23787)	10/2/2013 2:06:58 PM
From: sixty2nds	Read Replies (1) \| Respond to of 24758

Yikes... zerohedge.com BitCoin Plunges Following US Government Seizure Of Silk Road Website Submitted by Tyler Durden on 10/02/2013 13:38 -0400 Earlier today, one of the most popular websites that use and promote the use of BitCoin, Silk Road, was shut down by the US government. As Reuters reports, U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as "Dread Pirate Roberts," in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing. Anyone visiting the site would be greeted with the following "game over" screen. The immediate result has been a quick and brutal dump in the USD-equivalent value of the BitCoin currency itself as can be seen on the chart below: And a chart showing the move in proportion: That the US government would crack down on BitCoin and all affiliated services should not be surprising and is happening just as we warned it would back in March when we first charted the initial ramp of BitCoin. This move was especially inevitable considering none other than the ECB "warned" in November of 2012 against virtual currency Ponzi schemes (though it has no problem with fiat equivalents). So is this the end of the crypto currency? It is unclear, but judging by the sudden lack of publicly available BitCoin pricing data, ostensibly to prevent a chaotic selloff or merely a result of the onslaught in trading volume, the end may be nigh for this monetary alternative.