07 Oct '13

Mainstream Media Put Bitcoin In Positive Light Following Silk Road Closure

If you’ve been living under a rock last week, you would have missed the FBI arresting Silk Road’s owner Ross “Dread Pirate Roberts” Ulbricht and shutting down the site.

Many bitcoiners didn’t just sit on their hands though. They discovered the FBI’s bitcoin address holding 27,000+ bitcoins seized from Silk Road’s users.

The address has (as of this writing) 261 transactions, where less than 100 were from the FBI’s seizure. What are all the other transactions to this address?

Silkroad Seized Coins Address Gets Spammed

Due to media attention surrounding the Silk Road closure and the subsequent discovery of the FBI’s holding address, it’s not surprising so see savvy marketers pushing their services where people will see them.

The Silkroad Seized Coins Address is getting hundreds of spam comments. The public comments attached to a satoshi’s worth of bitcoin, started off with people making opinionated comments and jokes towards the FBI, but has devolved further into blatant advertising for questionable services.

fbi bitcoin address

I’d think twice before telling the FBI “Yo dudes, look at my scammy website. Come get me!”

It should be noted that the 27,000 bitcoins seized were NOT from Ulbricht’s personal stash. These bitcoins are from Silk Road user accounts. Ulbricht himself should have upwards of 600,000 bitcoins to his personal wealth through operating the site.

Mainstream Media Interest Is Heating Up

Searches for “bitcoin” in the past week have increased dramatically with Google Trends showing a spike 4 times larger than normal volumes.

bitcoin trend

Worth the watch is PBS newshour 8 minute positive video on bitcoin.

The Bitcoin Foundation have released an official comment stating the Silk Road closure to be good for bitcoin’s reputation and I would agree.

For bitcoin to become a trusted and legitimate store of value and payment mechanism, the mainstream media need to frame bitcoin in a more positive light.

It has always been damaging for bitcoin and Silk Road to be mentioned in the same sentence (the irony of this sentence is not lost on me).

Hopefully, the media will drop Silk Road from the bitcoin narrative and focus on the multitude of positive uses and companies helping boost bitcoins good rep.