Saturday, October 5, 2013

Libertarian economics behind Silk Road website

Libertarian economics underpinned Silk Road Bitcoin drug website - - John Aglionby:

October 3, 2013 - "The goods and services traded on the semi-secretive website Silk Road since February 2011 with the virtual currency Bitcoins were so varied that the Federal Bureau of Investigation described it as 'the most sophisticated and extensive criminal marketplace on the internet today'.

"Its philosophical underpinnings, however, were ... according to the FBI complaint published on Wednesday after the site was shut down, 'Austrian economic theory' and the works of Ludwig von Mises and Murray Rothbard, economists closely associated with the Mises Institute, in the US state of Alabama.

"The libertarian institute’s website says it 'seeks to advance the Misesian tradition of thought through the defence of the market economy, private property, sound money and peaceful international relations, while opposing government intervention as economically and socially destructive'.

"Ross Ulbricht, Silk Road’s alleged founder who was arrested on Wednesday and allegedly made millions of dollars from running the trading site, had a user profile on the Mises Institute site and linked to the website, and cited the economists’ work in Silk Road forum postings, the FBI complaint said."

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