If you look back on the history of emerging technologies, you’ll see a trend. Early adopters were typically geeks and crooks.
The first iteration of any new technology usually attracts hackers, drug dealers and those plying the online sex trade.
Unfortunately, the alternative currency market has been no exception.
Clarity Way, an alcohol and drug recovery center, posted an infographic that clearly describes the way Silk Road competed with street dealers before Silk Road was shut down in October 2013. The numbers are astonishing.
“When the drug-selling website Silk Road was shut down in October 2013, the event made international news. What didn’t make the news was how much the site’s purchasing clients were paying for the substances they were buying. Substance abuse comes with many costs. Emotional, health and career costs are just a few that we can name. However, Silk Road added yet another cost on top of its substance users’ problems: spending costs,” Clarity Way wrote in their blog.