After mainstream news sources recently published a few articles regarding Bitcoin and the TOR project, these little-understood services have been getting a lot of attention.
Most of this began, by my estimation, with a post at Gawker.com. The article focuses most of its attention on the fact that Bitcoins are used as the principal currency of the online drug trade. This sensationalistic tidbit completely overshadowed the real story, here. Rather than consider the implications of an untraceable, digital currency that exists independently of any government or bank, online media outlets kept writing the easy story about "The Amazon.com of illegal drugs," and "Silk Road: the website with every drug imaginable for sale."
As a result of this sensationalism and oversimplification, strong reactions have been seen among individuals with no understanding of BitCoin or Tor. Among them, two U.S. senators.
According to a Reuters Report, Senators Charles Schumer and Joe Manchin are pressing officials within the DEA to take action against Silk Road by attacking BitCoin. As they wrote in their letter:
“The only method of payment for these illegal purchases is an untraceable peer-to-peer currency known as Bitcoins. After purchasing Bitcoins through an exchange, a user can create an account on Silk Road and start purchasing illegal drugs from individuals around the world and have them delivered to their homes within days."
Silk Road is a very small part of a host of issues they're unknowingly tackling here. Our senators don't have a solid understanding of BitCoin or Tor, but I won't fault them for that. Most people aren't even aware they exist. I think that'll change in the coming months, though.
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