CoinDesk Podcast Network

BITCOIN SEASON 2: Inside Bitcoin’s Darknet Markets

10 snips
Apr 5, 2025
Dive into the intriguing world of darknet markets, where Bitcoin reigns supreme despite a shift from Monero. Explore the history from the notorious Silk Road to modern platforms, revealing their surprising flat growth amid billions in annual transactions. Discover the tangled web of exit scams and the quirky aesthetics stuck in 2004. Learn about the evolving user strategies and trust dynamics in these illicit ecosystems, where even government agents might lurk. It’s a compelling look at the intersection of cryptocurrency and the shadowy underbelly of the web.
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ANECDOTE

Pre-Silk Road Markets

  • The first dark web market, Farmer's Market, predates Silk Road, founded in 2006.
  • It used cumbersome payment methods like cash, PayPal, and Western Union, hindering its growth.
INSIGHT

Legal Goods, Illegal Sales

  • Modern dark web drug markets often sell legally produced goods like marijuana.
  • This product is bought legally, then marked up and sold across state lines illegally.
INSIGHT

Bitcoin's Impact

  • Early dark web markets struggled with complex payment systems before Bitcoin.
  • Bitcoin facilitated easier transactions, enabling dark web market growth.
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