Source: AI and Web3 Observation Diary
"You are pardoned." A phone call ended Ross Ulbricht's 11-year prison life. The legendary figure who made Bitcoin soar from $0.1 to $1,100 finally saw the light of day again.
The one who released him was none other than Trump, who had just caused an uproar for issuing coins. The incoming US president not only changed a person's fate with a pardon order, but also set off a storm in the crypto market.
Who is Ross? In 2011, this 26-year-old young man did something earth-shattering: he created the dark web trading platform "Silk Road". At that time, Bitcoin was only worth a few cents and no one was interested. But Ross was the first to discover its potential and turned Bitcoin into the only payment method on the platform.
This move directly transformed Bitcoin from a "toy" to a "tool". Market data showed that the Bitcoin circulating on the platform accounted for 80% of the transaction volume of the entire network at that time. In just two years, Bitcoin rose from US$0.1 to US$1,100.
"The core of blockchain technology is decentralization and anonymity," and Ross perfectly demonstrated these two characteristics with "Silk Road". Although the method is controversial, he did find the first real application scenario for Bitcoin. "
Of course, this kind of "innovation" comes at a price. In 2013, in a bookstore, a carefully planned play brought Ross down. The FBI arranged a pair of agents pretending to be a couple to quarrel next to him, and arrested him when he was distracted. His computer was still logged into the dark web administrator account, which was conclusive evidence.
In the end, the court sentenced him to two life sentences plus 40 years. Some people say he is a criminal, while others say he is a liberal fighter. In the crypto community, there has been a strong call for a sentence reduction.
Trump released Ross this time, ostensibly to fulfill his campaign promise, but in reality he was playing a bigger game. Just a few days ago, the TRUMP coin he issued was fiercely criticized by the cryptocurrency community, saying that he was using his presidential status to make money. This time, releasing Ross immediately calmed down a lot of controversy.
"This is where Trump is smart," on the one hand, he used the pardon to show his support for the crypto industry, and on the other hand, he paved the way for his Bitcoin strategic reserve plan. "
From a technical perspective, Ross's release may herald a new turning point for the crypto industry. The bitcoin that he pushed to $1,100 that year has now exceeded $105,000. And this industry, which started from underground transactions, has gradually moved towards the mainstream market under the sun.
Now Ross is 41 years old, and Bitcoin has gone from obscurity to a new Wall Street upstart. Who would have thought that the prisoner who changed the fate of Bitcoin 11 years ago would eventually be released by a "Bitcoin President"?
Perhaps this is the magic of fate: history is always full of unexpected turns.
Explore the recent developments in the Indian cryptocurrency market, including the removal of major crypto exchange apps from Apple's App Store and the evolving regulatory landscape.
MiyukiUnraveling the impact of Elon Musk's X on the SEC Twitter hack: A critical look at how a lack of two-factor authentication led to a surge in Bitcoin values.
WeatherlyExplore the unexpected implications of the SEC X account hack on the approval process of Bitcoin Spot ETFs. This article delves into the interplay between cybersecurity and financial regulation, analyzing how this incident might reshape the future of cryptocurrency investment.
WeiliangDive into the captivating journey of the Spot Bitcoin ETF's approval. Explore a decade of challenges, regulatory milestones, and pivotal moments that led to this historic achievement in the crypto world.
AnaisExplore Circle Internet's landmark IPO and its impact on the crypto and financial worlds. Discover how this event symbolizes the fusion of digital currencies with traditional finance, paving the way for a new era in financial technology.
WeiliangExplore the latest developments in the complex legal and financial saga of Gemini Earn, Genesis, and DCG as of 2024, including restructuring plans, court rulings, and user reactions.
MiyukiDiscover the inside story of JPMorgan Chase's account freezes. Uncover customer experiences, bank policies, legal implications, and resolution strategies in our comprehensive analysis.
WeiliangThe Traders Fair and Blockchain Festival by FINEXPO on March 2nd, 2024, at Marina Bay Sands will gather global finance and blockchain figures for discussions and networking, catering to over 5,000 attendees. Open to both seasoned professionals and newcomers, the event explores the future of finance.
JoyThe new roadmap entails the introduction of a wallet terminal, the launch of a social application, and an expansion into various networks, including those outside the Ethereum Virtual Machine (EVM).
AlexGender disparity persists in Web3 VC funding, as female-led startups secured a meagre 7% of the $27.85 billion invested in the past two years. Bridget Greenwood's revelation of a mere 3% of VC funding going to female founders in the U.K. underscores the urgent need for comprehensive measures to address the imbalance.
Joy