Bitcoin is one such
phenomenon, with its quasimythical origins, ground breaking
software, and fairly obvious potential, however to date early
adopters outside of the
murky world of sites such as Silk Road, the now defunct online drug store (watch out
for Silk Road 2, origins unknown),
have been few and far between.
Bitcoins somewhat seedy reputation
has been cemented by the seizure of
Silk Road, the bankruptcy of the Mt.Gox exchange, which at one point
was handling 70% of all Bitcoin
transactions, the extreme volatility
of the online currency, and concerns regarding safety and
online theft.
Like any other fiat currency,
however, Bitcoins do not simply
disappear into thin air, and the US
government has done more than
anyone to restore their reputation,
successfully auctioning off Bitcoins
seized from Silk Road in much the
same way that the Miami vice squad
might auction a speedboat seized as
part of a drugs raid.