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Follow me to learn #Bitcoin history. Editor @bitcoinmagazine. Editor at large @KrakenFX. HODLing with @CasaHODL 👉 https://t.co/yDz9D2wfJw

Mar 30, 15 tweets

Why Ross Ulbricht Is A #Bitcoin Legend

Launched the largest $BTC market at $0.50
Just turned 40, serving a 2x life sentence

A thread ✨

1/ Ross launched the Silk Road in 2011, a free #Bitcoin market where anything could be bought or sold

It's estimated 18% of drug users used the marketplace.

It accounted for 20% of all $BTC trading.

2/ By 2012, the Silk Road was so popular, it was processing $22 million in trade volume

At $12, that's 1.8 MILLION $BTC

For thousands, the Silk Road was an introduction to the power of #Bitcoin

3/ Silk Road employed 100s of people, who handled:
customer support, inventory, IT, marketing, quality control, and supply chain management

All were paid in #Bitcoin, the market's only currency

4/ Ross's motivation was ideological. It wasn't about making money.

Silk Road had its own book club, with readings on Friedrich Hayek and Ludwig von Mises 👏

5/ Ross's dream was to restore power to the people, to take it back from the state.

He saw the Silk Road and #Bitcoin as powerful vehicles for promoting liberty and free trade. ⚖️

6/ Ross believed #Bitcoin would stop the theft of inflation, and rid the world of the Federal Reserve.

7/ Ross continued to promote #Bitcoin, even when US politicians used the Silk Road as an excuse to ban it.

He saw this as an affirmation regulations were failing

8 / At the time of Ross's arrest, his personal wallet was confiscated by the government.

It held over 144,000 #Bitcoin, making Ross one of the largest holders of $BTC in history

9/ The US government auction of Ross's #Bitcoin was a huge mainstream moment.

It was seen as a milestone, the US government legitimizing the industry

10/ During Ross's trial, it was uncovered that the DEA agents investigating him stole 80,000 #Bitcoin.

Other key defense topics were banned from the trial:

11/ Today, the official platform policy of the Libertarian party calls for Ross to be pardoned and released 👏

12/ Republican VP candidate Vivek Ramaswamy has vowed to pardon Ross if elected 👏

13/ Today, Ross's market is considered by some "one of the largest contributions to harm reduction in narcotics distribution ever."

By anonymizing a violent trade, it's estimated he may have saved thousands of lives

14/ Today, the #Bitcoin community continues to fight for Ross's pardon and release.

By donating to you can help ensure Ross doesn't spend his life in prison 🧡 FreeRoss.org

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