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Definitions and terminology related to cryptoeconomics, blockchain and distributed ledger technology.

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Silk Road Marketplace

The Silk Road Marketplace, founded in 2011, was one of the first large-scale websites that exclusively accepted Bitcoin as payment for goods. The website primarily sold a wide variety of drugs, but also contained a variety of other goods and services, some legal and some illegal in different jurisdictions. The Silk Road was a darknet marketplace, operating as a TOR hidden service, accessible through TOR. The site was estimated to facilitate, at its peak, several hundreds of millions of dollars worth of transactions. The site was shut down by the FBI in 2013. Ross William Ulbricht was charged and convicted on seven felony counts for founding and running the Silk Road and was sentenced to life in prison. The Bitcoins seized from the computers belonging to Ross Ulbricht were auctioned off by the FBI.