BITCOIN SEASON 2: Inside Bitcoin’s Darknet Markets
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We’re exploring darknet markets, from their history with the Silk Road to how they function today. Bitcoin vs. Monero usage, exit scams, and why these markets look like they're stuck in 2004 despite handling billions in transactions.
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Colin and Charlie dive into the seedy underbelly of cryptocurrency—darknet markets. From the early days of the Farmers Market to the infamous Silk Road and beyond, they explore how these marketplaces function, why they initially struggled without Bitcoin, and the recent shift from Monero back to Bitcoin following exchange delistings. With $2 billion in annual volume yet surprisingly flat growth, they examine the robust review systems, exit scams, and why these sites stubbornly maintain their 2004-era aesthetics.
Disclaimer: This episode discusses drugs and illegal activities for informational purposes only.
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Notes:
- Darknet markets processed ~$2-3.5B annually
- Farmers Market (2006) had only 3,000 users
- Silk Road processed $182M from 100,000 users
- Market volume remained flat despite crypto growth
- Monero losing popularity after exchange delistings
- Kraken darknet market: ~$800M volume in 2024
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Timestamps:
00:00 Start
01:50 Chainalysis Darknet Market Report
05:15 Farmer's Market
14:27 After Silk Road
16:11 Arch
16:42 Rise of Monero
23:38 Quality control
29:24 Exit scams
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