The founder of silk road received a life sentence. Here are 3 quick takeaways from this saga for platform creators
1: Pick Your Domain
What is illegal in country A may be legal in country B but one thing you should do is that you should make sure you are not a citizen of a country where your platform would be considered as being illegal. Whether you are living in that country is irrelevant if they decide to come after you. Now they might not get you but you should be ready to live with the fact that you might seen as a criminal or lawbreaker in your home country.
2: Its Smooth Sailing If The Authorities Are Behind You
I do not like the idea of bitcoin. If you ask me, it looks criminal. That is, the potential for criminality is high. Bitcoin looks more criminal than e-gold.
In a fair world, the government that prosecuted the people behind e-gold would have apologized to them after the bitcoin/silk road saga. Without bitcoin, Silk Road may never have sprouted. In fact, Silk Road became a possibility because of bitcoin and it was built around bitcoin.
However, e-gold was shutdown. Bitcoin is still being celebrated. Nothing touched bitcoin even when it was so glaring that it was the key to the existence of Silk Road because the authorities have looked at bitcoin and concluded that it was a good thing.
What is the difference between bitcoin and e-gold? One was created with the full awareness and support of ‘the’ authority but e-gold is from Canada.
3: Do Not Get Carried Away
It is a crime to get carried away by the success of your platform even when what you are doing is not criminal. This man slipped in many ways but if there is a lesson to draw from this, it is that your head should always be on your shoulder. If you have a growth plan for you platform and have put in place actions you would take if the platform reaches certain benchmarks of growth, stick to that plan. It might cost you something for life if you allow its success to get to your head.