Connect with us

Blockchain News

Why Darknet Drug Sales Are on the Rise

Published

on

Why Darknet Drug Sales Are on the Rise

The public’s appetite for darknet drugs remains undaunted. A major new survey has shown consistent growth in online drug sales since 2014, with Scotland, Brazil and England leading the demand for narcotics procured off the darknet. Despite numerous darknet markets (DNMs) and supporting infrastructure including clearnet link sites and bitcoin mixers being shut down this year, business is booming.

Also read: The Darknet Rises With 6 New Markets

Why the Growth of Darknet Drug Sales Is a Good Thing

Global Drugs Survey (GDS), the largest poll of its kind, has published its 2019 report into the state of the recreational drugs market. It questioned more than 123,000 people from over 30 countries. GDS findings include darknet drug purchases more than doubling in England since 2014, with 28.6% of respondents professing to having purchased drugs from DNMs.

Bizarrely, GDS founder Dr Adam Winstock told the BBC that the greatest risk associated with buying drugs online involves extortion. “If you’ve given your name, somebody knows you’ve bought illicit drugs,” he said. “And then there’s a possibility that they will blackmail you.” There is no credible evidence to support this assertion. Moreover, the same reasoning, if it were true, could be applied to real world purchases of drugs.

Why Darknet Drug Sales Are on the Rise
A selection of wares currently for sale on Nightmare market.

While hard drugs such as heroin, crack cocaine, and xanax can be harmful, wherever they are purchased, the reputation system used on DNMs has been shown to build trust, minimizing the risks of purchasing narcotics that have been cut with harmful adulterants. Moreover, purchasing drugs online mitigates the threat of being robbed or sold diluted or fake substances. As a consequence, many drug users use DNMs not only for convenience, but also for safety.

Irresponsible reporting by mainstream media such as the BBC has left the public dangerously misinformed, leaving the impression that darknet markets are the riskiest way to purchase drugs, when in fact the reverse is true. For technically competent web users, DNMs are safer in almost every way than buying on the street.

What the Average Drug User Looks Like

In the 2019 Global Drug Survey, 87% of respondents were white and 59% were male, with a mean age of 29. The most popular illegal drugs used in the last 12 months were cannabis followed by MDMA, cocaine, amphetamines, LSD, and magic mushrooms.

Why Darknet Drug Sales Are on the Rise

Among darknet buyers, over 25% of those who purchased drugs from a DNM in the last year were doing so for the first time. MDMA, LSD, and cannabis were the most popular drugs bought on the darknet. “Over the last 6 years, there has been a year on year increase in the percentage of GDS participants obtaining drugs on the darknet in most countries,” notes the survey.

Business as Usual on the Darknet

Despite the usual spate of takedowns, exit scams, DDoSes, and doxings, DNMs remain in rude health, with new markets springing up to replace those that are shuttered. In the absence of trusted DNM gateways such as Deepdotweb, users can consult clearnet services such as dark.fail, cross-referencing its information with that to be found on onion forum Dread. “I think we need to be showing major recognition and appreciate for [dark.fail’s] efforts,” reads one recent post on Dread. “Consistent legit working onion for (almost) every DN recourse. It is incredibly impressive and a massive improvement from deepdotweb (RIP). Without dark.fail I (and others here) would probably have to be fumbling around Reddit, scouring for (inevitable) phishing links from a bunch of teenage edgelords.”

Why Darknet Drug Sales Are on the Rise
A sample thread on Dread, praising monero

Other popular threads on Dread encourage the community to use monero everywhere instead of BTC (“It is in our power as a community to change the mainstream behavior”), shame scammers, and praise reputable vendors. DNMs currently seeing the most action include Empire, Nightmare, and Cryptonia. While some of these will inevitably fail, the sheer number of markets that are available means there will always be somewhere for cryptocurrency users to get their fix. When trusted vendors are forced to migrate to a new market, their PGP key gives users confidence that they are still dealing with the same entity. Purchasing drugs online still necessitates a degree of risk, since these substances are still illegal in most countries. Given the convenience and quality assurances compared to street purchases, however, coupled with increasing adoption of crypto assets, it is no wonder that DNMs are growing in popularity.

Have you tried visiting any of the new darknet markets? Let us know in the comments section below.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Why Darknet Drug Sales Are on the Rise appeared first on Bitcoin News.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Blockchain News

Southeast Asia’s Largest Bank DBS to Launch Crypto Trading for Retail Investors

Published

on

By

Southeast Asia's Largest Bank DBS to Launch Crypto Trading for Retail Investors

DBS, the largest bank in Southeast Asia, is planning to launch crypto trading for retail investors this year, the bank’s CEO has revealed. He added that in the first half of this year, DBS will focus on making “access to digital assets a lot more convenient.”

DBS Bank to Offer Crypto Trading to Retail Customers

DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year.

During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS has any plans to expand its digital asset exchange and if there is a roadmap for rolling out digital asset trading for retail investors given the growth in that market.

Gupta replied:

What we will focus on in the first half, the first two quarters, of this year is to make the access to digital assets a lot more convenient.

He detailed: “Today, what happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”

The DBS boss revealed: “At the same time, we’ve started doing the work on seeing how we can, in a sensible way, take it out and expand it beyond the accredited investor base. And that includes making sure we have the appropriate thinking about suitability, potential for fraud, etc.”

The DBS CEO continued:

Nevertheless, by the time we nail all of these things down, I think you are looking more like the end of the year before we can actually bring something to market.

DBS Bank launched a cryptocurrency exchange in December 2020. The bank then launched a trust service of cryptocurrencies in May last year, followed by the launch of its first security token offering.

The bank’s brokerage arm has also obtained approval from the Monetary Authority of Singapore (MAS), the country’s central bank, to provide crypto services.

What do you think about DBS launching crypto trading for retail investors? Let us know in the comments section below.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Blockchain News

St. Louis Fed President Says Central Bank’s ‘Credibility Is On the Line’ as US Inflation Surges

Published

on

By

St. Louis Fed President Says Central Bank's 'Credibility Is on the Line' as US Inflation Surges

Inflation continues to grip American wallets, according to a recent economic analysis from Moody’s Analytics, which shows inflation is likely costing the average U.S. household between $250 to $276 per month. Meanwhile, the U.S. Federal Reserve is expected to raise the benchmark interest rate in March and St. Louis Fed president James Bullard believes the Fed needs to “front-load” rate hikes.

St. Louis Fed President on Inflation: ‘People Are Unhappy, Consumer Confidence Is Declining’

Last week, the U.S. Labor Department published its Consumer Price Index (CPI) report which noted inflation jumped 7.5% higher than it was a year ago. Following the report, Moody’s Analytics notes that the average U.S. household is likely paying $250 to $276 a month due to the added inflation. As the days continue in 2022, the U.S. dollar’s purchasing power has decreased and the price of goods and services has increased.

Moody’s senior economist Ryan Sweet explained that a lot of Americans are feeling the burden of inflationary pressures. “A lot of people are hurting because of high inflation,” Sweet said. “$250 a month—that’s a big burden. It really hammers home the point of ‘what is the cost of inflation?’”

The chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, James Bullard, made similar remarks on Monday. “The inflation that we’re seeing is very bad for low- and moderate-income households,” Bullard told CNBC. “People are unhappy, consumer confidence is declining. This is not a good situation. We have to reassure people that we’re going to defend our inflation target and we’re going to get back to 2%.”

Bullard also spoke about the Labor Department’s January CPI report published last week. “My interpretation was not so much that report alone, but the last four reports taken in tandem have indicated that inflation is broadening and possibly accelerating in the U.S. economy,” Bullard stressed. During the CNBC “Squawk Box” interview, the president of the Federal Reserve Bank of St. Louis added:

I do think we need to front-load more of our planned removal of accommodation than we would have previously. We’ve been surprised by the upside on inflation. This is a lot of inflation. Our credibility is on the line here and we do have to react to the data. However, I do think we can do it in a way that’s organized and not disruptive to markets.

San Francisco Fed President: ‘Fed’s Abrupt and Aggressive Action Can Actually Have a Destabilizing Effect’

Equities markets have felt the sting of a souring U.S. economy as Nasdaq, NYSE, and the Dow Jones Industrial Average all closed in red territories on Monday. Data shows bond markets have also signaled that investors are concerned about the Fed’s decision.

The president of the Federal Reserve Bank of San Francisco, Mary C. Daly, spoke about the Fed acting on inflation as well, but stressed to CBS’s “Face the Nation” that it needed to be a “measured [approach].”

“I see that it is obvious that we need to pull some of the accommodation out of the economy,” Daly explained. “But history tells us with Fed policy that abrupt and aggressive action can actually have a destabilizing effect on the very growth and price stability we’re trying to achieve.”

What do you think about Moody’s data on inflation? What do you think about the comments stemming from the two Fed presidents Bullard and Daly? Let us know what you think about this subject in the comments section below.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

NYSE files a trademark application for trading NFTs

Published

on

By

The world’s largest stock exchange may be planning to bring business into the Metaverse.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

Published

on

By

Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

Published

on

By

Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

MONSTERCHOMPERS NFTs
BREAKING NEW GROUND

You must have javascript enabled to view this plugin.

Copyright © 2022 The Crypto Report

You have not selected any currency to display