The Great Bitcoin Debate
Start here
https://en.bitcoin.it/wiki/FAQ
Who accepts them?
https://en.bitcoin.it/wiki/Trade
What are they currently worth?
http://bitcoincharts.com/markets/
A good blog about bitcoin starting with an interesting entry about how Government might track transaction of bitcoins.
http://themonetaryfuture.blogspot.com/2011/05/thoughts-on-bitcoin-l...
I personally am not recommending you to invest in bitcoins for various reasons one major one being RISK, it's very high for investors. Though for guys like me with a good video card sitting around there is virtually no risk mining for coins aside from your electric bill going up a tad from running your GPU 24/7.
Replies to This Discussion
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Permalink Reply by ArchAngel on
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I researched this and applied my backwards thinking. There does not appear to be a logical reason for all of the processing power applied to mining.
I think its a ploy to help the graphics Card makers to expand sales. But if you already have a newer video card you could mine with the time you're not on the computer and perhaps bring in a prize.
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Permalink Reply by TheLasersShadow on
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I don't think it's any type of push by video card makers but I'll bet it does help them.
I think of it as a lottery, just one where you have statistically a chance of winning in a few months rather than almost no chance at all with the real lottery. If you find one block (correct encryption code) it's worth 50btc thats worth currently $20 per btc (bitcoin) ... thats $1000 !!! I don't know of any legit make money on the net scheme that comes close to the ease (hitting a button and waiting) or the payout.
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I was just offering a possible reason for the mining method. I couldn't see any rational reason for it. The system creates a new market for the high end video cards.
In order to increase your chances of capturing a prize you need more shaders. More shaders means more Geforce and Radeon card sales.
And I agree that if you already have a good card this is a way to perhaps bring in some extra cash. One hit and you paid for the card and more. Its not like the card is doing anything while you are at work or sleeping.
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Senators seek crackdown on "Bitcoin" currency
http://www.reuters.com/article/2011/06/08/us-financial-bitcoins-idU...
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Wow good post, whats funny is you can tell that the writers and senators have no clue how bitcoin works at all. "However, Bitcoins must be purchased with real money; of late, they have been selling for roughly $10 each." lol no you can mine them and they're worth $20
I'm betting they will go after bitcoin like they went after Von Nuthaus and call it an illegal currency or counterfeit. Sounds nuts but they can get away with anything.
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Permalink Reply by KingofthePaupers on
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Jct: Once Bitcoins link to the Time Standard of Money, they'll have real use.
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Permalink Reply by truth on
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Online Cash Bitcoin Could Challenge Governments, Banks http://techland.time.com/2011/04/16/online-cash-bitcoin-could-chall...
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Digital Black Friday: First Bitcoin "Depression" Hits
At the opening bell at Mt. Gox, the world's largest Bitcoin exchange, a single BTC cost $28.919 USD. By mid-day that total had plunged to $20.01 USD -- a drop of 30.8 percent.
More....
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Bitcoin wallet hacked. Mass sell off. Market closed. Previous trades being rolled back. Market back up tomorrow, so they say.
https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-du...
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California Orders Bitcoin to Cease and Desist
Bitcoin Foundation sternly warned to comply with licensing regulations.
California's Department of Financial Institutions has sent a letter to the Bitcoin Foundation warning that financial transactions within the state are required to be fully licensed and authorized. http://www.pokerupdate.com/news/business-and-finance/california-ord...
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