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Permalink Reply by ArchAngel on June 6, 2011 at 5:14pm

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 June 6, 2011 at 6:14pm

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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Permalink Reply by ArchAngel on June 6, 2011 at 6:35pm

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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Permalink Reply by ArchAngel on June 8, 2011 at 7:37pm

Senators seek crackdown on "Bitcoin" currency

http://www.reuters.com/article/2011/06/08/us-financial-bitcoins-idU...

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Permalink Reply by TheLasersShadow on June 8, 2011 at 8:38pm

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 June 9, 2011 at 2:06pm

Jct: Once Bitcoins link to the Time Standard of Money, they'll have real use.

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Permalink Reply by truth on June 11, 2011 at 2:14pm

Online Cash Bitcoin Could Challenge Governments, Banks http://techland.time.com/2011/04/16/online-cash-bitcoin-could-chall...

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Permalink Reply by ArchAngel on June 13, 2011 at 6:02pm

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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Permalink Reply by ArchAngel on June 20, 2011 at 6:01pm

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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Permalink Reply by truth on June 25, 2013 at 8:35pm

California Orders Bitcoin to Cease and Desist

Bitcoin Foundation sternly warned to comply with licensing regulations.

0 821 24th June, 2013 Poker Business & Finance Charles Rettmuller

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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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Permalink Reply by truth on June 25, 2013 at 8:37pm

http://tinyurl.com/12160Bitcoin

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