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Virtual currency: Bits and bob

Virtual currency: Bits and bob
Related:  Understand BitcoinsBitcoin

THE BITCOIN BUBBLE If you haven't already heard about bitcoin, the first popular cypto-currency, you soon will. The idea for the currency is simple. It's a software system that makes it possible to manufacture and trade (P2P), in a public and decentralized way, a limited digital resource. That's it. So why the interest in bitcoin? Simple. As a transactional currency that operates outside of traditional systems, it's actually a pretty good medium of exchange (particularly if those transactions are small and quick). As a store of value or an asset it's shady. So, for those of you with the stomach to take bets with eastern european mobsters and US financial boiler rooms or if your willing to bet on the fickleness of viral adoption, you might be interested in taking a look at bitcoin as an asset. As far as I know this could become the first P2P bubble. NOTE: Here's some more traditional economic analysis of bitcoin from Adam Cohen.

Y)^_°(V) - How to get started using your GPU to mine for Bitcoins on Windows (In a slight departure from my normal content…) Money for only running your computer!? It's more likely than you might think! No referral pyramid scam shit, you can make as much money as you have computing power to devote. ***NOTE: Since the difficulty is very high, unless you have an ASIC mining device and/or a very significant aggregate hash rate (over several TENS OF Ghash/sec or more) you are probably going to spend more on electricity than you can recoup in mined bitcoins, even when mining in a pool! If you have access to free electricity though, then there really is no argument against mining (aside from the *possibility* of shortening the lifespan of your graphics card(s)/mining hardware). This post is aimed mostly at people who are already familiar with Bitcoin (Wikipedia page), and would like to get started using their GPU(s) to mine for bitcoins in a Windows environment. Please make sure you are using the most recent drivers for your particular graphics card. 1. 2. 3. 4. 1. 2.

Digital Black Friday: First Bitcoin "Depression" Hits Much like the New York Stock Exchange, Bitcoin exchanges have suffered from their first massive loss -- a virtual "Black Friday", so to speak. (Source: Google Images) Some say Bitcoins could make buying illegal drugs easier. However, in reality Bitcoins are far from "untraceable". Mt. Currency experiences massive inflation in a single day, markets stay open The day was October 28, 1929 and the sky was falling. Today modern exchanges automatically close to prevent such catastrophic sell offs. I. This Friday the New York Stock Exchange (NYSE) was hammered, losing 172.45 points (approximately a 1.4 percent dip) to close below 12,000 for the first time since March 18, 2011 -- nearly three months ago. But as bad a day as Friday was for NYSE traders, it was far worse for those who invested in an increasingly popular digital currency -- Bitcoins (BTC). Granted, in recent weeks the market for Bitcoins has soared upwards, nearly tripling, due to increased demand and built in technical issues. 1.

Banco Palmas Bitcoin Y)^_°(V) - How To Set Up Pooled Bitcoin Mining In Windows (Please Note: This guide is mostly up to date…. syntax and URLs may not be 100% correct, please extrapolate if you have to and let me know in the comments so I can try to fix stuff… Updated 4-10-13) So, you've read my previous article about using your GPU to mine for bitcoins, but now that the difficulty is starting to get high absurd, you may be having a hard time generating any bitcions on your own (especially if you have non-specialized hardware). Never fear, there is a solution! NOTE: You really should take a look at my first article to make sure that your hardware is even capable of supporting opencl, and you should also be using the most recent version of the drivers for your particular graphics device. This guide is going to cover what is known as pooled mining, or working together with many other miners to share the rewards when a block is generated. The way slush's pool works is each connected miner is given a block of a very low difficulty to work on. 1. 2. 3. 4. Simple enough?

Mt Gox - Bitcoin Exchange From Credit Card to PayPal: 3 Ways to Move Money | Wired Magazine Credit cards are expensive and inefficient. iTunes and PayPal streamline the transaction process. Credit Cards The swipe is just the beginning. The actual transfer of money from a buyer to a vendor can take days and cost up to 3.5 percent of the sale price. 1 Merchant runs customer’s card through card reader, for which it pays a fee. 2 Card reader sends sales data to merchant’s bank. 3 Merchant’s bank requests approval from the card-issuing bank. 4 Card-issuing bank grants approval. 5 Merchant’s bank sends approval to card reader. 6 Merchant approves sale. 7 Merchant sends record of transactions to its bank for processing. 8 Merchant’s bank requests payment from card-issuing bank. 9 Card-issuing bank transfers funds, minus a fee. 10 Merchant’s bank deposits payment in account, minus a fee. iTunes Apple’s online store cuts credit card fees and friction by bundling a customer’s purchases over time and processing them as one transaction. PayPal inShare0

Did A Reporter Just Solve A Bitcoin Mystery? : Planet Money hide caption One bitcoin will get you this nerd merit badge. eagleapex's posterous/Flickr In 2009, a programmer who called himself "Satoshi Nakamoto" created bitcoin. The journalist Joshua Davis tries to track down Satoshi in an article (subscription req'd) in this week's New Yorker. Whoever created bitcoin, it's clear that he (or she, or they) is/are a very clever coder with a deep understanding of cryptography. An expert tells the New Yorker writer that someone with Satoshi's skills would probably be at Crypto2011, the most important cryptography conference. So he narrows the field to people from the UK at Crypto2011. After I read the article this morning, I called Gavin Andresen, a programmer who has done a lot of work on bitcoin, and who we talked to at length when we did a bitcoin story earlier this year. I asked Gavin if Michael Clear is Satoshi. "I have no idea," Gavin told me. Clear was named the top computer-science undergrad at Trinity College in Dublin in 2008.

Raising the roof on debt Peter Schiff is one of the few non-biased investment advisors to have correctly called the current bear market before it began. Published time: May 17, 2011 18:38 Today the U.S. government officially borrowed beyond its $14.29 trillion statutory debt limit. And even though the Obama administration has assured us that accounting gimmickry will allow the government to borrow for another few months, the breach has given seeming urgency to Congressional negotiations to raise the debt ceiling. Republicans are making a great show of acting tough by linking their "yes" votes with promises for future budget cuts (that could even slow the rate of debt increases at some uncertain point in the future). But as we go through the process, many novice observers may wonder why we have a debt ceiling at all when our government has never shown the slightest inclination to respect its prior self-imposed limits. Despite the costs associated with the Korean War, the next increase did not come until 1954.