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Bitcoins and Cryptocurrencies

nodle

Cheesemonger
Administrator
So how many of you have kept up with these? For those of you that are into currency you should check it out.

Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name also refers both to the open source software he designed to make use of the currency and to the peer-to-peer network formed by running that software.
Unlike other digital currencies, Bitcoin avoids central authorities and issuers. Bitcoin uses a distributed database spread across nodes of a peer-to-peer network to journal transactions, and uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can be spent only once per owner and only by the person who owns them.

Bitcoins can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation.
[media]http://www.youtube.com/watch?v=Um63OQz3bjo
 

WayneKerr

Mad scientist
Members
I've read an article or two that tie bitcoins to malware and do not show them in a favorable light. I remember when paypal was considered kinda shady though.
 

nodle

Cheesemonger
Administrator
I can tell you the government don't like it. Hard to trace and they can't take a cut.
 

ndboarder

Bill Gates' Gimp
Members
If a guy were lucky last week they could've made quite a bit on these, assuming you can buy and then just sell back for cash like a stock. Definitely volatile though. The things had surged up over $200 at some point, but then dropped drastically the next day
 

WayneKerr

Mad scientist
Members
By that second to last picture I can tell this is an elaborate scheme by the generic USB cable and hub manufacturers to sell product.

Seriously though, the Sceptic's guide to the Universe detailed (somewhat accurately) bitcoin and what is involved in its trade and distribution. If you have room in your life for another podcast, listen to the April 20th and 27th podcast.
 

nodle

Cheesemonger
Administrator
Wow things are going to get interesting. Should had invested in them about a year ago. I think some people are going to make some money off of this.
 

nodle

Cheesemonger
Administrator
Basically while you were playing their video game it was stealing GPU cycles to mine bitcoins for the company. Genius!

Three gamers have sued the ESEA League, one of the largest PC gaming leagues, for the surreptitious installation on their computers of malware that "mined" the virtual currency called bitcoins, netting a rogue ESEA employee some $3,700 back in April. Their lawsuit seeks class action status.
http://kotaku.com/e-sports-league-hit-with-lawsuit-over-bitcoin-mining-sc-692954889
 
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