Bitcoins are a digital currency created in 2001 by Satoshi Nakamoto. It is based on open source software and P2P networks with no central authority or issuers. The coins are saved on your computer in a wallet file or in a third party wallet. They can be exchanged between anyone with a Bitcoins address. The database of transactions is spread across a peer to peer network. They also use digital signatures to ensure they are only spent once and by the person who owns them.
In July of 2001, Standard and Poor’s (S&P) cut the credit rating of Argentina. S&P did the same thing to the U.S. rating 10 years later (2011). There was uproar in the halls of Congress about this even though arguably, the lower credit rating could have come much sooner. To make matters worse, U.S. credit agencies granted pristine ratings to mortgage-backed securities in their heyday. Fitch, another credit agency, is warning of further action against the U.S. this year.
12/4: Rob Wong and Chris Tessaro are joined by World Poker Tour tournament director Matt Savage to recap the WPT Montreal. Greg Raymer, poker pro, also joins The Poker Show to talk about his recent hot run on the Heartland Poker Tour. [Visit Website] [Download MP3].
Silk Road was apparently down temporarily, so the detractors were quick to blame website. But the site was also the target of a series of distributed denial of service (DDoS) attacks, which has nothing to do the economics of the situation.
12/1: Strategy With Kristy: Jonathan Little Returns – Jonathan Little makes another appearance on the Strategy With Kristy podcast to talk about the importance of thinking ahead. [Visit Website] [Download MP3].
Get a miner. There are a number of mining options for multiple platforms although OSXusers may find themselves in a bit of a pickle. Miners utilize spare GPU cycles to power the mining operation, similar to services like SeTi. Miners, however, use these types of cycles to help handle peer-to-peer processes connected with bitcoins. Therefore by doing “work” you are preserving the network as well.
At this very moment, all over the globe, approximately 85% of non cash funds are being converted to digital money…the days of World Paper Money are numbered and…there is nothing that you or I can do about it. It is the wheels of progress at work. Take it or…