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.
People want to hold their Bitcoins rather than spend them. Imagine that. People want to save. Admittedly, volatility makes future predictions difficult, which makes commerce difficult. But here’s the thing, people who understand monetary policy seem to prefer a volatile currency to an inflationary currency.
12/22: (Re-edit of the 12/21 podcast) Andrew Feldman is joined by two of the biggest names in poker in 2012. Bluff’s Player of the Year, Marvin Rettenmaier, and Antonio Esfandiari. [Visit Website] [Download MP3].
Finally, this is going to be the real test of bitcoin. Can people easily trade them back and forth? If this can’t happen, then there can’t really be a bitcoin economy because retailers won’t be able to use it. If retailers can’t use it, what earthly good is it? Fortunately, this is not really a problem. iPhone is a bit of a hold out, but many smartphones have apps (mobile wallets) that will read QR codes and allow you to send bitcoin to whomever you want. You can also display a QR code of your address, or even carry a card in your wallet with your QR code to let people send bitcoin to you. Depending on what kind of wallet you have, you can then check to see if the http://cli.re/bitcoinira have been received.
12/19: Interview with Robert Turner, inventor of Omaha (originally called “Nugget Hold’em” after the Golden Nugget where it debuted) in 1981/1982. SCBig and Gunner have a talk with Robert Turner about the game of Omaha. [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.
Experiment with different banners, text links, or reviews. Keep these that bring good results, and change the others. Sometimes only change of few words or color of link can mean difference.