I have to admit I, thus far, have been the ultimate Bitcoin cynic. Watching the price go from $2 in the fall of 2011 to $1132 in December 2013 was dizzying. It seemed reminiscent of Dutch tulip mania. A bitcoin that is not backed by anything physical such as gold, or by a government, strikes me as only slightly less valuable than a tulip.… Read More
Tag: bitcoin
The Future of Money is Digital – Part 2
BitCoin Algorithm
Invented by a mystery person/group with the alias “Satoshi Nakamoto”. [You can read a consolidation of the paper here]. The essential elements are:
· Peer to Peer Network with self-validation
· Exponentially increasing compute cost
· Finite supply with exponential conversion
· Hidden in plain… Read More
The Future of Money is Digital – BitCoin Introduction
By now most people who read or listen to the news know something about Bitcoin (BTC). Most people have the perception that it is either the currency of crime or speculation. Put aside the perceptions and consider this. When is the last time you saw someone write a check in the grocery store, especially someone under 60? Today’s… Read More
Wanna Build a Bitcoin Miner: GlobalFoundries Will Manufacture it For You
You may know a bit about Bitcoin, the digital currency. One part of the system is “mining” new bitcoins, analogous to mining new gold when we were on the gold standard, creating “money” out of thin air but at a cost of doing the actual mining.
Here is an interesting aside. When I lived in France the father of… Read More
ASICs for Bitcoin Mining!
One of the hottest areas for Application Specific Integrated Circuits today is Bitcoin mining. A good friend of mine has a son who is involved in a Bitcoin start-up so we have been discussing this at great length and I will share what I have learned thus far. Coincidently, my wife asked me about Bitcoin during our most recent walk down… Read More