Getting Started with Bitcion

Are you interested in getting your web-site or business to accept Bitcoin, but not sure how to get started? Then, the guys over at My Coin Solution may have just what you need.

What is My Coin Solutions?

My Coin Solutions is a new company seeking to bridge the gap between businesses and Bitcoin.

What Gap?

Mainly, the technology gap. Bitcoin is still in its early stages. As such, it still has a pretty steep learning curve. The non-human readable Bitcoin addresses alone are enough to scare some people from enjoying the benefits that Bitcoin has to offer.

What can My Coin Solution do for my business?

My Coin Solution can help develop and implement your business’s Bitcoin Strategy. These guys can help you choose the wallet and payment processing options that are best-suited to your business, whether it be Coinbase or BitPay.

How do I get started?

It’s easy! Visit their Find us page and choose the method of contact that suits you best. (Tell them All Things Bitcoin sent you).

Posted in All Things Bitcoin, Getting Started | Tagged , , , , | Leave a comment

Gold from the Global Debt Facility to Replace Paper Currency

7-7-7 – It was still July 7, 2014 when Karen posted this video on YouTube.

Last year, Karen Hudes was telling people to learn how to use Bitcoin, in case the banks ground to a halt while they were put out of business. Today, she has a less-cataclysmic view of what lies ahead for the banking sector.

The the abolishment of “legal tender,” a major roadblock to the acceptance of Bitcoin will have been eliminated.

There are copies of letters sent to various embassies, asking them to participate in the Monetary Agreements to supply countries with enough gold to allow them to get rid of fiat currencies and abolish “legal tender” (aka. debt notes).

ETA: End of July, 2014

AWESOME!

Letters to Embassies in Tokyo, Part One, Part Two

Newsweek article about Karen

Posted in Banking, Government / Regulatory, Law & Disorder | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Has Big Money Ruined #Bitcoin?

This morning, CoinDesk posed the question, Will Industrial Mining Become the Next Big Bitcoin Investment Sector?. This comes only hours after a Distributed Denial of Service (DDoS) attack against the GHash.io mining pool, in response to the threat of a 51% attack against the Bitcoin netork.

The article outlines how BitFury has raised another $20 million in funding. BitFury owns GHash.io.

The list of investors includes the following:

  • Binary Financial
  • Crypto Currency Partners
  • Georgian Co-Investment Fund
  • Queensbridge Venture Partners
  • ZAD Investment Company

The DDoS attack came after Peter Todd’s post, Why I Just Sold 50% of my Bitcoin: GHash.io.

So, is this what the remainder of 2014 holds in store? DDoS attacks against entities that threaten the decentralized nature of Bitcoin?

Posted in Investing, Mining | Tagged , , , , , , | 1 Comment

#Bitcoin Today, Episode 3: the Best One, Yet

Laura Saggers, Susie Jane, Sandra Sashimi, and Jean Doge are in today’s episode.

In the News

  • Budweiser teams-up with Coinbase
  • The Winklevoss twins are excited about Bitcoin
  • Enjoy Soccer in San Jose with Bitcoin
  • Bitcoin Explained
  • HowTo: Buy Bitcoin
  • Satoshi Nakamoto
Video | Posted on by | Tagged , , , , , , , , , , , | Leave a comment

UPDATED: Why I Just Sold 50% of my Bitcoin: GHash.io

Update: GHash.io DDoS-ed in Response to Threat of 51% Attack here


Bitcoin Core programmer, Peter Todd, explains why he just sold 50% of his Bitcoin.

Peter is preparing for the possibility that that the Bitcoin ecosystem will break down, and require the Bitcoin Core team to fix it. If this happens, the price of Bitcoin could crash to below $1. If that happens, Peter needs to be able to pay his bills, denominated in Canadian dollars.

Peter proposes the following changes to Bitcoin:

  1. Eliminate mining pools
  2. Make solo mining once-again profitable
  3. Eliminate ASIC hardware

It’s amazing, because I’ve been saying the same thing for the last couple of weeks, which is what prompted me to put my ASICs up for sale.

What’s this all about?

In a nutshell, it is about centralization. Specifically, the centralization of hashing power in mining pools. The introduction of ASIC mining hardware has had a negative effect on the Bitcoin network. BFL_Josh recently suggested that ASIC hardware would reduce the need for mining pools. Wrong again, Josh.

Why eliminate mining pools?

20140613-105118-39078890.jpg Bitcoin was designed as a decentralized, peer-to-peer system, where miners control the changes made to Bitcoin by choosing which mining software to run, similar to voting. This provides protection against a small group of people controlling the fate of Bitcoin.

When you join a mining pool, you are effectively handing your vote over to the mining pool. Then, it is the mining pool operator that chooses the software with which to mine. At present, there are less than 10 pools that control which mining software is used for well over two-thirds of all mining operations. GHash.io, alone, controls nearly 50%, which is why Peter is concerned.

Why is ASIC Centralization a Bad Thing?

With the introduction of ASIC mining hardware, The rewards of Bitcoin mining are not distributed among miners evenly. The reward system is based on proofs-of-work (PoW), meaning newly-minted Bitcoins are distributed based on how much computing power you own/control.

With ASIC mining hardware being so expensive, it has become cost-prohibitive to the little guys. Said another way, ASIC mining favours those with access to millions of dollars.

Summary

Peter has identified what needs to be changed, but fears it will take a system failure to get people to agree to implementing these changes. I agree with Peter, and I wish more of the Bitcoin Core team supported this.

Full Article

Posted in All Things Bitcoin, Development, Mining | Tagged , , , , , , , , , , , , , , , | 3 Comments

What is NXT? Will it Replace Bitcoin?

A few weeks ago, I was introduced to NXT. It promotes itself as an entire ecosystem, as opposed to simply an altcoin. Apparently, the source code is original, meaning it is not a variant of Bitcoin, like the majority of altcoins.

Why an Ecosystem?

I am guessing they saw the need to integrate the acquisition of NXT with a marketplace for exchanging them for goods and services, along with forging and messaging.

Forging?

Yes. NXT is forged, not mined. In Bitcoin, miners produce “proofs of work”, where in NXT, forgers produce “proofs of stake”. Because of this proof of stake, you need to already have some NXT before you can forge for more.

Getting Started

I installed the NXT client on my Mac. When it launched, nothing happened. I had to visit NXTforum.org to learn that it required Java 7. Why the client doesn’t check for Java 7 is a mystery to me. Once Java 7 was installed, I was able to set up the client.

There is a big learning curve with NXT. I didn’t find the client intutive, at all. You get an account number that looks like NXT-ABC-123-XYZ, that also has a numeric ID, like 1234567890123, which can also have an alias of your choosing. Why? I have no idea.

My Attempt to Earn NXT

I was told that there is a multipool that will pay you NXT for mining other coins. I was curious to see if it worked with ASICs, but didn’t get very far. Cgminer connected to the pool with all three of my account IDs, but none of them registered on the pool’s web-site. I’m waiting to hear back from the pool operator.

Jobs, Jobs, Jobs?

One of the top influencers in the NXT community announced he needed some work to be done and was willing to pay. When I contacted this person, the response was, “I’m too busy.” Oh, okay.

Upgrades

I’ve got the NRS client 1.1.3 installed (as opposed to the wallet, I think). When NRS 1.1.4 was released, a dialog box appeared, asking me if I wanted to upgrade. When I click “OK”, it fails, stating that the signing key is invalid.

When I asked for help at NXTforum.org, one of the replies told me I made a mistake. Yeah, okay. I can see how clicking “OK” could get me into trouble.

Conclusion

NXT is not ready for prime time. There are some Bitcoin veterans backing this, but the software is more complex than is required. There isn’t an easy way to create multiple NXT addresses, like in Bitcoin, which could quickly become an accounting issue. In some places, you need to use your numeric wallet ID, and in others, the alphanumeric ID–inconsistent, confusing.

What do you think of NXT?

Posted in Development, Markets & Exchanges, Mining, Payment Systems, Wallets | Tagged , , , , , | 2 Comments

[FOR SALE] Five BFL Single SC ASIC miners, 65 nm

All 5 Single SCs – 0.5 BTC (or best offer)
20140510-133601.jpg

  • Hardware requirements: USB
  • Software requirements: bitcoin miner that supports BFL ASICs
  • Hash rate: 60 GH/s x 5 = 300 GH/s (I usually get ~280 GH/s)
  • Power Supply: 1300 Watts (included)
  • Service Date: September 2, 2013
  • Manufacturers Warranty: lifetime

Terms

  • Payment: Bitcoin, Litecoin, or NXT (no PayPal)
  • Shipping: Local pickup
  • All sales final

Contact: all.things.bitcoin [at] gmail.com

20140510-140839.jpg

Posted in All Things Bitcoin, Butterfly Labs | Tagged , , , , , , , , | Leave a comment