Daily Archives: January 19, 2015

The Chain Gang - Decoding Bitcoin with Rich Apodaca
Rich Apodaca, founder of http://Bitzuma.com breaks down the technical side of Bitcoin that so many often fail to grasp. Soundcloud: https://soundcloud.com/the_chain_gang.

By: The Chain Gang

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The Chain Gang - Decoding Bitcoin with Rich Apodaca - Video

BITCOIN MASS ADOPTION
Made 4 TV Gecko aka Mr.iPad Chain tell the world how to bring Bitcoin to the masses! A recent contest held by (Ziftrcoin) has sparked the interest of Mr.iPad Chain in which a 5 paragraph email...

By: Famos Amos

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BITCOIN MASS ADOPTION - Video

Exchange Ukash GBP to Bitcoin, Ukash EUR to Bitcoin, Ukash USD to Bitcoin.
Bitcoin using Ukash: http://www.ukash-paid.com Exchange of prepaid international vouchers Ukash for electronic money of payment systems PayPal, Perfect Money, Skrill (Moneybookers), Webmoney,.

By: Angela Smith

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Exchange Ukash GBP to Bitcoin, Ukash EUR to Bitcoin, Ukash USD to Bitcoin. - Video

Epicenter Bitcoin: Tim Swanson

By: Epicenter Bitcoin

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Epicenter Bitcoin: Tim Swanson - Video

Bitcoin Will End the Nation State
Bitcoin Will End the Nation State by http://TravisPatron.com via http://diginomics.com. Grab your copy of The Bitcoin Revolution: http://diginomics.com/the-bitcoin-revolution/ Sign up for our...

By: Diginomics

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Bitcoin Will End the Nation State - Video

Roger Ver Buys T-shirt at 2015 Bitcoin Miami Convention part 2
Roger Ver (whose visa was rejected by the u.s. embassy) still attended the 2015 Miami Bitcoin Convention through a mobilized robot. Roger is seen here purchasing 2 shirts with bitcoin.

By: Justin nunez

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Roger Ver Buys T-shirt at 2015 Bitcoin Miami Convention part 2 - Video

A crash in the value of Bitcoin has made it too expensive for some companies to mine the currency.

Those watching or betting on the digital currency Bitcoin could be in for an interesting week.

Thats roughly how long it will be before the decentralized software that operates the currency can correct for the effects of a plunge in the value of Bitcoin since the start of the year. A Bitcoin is currently worth just over $200, down about one-third from where it began January. It peaked at more than $1,000 late in 2013.

The low price threatens the operations of the miners who use powerful computers to mint new bitcoinsand whose activity is also needed to confirm and process Bitcoin transactions. As the value of new coins has tumbled, the cost of the computers and electricity needed to mine them have nota similar problem to the one that has stranded some oil companies as the price of crude has dropped.

Several Bitcoin companies ceased operations last week, saying that they couldnt operate profitably. Small-time miners talked in online forums about having to shut off their equipment.

It is hard to know how many miners experienced similar problems, given the variations in electricity prices and the cost structures of different companies. Mining companies contacted by MIT Technology Review on Friday did not respond. However, data from the Bitcoin network indicates that the revenue generated by all miners each day has roughly halved since the start of the year.

In theory, Bitcoins self-regulating setup should prevent this situation from cascading into significant problems for the currency. The Bitcoin software has a mechanism that is designed to ensure there are always enough miners working to keep the currency operating and to regulate their output. It does that by altering the difficulty of the work that mining software has to do so that their miners combined rate of output is always the same. Since Bitcoin got started in 2009, the difficulty has increased again and again to compensate for the growing sophistication of mining computers (see Custom Chips Could be the Shovels in a Bitcoin Gold Rush) and to keep too many Bitcoins from being created.

Now that interest in mining is softening, the mining difficulty is set to drop so as to keep the Bitcoin network running correctly. That would give miners a break on their power bills. But the difficulty is only reevaluated roughly every two weeks (the exact timing depends on the combined output of the miners). The last update happened just before a sudden slump in the price of Bitcoin last Wednesday. Unless the price of Bitcoin recovers, miners wont get relief until next week.

Benjamin Edelman, an associate professor at Harvard Business School who has studied the economics of Bitcoin, says thats not soon enough to prevent the pain of miners from spreading more widely.

I think that miners are pulling out and dumping Bitcoin to make up for lost revenue, which itself changes the value, says Edelman. Those that do continue mining will contribute to the problem because they will have to immediately sell any new Bitcoins they mine, he says.

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Price Slump Tests Bitcoins Self-Correcting Economics