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MAX KEISER & ALEX JONES talks about BITCOIN - Is Cryptocurrency the FUTURE?
Alex and Max Keiser continue on the topic of rigged global markets and fiat currency vs bitcoin.
Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.
The digital currency Bitcoin promises all these things. And while it's far from achieving any of them — its value is unstable and it's rarely used — some have high hopes.
"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added.
Bitcoin hit a new milestone today, passing the $1,000 mark for the first time. The virtual currency is currently trading above the four-digit figure, with its highest at $1,030 on Mt. Gox, one of the largest exchanges.
Last week, Bitcoin's high for the day was $632. That means its trading value has surged 62.83 percent in a week, assuming we're looking at just its high points. That figure could of course rise even further if Bitcoin continues to push further up throughout the day.
That's certainly possible; in the last month or so, the virtual currency seems to have seen no bounds. At the same time, it has also fluctuated quite a bit: less than three weeks ago it was still in the $200 range.
Federal officials announced the largest-ever seizure of bitcoins on Friday night, securing $28 million worth of the digital currency from the alleged owner of the online drug marketplace Silk Road.
Bitcoin, which allows users to conduct online transactions while obscuring their identities, was the only currency accepted on Silk Road. Law enforcement officials arrested the site's alleged proprietor, Ross Ulbricht, earlier this month, and have shuttered the operation.
Bitcoin has been in the news a ton and it's possible to mine it on your Mac. But unless you purchase dedicated mining hardware (which is expensive) Bitcoin mining isn't cost-effective. A better choice is Litecoin. basics of Bitcoin (BTC) and its easier-to-mine competitor, Litecoin (LTC).
Since investing in dedicated Bitcoin mining hardware (ASICs) I've mostly ignored other competing crypto-currencies until now. Although Bitcoin is the media darling, Litecoin is a better option for the average user wanting to get into crypto-currency mining.
As I mention in my mining post, Bitcoin mining isn't cost effective without expensive, dedicated mining hardware. However Litecoin, the second largest crypto-currency by market cap, is exponentially easier to mine with the Mac that you're reading this on right now. And at around US$30/LTC, it's more affordable to outright purchase too.
Before I get into Litecoin a brief history of Bitcoin (BTC) is in order. For background I recommend the original paper (PDF) by Satoshi Nakamoto proposing Bitcoin.
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Bitcoin was revolutionary when it was created. The idea behind "mining" coins as a way to validate transactions and at the same time reward early adopters was brilliant. It quickly strengthened the network and took care of distributing coins to interested parties. Mined coins on the network are distributed to whomever presents the solution first. As soon as it got competitive, people started mining pools whereby the pool instead presents the winning solution to the network, receives the reward, and redistributes to everyone in the pool. Most people prefer this since they'll at least receive something.
For Bitcoin mining, if your computer can do this calculation faster than anyone else, you represent a greater share of the work going towards each solution. However, the rate of coins being distributed is roughly constant, so more people involved means less for everyone participating.