Category Bitcoin

What really happened that brought Mt Gox down?

Mark Karpeles bows deeply

How the mighty have fallen. It finally happened, Mt Gox closed its doors officially this week. Whatever you had, Bitcoin or fiat currency at Mt Gox, it’s now gone. I feel for the people who lost, especially anyone who made this list. But did Mt Gox get hacked, or was it something else that brought about their fate? And where are the millions that Mt Gox supposedly had?

I had cleared out my account a few weeks ago, so I ended up only losing pennies compared to others. I was lucky, because just a few months ago I started my Bitcoin presence by depositing into Mt Gox. If my timing was a little different, it would have gone bad and I would have undoubtedly given up on Bitcoin. But Mt Gox going under isn’t scaring me away from Bitcoin. Mark Karpeles was quoted saying, “We have lost Bit...

Read More

Pages: 1 2

Bitcoin mining with Four Red Furys

red fury photo

Here’s a look at my four Red Furys in action, I’ll post another video soon with my updated setup.

Feel free to comment below or on YouTube.


text-10

Read More

Is Bitcoin safe? How do I know I won’t get cheated?

simple bitcoins

So is Bitcoin safe? There are a number of factors that will determine if any online banking system is secure. When Bitcoin is used properly, it is safe.

Why is Bitcoin safe?


If you are in the United States and use dollars, you can deposit and withdraw funds using Mt. Gox Coinbase, a service where you can buy and sell Bitcoin. Once you buy Bitcoins, you can store them in a digital wallet of your choice which you access with a number that’s provided, and a password you create. Nobody else knows or tracks this password – and if you lose the password, the Bitcoins are gone.

When you send or receive Bitcoins, the funds are sent immediately. The transaction takes a few minutes to an hour to clear for the recipient...

Read More

Who runs Bitcoin? Could it turn off one day?

in cryptology we trust

So who runs Bitcoin anyway? Bitcoin is decentralized, no single person, country, or entity manages the Bitcoin infrastructure. The important parts of the Bitcoin infrastructure are:

1. The publicly shared ledger which tracks every single wallet containing every single Bitcoin there is (wallets are tracked but not their owner info). This isn’t on any one computer, it’s shared across all Bitcoin computers all over the world.
2. The Bitcoin clients like Bitcoin-qt and Blockchain.info where all Bitcoins are securely stored by their owners.
3. The miners or volunteers that run the Bitcoin software. The Bitcoin program no longer needs an admin or central authority. Without getting into too much detail, Bitcoin manages itself and is stable and reliable.

These entities all work together via t...

Read More