The person or people claiming the name Satoshi Nakamoto solved a difficult problem. There was a certain amount of creativity required, and a simplistic beauty in the solution. Like many times when a elegant solution is announced, more problems become apparent. It is the very nature of solutions that they expand what people can think about and hence lead to more unanswered questions. In this way, the chain of discoveries progresses on.
Satoshi is not immune to this process of answers leading to more questions. We have seen the successful implementation of Bitcoin, which has led to more problems. One such problem is that fees for transactions are static and not dynamically adjusted as demand for block space or market conditions change. Another such problem is blockchain bloat, which every user that downloads the reference client experiences as they loose over seven gigabytes of free space on their hard drive. Another problem is that unsuspecting users get very small payments many times, these payments can’t be spent as they will not cover the fee of a transaction that will be several kilobytes in size. Of course, there is a viewpoint that these are not problems at all, but rather suboptimal solutions.
Continue reading Securing the network
Social Media Marketing is fast becoming a necessity in the internet age. Neocash Radio is dedicated to bringing you the important news you need to remain informed with the evolving alt-currency marketplace. Toward that end we have chosen twitter as the platform for quick, digestible updates.
We have installed a twitter widget on the sidebar of this website for your convenience and we continue to have 6+ twitter posts per day. If you have not had a chance to follow us on twitter, please take a moment and do so now. We refuse to buy followers or engage in any of the schemes to artificially raise our profile. Instead we use the social media metrics to help gauge our success and as an indicator of how to provide a better product for our listeners.
As always, we welcome your feedback and truly value any constructive critiques. We will continue to make changes and improvements to our website and most importantly our podcast. We intend to become the premiere alternative-currency podcast in the world! You can help by following us and sharing our podcasts, blog posts, and tweets.
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Markets reacted as expected today except for news broadcast by the CME group. As we discussed on our most recent podcast. Bitcoin market rose Monday morning in response to the opening of the legacy banking system. Somewhat surprising the rally seems to be led by buying with US dollars. Only moderate volume is reported on btcchina.com.
Gold buying in Asia seems to remain strong. The US paper gold markets took a little dip brought on by the CME group announcement of increased margin requirements on copper. This probably encouraged selling of gold to cover copper positions.
Gold buying in Asia: http://www.kitco.com/reports/kitcoNewsMarktNuggets20130506.html
CME group increasing margin requirement: http://www.kitco.com/reports/KitcoNews20130506AS_copper.html
This is an exciting episode. Current issues are discussed including Coinlab and mtgox’s likely court battle, Max Keiser’s battle with the bankers, the proliferation of alternate chains. A breakdown of China’s state television broadcast involving bitcoin is discussed. Jerry even stops buy to discuss his well-meaning adventures on the bitcointalk.org forum. The uncertainty of the current economic state of the world including central banks reaction with Quantitative easing. It’s never a dull week when considering finance and bitcoin.
On Friday China Network Television aired a 25 minute report on bitcoin in China. This report included topics such as buying, mining, trading, buying and the price. There’s a point of sale transaction and even an American who explains how it’s easier to get US dollars in his account with bitcoin then with the traditional financial system.
After this exposure there has been a spike in search volume at the popular Chinese search engine Baidu. Reaching a level of over double the previous maximum. China now is the country with the most downloads of the bitcoin client in the past week. The full effect will not be felt until Monday or Wednesday of next week as the traditional banking system is slower to react. Bitcoin is currently trading at 720 Chinese Yuan about the equivalent of US$117 at BTC China. This is compared to the price of $112 at MtGox.
Bitcoin and crypto-currencies in general can be difficult to understand by many. Even the tech-savvy have questions with this new breed of digital commerce. Part of the idea behind Neocash Radio is breaking down the idea into easy to digest and understand components. We are trying to make the topics available for all audiences.
Starting out we have a micro-podcast that simply explains how bitcoin works and how you can remain secure with your coins. This tutorial is meant for newbies so we try to avoid too much technical jargon. There is much to understand if you want to have all the information necessary to make an informed decision. If you want to have a better grasp on bitcoin and litecoin, take a listen to this micro-cast:
The next step in the process deals with wallets. Wallets, much like real life, hold your coins and serve as an address book for people you send coins to. This is where security really gets important. Your wallet, just like your physical wallet, must be protected from theft and there are a few ways to do this. If you are looking for information on how to set up a wallet online, on your computer, and on your smart phone take a listen to this micro-cast:
Finally in order to fully understand the entire bitcoin process you need to have an idea how the coins are created. You also need to understand how the ledger — or blockchain — is created and maintained. This is the fundamental core of the crypto-currencies. When an individual wants to send bitcoins to someone else what they are actually doing is broadcasting a message to the network, in effect saying, I am sending X coins to X address. Unlike credit cards and dollar transactions the exchange of bitcoins and litecoins is a one-way conversation. If you want to better understand mining, take a listen to this
We are always looking for better ways to explain these ideas and if you have an questions, comments, or suggestions please let us know. You can send me an email at jj AT neocashradio.com (replace the spaces and AT with @).
The future of money is being written each day and we are truly living in historic times. For much of human history money or currency was a physical instrument that one would have to carry with them to exchange for the good or service they wanted. Gold and silver serve as examples of money that has withstood the tests of time and still to this day are accepted as a store of value to be used in trade. Fiat currencies have dominated the recent decades as the defacto currency with the United States dollar leading the pack. With the advent of the internet and digital commerce we are seeing new and exciting changes in currency.
The internet has revolutionized how people communicate and share information. Mobile phones and wifi devices have put the sum of human knowledge in the palm of our hands, easily accessed from nearly anywhere with a cellular or wifi signal. These advancements in technology have permeated many facets of our daily lives and given rise to a new age of news, socializing, collaborating, and commerce.
Individuals and companies are coming up with new ways to harness the power of the internet for personal and commercial uses. Bitcoin is on the forefront of this new trend as people look for faster and easier ways to purchase goods and services over the virtual landscape. Not bound restrictions placed on physical currencies and not beholden to any government or institution, Bitcoin is the currency of user, by the user, for the user. No flag, no god, no government, in cryptography we trust.
The market loves Bitcoin with more and more outlets and stores accepting it. While not intended as a point of sale currency, innovative individuals have come up with ways to make person to person transactions easy and quick by adapting the ubiquitous smart phone to serve as a mobile wallet, scanner, and barcode display. More mobile apps are popping up to make Bitcoin monitoring and trading even easier.
Neocash Radio was created to chronicle and share information about alternatives to the US dollar and other government currencies. Bitcoin has become the king of the alt-currency market and after a slow but steady period of adoption we see the Bitcoin muscle flexing and markets across the globe are starting to take notice. One focus for Neocash Radio is making information about Bitcoin and similar currencies easy to understand. Toward that end we will be publishing several smaller podcasts, or micro-casts, that focus in on specific and fundamental topics.
Please navigate to the Podcast page and take a look at the tutorials and podcasts we have published. Feel free to copy, distribute and share these podcasts with your friends and family. The more individuals who use and trade with Bitcoin, the stronger and more valuable it will be come.
We are pleased to announce that the premier podcast on cryptocurrencies will be launching April 28th. We will discus issues that that are relevant to anyone who uses currency.