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Bitcoin Mining Startup Gets $500k In Venture Capital
Sabbetus writes "Seattle based Bitcoin startup CoinLab secured a $500,000 investment from various investors such as Silicon Valley firm Draper Associates and angel investor Geoff Entress. CoinLab is an emerging umbrella group for cultivating and launching innovative Bitcoin projects. CEO Vessenes said 'if there is a currency that can trade around the world, it's semi-anonymous, it's instant, it's not controlled by government or bank, what's the total value of that currency? The answer to that is, if it works, it's gotta be in the billions. It just has to be for all the reasons you might want to send money around the world.' This type of talk is common from Bitcoin enthusiasts but apparently seasoned investors are starting to agree. Forbes explains the details of their business plan but in short it has to do with tapping the GPU mining potential of gamers, more specifically gamers of free-to-play games. This would add a new revenue stream for online game companies that are trying to provide free games profitably."
Take a little time to read about it :https://en.bitcoin.it/wiki/
If you like technology, there are many fascinating areas that Bitcoin brings together: p2p networks, cryptography, economics to name a few.
Regardless of the image problem Bitcoin has and people's propensity to denounce it based on what they've heard, it really is a revolutionary development. If the current Bitcoin network doesn't make it into your life, you can bet that one or many of its predecessors will.
One of the things it enables is fast global transactions. I created a site to sell digital downloads for Bitcoin called CoinDL: https://www.coindl.com/ and the processing time is averaging under 10 seconds which is pretty impressive considering there's no company, government or other centralized organization involved in the transfer.