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Author Topic: Bitcoin Press Release : A New Digital Gold Rush  (Read 3285 times)
jimbobway
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August 06, 2010, 07:32:05 PM
 #1

I just wrote this as a press release and submitted it.  I can write more if there is enough interest...


Bitcoins: A New Digital Gold Rush

The California Gold Rush began in 1848 when gold was discovered at Sutter's Mill.  Hundreds of thousands of people migrated across the country to prospect for the rare yellow metal.  Mining for gold was a challenging task and there were tools that were invented to separate gold from dirt.  If a prospector could sift through more dirt he or she could find more gold and generate more money.  The prospectors used tools such as picks, shovels, pans, dry washers, riffle boards, sluice boxes, etc. that would attempt to filter dirt in high volume so more nuggets could be found.  Similarly, there is a new type of digital gold  that is mined on the Internet today and it is called a "bitcoin".  The concept of a bitcoin is very similar to the concept of gold.  For instance, mining for gold requires manual labor and time.  Comparatively, mining for bitcoins requires computational labor to generate credits.  Thousands of users on the Internet are now mining for bitcoins in hopes of fortune.  Many are trying to develop software and hardware tools to mine for bitcoins more efficiently in hopes of becoming filthy rich.

The first bitcoin rush was not started at a mill, but instead started with a Slashdot posting.  Slashdot is a technology news website that has millions of visitors.  When bitcoin was started by its creator, Satochi Nakamoto, a single bitcoin had practically no value.  When bitcoin was featured on the front page of Slashdot the price of a bitcoin multiplied by eight times.  Today the value of the bitcoin is accelerating faster than any other currency on the planet.  As more users delve into the bitcoin economy the value continues to rise and demand increases.  Savvy users are trying to mine for bitcoins at a faster rate by setting up server farms to perform intense number crunching calculations.  To generate more bitcoins programmers are optimizing code to fully utilize their computer's CPU, while some are even attempting to calculate bitcoins by using high-end graphic cards.

The key to producing bitcoins in volume is computational speed.  As of this article's writing a quad-core Intel 2.0 Ghz processor can produce 50 bitcoins in about three days.  Reportedly in online forums there are users who run 48-core machines that is capable of generating 50 bitcoins in 6 hours or less.  Others have claimed to run server farms with 300+ machines burning CPU cycles 24/7.

Like the wild, wild west in the 1800s, there are dangers when working with bitcoin in the world wide web.  Bitcoin owners need to safeguard their wealth from viruses, hackers, and scammers.  Bitcoins are stored on a user's computer so if a hacker could get access to that machine he or she could steal that user's  bitcoins.  More recently, the world's first bitcoin scam was able to trick users in giving away bitcoins for non-existent software.  Most of these scam issues, however, exist with other currencies and can be avoided with a little common sense.

The bitcoin economy is growing steadily as more users understand and accept the system.  New web services, currency exchanges, and markets are being created daily which allows easier trading of goods and services.  If bitcoin continues to grow in acceptance one can dream that it can someday become the new gold standard.  If you would like to learn more about bitcoin go to www.bitcoin.org.

In the spirit of bitcoin if you enjoyed this article then please donate to this bitcoin address: 15rMp3uAk1WJdupueHhvM6895uZv9JJW8C

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jimbobway
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August 06, 2010, 07:43:57 PM
 #2

Here is a free press release.  I am adding a link here so Google will find it.

http://www.prlog.org/10842756-bitcoins-new-digital-gold-rush.html
gridecon
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August 06, 2010, 07:45:57 PM
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Very nicely written, but I think more should be written about actually exchanging bitcoins for goods and services and converting them to other currencies. The heavy focus on the currency creation process makes it seem like the purpose of bitcoins is to reward people with powerful computers. The advantages of bitcoins as having desirable security properties and ease of use and low transaction costs are more important than the fact that someone with a powerful computer might occasionally get lucky and generate a few coins. My personal feeling is that the minting process is not what bitcoin enthusiasts should be "marketing".
jimbobway
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August 06, 2010, 07:46:10 PM
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Another link...

http://www.free-press-release.com/news-bitcoins-a-new-digital-gold-rush-1281123935.html
jimbobway
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August 06, 2010, 07:47:10 PM
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Very nicely written, but I think more should be written about actually exchanging bitcoins for goods and services and converting them to other currencies. The heavy focus on the currency creation process makes it seem like the purpose of bitcoins is to reward people with powerful computers. The advantages of bitcoins as having desirable security properties and ease of use and low transaction costs are more important than the fact that someone with a powerful computer might occasionally get lucky and generate a few coins. My personal feeling is that the minting process is not what bitcoin enthusiasts should be "marketing".

Thanks for the advice...more press releases to come.  I wanted to focus on one topic to get people excited, but will talk about other things if I have time.
BitLex
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August 06, 2010, 07:47:34 PM
 #6

nice one,
although bitcoin is all about "mining gold" in your article,
get's harder any day for the average get-rich-quick-user and mining is just a side-effect anyway, so maybe you should think about to include some other features.

jimbobway
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August 06, 2010, 07:50:44 PM
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nice one,
although bitcoin is all about "mining gold" in your article,
get's harder any day for the average get-rich-quick-user and mining is just a side-effect anyway, so maybe you should think about to include some other features.

Right, ok.  I think the key to getting the word out is to have a lot of press releases with lots of focus points.  I'll try to come up with something more general.
jgarzik
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August 06, 2010, 07:51:15 PM
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5 BTC sent.  Excellent idea for increasing bitcoin exposure.

I agree that the focus should not be on minting new currency, although it is good to mention that participation in "the bitcoin network" includes a small incentive.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
jimbobway
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August 06, 2010, 07:55:16 PM
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Wow!  Thx for the bitcoins...it gives me an incentive to write more... :-)
NewLibertyStandard
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August 06, 2010, 08:03:21 PM
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Keep an eye on this elevator pitch thread for ideas about what angle to take while writing press releases.

Treazant: A Fullever Rewarding Bitcoin - Backup Your Wallet TODAY to Double Your Money! - Dual Currency Donation Address: 1Dnvwj3hAGSwFPMnkJZvi3KnaqksRPa74p
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August 06, 2010, 09:17:34 PM
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I think a focus on the mining is the wrong way to go. Particularly now that mining is hard. (Much harder than the article suggests)
It gives people an unhelpful analogy of what the Bitcoin system is all about.

Perhaps another one focusing on the benefits for those wishing to do online transactions without the high fees charged by the existing payment processors?
Particularly those running online shops. We need more people to be selling stuff we can buy with all these Bitcoins burning holes in our pockets.
NewLibertyStandard
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August 06, 2010, 09:59:29 PM
 #12

I think a focus on the mining is the wrong way to go. Particularly now that mining is hard. (Much harder than the article suggests)
It gives people an unhelpful analogy of what the Bitcoin system is all about.

Perhaps another one focusing on the benefits for those wishing to do online transactions without the high fees charged by the existing payment processors?
Particularly those running online shops. We need more people to be selling stuff we can buy with all these Bitcoins burning holes in our pockets.

I agree.

Treazant: A Fullever Rewarding Bitcoin - Backup Your Wallet TODAY to Double Your Money! - Dual Currency Donation Address: 1Dnvwj3hAGSwFPMnkJZvi3KnaqksRPa74p
jimbobway
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August 06, 2010, 11:35:08 PM
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I guess I doing some self promotion  Tongue , but I decided I am going to start a bitcoinblog.  You can read it here...

http://bitcoinblogger.blogspot.com/

We'll see how long it lasts... Roll Eyes Roll Eyes
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August 07, 2010, 04:13:17 AM
 #14

I guess I doing some self promotion  Tongue , but I decided I am going to start a bitcoinblog.  You can read it here...

http://bitcoinblogger.blogspot.com/

We'll see how long it lasts... Roll Eyes Roll Eyes

subscribed!
mizerydearia
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August 08, 2010, 05:09:41 AM
 #15

Thanks for the advice...more press releases to come.  I wanted to focus on one topic to get people excited, but will talk about other things if I have time.

http://bitcointalk.org/index.php?topic=735.0

and then after the false advertisement of excitement, they become frustrated and abandon it, completely missing the point. o_o

I agree with writing from more angles/perspectives. ^_^
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