19 Jul '13, 9am

A New Cryptocurrency Wants to Capture the Wasted Energy of Bitcoin's Algorithm: Image via Flickr ... #Vice

Some of us are taken with bitcoin. We have learned its basics, and are more or less versed with its socioeconomic implications. We get it. But when an acquaintance of mine told me recently that he's trading in more than 30 bitcoin alternatives, or altcoins, my mind was blown. Acting as a sort of crypto-FOREX trader, he's the first to answer one of my go-to questions on bitcoin: What would you do to make it better? He rattled off some of the altcoins , and eventually focused his argument around a week-old cryptocurrency. It's called Primecoin , and it aims to harness what he considers to be the spent energy of bitcoin's algorithm. "A lot of bitcoin is creating garbage," he explained. "Every now and then—roughly every 10 minutes—it produces a valid block, which is very valuable; currently worth $2,000-plus. But otherwise, it's crap, and very wasteful. Well, digitally speakin...

Full article: http://www.vice.com/read/a-week-old-cryptocurrency-wants-...

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