First Bitcoin Purchase on Coinbase

Coinbase is one of the venture-funded firms entering the bitcoin market: SV Angel, Y Combinator, Garry Tan, Union Square Ventures, IDG Ventures and others.  One name that stands out is Adam Draper, the third generation venture capitalist I heard speak at Berkeley last spring, mentioning forthcoming Bitcoin companies.  Clearly this was one he had in mind.

The professionalism of the site shows, from such touches such as the UI of the site, ease of bank confirmation, and two factor authentication on login.  I bought my first 5 Bitcoins for slightly over $110 after the market crash post Silk Road seizure.  I waited an hour to do so to hit a meeting and missed the bottom but I’m happy about the price.  The speed of the resurgence is confidence inducing in the market.

I also received the $95ish block disruptors and put two more into my main PC which now is clocking 1 Ghash/sec.  Will set up a USB stick for the others and pretty much call it a day on mining equipment, while waiting for the Butterfly Labs 5g device to arrive.  Bitcoin difficulty hasn’t risen this week but soon will.  I think I perceive a slight dip in Ebay prices on the disruptors from $20+ to $18ish.

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