Bitcoin. Bitcoin Wallet Bitcoin Wallet - receive.

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Bitcoin ฿

Transcript of Bitcoin. Bitcoin Wallet Bitcoin Wallet - receive.

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Bitcoin

฿

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Bitcoin Wallet

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Bitcoin Wallet - receive

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Advertising for Bitcoins

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Bitcoin Wallet - send

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History of Money

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Barter

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Goods *BECOME* Money

• Acceptable• Durable• Portable• Scarce• Divisible• Recognizable

Peacefully and voluntarily, markets choose money.

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Gold Storage -> Paper Receipts

England, 17th Century

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1:1 -> 1:2 -> 1:10

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1:1 -> 1:2 -> 1:9

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1:1 -> 1:2 -> 1:10

1694 – The Bank of England

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Fraud Limited by Bank Runs

This was a *good* thing. Bad banks failed. Responsible banks increased their market share. Nevertheless, the government decided to “protect” us . . . .

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Government Takes over Banking to “Protect” Citizens

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1:1 -> 1:2 -> 1:10

1913 – US Federal Reserve

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1:1 -> 1:2 -> 1:10

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1:1 -> 1:2 -> 1:10

1971 – Executive Order 11615

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Who Will be the Aristocrats?

Producers vs Central Bank Cronies

Bad Money -> Bad Culture

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Ancient Rome27AD – Augustus – Denarius 95% Silver45 coins / pound Gold

117AD – Trajan – Denarius 85% Silver

180AD – Marcus Aurelius – Danarius 75% Silver

200AD – Septimius – Denarius 60% Silver

230AD – 72 coins / pound Gold

300AD – Diocletian – Argenteus Silver Coin60 coins / pound Gold

330AD – Constantine – 72 coins / pound Gold

210AD – Caracalla – Denarius 50% Silver50 coins / pound Gold

268 AD – Denarius 0.5% Silver

Same idea, different technology.

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Enforcing Government Money

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Enforcing Government Money

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Enforcing Government Money

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Enforcing Government Money

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Money Wasn’t Always Government Issued

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Multiple Currencies – No Problem

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Peer to Peer

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Peer to Peer

Each wallet keeps a record of ALL Bitcoin transactions. Yes, all of them.

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Peer to Peer

Why is that important?

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• Send Money Anywhere• For FREE• Instantly• Anonymously*

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Goods Money

• Acceptable• Durable• Portable• Scarce• Divisible• Recognizable

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Bitcoins in the World

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Bitcoin Bars

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Kreuzberg, Berlin

http://bitcoinsinberlin.com

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New York Open Air Bitcoin Exchange

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Bctip.org

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Bitcoin Store

From Feb 27, 2013

(uses BITPAY)

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History of Bitcoin

• October 2008 – Bitcoin design paper – Satoshi Nakamoto

• January 2009 – Bitcoin v0.1 announced

• May 2010 – Pizza purchased for 10,000 BTC

• July 2010 – MtGox established

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History of Bitcoin - ฿/$

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History of Bitcoin - ฿/$

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History of Bitcoin – Market Cap. ($)

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History of Bitcoin – Client Downloads as of 13/05

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History of Bitcoin – Client Downloads 07/05 to 13/05

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Where to get Bitcoins

(Or just get paid in Bitcoins)

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Btc-e.com

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Crypto Currency

What does this mean?

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Public TransactionTransactions aren’t actually encoded, in fact, they’re public.

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Public Transaction

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Bitcoin Mining

Crypto is used to Authenticate transaction – prevent double spending, false ownership.

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Bitcoin Mining

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Bitcoin Mining

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Bitcoin Mining

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Bitcoin Mining

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51% Attack?

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“More powerful than the tread of mighty armies is an idea whose time has come.” ~ Victor Hugo

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Alternative CoinsMAJOR:

-BTC Bitcoin - first, strongest, most accepted, most mined, high volume market, a true currency-LTC Litecoin - second only to BTC , faster than BTC, Smaller efficiency gap between GPUs and CPUs , ASIC-hostile-NMC Namecoin merged mined with BTC, used for alternative p2p domain system-PPC PPcoin Proof Of Stake [very innovative, low energy ] , compatibile with BTC miners

MINOR:

-TRC Terracoin based on BTC, fast difficulty adjustment, initialy flaved but corrected -DVC Devcoin merged mined with BTC, 90% of generation goes to foundation, 10% to miners-IXC IxCoin merged mined with BTC, premined 580k coins but still alive-NVC NovaCoin - scrypt hashing[like LTC] , proof of stake [like PPC] , controversial start-FRC Freicoin - back alive. 4.89% anual demurrage. for the first 3 years 80% block subsidy goes to foundation, 20% to miners-FTC FeatherCoin- LTC clone with 4x more coins.

CANDIDATES:

-BTE Bytecoin- the 1:1 bitcoin copy, nothing changed. extremally high starting hype/hashrate. -BQC BBQCoin- forgotten after 51% attack on launch, now revived and active. super fast version of LTC.-MNC Mincoin- similar to BBQ, but very bad launch [no binaries + 25000% superblocks] giving 10% of all coins to insiders.-CNC CHNCoin- similar to BBQ, announced on chinese forum first, very big hashrate. -BTB BitBar- scarce version of NovaCoin. low starting diff like FTC and CNC, but quick adjustment.-JKC Junkcoin- started as a joke, but now working ok. low starting diff and slow retarget like BTE, FTC, MNC, CNC-YAC YACoin- Yet Another altCoin. NovaCoin fork, with modified hashing - for now CPU-ONLY -RYC Royalcoin- Another LTC clone, starting with low diff and superblocks like MNC ...-FRK Franko- Another faster LTC, again 0.00... starting diff. scarce.

DEAD / DYING :

-FTC Gamecoin- yes, FTC. clone so bad it was 51%'ed the first day. -LQC Liquidcoin made to be very fast at constant difficulty, dead [pool closed, exchange closed]-SC Solidcoin - dying (10-20% fee), designed to improove IxCoin, hard to be neutral on this one, 1.0 was a premine scam, 2.0 says BTC is pyramid scheme.

The idea is out. Even if a fatal flaw is found and exploited in Bitcoin, a better version will emerge within 24 hours . . . . probably within 1 hour.

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Post Office vs. Email

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??? vs. Bitcoin

Disruptive technology

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Technology Adoption Trend

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Technology Adoption Trend

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Satoshi’s Motivation?

Headline embedded in genesis block:

"Chancellor on brink of second bailout for banks"January 3, 2009, Times of London.

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End.

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