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Transcript of Bitcoin
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Bitcoin
฿
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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
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Gold Storage -> Paper Receipts
England, 17th Century
• Safety for travelers
• Charles I’s Royal Mint loan (1640)
• Goldsmiths• Fungibility• Lending
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Bank of England Gold Receipts
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1:1 -> 1:2 -> 1:10
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1:1 -> 1:2 -> 1:10
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1:1 -> 1:2 -> 1:10
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Bank Runs
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Government Takes Over Banking
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1:1 -> 1:2 -> 1:10
1694 – Bank of England Monopoly1913 – US Federal Reserve Monopoly
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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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Ancient China
- 7th Century (Tang Dynasty). Merchant receipts of deposit during.
- 13th Century (Yuan Dynasty). Marco Polo: "How the Great Kaan Causeth the Bark of Trees, Made into Something Like Paper, to Pass for Money All Over his Country."
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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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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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Electronic Money• EGold -- 1996 to 2009$2 billion transactions / year (2008)
• Liberty Reserve -- 2006 to 2013“Liberty Dollars” “Liberty Euros”~ $0.9 billion transactions /year
• Also, Goldmoney.com, e-Bullion.com, CrowneGold.com, Pecunix.com, INTgold.com.
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Peer to Peer
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Peer to Peer
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Decentralization & the Distributed Consensus Problem
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2008 – Satoshi’s Paper
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History & $ Price of 1 BitcoinOct 2008: Satoshi PaperJan 2009: First wallets begin workingOct 2009: $1 = 1,309.03 BTCMay 2010: Pizza sells for 10,000 BtcJuly 2010: MtGox EstablishedJuly-Nov 2011: $32 -> $2March 2013: Cyprus Crisis. $40 -> $260 -> $90 -> $120May 2013: Forbes “Living On Bitcoin For A Week“May 2013: First major VC investment in Bitcoin companiesJuly 2013: Bitcoin FundOct 2013: Silk Road ShutdownOct-Nov 2013: Chinese Demand. $120 -> $1200 -> $800Dec 2013: China restricts banks from using BitcoinJan 2014: BitInstant CEO arrestedFeb 2014: Apple Bans Bitcoin AppsJun 2014: Apple allows Bitcoin AppsJune 2014: Mt Gox BankruptcySept 2014: Overstock.com accepts Btc
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Market CapitalizationEuro (M2): $16 TrillionDollar (M2): $14 Trillion
Ukraine (M2): $95 Billon
Mongolia (M2): $5.1 BillionGeorgia (M2): $4.8 Billion
Bitcoin: $4.5 Billion
Moldova (M2): $3.9 BillionArmenia (M2): $3.3 Billion
Litecoin: $125 MillionSao Tome & Principe: $100Million
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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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A taxi in Kenya
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Bctip.org
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Bitcoin ATM in Kyiv
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Where to get Bitcoins
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Bitcoin Technology
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• Send Money Anywhere• For FREE• Instantly• Anonymously*
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Post Office vs. Email
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Public TransactionTransactions aren’t actually encoded, in fact, they’re public.
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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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Bitcoin Mining Hash Rate
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Mining Pools
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51% Attack?
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Alt-Coins
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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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??? vs. Bitcoin
Disruptive technology
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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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Other Uses of Decentralized Consensus Technology
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Types of Bitcoin Businesses- Normal Businesses Adopting New Payment Systems
- Merchant Services (BitPay)
- Exchanges (Coinbase, BitStamp, Kuna)
- Wallet Companies
- Consultants
- Smart Contract / Digital Property Innovators(Master Coin vs Ethereum)
- Miners
- Mining equipment manufacturing / sales
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End.
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