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Bitcoin. ฿. Bitcoin Wallet. Bitcoin Wallet - receive. Advertising for Bitcoins . Bitcoin Wallet - send. History of Money. Barter. Goods *BECOME* Money. Acceptable Durable Portable Scarce Divisible Recognizable. Peacefully and voluntarily, markets choose money.

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Bitcoin

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Bitcoin

฿


Bitcoin Wallet


Bitcoin Wallet - receive


Advertising for Bitcoins


Bitcoin Wallet - send


History of Money


Barter


Goods *BECOME* Money

  • Acceptable

  • Durable

  • Portable

  • Scarce

  • Divisible

  • Recognizable

Peacefully and voluntarily, markets choose money.


Gold Storage -> Paper Receipts

England, 17th Century


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


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


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

1694 – The Bank of England


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 . . . .


Government Takes over Banking to “Protect” Citizens


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

1913 – US Federal Reserve


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


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

1971 – Executive Order 11615


Who Will be the Aristocrats?

Producers vs Central Bank Cronies

Bad Money -> Bad Culture


Ancient Rome

27AD – Augustus – Denarius 95% Silver

45 coins / pound Gold

117AD – Trajan – Denarius 85% Silver

180AD – Marcus Aurelius – Danarius 75% Silver

200AD – Septimius – Denarius 60% Silver

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

230AD – 72 coins / pound Gold

268 AD –

Denarius 0.5% Silver

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

330AD – Constantine – 72 coins / pound Gold

Same idea, different technology.


Enforcing Government Money


Enforcing Government Money


Enforcing Government Money


Enforcing Government Money


Money Wasn’t Always Government Issued


Multiple Currencies – No Problem


Peer to Peer


Peer to Peer

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


Peer to Peer

Why is that important?


  • Send Money Anywhere

  • For FREE

  • Instantly

  • Anonymously*


Goods Money

  • Acceptable

  • Durable

  • Portable

  • Scarce

  • Divisible

  • Recognizable


Bitcoins in the World


Bitcoin Bars


Kreuzberg, Berlin

http://bitcoinsinberlin.com


New York Open Air Bitcoin Exchange


Bctip.org


Bitcoin Store

From Feb 27, 2013

(uses BITPAY)


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


History of Bitcoin - ฿/$


History of Bitcoin - ฿/$


History of Bitcoin – Market Cap. ($)


History of Bitcoin – Client Downloads as of 13/05


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


Where to get Bitcoins

(Or just get paid in Bitcoins)


Btc-e.com


Crypto Currency

What does this mean?


Public Transaction

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


Public Transaction


Bitcoin Mining

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


Bitcoin Mining


Bitcoin Mining


Bitcoin Mining


Bitcoin Mining


51% Attack?


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


Alternative Coins

MAJOR:-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 minersMINOR:-TRC Terracoin based on BTC, fast difficulty adjustment, initialyflaved 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 improoveIxCoin, 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.


Post Office vs. Email


??? vs. Bitcoin

Disruptive technology


Technology Adoption Trend


Technology Adoption Trend


Satoshi’s Motivation?

Headline embedded in genesis block:

"Chancellor on brink of second bailout for banks"

January 3, 2009, Times of London.


End.

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