Bitcoin
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Bitcoin PowerPoint PPT Presentation


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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

฿


Bitcoin wallet

Bitcoin Wallet


Bitcoin wallet receive

Bitcoin Wallet - receive


Bitcoin

Advertising for Bitcoins


Bitcoin wallet send

Bitcoin Wallet - send


History of money

History of Money


Barter

Barter


Goods become money

Goods *BECOME* Money

  • Acceptable

  • Durable

  • Portable

  • Scarce

  • Divisible

  • Recognizable

Peacefully and voluntarily, markets choose money.


Gold storage paper receipts

Gold Storage -> Paper Receipts

England, 17th Century


1 1 1 2 1 10

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


1 1 1 2 1 9

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


1 1 1 2 1 101

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

1694 – The Bank of England


Fraud limited by bank runs

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

Government Takes over Banking to “Protect” Citizens


1 1 1 2 1 102

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

1913 – US Federal Reserve


1 1 1 2 1 103

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


1 1 1 2 1 104

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

1971 – Executive Order 11615


Producers vs central bank cronies

Who Will be the Aristocrats?

Producers vs Central Bank Cronies

Bad Money -> Bad Culture


Ancient rome

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 money1

Enforcing Government Money


Enforcing government money2

Enforcing Government Money


Enforcing government money3

Enforcing Government Money


Money wasn t always government issued

Money Wasn’t Always Government Issued


Bitcoin

Multiple Currencies – No Problem


Peer to peer

Peer to Peer


Bitcoin

Peer to Peer

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


Peer to peer1

Peer to Peer

Why is that important?


Bitcoin

  • Send Money Anywhere

  • For FREE

  • Instantly

  • Anonymously*


Goods money

Goods Money

  • Acceptable

  • Durable

  • Portable

  • Scarce

  • Divisible

  • Recognizable


Bitcoins in the world

Bitcoins in the World


Bitcoin bars

Bitcoin Bars


Kreuzberg berlin

Kreuzberg, Berlin

http://bitcoinsinberlin.com


New york open air bitcoin exchange

New York Open Air Bitcoin Exchange


Bctip org

Bctip.org


Bitcoin store

Bitcoin Store

From Feb 27, 2013

(uses BITPAY)


History of bitcoin

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 bitcoin1

History of Bitcoin - ฿/$


History of bitcoin2

History of Bitcoin - ฿/$


History of bitcoin market cap

History of Bitcoin – Market Cap. ($)


History of bitcoin client downloads as of 13 05

History of Bitcoin – Client Downloads as of 13/05


History of bitcoin client downloads 07 05 to 13 05

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


Where to get bitcoins

Where to get Bitcoins

(Or just get paid in Bitcoins)


Btc e com

Btc-e.com


Crypto currency

Crypto Currency

What does this mean?


Public transaction

Public Transaction

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


Public transaction1

Public Transaction


Bitcoin mining

Bitcoin Mining

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


Bitcoin mining1

Bitcoin Mining


Bitcoin mining2

Bitcoin Mining


Bitcoin mining3

Bitcoin Mining


Bitcoin mining4

Bitcoin Mining


51 attack

51% Attack?


More powerful than the tread of mighty armies is an idea whose time has come victor hugo

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


Alternative coins

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.


Bitcoin

Post Office vs. Email


Bitcoin

??? vs. Bitcoin

Disruptive technology


Technology adoption trend

Technology Adoption Trend


Technology adoption trend1

Technology Adoption Trend


Satoshi s motivation

Satoshi’s Motivation?

Headline embedded in genesis block:

"Chancellor on brink of second bailout for banks"

January 3, 2009, Times of London.


Bitcoin

End.

Did you like this lecture?Bitcoin me: 1Hi3ZLNib1Nte2JX7dd3vYAfJqULZLgjKr

http://romanskaskiw.com/


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