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Bitcoin

Bitcoin. ฿. History of Money. Barter. Goods *BECOME* Money. Acceptable Durable Portable Scarce Divisible Recognizable. Gold Storage -> Paper Receipts. Safety for travelers Charles I’s Royal Mint loan (1640) Goldsmiths Fungibility Lending. England, 17 th Century.

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Bitcoin

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  1. Bitcoin ฿

  2. History of Money

  3. Barter

  4. Goods *BECOME* Money • Acceptable • Durable • Portable • Scarce • Divisible • Recognizable

  5. Gold Storage -> Paper Receipts • Safety for travelers • Charles I’s Royal Mint loan (1640) • Goldsmiths • Fungibility • Lending England, 17th Century

  6. Bank of England Gold Receipts

  7. 1:1 -> 1:2 -> 1:10

  8. 1:1 -> 1:2 -> 1:10

  9. 1:1 -> 1:2 -> 1:10

  10. Bank Runs

  11. Government Takes Over Banking

  12. 1:1 -> 1:2 -> 1:10 1694 – Bank of England Monopoly1913 – US Federal Reserve Monopoly

  13. 1:1 -> 1:2 -> 1:10

  14. 1:1 -> 1:2 -> 1:10 1971 – Executive Order 11615

  15. Who Will be the Aristocrats? Producers vs Central Bank Cronies Bad Money -> Bad Culture

  16. 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.

  17. Ancient China 7th Century (Tang Dynasty). Merchant receipts of deposit during. 13thCentury (Yuan Dynasty). Marco Polo: "How the Great KaanCauseth the Bark of Trees, Made into Something Like Paper, to Pass for Money All Over his Country."

  18. Enforcing Government Money

  19. Enforcing Government Money

  20. Enforcing Government Money

  21. Enforcing Government Money

  22. Enforcing Government Money

  23. Money Wasn’t Always Government Issued

  24. Multiple Currencies – No Problem

  25. 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.

  26. Peer to Peer

  27. Peer to Peer

  28. Decentralization & the Distributed Consensus Problem

  29. 2008 – Satoshi’s Paper

  30. History & $ Price of 1 Bitcoin Oct 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 arrested Feb 2014: Apple Bans Bitcoin AppsJun 2014: Apple allows Bitcoin AppsJune 2014: Mt Gox Bankruptcy Sept 2014: Overstock.com accepts Btc

  31. Market Capitalization Euro (M2): $16 TrillionDollar (M2): $14 Trillion Ukraine (M2): $95 Billon Mongolia (M2): $5.1 Billion Georgia (M2): $4.8 BillionBitcoin: $4.5 Billion Moldova (M2): $3.9 BillionArmenia (M2): $3.3 Billion Litecoin: $125 MillionSao Tome & Principe: $100Million

  32. Bitcoins in the World

  33. Bitcoin Bars

  34. Kreuzberg, Berlin http://bitcoinsinberlin.com

  35. New York Open Air Bitcoin Exchange

  36. A taxi in Kenya

  37. Bctip.org

  38. Bitcoin ATM in Kyiv

  39. Where to get Bitcoins

  40. Bitcoin Technology

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

  42. Post Office vs. Email

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