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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

Bitcoin

฿


Bitcoin wallet

Bitcoin Wallet


Bitcoin wallet receive

Bitcoin Wallet - receive


Bitcoin

Advertising for Bitcoins


Bitcoin wallet send

Bitcoin Wallet - send




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 1 101
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 . . . .



1 1 1 2 1 102
1:1 -> 1:2 -> 1:10

1913 – US Federal Reserve



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.









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


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



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)



Crypto currency
Crypto Currency

What does this mean?


Public transaction
Public Transaction

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



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




Alternative coins
Alternative Coins whose time has come.” ~ Victor Hugo

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 whose time has come.” ~ Victor Hugo


Bitcoin

??? vs. whose time has come.” ~ Victor HugoBitcoin

Disruptive technology


Technology adoption trend
Technology Adoption Trend whose time has come.” ~ Victor Hugo


Technology adoption trend1
Technology Adoption Trend whose time has come.” ~ Victor Hugo


Satoshi s motivation
Satoshi’s Motivation? whose time has come.” ~ Victor Hugo

Headline embedded in genesis block:

"Chancellor on brink of second bailout for banks"

January 3, 2009, Times of London.


Bitcoin
End. whose time has come.” ~ Victor Hugo

Did you like this lecture?Bitcoin me: 1Hi3ZLNib1Nte2JX7dd3vYAfJqULZLgjKr

http://romanskaskiw.com/