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Bitcoin ฿. History of Money Barter Goods *BECOME* Money Acceptable Durable Portable Scarce Divisible Recognizable.

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Presentation on theme: "Bitcoin ฿. History of Money Barter Goods *BECOME* Money Acceptable Durable Portable Scarce Divisible Recognizable."— Presentation transcript:

1 Bitcoin ฿

2 History of Money

3 Barter

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

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

6 Bank of England Gold Receipts

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

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10 Bank Runs

11 Government Takes Over Banking

12 1:1 -> 1:2 -> 1: – Bank of England Monopoly 1913 – US Federal Reserve Monopoly

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

14 1971 – Executive Order 11615

15

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

17 Ancient Rome 27AD – Augustus – Denarius 95% Silver 45 coins / pound Gold 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 230AD – 72 coins / pound Gold 300AD – Diocletian – Argenteus Silver Coin 60 coins / pound Gold 330AD – Constantine – 72 coins / pound Gold 210AD – Caracalla – Denarius 50% Silver 50 coins / pound Gold 268 AD – Denarius 0.5% Silver 268 AD – Denarius 0.5% Silver Same idea, different technology.

18 Ancient China -7 th Century (Tang Dynasty). Merchant receipts of deposit during. -13 th 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."

19 Enforcing Government Money

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24 Money Wasn’t Always Government Issued

25 Multiple Currencies – No Problem

26 Electronic Money EGold to 2009 $2 billion transactions / year (2008) Liberty Reserve to 2013 “Liberty Dollars” “Liberty Euros” ~ $0.9 billion transactions /year Also, Goldmoney.com, e-Bullion.com, CrowneGold.com, Pecunix.com, INTgold.com.

27 Peer to Peer

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29 Decentralization & the Distributed Consensus Problem

30 2008 – Satoshi’s Paper

31 History & $ Price of 1 Bitcoin Oct 2008: Satoshi Paper Jan 2009: First wallets begin working Oct 2009: $1 = 1, BTC May 2010: Pizza sells for 10,000 Btc July 2010: MtGox Established July-Nov 2011: $32 -> $2 March 2013: Cyprus Crisis. $40 -> $260 -> $90 -> $120 May 2013: Forbes “Living On Bitcoin For A Week“ May 2013: First major VC investment in Bitcoin companies July 2013: Bitcoin Fund Oct 2013: Silk Road Shutdown Oct-Nov 2013: Chinese Demand. $120 -> $1200 -> $800 Dec 2013: China restricts banks from using Bitcoin Jan 2014: BitInstant CEO arrested Feb 2014: Apple Bans Bitcoin Apps Jun 2014: Apple allows Bitcoin Apps June 2014: Mt Gox Bankruptcy Sept 2014: Overstock.com accepts Btc

32 Market Capitalization Euro (M2): $16 Trillion Dollar (M2): $14 Trillion Ukraine (M2): $95 Billon Mongolia (M2): $5.1 Billion Georgia (M2): $4.8 Billion Bitcoin:$4.5 Billion Moldova (M2): $3.9 Billion Armenia (M2):$3.3 Billion Litecoin:$125 Million Sao Tome & Principe: $100Million

33 Bitcoins in the World

34 Bitcoin Bars

35 Kreuzberg, Berlin

36 New York Open Air Bitcoin Exchange

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39 A taxi in Kenya

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43 Bctip.org

44 Bitcoin ATM in Kyiv

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47 Where to get Bitcoins

48 Bitcoin Technology

49 Send Money Anywhere For FREE Instantly Anonymously*

50 Post Office vs.

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

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

53 Bitcoin Mining

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57 Bitcoin Mining Hash Rate

58 Mining Pools

59 51% Attack?

60 Alt-Coins

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

62 ??? vs. Bitcoin Disruptive technology

63 Satoshi’s Motivation? Headline embedded in genesis block: " Chancellor on brink of second bailout for banks " January 3, 2009, Times of London.

64 Other Uses of Decentralized Consensus Technology

65 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

66 End. Did you like this lecture? Bitcoin me: 1Hi3ZLNib1Nte2JX7dd3vYAfJqULZLgjKr


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