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Bitcoin and Blockchains

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Bitcoin and Blockchains

  1. 1. Bitcoin and Blockchains Updated 1-20-18
  2. 2. Me
  3. 3. Class
  4. 4. Website
  5. 5. What's a Blockchain?
  6. 6. Link Blockchain 10 Live Online Blockchain Demo
  7. 7. Bitcoin
  8. 8. Why Should Anyone Care? • Bitcoin itself is not very attractive • Scams • Pyramid schemes • High-risk investment • Money laundering
  9. 9. My Evolving Position
  10. 10. Why Does Bitcoin Have Any Value? • Three killer apps • Silk Road (purchase illegal things) • Ransomware (must pay in Bitcoin) • Economies with high inflation (like Argentina) • 2017: Speculation
  11. 11. 7% of all Bitcoins Stolen
  12. 12. Largest Bitcoin Heists Before 2014
  13. 13. Bitcoin Price History
  14. 14. Bitcoin Prices 2017-Now • From $1,000 to $20,000 in one year • What real value has increased this year?
  15. 15. Bitcoin Rose Faster than the DotCom Bubble
  16. 16. In 1637, a single tulip bulb sold for more than the cost of a large mansion http://www.bbc.com/ culture/story/ 20160419-tulip- mania-the-flowers- that-cost-more-than- houses
  17. 17. This part of my life, this part right here, this part is called "being stupid"
  18. 18. • Visa is valued at $6 per transaction • Bitcoin over $10,000 per transaction Is Bitcoin a Means of Exchange?
  19. 19. Is Bitcoin a Store of Value?
  20. 20. Gold is the Classic Store of Value
  21. 21. ...only 20 of the currencies are actually being used for something other than trading. The rest are purely speculative trading instruments. Initial Coin Offerings (ICO)
  22. 22. Bitcoin Power Consumption
  23. 23. Ethereum
  24. 24. Smart Contracts • Programs that run on the Ethereum blockchain • A company can be run by a program, and have no physical location • Advocates expected to be exempt from all laws and taxes
  25. 25. Digital Autonomous Organization (DAO) • Started with $150 M investment • Launched in May, 2016 • Security concerns were raised but ignored • On June 18, a hacker stole $70 M
  26. 26. • "White-Hat Hackers" stole rescued the remaining Ether from the DAO to pressure Ethereum into forking • Reportedly, the funds were returned later
  27. 27. July - Oct, 2017
  28. 28. Blockchains
  29. 29. Blockchains • The technology behind Bitcoin • Everyone has a copy of the complete ledger • Very difficult to lie or cheat • Enables business dealings with people you don't trust • No trusted central authority • Bank, government, regulator, ...
  30. 30. Cryptokitties
  31. 31. Contest

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