What is Bitcoin, Blockchain? . How do they work?
How automated trading robot BOT BitConnect increases profits.
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Bitcoin: Busienss and Technology Robot Overview
1. For Smart People
That Don’t Want To Stay
In The Sidelines
Adj. Prof. Giuseppe Mascarella
giuseppe@valueamplify.com
AGENDA
1. What are Bitcoin and Blockchain?
2. How Do I Safely Create a Wallet?
3. How Do I Transfer Funds In/Out?
4. Where Can I Invest Bitcoin?
BITCOIN TRADER KICKSTARTER
Value Amplify Consulting Confidential
2. DOVE C’E PAURA E CONFUSIONE,
CI SONO OPPORTUNITA’!
The Earth Is Flat, Christopher Columbus
investment is a scam, he will never
come back to Spain.
“Internet is like sex in High School. Everybody talks
about it and nobody does it”
Copyrighted by Value Amplify Consulting Confidential
3. 1. What Is Bitcoin?
Copyrighted by Value Amplify Consulting Confidential
5. What Is A US Treasure
Bond?
A bearer Instrument
1. Holder has ownership
2. No other records kept as to identity of
owner
3. Easy to keep anonymous
4. Hard or impossible to replace if lost or
stolen
What are the
Cryptocurrencies?
A Bearer Instrument,
where:
1. Holder has ownership
2. No other records kept as to
identity of owner
3. Easy to keep anonymous
4. Hard or impossible to replace
if lost or stolen
Copyrighted by Value Amplify Consulting Confidential
6. What Is The Difference Between CRYPTOCURRENCIES?
BITCOIN: BTC or XBT ETHERIUM: ETH
ValueAmplify Consulting Confidential
Bitcoin offers “coins”. Ethereum generates “tokens” (SGSys)
An “ICO” is a bitcoin/altcoin thing. A “Token Launch” is an Ethereum thing.
7. Top Coin and Tokens
as of 11/24/17
ValueAmplify Consulting Confidential
https://coinmarketcap.com
8. How Big Is The Market Capitalization
$165B Dec 2017
13. Value Amplify Consulting Confidential
The term Blockchain is used for
The underlying public ledger technology platform,
needed also for cryptocurrencies.
The term Smart Contract refers to
The scripting system on a public ledger, that instead of
just sending currency, sends contractual rights and
obligations - including the terms for payment and delivery
of goods and services - that can be automatically executed
by an autonomous system that’s trusted by all
signatories.
What is BlockChain?
Example: House Ledger
Even if 30% of title have errors, it is better than peer managed
What Problem Are We Addressing?
Global Peer-To-Peer Trust!
17. For Smart People
That Don’t Want To Stay
In The Sidelines
Adj. Prof. Giuseppe Mascarella
giuseppe@valueamplify.com
AGENDA
1. What are Bitcoin and Blockchain?
2. How Do I Safely Create a Crypto Wallet?
3. How Do I Transfer Funds In/Out?
4. Where Can I Invest Bitcoin?
BITCOIN TRADER KICKSTARTER
Value Amplify Consulting Confidential
18. ValueAmplify Consulting Confidential
Wallets
1. Full Node Wallet (Be Your Own bank)
Blockchain.info, Mycelium, Copay, Bitpay, Jaxx , Exodus, Bitcoin Core or Bitcoin Knots.
These wallets store your private keys in a dedicated folder on your computer
-
2. Hardware Wallet
3. Exchange Managed Wallet (Software Tools)
19. ValueAmplify Consulting Confidential
Managing Wallets, Address, Public Keys and Private Keys
https://www.youtube.com/watch?v=yr9tF-xWN3s
Option 1: Be your own bank Option 2: Use a software
20. When and Where To Buy Bitcoin?
ValueAmplify Consulting Confidential
21. For Smart People
That Don’t Want To Stay
In The Sidelines
Adj. Prof. Giuseppe Mascarella
giuseppe@valueamplify.com
AGENDA
1. What are Bitcoin and Blockchain?
2. How Do I Safely Create a Wallet?
3. How Do I Transfer Funds In/Out?
4. Where Can I Invest Bitcoin?
BITCOIN TRADER KICKSTARTER
Value Amplify Consulting Confidential
22. 4. How Do I Transfer The Money
In And Out
$USD
In Your Bank
1.Buy BitCoin
2. Save in a Wallet on
BlockChain App
Trading App
BitCoin Trading
ValueAmplify Consulting Confidential
$USD Wallet with Bitcon Trading
23. 1. Transfer 2. Transfer in EURO
Find: Destination Address Menu Withdraw EURO
https://www.slideshare.net/giuseppema/how-to-buy-bitcoin-stepbystep
24. Copyrighted by Value Amplify Consulting - Confidential
Trading robots are software tools to replicate a well thought-out trading strategy
U.S. Securities and
Exchange Commission’s
approved them in 2008.
The phrase “binary options”
now receives 110,000
monthly searches in Google,
only 20,000 less than “forex
trading”.
What Are The Trading BOTs?
25. ValueAmplify Consulting Confidential
Coinbase files forms 1099-K (i.e. PayPal ) for its US clients, not 1099-B(stocks)
In 2014, the IRS issued controversial guidance stating U.S. taxpayers should treat digital currencies as capital assets
Crypto Assets Taxation
We have to treat each purchase as a
capital sale.
If the value of the coin being spent has
gone up since he acquired it, he'd have
to report and pay tax on a gain.
(not true if you buy foreign currency)
Warning: In 2016, only 802 individual tax returns out of the 132 million filed electronically with the IRS reported income
related to cryptocurrencies.
30. Copyrighted by Value Amplify Consulting Confidential
BITCOIN Class
Copyrights Notice
This courseware is property of Value Amplify and
protected by US Copyright laws.
Copyright Notice
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material produced by U.S. government agencies must provide notice with such work(s) identifying the U.S.
Government material incorporated and stating that such material is not subject to copyright protection within
the United States. The information on government web pages is in the public domain and not subject to
copyright protection within the United States unless specifically annotated otherwise (copyright may be held
elsewhere). Foreign copyrights may apply.
Hinweis der Redaktion
https://medium.com/@SingularDTV/whats-the-difference-between-an-ico-and-a-token-launch-7105edbb2112
Unspent Transaction Output, UTXO
In the Bitcoin Blockchain. Managing two images visualizes the distribution of the unspent transaction outputs (UTXO)
Each pixel represents a block, where each row is 300 blocks (~50 hours). The orange image displays the number of unspent transaction outputs per block, and the blue shows the combined value of those outputs.
Ethereum is not designed specifically for financial transactions. Instead, it uses truth verification that powers cryptocurrency to create a platform for smart contracts between two parties.
Third parties can choose to use the Ethereum network to implement financial transactions. Yet, the underlying contracts can be applied to several types of transactions. In fact, Ethereum has an entire programming language called Solidity that allows developers to leverage the Ethereum platform for their own smart, secure contracts.
In the early days of Ethereum, it lacked serious traction. When prices were around $10 per ether (Ethereum’s coin), founder Vitalik Buterin sold a large amount of the Ethereum platform’s backing currency. This was the first “initial coin offering” (ICO.) From that event, they raised around $18 million . This catalyzed a movement for several technologies to sell part of their coin supply to kick-start their blockchain projects.
To date, technology built on the Ethereum platform has now raised more than a billion dollars through ICO events.
Smart contracts in a public ledger system are a predicate-- Bitcoin's creator understood this. They take input-- about the transaction, and perhaps the chain-- and they accept or reject the update to the system. The network of thousands of nodes all around the world doesn't give a _darn_ about the particulars of the computation, they care only that it was accepted. The transaction is free to provide arbitrary side information to help it make its decision.Deciding if an arbitrarily complex condition was met doesn't require a turing complete language or what not-- the verification of a is in P not NP.In Bitcoin Script, we do use straight up 'computation' to answer these questions; because that is the simplest thing to do, and for trivial rule sets, acceptably efficient. But when we think about complex rule-- having thousands and thousands of computers all around the world replicate the exact same computation becomes obviously ludicrous, it just doesn't scale.Fortunately, we're not limited to the non-scalablity-- and non-privacy-- of making the public network repeat computation just to verify it. All we have to do is reconize that computation wasn't what we were doing from the very beginning, verification was!This immediately gives a number of radical improvements:"The program is big and I don't want to have to put it in the blockchain in advance." -> P2SH, hash of the program goes into the public key, the program itself ends up being side information."The program is big but we're only going to normally use one Nth of it-- the branches related to everything going right" -> MAST, the program is decomposed into a tree of ORs ans the tree is merkelized. Only the taken OR branches ever need to be made public; most of the program is never published which saves capacity and improves confidentiality."The program is big, and there are fixed number of parties to the contract. They'll likely cooperate so long as the threat of the program execution exists." -> Coinswap transformation; the entire contract stays outside of the blockchain entirely so long as the parties cooperate."The program is big, and there are fixed number of parties to the contract, and I don't care if everything just gets put back to the beginning if things fail." -> ZKCP; run _arbitrary_ programs, which _never_ hit the blockchain, and are not limited by its expressive power (so long as it supports hash-locked transactions and refunds.)"The program is kinda big, and we don't mind economic incentives for enforcement in the non-cooperative case" -> challenge/response verification; someone says "I assert this contract accepts," and puts up a bond. If someone disagrees, they show up and put up a bond to say it doesn't. Now the first party has to prove it (e.g. but putting the contract on the chain) or they lose their bond to the second party, if they're successful they get the bond from the second party to pay the cost of revealing the contract."The program is too big for the chain, but I don't want to depend on economic incentives and I want my contract to be private." -> ZKP smart contracts; PCP theorem proves that a program can be proved probabilisticly with no more data than log the size of its transcript. SNARKS use strong cryptographic assumptions to get non-interactive proofs for arbitrary programs which are constant size (a few hundred bytes). Slowness of the prover (and in the case of snarks, trusted setup of the public key-- though for fixed sets of participants, this can be avoided) limit the usefulness today but the tech is maturing.All of these radical improvements in scalablity, privacy, and flexibility show up when you realize that "turing complete" is the wrong tool, that what our systems do is verification, not computation. This cognitive error confers no advantage, outside of marketing to people with a fuzzy idea of what smart contracts might be good for in the first place.More powerful smart contracting in the world of Bitcoin will absolutely be a thing, I don't doubt. But the marketing blather around ethereum isn't power, it's a boat anchor-- a vector for consensus inconsistency and decentralization destroying resource exhaustion and incentives mismatches. Fortunately, the cognitive framework I've described here is well understood in the community of Bitcoin experts.
IRS and Bitcoin Customer Data https://www.forbes.com/sites/kellyp …