• Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
  • The beautiful economy of Slideshare distills bitcoin to its beautiful economy; in our attempts to better articulate the fundamentally-irresistable qualities of this new system of value, doing so succinctly and effectively has been our most challenging task.

    Well done, JM
    Are you sure you want to
    Your message goes here
No Downloads

Views

Total Views
386
On Slideshare
0
From Embeds
0
Number of Embeds
2

Actions

Shares
Downloads
3
Comments
1
Likes
1

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Jon Matonis Executive Director Bitcoin Foundation
  • 2. Giant Stones Of Yap 2
  • 3. Search For Extraterrestrial Intelligence (SETI) 3
  • 4. Bitcoin Network Computational Power 4
  • 5. The War On Cash – What’s It All About? 5
  • 6. The War On Cash – What’s It All About?  Global financial surveillance  Using money for identity tracking  Traceability of all personal transactions  Absolute efficiency in tax collection  Blockading and confiscating payments  Elimination of informal or grey economy 6
  • 7. Paper Cash And Bitcoin Are Similar  User-defined privacy (anonymity)  Untraceable (unlinked from source)  Irrevocable (bearer nature) 7
  • 8. Precursors To Bitcoin  Hashcash (1997) Adam Back  B-money (1998) Wei Dai  Proof-of-work system to limit email spam  SHA-1 hash of the header     Public keys identify pseudonyms Broadcast solution to computational problem Arbitrator and fine schedule Broadcasted subset account servers with bail  BitGold (2001-2005)     Nick Szabo Public challenge string of bits Client puzzle functions Securely timestamped Distributed property title registry solved double spending 8
  • 9. Bitcoin Is A Reaction To...  Dominant legacy infrastructure  Centralised monetary authority  Diminishing financial privacy 9
  • 10. Bitcoin Merchant Benefits  Extend acceptance to countries not reached       by Visa, MasterCard, and PayPal (60+) Provide payment method for the unbanked No disallowed merchant categories codes (MCCs) Not subject to payments embargo Eliminate chargeback and fraud risk Processing fees approaching zero Near immediacy of settlement 10
  • 11. Bitcoin Is A Safe Alternative 11
  • 12. Summary Of Bitcoin Key Features          First mover network advantage Independent unit of value with fixed supply Decentralized nature inhibits shutdown Financial intermediary not required Dramatically lower fees Brings the unbanked into the monetary system Cannot be politically manipulated Borders and capital controls are irrelevant Reduces government ability to fund itself What’s not to love? 12
  • 13. De-Central Banks And Their Impact 13
  • 14. Impact On Monetary Policy  Fractional reserve banking becomes nearly impossible without the emergence of money substitutes  Opportunistic and unrestrained inflation gives way to natural deflation  Interest rates respond more to the risk of the lending activity rather than central bank open market operations  Reduction in detrimental business cycles 14
  • 15. Impact On Fiscal Policy  Governments gradually shift from taxing income to taxing consumption  Registration of exchanges and merchants facilitate higher consumption taxes  Government spending becomes constrained by actual revenue raised which means that unpopular expenditures will be difficult to fund 15
  • 16. Transform Global Transfer Networks 16
  • 17. Transform Global Transfer Networks 17
  • 18. Transform Asset Management Industry 18
  • 19. Transform Retail Payments 19
  • 20. Transform Retail Payments 20
  • 21. Bitcoin Market Capitalization 21
  • 22. Quotes From Others “I think [bitcoin] is a technical tour de force.” -Bill Gates “I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]… is actually pretty cool.” -Al Gore “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” -Nassim Taleb 22
  • 23. My Quote “Bitcoin is to legal tender as BitTorrents are to copyrights” 23
  • 24. Thank You Twitter: Email: jonmatonis jon@bitcoinfoundation.org 24