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Bitcoin festival of media rome

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  • 1. BITCOIN: MONEY WITHOUT GOVERNMENT Jon Matonis Executive Director Bitcoin Foundation
  • 2. Giant Stone Money of Yap 2
  • 3. Search for Extraterrestrial Intelligence (SETI) 3
  • 4. Bitcoin Network Computational Power 4
  • 5. What Happens When Trust Is Decentralized? 5
  • 6. Bitcoin is Disruption Within Disruption 6  Supreme disruption in payments occurs when a new monetary unit is introduced  Capital “B” Bitcoin is a distributed network without the need for a third party  Small “b” bitcoin is a new monetary unit of account on this network  Bitcoin sparks currency competition with national issuers
  • 7. Bitcoin Benefits for Consumers  Analog Equivalent Rights  Paper Cash to Electronic Cash  Anonymity Privacy  Untraceability Personal  Irreversibility Finality 7
  • 8. Bitcoin Benefits for Merchants 8  Extend acceptance to countries not reached byVisa, 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
  • 9. De-Central Banking is the Future 9
  • 10. Bitcoin Active Nodes Worldwide 10
  • 11. We Don’t Need Kings To Coin Our Money 11
  • 12. The Post-Legal Tender Era 12  Absence of financial intermediary transforms current industries  Retail payments go mobile  Interbank transfers go point-to-point  Asset management becomes personal
  • 13. The Post-Legal Tender Era 13  The power of decentralization alters political institutions  Monetary policy impact  Fiscal policy impact
  • 14. Monetary Policy in Post-Legal Tender Era 14  No Fractional Issuance - fractional reserve banking becomes nearly impossible without the emergence of money substitutes  Healthy Deflation - opportunistic and unrestrained inflation gives way to natural deflation  Reduction in detrimental business cycles - interest rates respond more to the risk of the lending activity rather than central bank open market operations
  • 15. Fiscal Policy in Post-Legal Tender Era 15  De-emphasize IncomeTax - governments gradually shift from taxing income to taxing consumption  Endpoint Regulation - registration of exchanges and merchants facilitate higher consumption taxes  Check on Spending - government spending becomes constrained by actual revenue raised, which means that unpopular expenditures will be difficult to fund
  • 16. More Likely To Be Spent Than Hoarded 16
  • 17. Bitcoin’s Cultural Impact on Media  Crowdfunding  Charitable causes  Microtransactions  In-app purchases and gaming  Branding advantage  Free publicity 17
  • 18. Bitcoin Transaction Network Ranking 18
  • 19. ISO Proposal for Bitcoin as XBT 19
  • 20. Quotes From Establishment 20 “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” -Nassim Taleb “I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]… is actually pretty cool.” -Al Gore “I think [bitcoin] is a technical tour de force.” -Bill Gates
  • 21. Quote from Me “Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis 21
  • 22. Thank You Twitter: jonmatonis Email: jon@bitcoinfoundation.org 22