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Bitcoin & Blockchain Technology:
Why Lawyers Should Care
@davidsilvasmith@pamelawjd
Do you like your bank?
Ever been charged a
bank fee?
Banks charged customers
$2.5 billion in
overdraft fees
in the first 3 months of this year!
*Source: http://money.cnn.com/20...
Other Issues
Monthly Service fees
ATM fees
overdraft fees
minimum balance fees
check fees
low interest rates
poor customer...
WTF?
banks reordering transactions to charge fees
improper foreclosures
The 2008 bailout ($16 trillion)
can’t get your mon...
Can something be
better?
Do we need banks?
@davidsilvasmith
show me #bitcoin
So What?
Venmo, Google Wallet, Facebook, etc. do that - right?
One is an illusion…
Isn’t bitcoin a scam?
Paul Krugman
"The growth of the Internet will slow drastically, as the flaw in
'Metcalfe's law'–which states that the numbe...
What do you think?
Bill Gates
Richard Branson
Eric Schmidt
Marc Andreessen
Al Gore
Paul Bucheit
Julian Assange
Reid Hoffma...
What is bitcoin?
Gold + email
Low Cost
Empowering
Safe
Transparent
Programmable
Rare
Fast
What is the
blockchain?
Block 2
It is a ledger
Block 1
Block 2
Block 3
Block 4
Transaction 1
Transaction 2
Transaction 3
Transaction n
Blocks are mined
Miners get block reward and transaction fees
It is a distributed
ledger
So What?
Nearly indestructible
Irreversible
Globally Accessible
Why Lawyers Should
Care
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Bitcoin and blockchain technology why lawyers should care

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Presented at Michigan State University College of Law Center for Legal Services Innovation

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Bitcoin and blockchain technology why lawyers should care

  1. 1. Bitcoin & Blockchain Technology: Why Lawyers Should Care @davidsilvasmith@pamelawjd
  2. 2. Do you like your bank?
  3. 3. Ever been charged a bank fee?
  4. 4. Banks charged customers $2.5 billion in overdraft fees in the first 3 months of this year! *Source: http://money.cnn.com/2015/05/27/investing/overdraft-fees-over-1-billion-big-banks/
  5. 5. Other Issues Monthly Service fees ATM fees overdraft fees minimum balance fees check fees low interest rates poor customer service withdrawal limits slow moving electronic money
  6. 6. WTF? banks reordering transactions to charge fees improper foreclosures The 2008 bailout ($16 trillion) can’t get your money can’t use your money bank errors scams *Source: http://www.forbes.com/sites/traceygreenstein/2011/09/20/the-feds-16-trillion-bailouts-under-reported/
  7. 7. Can something be better?
  8. 8. Do we need banks?
  9. 9. @davidsilvasmith show me #bitcoin
  10. 10. So What? Venmo, Google Wallet, Facebook, etc. do that - right?
  11. 11. One is an illusion…
  12. 12. Isn’t bitcoin a scam?
  13. 13. Paul Krugman "The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's." *Source: http://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12
  14. 14. What do you think? Bill Gates Richard Branson Eric Schmidt Marc Andreessen Al Gore Paul Bucheit Julian Assange Reid Hoffman Nas 50 Cent Winklevoss Twins Bill Miller Warren Buffett Paul Krugman Joe Manchin Alan Greenspan Peter Schiff Hikmet Ersek? Jamie Dimon?
  15. 15. What is bitcoin?
  16. 16. Gold + email Low Cost Empowering Safe Transparent Programmable Rare Fast
  17. 17. What is the blockchain?
  18. 18. Block 2 It is a ledger Block 1 Block 2 Block 3 Block 4 Transaction 1 Transaction 2 Transaction 3 Transaction n
  19. 19. Blocks are mined Miners get block reward and transaction fees
  20. 20. It is a distributed ledger
  21. 21. So What? Nearly indestructible Irreversible Globally Accessible
  22. 22. Why Lawyers Should Care

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