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Bitcoin
More disruptive than the Internet?
#bcn13bitcoin

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Luke Stokes

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@lukestokes
Hold on to your butts…
●
●
●
●
●
●

Brief history of money
Describe the problem we need to disrupt
10,000 foot overview of...
A ridiculously brief history
1694 - Bank of London
1791 - First Bank of the United States
1817 - Second Bank of the United...
So what is fiat?
● Any money declared by a government to be
legal tender.
● State-issued money which is neither
convertibl...
Is fiat really so bad?
● 775 historical fiat currencies, most failed
● Average lifespan: 27 years
World Reserve Currency

Historical World Reserve Currency Status
Where does Bitcoin come in?
We’ll get there…
First some important quotes.
Quotes
"Give me control of a nation's money and I care
not who makes it's laws"
— Mayer Amschel Bauer Rothschild
Quotes
"It is well that the people of the nation do not
understand our banking and monetary system,
for if they did, I bel...
Quotes
"History records that the money changers have
used every form of abuse, intrigue, deceit, and
violent means possibl...
Quotes
“You are a den of vipers and thieves. I have
determined to rout you out, and by the Eternal,
I will rout you out!”
...
Quotes
"Whoever controls the volume of money in any
country is absolute master of all industry and
commerce."
— James A. G...
Quotes
"I believe that banking institutions are more
dangerous to our liberties than standing armies.
...The issuing power...
Where are we going...
● If you control the money supply, you control
the people.
● If you control the credit, you control ...
Third Party Risk
Your Bank
Your Government
Your Credit Card Company
What is Bitcoin?
The first decentralized digital currency.
http://www.weusecoins.com
http://en.wikipedia.org/wiki/Bitcoin
...
Bitcoin Address
“Owning” some Bitcoin
Example Bitcoin Address
Example: writing a check
Centralized clearing house needed
BTC: No Central Authority
Open source protocol
“Blockchain” public ledger
Proof of work algorithm or “mining”
No double sp...
Programmable Money
Credit Cards created before the Internet
Bitcoin is built on top of the Internet
It’s not just money...
My Story
Started in February 2013
http://bestoked.blogspot.com/2013/03/bitcoindo-you-speak-it.html
http://bestoked.blogspo...
Got into mining...

I got into mining… “Free money!!!”
Got into mining...

It didn’t go as planned
How to get started?
Buy/Sell: Coinbase, Bitstamp
http://howtobuybitcoins.info/us.html
Merchants: Bitpay, Coinbase, FoxyCar...
My suggestion would be to avoid mining
In Summary
●
●
●
●

Our current system is risky
Decentralization and math remove risk
We need to control our own money
The...
Questions?

Tweet me for a link to slides: @lukestokes #bcn13bitcoin
Why Bitcoin May Be More Disruptive than the Internet. Barcamp Nashville 2013
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Why Bitcoin May Be More Disruptive than the Internet. Barcamp Nashville 2013

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Bitcoin is one of the most disruptive inventions in our lifetime. To understand this, we have to take a brief look at monetary history and how the money systems in place today are full of third party risk. Bitcoin's decentralized digital nature is the currency of the future. It's digital gold, programmable money. You can send value to anyone one anywhere in the world immediately and for free.

Published in: Technology, Economy & Finance
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Why Bitcoin May Be More Disruptive than the Internet. Barcamp Nashville 2013

  1. 1. Bitcoin More disruptive than the Internet? #bcn13bitcoin - Luke Stokes - @lukestokes
  2. 2. Hold on to your butts… ● ● ● ● ● ● Brief history of money Describe the problem we need to disrupt 10,000 foot overview of Bitcoin Connect the dots My Story Q/A
  3. 3. A ridiculously brief history 1694 - Bank of London 1791 - First Bank of the United States 1817 - Second Bank of the United States 1913 - Federal Reserve Act 1933 - Executive Order 1602 1944 - Bretton Woods 1971 - The Nixon Shock
  4. 4. So what is fiat? ● Any money declared by a government to be legal tender. ● State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. ● Money without intrinsic value.
  5. 5. Is fiat really so bad? ● 775 historical fiat currencies, most failed ● Average lifespan: 27 years
  6. 6. World Reserve Currency Historical World Reserve Currency Status
  7. 7. Where does Bitcoin come in? We’ll get there… First some important quotes.
  8. 8. Quotes "Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
  9. 9. Quotes "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford
  10. 10. Quotes "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance." — James Madison
  11. 11. Quotes “You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, I will rout you out!” — Andrew Jackson
  12. 12. Quotes "Whoever controls the volume of money in any country is absolute master of all industry and commerce." — James A. Garfield
  13. 13. Quotes "I believe that banking institutions are more dangerous to our liberties than standing armies. ...The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." — Thomas Jefferson
  14. 14. Where are we going... ● If you control the money supply, you control the people. ● If you control the credit, you control the money supply. ● If you control the risk, you control the credit.
  15. 15. Third Party Risk Your Bank Your Government Your Credit Card Company
  16. 16. What is Bitcoin? The first decentralized digital currency. http://www.weusecoins.com http://en.wikipedia.org/wiki/Bitcoin Cryptocurrency means trust is based on math
  17. 17. Bitcoin Address “Owning” some Bitcoin
  18. 18. Example Bitcoin Address
  19. 19. Example: writing a check Centralized clearing house needed
  20. 20. BTC: No Central Authority Open source protocol “Blockchain” public ledger Proof of work algorithm or “mining” No double spends Controlled, predictable money supply
  21. 21. Programmable Money Credit Cards created before the Internet Bitcoin is built on top of the Internet It’s not just money...
  22. 22. My Story Started in February 2013 http://bestoked.blogspot.com/2013/03/bitcoindo-you-speak-it.html http://bestoked.blogspot.com/2013/04/mybitcoin-obsession.html
  23. 23. Got into mining... I got into mining… “Free money!!!”
  24. 24. Got into mining... It didn’t go as planned
  25. 25. How to get started? Buy/Sell: Coinbase, Bitstamp http://howtobuybitcoins.info/us.html Merchants: Bitpay, Coinbase, FoxyCart Mining…?
  26. 26. My suggestion would be to avoid mining
  27. 27. In Summary ● ● ● ● Our current system is risky Decentralization and math remove risk We need to control our own money The future of money will be a digital, decentralized, and programmable ● Bitcoin is the current leader
  28. 28. Questions? Tweet me for a link to slides: @lukestokes #bcn13bitcoin

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