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![From 2004 through 2007, $1.4 trillion worth of CDOs were issued [1].
[1] Morgenson, Gretchen; Joshua Rosner (2011). Reckless Endangerment : How Outsized ambition, Greed and Corruption Led to Economic Armageddon. New York: Times Books, Henry Holt
and Company. p. 283.
$1.4 trillion.
From 2001 to 2007, overall mortgage debt in the US increased from $5.3
trillion to $10.5 trillion [2].
$10.5 trillion.
[2] United States. (2010). The financial crisis inquiry report: Final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. Washington,
DC: Financial Crisis Inquiry Commission.](https://image.slidesharecdn.com/moneyoftheinternetz-180724152745/85/Why-Bitcoin-3-320.jpg)
Why Bitcoin
- 1. Information contained hereinis for informational purposes only and should not be considered investment advice or a recommendation to purchase or otherwise trade an investment. All purchase and sale of securities, bitcoin, etc. are the sole discretion of the reader. Articles and links are provided for informational purposes only and believed to be reliable; however, in no way shall their presentation here be construed as a guarantee of their accuracy by the author. If you detect any omissions, misstatements or errors, please contact me immediately. Information is at a period in time and subject to change. Don’t trust. Verify.* * Blockstream Inc., https://store.blockstream.com/product/dont-trust-verify-tshirt/
- 2. Let’s go backto 2007/2008...
- 3. From 2004 through2007, $1.4 trillion worth of CDOs were issued [1]. [1] Morgenson, Gretchen; Joshua Rosner (2011). Reckless Endangerment : How Outsized ambition, Greed and Corruption Led to Economic Armageddon. New York: Times Books, Henry Holt and Company. p. 283. $1.4 trillion. From 2001 to 2007, overall mortgage debt in the US increased from $5.3 trillion to $10.5 trillion [2]. $10.5 trillion. [2] United States. (2010). The financial crisis inquiry report: Final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. Washington, DC: Financial Crisis Inquiry Commission.
- 4.
- 5. *Anna Katherine Barnett-HartThe Story of the CDO Market Meltdown: An Empirical Analysis-March 2009-Cited by Michael Lewis in The Big Short Financial institutions suffered nearly one trillion dollars in losses from 2007 to early 2009*.
- 6. Bitcoin whitepaper released October31, 2008 Satoshi Nakamoto, 2008 31 October, Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf
- 7. The Times 03/Jan/2009 Chancelloron brink of second bailout for banks 000000000019d6689c085ae1658 31e934ff763ae46a2a6c172b3f1 b60a8ce26f
- 8.
- 9. Peer-to-peer No third-party involved NodeA Node B Node C
- 10. 1 hour* vs24 hours *10-min avg confirmation time * 6 blocks (to be considered secure) 2,400% faster!
- 11. Decentralized No single pointof failure and control
- 12. Fungible 1 bitcoin is1 bitcoin is 1 bitcoin
- 13. Scarce 21 million bitcoincap Brainless Tales, Bitcoin Rollercoaster Guy, http://www.brainlesstales.com/bitcoin-roller-coaster
- 14. 2018, May 10,Google, Inc.,
- 15. Censorship Resistant Unlike PayPal,credit cards, wire transfers, etc.
- 16.
- 17. Immutable Code is law DevalKulshrestha, Lady Justice, 12 May 2015, This file is licensed under the Creative Commons Attribution-Share Alike 4.0 International license
- 18. Secure Protection from fraudand theft McGeddon, 14 May 2016, This file is licensed under the Creative Commons Attribution-Share Alike 4.0 International license.
- 19. HODL* *2013, December 18,GameKyuubi, I AM HODLING, https://bitcointalk.org/index.php?topic=375643.0
- 20.
- 21. Lower rated (“mezzanine”)tranches of subprime-mortgages bought from mortgage bonds and then bundled together and sold to investors as a new security. What’s a CDO? Caveat: This is what CDOs were for the most part from 2004-2007. A CDO can consist of any type of security; it is not strictly limited to the mortgage-backed security (MBS).
- 22. 2017 budget requestfor US military https://en.wikipedia.org/wiki/File:2017_Request_Budget_Breakdo wn_Fig_1.jpg $582.7 billion. “The Congress shall have power * * * ; To declare War... but no Appropriation of Money to that Use shall be for a longer Term than two Years.” -Article I, Section 8, Clauses 11-14 of US Constitution.
- 23. What if therewas a ‘money of the internet’*? *2014, January 27, Akin Fernandez a.k.a. Beautyon_, Bitcoin is not money. If you seek “compliance” you are asking for trouble., https://hackernoon.com/bitcoin-is-not-money-if-you-seek-compliance-you-are-asking-for-trouble-cbe9107e5298
- 24. “First you getthe money, then you get the power.” Scarface, 1983
- 25.
- 26. Around 1.7 billionpeople throughout the world remained unbanked in 2017*. *The Global Findex Database 2017: https://globalfindex.worldbank.org/ 1,700,000,000. “One billion financially excluded adults already own a mobile phone and about 480 million have internet access.” -The 2017 Global Findex Database Overview Report An MTN-operated "mobile phone booth" (Uganda 2009)
- 27.
- 28. “Can’t it beused to fund terrorism?” “It’s too expensive to buy a cup of coffee.” “The government can just shut it down/regulate it.” “It’s a Ponzi scheme.”