Bitcoin: What It Is, Why It's Important and How It Won't Save Us
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Presentation about bitcoin given at the Rio Grande Valley Zeitgeist Movement ZDay 2014 event.
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Bitcoin: What It Is, Why It's Important and How It Won't Save Us
- 1. BITCOIN: What it is, Why it’s important and How it won’t save us Frank Flores Rio Grande Valley Zeitgeist Movement Z-Day 2014
- 2. BITCOIN: What it is Decentralized No single point of failure or control Digital Not a physical object - ephemeral Peer to Peer All nodes are equal, anti-fragile Cryptocurrency Security and integrity rely on mathematics Open source software
- 3. BITCOIN: How it works Gossip Everyone shares their signed messages ECDSA 256 / SHA-256 / RIPEMD-160 Verification Do the messages make sense? Merkle Tree / Algorithmic Control Securing and Issuance Add messages to ledger and reward miners SHA-256 Hashing / Defined and Limited
- 4. Growth Rate of Bitcoin Network Hashing Power 2009-Present
- 5. BITCOIN: Why it’s important Obviates Governmental Authority No one person or entity regulates currency Not subject to searches, seizures, freezing More Efficient, Cheaper Than Banks / CC’s A virtuous circle that rewards contributors Volunteers operate the infrastructure, vote The Ephemeralization of Money/Finance Economic opportunity for under/unbanked Basis for new technologies/paradigms
- 6. BITCOIN: How it won’t save us... Continues to Promote Money System of Value Does not promote sustainability Thrives on market inefficiencies Maintains and Increases Inequality Must have access to significant technology Must invest more wealth to earn more wealth Cartel and Monopoly/Oligarchy or Factions Market pressures still exist Bitcoin network can become fractured
- 7. ...but here’s why it helps us! Encourages An Honest Discussion About Money Many news outlets asking “What is money?” Much more discussion of fiat, Fed polices Proves a useful technology and paradigm Given agreeable software, we’ll contribute! No one in charge, everyone votes! Alternative currencies enable significant change! SolarCoin, PrimeCoin, NameCoin Change encourages more change!