- Bitcoin is a digital currency based on cryptography. Transactions are recorded on a decentralized peer-to-peer network, without a central authority.
- The document discusses how the Bitcoin protocol works, including how the blockchain solves the double spending problem and incentivizes miners to verify transactions through cryptocurrency rewards.
- While Bitcoin has potential advantages like low fees and no central control, there are also concerns about its ability to replace national currencies, provide true anonymity, and be regulated by governments.
This Crypto 101 covers:
1. The basics – what is crypto and why was it created?
2. Story of webs and waves (From Web 1.0 to Web 3.0)
3. Taxonomy of crypto land
4. Crypto Business Models
5. Regulatory responses
6. Differences in investing in crypto vs regular startups
7. Glossary & Resources
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
What is Bitcoin? And how is it being used? Drawing on Swedish examples, this presentation discusses the growing Bitcoin ecosystem in Sweden and across the globe.
[Video: https://www.youtube.com/watch?v=JZrwIlB6SVA ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf ]
Tim Swanson discusses sidechains, merged mining, blockchain 2.0, bitcoin information security. bitcoin thefts and potential use-cases for the network. First presented at Stanford on April 28, 2014 for the Symbolic Systems 150 course. Citations and references in the notes section. More information at: www.ofnumbers.com
This Crypto 101 covers:
1. The basics – what is crypto and why was it created?
2. Story of webs and waves (From Web 1.0 to Web 3.0)
3. Taxonomy of crypto land
4. Crypto Business Models
5. Regulatory responses
6. Differences in investing in crypto vs regular startups
7. Glossary & Resources
Overview of bitcoin regulation challenges and opportunities.
The research focused on ineffective controls used by western regulators to control Bitcoin and cryptocurrency .
What is Bitcoin? And how is it being used? Drawing on Swedish examples, this presentation discusses the growing Bitcoin ecosystem in Sweden and across the globe.
[Video: https://www.youtube.com/watch?v=JZrwIlB6SVA ]
[Paper: http://www.ofnumbers.com/wp-content/uploads/2014/04/Learning-from-Bitcoins-past.pdf ]
Tim Swanson discusses sidechains, merged mining, blockchain 2.0, bitcoin information security. bitcoin thefts and potential use-cases for the network. First presented at Stanford on April 28, 2014 for the Symbolic Systems 150 course. Citations and references in the notes section. More information at: www.ofnumbers.com
Toward Money-over-IP? From Bitcoin to M2M MoneyGeorge Giaglis
How will Bitcoin and Blockchains disrupt industries, such as banking, and create a wave of new machine-to-machine applications on nano-payments and autonomous digital corporations.
CryptoCamp Version 1.0 as of Mar. 15, 2019Charles Adjovu
An introductory guide to the blockchain industry (cryptocurrency included) that covers the industry's history, a know-how tutorial for cryptocurrencies, short introduction to the underlying technology, the major players in the Bitcoin network, and blockchain industry jargon.
A short 101 on blockchain and cryptocurrencies - What is blockchain? How to get started investing in crypto? Tactical tips for keeping your investment secure. Presentation for Blockchain & Cryptocurrency Meetup at WeWork San Francisco, Oct 23 2017.
1 Blockchain needs a native digital asset such as bitcoin;
2 Bitcoin is digital gold and can be as relevant as physical gold for the history of money, finance, and civilization
3 Unrealistic expectations arise from distributed ledger hype: no reference implementation has emerged yet
4 Instant settlement, cash on the ledger, shared data set, and improved automation are not easy to obtain
5 Time-stamping and anchoring are promising applications
6 Hardly disruptive, DLT might be evolutionary DB tech
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
Here is the Blockchain and crypto asset markets presentation delivered by Atka.
We are an advisory firm based in Paris, France, specializing in Blockchain and cryptocurrency projects.
Searching around the web for pertinent online Blockchain materials, we noticed that most of the available content was about how Blockchain and Bitcoin work, or about how to invest in cryptocurrencies.
There is actually very little information available online about how to understand blockchain and cryptocurrencies as a market or an asset class, how this market is structured, what the different market segments are, how companies and projects compete, and what the global market dynamics are.
As a result, what we aim to deliver with this business mapping of the Blockchain & cryptocurrency industry since its inception in the late 2010s until the very recent developments of the most advanced applications using this disruptive technology.
These are the slides from my free, introductory Bitcoin class discussing how the network works, why it makes good money, why the network is trustworthy, and how all of this is possible.
CBGTBT - Part 1 - Workshop introduction & primerBlockstrap.com
A Complete Beginners Guide to Blockchain Technology Part 1 of 6. Slides from the #StartingBlock2015 tour by @blockstrap
Part 1: http://www.slideshare.net/Blockstrap/cbgtbt-part-1-workshop-introduction-primer
Part 2: http://www.slideshare.net/Blockstrap/02-blockchains-101
Part 3: http://www.slideshare.net/Blockstrap/03-transactions-101
Part 4: http://www.slideshare.net/Blockstrap/cbgtbt-part-4-mining
Part 5: http://www.slideshare.net/Blockstrap/05-blockchains-102
Part 6: http://www.slideshare.net/Blockstrap/06-transactions-102
UNBLOCKED: The Power of Blockchain Technology to Establish Trust, Build Brand...Ogilvy Consulting
UNBLOCKED: The Power of Blockchain Technology to Establish Trust, Build Brands & Transform Business shines light on the myriad capabilities, applications and benefits of blockchain technology for enterprises. It frames key questions for business leaders that open paths to unlock the value of the technology. It places the customer at the center of business strategy development. And it focuses on the ultimate end game, leveraging blockchain to prevent disruption and provide competitive advantage.
The blockchain ecosystem is evolving rapidly. Wing Venture Capital has put together a Blockchain 101 Presentation to serve as a primer for the emerging cryptoasset economy.
Content that helps to understand bitcoin and blockchain. Starts with currency basics, to clear the fact that bitcoin is not doing anything tangentially wrong. Followed by that bitcoin is covered and blockchain in detail.
Economics of Decentalized Currency SystemsErnie Teo
This presentation examines the justifications for a decentralized currency system, looking at the main beneficiaries of such a system and comparing it to a centralized currency. Next, the Byzantine General’s Problem will be discussed from a game theoretical perspective. We will look at how various solutions such as mining protocols (such as proof of work and proof of stake like Bitcoin) and consensus protocols (like Ripple and Hyperledger), attempts to tackle the problem. The talk will conclude by comparing between the Ripple and Bitcoin systems, looking at the pros and cons, and the participation incentives of nodes.
State of Blockchain 2017: Smartnetworks and the Blockchain EconomyMelanie Swan
Blockchain is a fundamental IT for secure value transfer over networks. For any asset registered in a cryptographic ledger, the whole Internet is a VPN for its confirmation, assurity, and transfer. Blockchain reinvents economics and governance for the digital age. The long-tail structure of digital networks allows personalized economic and governance services. Smartnetworks are a new form of automated global infrastructure for large-scale next-generation projects.
Bitcoin's market cap could hit $1 trillion in 2021 as its growing reserve currency status drives adoption higher, a cryptocurrency expert says.
In this PANGEA report were provide an insightful perspective on cryptocurrencies, blockchain and the possibility of an emerging new asset class.
Blockchain 101, Enabler of Cryptocurrencies - v1.0en (2021/03) Young Suk Ahn Park
Introduction to Blockchain.
Describes what blockchain is, how it works, how it guarantees trust.
Introduces to to different use cases and how blockchain can enable the new economies based on trust.
Toward Money-over-IP? From Bitcoin to M2M MoneyGeorge Giaglis
How will Bitcoin and Blockchains disrupt industries, such as banking, and create a wave of new machine-to-machine applications on nano-payments and autonomous digital corporations.
CryptoCamp Version 1.0 as of Mar. 15, 2019Charles Adjovu
An introductory guide to the blockchain industry (cryptocurrency included) that covers the industry's history, a know-how tutorial for cryptocurrencies, short introduction to the underlying technology, the major players in the Bitcoin network, and blockchain industry jargon.
A short 101 on blockchain and cryptocurrencies - What is blockchain? How to get started investing in crypto? Tactical tips for keeping your investment secure. Presentation for Blockchain & Cryptocurrency Meetup at WeWork San Francisco, Oct 23 2017.
1 Blockchain needs a native digital asset such as bitcoin;
2 Bitcoin is digital gold and can be as relevant as physical gold for the history of money, finance, and civilization
3 Unrealistic expectations arise from distributed ledger hype: no reference implementation has emerged yet
4 Instant settlement, cash on the ledger, shared data set, and improved automation are not easy to obtain
5 Time-stamping and anchoring are promising applications
6 Hardly disruptive, DLT might be evolutionary DB tech
Cryptocurrencies: The Mechanics Economic and FinanceErnie Teo
Presented at the INAUGURAL CAIA-SKBI CRYPTOCURRENCY CONFERENCE 2014 on 04 November 2014 held at the Singapore Management University
This talk gives a general overview of Bitcoin and other cryptocurrencies.
Here is the Blockchain and crypto asset markets presentation delivered by Atka.
We are an advisory firm based in Paris, France, specializing in Blockchain and cryptocurrency projects.
Searching around the web for pertinent online Blockchain materials, we noticed that most of the available content was about how Blockchain and Bitcoin work, or about how to invest in cryptocurrencies.
There is actually very little information available online about how to understand blockchain and cryptocurrencies as a market or an asset class, how this market is structured, what the different market segments are, how companies and projects compete, and what the global market dynamics are.
As a result, what we aim to deliver with this business mapping of the Blockchain & cryptocurrency industry since its inception in the late 2010s until the very recent developments of the most advanced applications using this disruptive technology.
These are the slides from my free, introductory Bitcoin class discussing how the network works, why it makes good money, why the network is trustworthy, and how all of this is possible.
CBGTBT - Part 1 - Workshop introduction & primerBlockstrap.com
A Complete Beginners Guide to Blockchain Technology Part 1 of 6. Slides from the #StartingBlock2015 tour by @blockstrap
Part 1: http://www.slideshare.net/Blockstrap/cbgtbt-part-1-workshop-introduction-primer
Part 2: http://www.slideshare.net/Blockstrap/02-blockchains-101
Part 3: http://www.slideshare.net/Blockstrap/03-transactions-101
Part 4: http://www.slideshare.net/Blockstrap/cbgtbt-part-4-mining
Part 5: http://www.slideshare.net/Blockstrap/05-blockchains-102
Part 6: http://www.slideshare.net/Blockstrap/06-transactions-102
UNBLOCKED: The Power of Blockchain Technology to Establish Trust, Build Brand...Ogilvy Consulting
UNBLOCKED: The Power of Blockchain Technology to Establish Trust, Build Brands & Transform Business shines light on the myriad capabilities, applications and benefits of blockchain technology for enterprises. It frames key questions for business leaders that open paths to unlock the value of the technology. It places the customer at the center of business strategy development. And it focuses on the ultimate end game, leveraging blockchain to prevent disruption and provide competitive advantage.
The blockchain ecosystem is evolving rapidly. Wing Venture Capital has put together a Blockchain 101 Presentation to serve as a primer for the emerging cryptoasset economy.
Content that helps to understand bitcoin and blockchain. Starts with currency basics, to clear the fact that bitcoin is not doing anything tangentially wrong. Followed by that bitcoin is covered and blockchain in detail.
Economics of Decentalized Currency SystemsErnie Teo
This presentation examines the justifications for a decentralized currency system, looking at the main beneficiaries of such a system and comparing it to a centralized currency. Next, the Byzantine General’s Problem will be discussed from a game theoretical perspective. We will look at how various solutions such as mining protocols (such as proof of work and proof of stake like Bitcoin) and consensus protocols (like Ripple and Hyperledger), attempts to tackle the problem. The talk will conclude by comparing between the Ripple and Bitcoin systems, looking at the pros and cons, and the participation incentives of nodes.
State of Blockchain 2017: Smartnetworks and the Blockchain EconomyMelanie Swan
Blockchain is a fundamental IT for secure value transfer over networks. For any asset registered in a cryptographic ledger, the whole Internet is a VPN for its confirmation, assurity, and transfer. Blockchain reinvents economics and governance for the digital age. The long-tail structure of digital networks allows personalized economic and governance services. Smartnetworks are a new form of automated global infrastructure for large-scale next-generation projects.
Bitcoin's market cap could hit $1 trillion in 2021 as its growing reserve currency status drives adoption higher, a cryptocurrency expert says.
In this PANGEA report were provide an insightful perspective on cryptocurrencies, blockchain and the possibility of an emerging new asset class.
Blockchain 101, Enabler of Cryptocurrencies - v1.0en (2021/03) Young Suk Ahn Park
Introduction to Blockchain.
Describes what blockchain is, how it works, how it guarantees trust.
Introduces to to different use cases and how blockchain can enable the new economies based on trust.
We describe three approaches including fully collateralized custodial tokens, partially collateralized custodial tokens, and dynamically stabilized tokens, and demonstrate that only fully collateralized tokens can be stable, even under extreme circumstances. To conclude, we discuss in detail Digital Trade Coin, a stable coin backed by either fiat or real assets and argue that such a coin can be used as a much-needed counterpoint to the US dollar. We also briefly discuss merits and demerits of Libra proposed by Facebook.
Blockchain is one of the most important technical invention in the recent years. Blockchain is a transparent money exchange system that has transformed the way a business is conducted. Companies and tech giants have started investing significantly in the blockchain market and it is expected to be net worth of more than 3 trillion dollars in next 5 years. It has become growing popular because of its irrefutable security and ability to provide complete solution to digital identity issues. It is a digital ledger in a peer to peer network. This presentation provides a background on Blockchain technology, history, it’s architecture, how it works, advantages and disadvantages and its application in different industries.
The 3 Pillars of Bitcoin focuses on why bitcoin is important, rather than what bitcoin is. Knowing why it exists is the first step in understanding how it exists and where it intends to be.
Presented in 2016, in English and translated live to Chinese. Some information has been removed for privacy.
Quick Understanding of Bitcoin/Cryptocurrency.Satish Mudaliar
This slide briefs you about the BItcoin/Cryptocurrency knowledge and facts. This slide is made for diffrent purpose but sharing here to help someone getting a quick knowledge of Bitcoins.
Quick Understanding of Bitcoin/Cryptocurrency.Satish Mudaliar
This Slide refers to a quick Understanding of Bitcoin/Cryptocurrency. The purpose to prepare is different but this slide can help ones in better understanding than other presentation.
Sunstone Capital, Avalanche 2014 - Bitcoin: Primer, State of Play, DiscussionYacine Ghalim
Every winter, Sunstone hosts an offsite event with the participation of executives from our portfolio companies, fellow VCs, and various thought leaders.
The event is designed to mix informal networking, stimulating discussions around key topics shaping our industry, and intense skiing. We find that the best inspiration and ideas are generated when you least expect it, and in company with people that challenge your thinking.
This year's edition took us to Courmayeur in the Italian Alps, and Bitcoin was on the list of topics we discussed. Here are the supporting slides from our Jan 24th presentation "Bitcoin: Primer, State of Play, Discussion".
http://www.sunstone.eu
Schibsted collects and analyzes 900 million events/day using AWS. This presentation gives an overview of the systems and architecture, including the solutions to GDPR.
NoSQL databases were created to solve scalability problems with SQL databases. It turns out these problems are profoundly connected with Einstein's theory of relativity (no, honestly), and understanding this illuminates the SQL/NoSQL divide in surprising ways.
An overview of farmhouse brewing in Norway, both as it exists today, and as it was historically. Extra information on the unique Norwegian yeast cultures that still survive.
NoSQL databases, the CAP theorem, and the theory of relativityLars Marius Garshol
A presentation showing how the CAP theorem causes NoSQL databases to have BASE semantics. That is, they don't support ACID consistency. Then shows how CAP is related to Einstein's theory of relativity. And finally shows how Google Spanner and F1 provide ACID that scales.
Why You Should Replace Windows 11 with Nitrux Linux 3.5.0 for enhanced perfor...SOFTTECHHUB
The choice of an operating system plays a pivotal role in shaping our computing experience. For decades, Microsoft's Windows has dominated the market, offering a familiar and widely adopted platform for personal and professional use. However, as technological advancements continue to push the boundaries of innovation, alternative operating systems have emerged, challenging the status quo and offering users a fresh perspective on computing.
One such alternative that has garnered significant attention and acclaim is Nitrux Linux 3.5.0, a sleek, powerful, and user-friendly Linux distribution that promises to redefine the way we interact with our devices. With its focus on performance, security, and customization, Nitrux Linux presents a compelling case for those seeking to break free from the constraints of proprietary software and embrace the freedom and flexibility of open-source computing.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
SAP Sapphire 2024 - ASUG301 building better apps with SAP Fiori.pdfPeter Spielvogel
Building better applications for business users with SAP Fiori.
• What is SAP Fiori and why it matters to you
• How a better user experience drives measurable business benefits
• How to get started with SAP Fiori today
• How SAP Fiori elements accelerates application development
• How SAP Build Code includes SAP Fiori tools and other generative artificial intelligence capabilities
• How SAP Fiori paves the way for using AI in SAP apps
Pushing the limits of ePRTC: 100ns holdover for 100 daysAdtran
At WSTS 2024, Alon Stern explored the topic of parametric holdover and explained how recent research findings can be implemented in real-world PNT networks to achieve 100 nanoseconds of accuracy for up to 100 days.
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Enhancing Performance with Globus and the Science DMZGlobus
ESnet has led the way in helping national facilities—and many other institutions in the research community—configure Science DMZs and troubleshoot network issues to maximize data transfer performance. In this talk we will present a summary of approaches and tips for getting the most out of your network infrastructure using Globus Connect Server.
The Metaverse and AI: how can decision-makers harness the Metaverse for their...Jen Stirrup
The Metaverse is popularized in science fiction, and now it is becoming closer to being a part of our daily lives through the use of social media and shopping companies. How can businesses survive in a world where Artificial Intelligence is becoming the present as well as the future of technology, and how does the Metaverse fit into business strategy when futurist ideas are developing into reality at accelerated rates? How do we do this when our data isn't up to scratch? How can we move towards success with our data so we are set up for the Metaverse when it arrives?
How can you help your company evolve, adapt, and succeed using Artificial Intelligence and the Metaverse to stay ahead of the competition? What are the potential issues, complications, and benefits that these technologies could bring to us and our organizations? In this session, Jen Stirrup will explain how to start thinking about these technologies as an organisation.
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
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Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf
Bitcoin - digital gold
1. Bitcoin – digital gold
2013-06-19
Lars Marius Garshol, larsga@bouvet.no, http://twitter.com/larsga
1
2. Bitcoin?
2
• A digital currency
– based on cryptography
• Created by “Satoshi Nakamoto”
– nobody knows who this really is
• Basically a P2P crypto network
– the network maintains the record of transactions
– self-regulating through Bitcoin protocol
• No central authority
– no central bank
– no central control of any kind
• But it works...
4. The promise of Bitcoin
• Cheap transactions
– fully digital in a decentralized P2P network
– cost of transactions low, no privileged parties,
should lead to low fees
• No central control
– no inflation
– no single point of failure
• Total freedom of use
– no interfering governments
– no party has the ability to block transactions
• Secrecy
– all transactions are pseudonymous
– identity of account holders hidden
4
5. Bitcoin as investment
5
Value of 1 Bitcoin in US dollars
http://bitcoincharts.com/charts/mtgoxUSD#rg360ztgSzm1g10zm2g25zv
8. Bitcoin
• A bitcoin is a chain of digital signatures
• To give a coin to you I sign
– hash of previous transaction, plus your public key
• Only I can do that
– because only I have my private key
• But anyone can check it
– because my public key is in
the transaction
• Secure because of how
cryptography works
8
9. The double-spending problem
• Cryptography cannot prevent me from
spending the same coin twice
– I buy a banana from you, and a newspaper from
someone else, using the same coin
• The solution to this is to make everyone
aware of all transactions
– that way, if I spend the coin twice, everyone will
know
• However, we also need to know which
transactions are accepted
– a kind of ledger of transactions
9
10. The block chain
• Bitcoin clients collect new transactions
– then issue a block containing the approved
transactions
– each block is cryptographically attached to the last
known block
• This chain of blocks is the ledger
– once you have the entire block chain you know who
owns what bitcoins
– only one transaction per bitcoin is accepted, thus
solving the double-spending problem.
10
11. A boot-strapping problem
• But if anyone can create a block, why can’t I
create one with my double-spending in it?
– you can, but then others need to build on it
– if others don’t extend the chain from your block,
your block will be lost
• But if anyone can create a block, why
doesn’t the chain fork into a billion strands?
– because blocks are difficult to create
– right now, you’d need roughly a year on a normal
laptop to create a block
– and only the block with the longest chain is
accepted
11
12. Creating a difficulty
• Each block contains a hash of its contents
– that hash is computed cryptographically
– that is, it’s deterministic but unpredictable
– and Bitcoin requires that it start with a certain
number of zeroes
• Making the hash come out right is hard
– let’s say the hash must begin with 20 zeroes
– this means only one in a million blocks will be
accepted
– clients must jiggle the nonce until the hash comes
out right
12
13. How difficult, exactly?
• The protocol has rules for the difficulty
– keeps the average block creation time at 10
minutes
– creation time goes up as computational resources
improve
• Each block contains a “reward”
– basically, some free bitcoin, as reward for creating
the block
• The 51% attack
– the rules + difficulty ensure that an attacker needs
more than half the CPU power in the network to
succeed
13
14. 51% attacks are real
• There is a whole raft of digital currencies
– not just Bitcoin
• On June 8th and 10th Feathercoin
succumbed to a 51% attack
• The same thing is possible with Bitcoin
– but far less likely
14 http://www.thegenesisblock.com/the-51-attack-what-
bitcoin-can-learn-from-alt-coin-experiments/
16. The network
• Bitcoin is basically a P2P network
– computers speaking the protocol find each other
and connect to one another
– transactions get distributed throughout the entire
network
• All you need to join in is a Bitcoin client
– Satoshi’s original client is still available
– start it up, and it downloads the entire transaction
history of all users
16
18. Exchanges
• These are a kind of Bitcoin bank
– basically, they allow you to use normal currency to
purchase bitcoins
– also allow you to keep accounts there
– saves you having to run your own client
• Other clients also exist
– both desktop and web-based
– usually called “e-wallet”
18
19. A deeply elegant design
• Just two concepts
– bitcoins
– blocks
• Public keys double as
– account numbers
– access control to publicly held resources (bitcoin)
• Blocks double as
– official record of transaction
– economic incentive to keep network running
• The whole thing is self-sustaining
19
20. 20
But how can a digital signature on a digital signature
on a digital signature serve as money?
22. A potted history of money
22
• The beginning: gold coins
– gold has intrinsic value1
– coins therefore valuable not just as money, but also in
themselves
• The next stage: symbolic money
– paper notes, and coins in cheap metals
– backed by the promise of free exchange against gold at
any time
• Fiat money
– paper notes and coins, backed by nothing
– nothing, that is, except legal requirements
• Digital money
– today, most money is bits
– that is, numbers in relational databases
– specifically, the account databases of banks
1Ok, not really, but it’s what people thought
23. What can be used as money?
23
• Basically anything
• Provided it is rare
24. An example of fail
"How can you have money," demanded Ford, "if none of you actually produces anything? It
doesn't grow on trees you know."
"If you would allow me to continue ..."
Ford nodded dejectedly.
"Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of
course, all become immensely rich."
Ford stared in disbelief at the crowd who were murmuring appreciatively at this and
greedily fingering the wads of leaves with which their track suits were stuffed.
"But we have also," continued the management consultant, "run into a small inflation
problem on account of the high level of leaf availability, which means that, I gather, the
current going rate has something like three deciduous forests buying one ship's peanut."
Murmurs of alarm came from the crowd.The management consultant waved them down.
"So in order to obviate this problem," he continued, "and effectively revalue the leaf, we are
about to embark on a massive defoliation campaign, and ... er, burn down all the forests. I
think you'll all agree that's a sensible move under the circumstances.”
24 The Restaurant at the End of the Universe, Douglas Adams, chapter 32
26. Money without banks
26
Following an industrial dispute, [Ireland]’s
banking system shut down for nearly seven
months, with customers unable to withdraw or
deposit money.Yet instead of the country
grinding to a halt as anticipated, people began
accepting cheques or IOUs based on their own
assessments of risk. So in a rich and developed
economy, albeit one with strong communal
links, institutionalised banking was replaced by a
personalised credit system – proving, he says,
“the official paraphernalia” of banks, credit cards
and notes, can disappear “and yet money still
remains”.
http://www.guardian.co.uk/books/2013/jun/09/money-biography-felix-martin-review
27. The functions of money
27
• A medium of exchange
– that is, you can use it to buy things
– instead of having to barter
• A unit of account
– it’s the unit in which you do book-keeping
– a unit of measurement of economic value
• A store of value
– you can use it to store value for when you need it
– an alternative to a hoard of gold
28. Scorecard
28
Currency Exchange Account Store Scarcity
Leaves Yes Yes Kind of Fail
Yap stones Yes Yes Yes Yes
Irish IOUs Yes Kind of Within
reason
Yes
Gold coins Yes Yes Yes Yes
Paper notes Yes Yes Yes Yes
Bank acc’t Yes Yes Yes Yes
Bitcoin Yes Yes Yes Yes
30. Bitcoin usage
30
• Total size of the economy
– 11,282,525 BTC
– 1,218,749,633 USD ≈ 1.2 billion USD
• Transactions last 24 hours
– 43,331
– volume: 60,034,876 USD
– (unknown % of this transfers between different
accounts with same owner)
• Effective GDP of Bitcoinia1
– 21,912,729,783 USD ≈ 22 billion USD
– 0.01% of United States GDP
– 4.5% of Norway GDP
– roughly same as Estonia
As of 2013-06-13, source: http://www.bitcoinwatch.com/
1GDP by multiplying last 24h
by 365, then converting with
USD exchange rate. Effectively
nominalGDP, without accounting
for self-to-self transfers.
31. Could Bitcoin replace national
currencies?
31
• In a word, no
– in most countries, the law requires the national
currency to be accepted “as payment for any debt”
– in many countries, the legal tender must be
accepted as payment for goods1
• Governments require insight into
transactions
– for purposes of taxation
– income tax, sales tax, ...
• National currencies are key to regulating
the national economy
– we will return to this, but basically it is not a right
that the state is going to let go of
1 In Norway: §14 of Sentralbankloven
32. Anonymity
• Bitcoin is pseudonymous, not anonymous
– basically, everyone knows which public keys hold
what bitcoins
– but not everyone knows who holds which keys
• Knowledge of all public key owners implies
– total awareness of all transactions
• In short, breaches of anonymity can
potentially be extremely embarassing
– may even cause legal difficulties
32
33. How secret are pseudonyms?
33
• Most e-wallets automatically create lots of
keys
– making it easier to hide your identity
• Researchers have shown that network
analysis can be surprisingly effective1
– for example establishing which keys have the same
owners
• Researchers have earlier shown that
anonymized data can be reversed
– revealing the identities of accounts
• Remedies have been proposed
– but not implemented
• Essentially, you can not rely on secrecy in
today’s Bitcoin
1 http://arxiv.org/abs/1107.4524
34. Speed of transactions
34
• Having your transaction accepted into a
block is not enough
– because the block chain forks all the time
• Need to wait until 5 more blocks added to
the chain
– since the longest chain is the one that’s used
• Average block time = 10 minutes
– secure transaction time = 1 hour
• Not so good for ATMs or physical stores
36. But what about that pub?
36
• They accept fast payments
• So, basically, they’re taking
the chance that a customer
will double-spend
– probably this is fairly safe at the
moment
– and if they ever get scammed,
they only lose a few pounds
– the publicity is probably worth
more than that, anyway
• The customer is safe
– once the pubco’s servers see the
transaction, they get their beer
– double-spending attacks affect
the seller, not the buyer
http://www.wired.co.uk/news/archive/2013-06/17/london-bitcoin-pub
"By not waiting for a block, we are
vulnerable. On the other hand, my
attitude is if they do, they're standing
right here.They've got a pint in front of
them.You can go and take it off them.
People [in pubs] hang around after a
purchase, rather than walking out, so I
think the risk of a double spend is
minimal.” --Stephen Early, owner
“So far, his pubs have taken
around £750 in Bitcoin
payments in the few weeks
he's been accepting them.”
37. Immature infrastructure
37
• Stories of users losing bitcoin managed on
their desktops appear all the time
– generally, their machines are compromised
– attackers then steal public keys, abscond with BTC
• Not all exchanges are trustworthy
– or, they are honest, but run into problems
– see stories of people having problems with
exchanges again and again
• The protocol is secure, but the
infrastructure is not
38. Bitcoin is not alone
• Ripple ?
• Litecoin 40 million USD
• Feathercoin 1 million USD
• Namecoin 5 million USD
• PPcoin 4 million USD
• Terracoin 1 million USD
• Novacoin 1 million USD
• Ven 2 million USD
• Bitcoin 1.2 billion USD
38
It’s not a given that
Bitcoin will be the one
to succeed, but it is the
biggest, by a good
margin.
39. Outcompeted via mining?
• Will people abandon Bitcoin for other
currencies because mining other currencies
becomes more attractive?
• The bigger Bitcoin gets, the harder mining
becomes
• Mining a smaller currency might be more
cost-effective
– even if it’s smaller, and the currency of lower value
39
40. Currency stability
40
• The value of Bitcoin has been fluctuating
wildly
• Not ideal when combined with slow
transactions
– value of the currency may change before the
transaction has completed
• Caused by two issues
– small size of Bitcoin economy,
– no central bank to adjust currency value
• One of those issues may go away
41. No government control at all
41
• Is that really likely?
– governments can certainly control money flows in
and out
– perhaps they can control even more, if they want
• Does allow money to “escape”
– think of Cyprus
– Turks protesting by taking money out of banks
– ...
• But are major money flows outside gov’t
control really a desirable thing?
– can it be stopped simply because it’s not desirable?
42. No central bank
• Bitcoin has a fixed total size of the currency
– the fee for new blocks decreases over time,
eventually to zero
– after that time (2021) there will be no new bitcoins
• This follows from the design of the protocol
– having a totally decentralized system was a key
design principle
– this does not allow for any central bank
• Libertarians love this aspect
– means “no Fed” (which they hate)
– also “no debasing the coinage” (ditto)
• But...
42
44. The economy grows faster than the
monetary base
44
Value of 1 Bitcoin in US dollars
This is deflation!
45. Inflating and deflating
45
• Inflation
– when the value of money decreases over time
– when 1 XXX buys less next year than this year
• Deflation
– the opposite
– your money grows more valuable as it sits in your
pocket
• Sounds like “inflation good, deflation bad”
– but it’s not that simple
47. The effect of inflation
• Inflation erodes the value of savings
– savings in cash, that is
• Encourages spending
– investment in real estate, business etc is safer
– or just buying anything at all
• Economic growth is measured in GDP
– falling GDP is bad for everyone
– GDP is essentially a measure of the velocity of
money
– because my spending is your income, and your
spending is my income
• Deflation has the opposite effect
– why buy a new whatever now, when the same
money will buy more tomorrow?
47
49. A little inflation is a good thing
• Central banks generally aim for ~2%
– for a healthy balance between spending and saving
• Most of theWestern world now runs below
that
– a consequence of the economic crisis
• Japan has run below for two decades
– essentially fell into a hole because a real estate
bubble burst (sound familiar?)
• Massive money-printing has not solved the
problem
– Japan has tripled its monetary base, to no effect
– the US has doubled its mb, with same result
49
50. Life in Bitcoinia
• Basically, Bitcoin is designed for a stagnant
economy
– one where people sit on their bitcoins
• A national economy based on Bitcoin is
therefore a horrible idea
– it would, in effect, be like going back to the gold
standard
– or adopting the Euro
• But could it work as a “side currency”?
– a kind of alternative Paypal?
– yes, probably
– if they fix the problems with it
50
51. Bitcoin as “side currency”
• Doesn’t this make Bitcoin simply a
competitor to Paypal?
• If so, does it need to be a currency at all?
• What about a Paypal with non-reversable
transactions?
– might be just as cheap and attractive?
• To be decided by competition, perhaps...?
51