Bitcoin meetup @Santiago de Chile
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The document outlines the agenda for a Bitcoin meetup event. The agenda includes introductions and presentations on the sharing economy, what Bitcoin is, the technology behind Bitcoin, and Bitcoin's financial implications. Presenters will discuss topics like peer-to-peer technologies, trust between strangers, Bitcoin as digital gold, the history of money, failures of fiat currencies, and whether Bitcoin is better than traditional currencies. There will be a Q&A session at the end for attendees to ask questions.
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Bitcoin meetup @Santiago de Chile
- 1. Bitcoin Meetup 23rd May, Centro Movistar Innova SkyBulls #SUPbitcoin
- 2. Agenda 6:00 – 6:05 Introduction Darren Camas 6:05 – 6:10 Intro to the sharing economy Dalma Berkovics 6:10 – 6:20 What is Bitcoin? Adam Stradling 6:20 – 6:30 Technology behind Bitcoin Philippe Camacho 6:30 – 6:40 Bitcoin’s financial implications Uday Bansal 6:40 – 7:00 Q&A Darren Camas Bitcoin Meetup #SUPbitcoin
- 3. By Dalma Berkovics Intro to the Sharing Economy OuiShare Chile Connector Ex Sustainability consultant @BeCitizen, Paris HEC, Paris 2011 (Master in Management) #SUPbitcoin
- 4. The Sharing Economy a real global trend #SUPbitcoin
- 5. You don’t want the drill, you just want that ******* hole! #SUPbitcoin
- 6. Fueled by the economic downturn and P2P tech Why is it happening? Economic downturn Environmental concerns Too many stuffs Social benefits What conditions needed? Peer-to-peer technologies Trust between strangers Critical mass Rachel Botsman- What’s mine is yours #SUPbitcoin
- 7. OuiShare Open community to accelerate the shift towards a more collaborative economy +40 events in Europe since January 2012 | Latin America Tour in July 2013 Collaborative online magazine #SUPbitcoin
- 8. OuiShare looks into a wide range of concepts of the Sharing Economy #SUPbitcoin
- 9. About Adam Stradling What is Bitcoin? Co-founder and former COO of www.tradehill.com Co-founder and Advisor of www.work4ce.me – Start Up Chile, gen 6.2 Founder of www.4ce.cl – Recruiting and research in banking, finance, and technology #SUPbitcoin
- 10. About Tradehill What is Bitcoin? The first “professional” bitcoin company TH Gained 40k+ users in the first 90 days TH processed tens of millions in transactions in the first 90 days TH was featured or mentioned in tens of global tier one news sources (like here: http://bit.ly/YkhKq8 ) TH owned www.bitcoin.com TH just re-launched on March 18th, 2013 #SUPbitcoin
- 11. Money is just data in a database What is Bitcoin? Your credit card, an encrypted number in the network One big ledger : accounting, audits, IOUs, TRUST! Trust, Trust, Trust – Increases the cost of doing business High barriers to entry in banking, finance, payments What if this “money database” were P2P? Can’t be manipulated, can’t double spend No trust - all accounting is public, open source, P2P #SUPbitcoin
- 12. Fundamental Usage Cases What is Bitcoin? International value transfers: IBAN system – expensive, 3-5 days, multiple banks Other: western union, greendot, paypal – similar issues Highly fragmented global payments network Store of wealth: Volatile to the upside Deflationary currency True supply and demand pricing – i.e. no QE possible #SUPbitcoin
- 13. Fundamental Usage Cases What is Bitcoin? The 2.5 billion “unbanked” (mobile, e-commerce) No TTP – In the network we trust No disputes – Did you send the money? No chargebacks – It’s digital cash Micro transactions – Can you send me a dollar? Gambling - Money in, money out, ten mins Anonymous – Privacy, privacy, privacy #SUPbitcoin
- 14. Resources for Newcoiners What is Bitcoin? http://www.weusecoins.com/en/ Basic: http://www.youtube.com/watch?v=Um63OQz3bjo High level, technical: http://www.youtube.com/watch?v=Y-w7SnQWwVA www.bitcoin.org www.blockexplorer.com #SUPbitcoin
- 15. Announcing coin4ce.com What is Bitcoin? Adam is Founder and CEO, coin4ce.com Philippe is Co-founder and CTO, coin4ce.com Jacob Lundberg, Partner and Biz Dev Searching for: Front and back-end developers Marketing, biz dev, support/CS Investors #SUPbitcoin
- 16. By Philippe Camacho How to explain Bitcoin to your mother? Software Developer PhD student in Cryptology Agile coach Now Bitcoin enthusiast CTO and co-founder at coin4ce.com #SUPbitcoin
- 17. Distributed System, Open Source, Digital Signatures, Collision- Resistant Hash Functions, Broadcast transactions, Merkle trees,… Very interesting… I can send bitcoin via email right? Me My mother #SUPbitcoin
- 18. Maybe my explanation was not very clear… #SUPbitcoin
- 19. (Let’s do it again) What is Bitcoin? #SUPbitcoin
- 20. Bitcoin It’s like gold expect that it’s digital No central authority controls the coins Limited number of bitcoins (btc) You can keep it or transfer it You don’t have to reveal your identity #SUPbitcoin
- 21. Hum… Looks nice, but how does it work? #SUPbitcoin
- 22. #SUPbitcoin
- 23. Solution 0 Example: Linden Dollars #SUPbitcoin
- 25. Fix #1 Bitcoin is a distributed protocol and is open source. #SUPbitcoin
- 26. Solution 1 1 BTC 2 BTC 1 BTC #SUPbitcoin
- 27. Great! I can spend my bitcoins as many times as I want ! (double spending) #SUPbitcoin
- 28. Fix #2 The network shares a transaction book #SUPbitcoin
- 29. Solution 2 Origin Destination Amount Homer Lisa 1 BTC Homer Bart 2 BTC Lisa Bart 1 BTC … … … The network checks that an account is funded before allowing a new transfer. #SUPbitcoin
- 30. As every transaction is public, the identity of user is revealed. Nobody will want to use such a system! #SUPbitcoin
- 31. Fix #3 Replace user id by some random number. #SUPbitcoin
- 32. Solution 3 Origin Destination Amount HHY67J81 JH89HF8M 1 BTC HHY67J81 LAU4V6UU 2 BTC JH89HF8M LAU4V6UU 1 BTC … … … Note that any user can create multiple accounts. #SUPbitcoin
- 33. Every account id is public, thus I can transfer money from an account that is not mine. #SUPbitcoin
- 34. Fix #4: Digital Signatures Private Key Public Key = Bart’s address SignMessage Signature #SUPbitcoin
- 35. Signature Fix #4: Digital Signatures Accept / Reject Verify #SUPbitcoin
- 36. Fix #4: Digital Signatures Non-repudiation Unforgeability (You can’t sign in Bart’s name) #SUPbitcoin
- 37. Solution 4 Origin Destination Amount Signature HHY67J81 JH89HF8M 1 BTC Djsh767 HHY67J81 LAU4V6UU 2 BTC 8988dd JH89HF8M LAU4V6UU 1 BTC djDhd7n … … … Every bitcoin address corresponds to the public key. Message #SUPbitcoin
- 38. I can still do very bad things… What about publishing a wrong history of transactions… #SUPbitcoin
- 39. Things get a bit more complicated… Name: Shafi Goldwasser Profession: Computer scientist at MIT Speciality: Cryptography Other: Turing Award (march 2013) Your mother #SUPbitcoin
- 40. FIX #5: Cryptographic Hash Functions H 01110001110001110 10001010100010010 00110101010010110 01100111100011100 10000101000101110 11011010110100111 Huge input Fixed sized output (e.g. 256 bits) #SUPbitcoin
- 41. FIX #5: Cryptographic Hash Functions Security properties One-way Given the output y it’s hard to compute some input x such that H(x) = y Collision-Resistant It’s hard to find two different values x,x’ such that H(x)=H(x’) #SUPbitcoin
- 42. Solution 5 HH H Tx1; Tx2; Tx3… Initial value of the chain: coinbase Tx34; Tx35; Tx36… Tx54; Tx55; Tx56… Block of transactions Block chain … #SUPbitcoin
- 43. Who computes the next block? #SUPbitcoin
- 44. Proof of work 00000 00001 00010 00011 00100 00101 00110 00111 01000 01001 01010 01011 01100 01101 01110 01111 10000 10001 10010 10011 10100 10101 10110 10111 11000 11001 11010 11011 11100 11101 11110 11111 H1001101|| x 000||10 Find the nonce x such that the output starts with 3 zeros. (*) If you find a better way you may (1) get rich, (2) become famous (Turing award), or (3) both. #SUPbitcoin
- 45. Solution 5 The first node that manages to solve the computational puzzle (nonce) wins the block. The network extends the chain from the newly computed block. The network always chooses the largest chain. Damned! I need to control 51% of the network…. #SUPbitcoin
- 46. Nice in theory but why would people waste their CPU cycles? #SUPbitcoin
- 47. The winner of a block is rewarded 25 BTC by the network (BTW, this is how bitcoins are created). This process is called mining. #SUPbitcoin
- 48. 1 0- #SUPbitcoin
- 49. By Uday Bansal Bitcoin’s financial implications Founder and CEO – SkyBulls Certified Derivatives Trader (NSE India) Ex strategy consultant @KPMG Previous clients – Goldman Sachs, JP Morgan, BP, Samsung, Thyssen Krupp, Thomas Cook and others London Business School 2010 #SUPbitcoin
- 54. Fiat money Money creation Fractional Reserve Banking Expansionary monetary policy M0, M1, M2, M3 Government debt Inflation #SUPbitcoin
- 57. Bitcoin === Digital gold No central authority Based on mistrust Not a fiat currency Mined --> limited supply #SUPbitcoin
- 58. Failure of fiat currency No central authority “Let it be” Government debt Failure of a country’s economy Devaluation #SUPbitcoin
- 59. Failure of fiat currency 1 USD equivalent Apr 1919: 12 Marks Dec 1923: 4.2t Marks #SUPbitcoin
- 60. Failure of fiat currency By late 2008 Inflation = 79.6m % $US 1 = $Z 2.6t #SUPbitcoin
- 61. Failure of fiat currency More recent failures Cyprus Freezing bank accounts Argentina Default on debt Inflation of US dollar #SUPbitcoin
- 63. Is Bitcoin better? YES! Non-fiat currency Supply – demand No hyperinflation Low transaction fee NO! Govt. interference. No tax Speculative value Deflation Can’t outsource saving Not traceable #SUPbitcoin
- 64. Q&A #SUPbitcoin