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Class 18:
Midterm
Confirmations
Cryptocurrency Cabal
cs4501 Fall 2015
David Evans and Samee Zahur
University of Virginia
Plan for Today
Midterm Discussion
1
Schedule Update:
PS3 is due Sunday, November 8
(There is no PS4)
Project Pre-Proposal:...
12
18 18 18
27
26
23
22
9
7
10
4
1 2 3 4 5 6 7 8 9 10 11 12
Midterm Summary
2
Numberansweringwell(outof30)
Threshold of
“b...
Confirmations
3
How long is the expected wait for
the first confirmation?
4
5
Poisson Process
6
Bitcoin mining is memoryless:
7
8
Blockchain.info
9
10
https://www.quandl.com/data/BCHAIN/ATRCT-Bitcoin-Average-Transaction-Confirmation-Time
Project idea?
How can average tr...
Can we gain confidence without
confirmations?
11
12
“Pre-confirmations”?
13
14
15
How do buyer and seller interact in a bitcoin transaction?
“Third-party intermediary”
16
17
18
19
12
18 18 18
27
26
23
22
9
7
10
4
1 2 3 4 5 6 7 8 9 10 11 12
20
Numberansweringwell(outof30)
Threshold of
“bitcoin expert”
...
12
18 18 18
27
26
23
22
9
7
10
4
1 2 3 4 5 6 7 8 9 10 11 12
21
Numberansweringwell(outof30)
Threshold of
“bitcoin expert”
...
Transaction Scripts
22
Transaction Scripts
23
Charge
Upcoming office hours:
Now: 3:30-4:30pm (Samee, Rice 442)
Tomorrow: 2:30-3:30pm (Dave, Rice 507)
24
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Midterm Confirmations

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Midterm Confirmations

  1. 1. Class 18: Midterm Confirmations Cryptocurrency Cabal cs4501 Fall 2015 David Evans and Samee Zahur University of Virginia
  2. 2. Plan for Today Midterm Discussion 1 Schedule Update: PS3 is due Sunday, November 8 (There is no PS4) Project Pre-Proposal: Friday, November 13 Project Update: Monday, November 23 Last class: Monday, December 7
  3. 3. 12 18 18 18 27 26 23 22 9 7 10 4 1 2 3 4 5 6 7 8 9 10 11 12 Midterm Summary 2 Numberansweringwell(outof30) Threshold of “bitcoin expert” qualification ~ 85
  4. 4. Confirmations 3
  5. 5. How long is the expected wait for the first confirmation? 4
  6. 6. 5
  7. 7. Poisson Process 6 Bitcoin mining is memoryless:
  8. 8. 7
  9. 9. 8 Blockchain.info
  10. 10. 9
  11. 11. 10 https://www.quandl.com/data/BCHAIN/ATRCT-Bitcoin-Average-Transaction-Confirmation-Time Project idea? How can average transaction confirmation time be less than Poisson rate?
  12. 12. Can we gain confidence without confirmations? 11
  13. 13. 12
  14. 14. “Pre-confirmations”? 13
  15. 15. 14
  16. 16. 15 How do buyer and seller interact in a bitcoin transaction?
  17. 17. “Third-party intermediary” 16
  18. 18. 17
  19. 19. 18
  20. 20. 19
  21. 21. 12 18 18 18 27 26 23 22 9 7 10 4 1 2 3 4 5 6 7 8 9 10 11 12 20 Numberansweringwell(outof30) Threshold of “bitcoin expert” qualification ~ 85
  22. 22. 12 18 18 18 27 26 23 22 9 7 10 4 1 2 3 4 5 6 7 8 9 10 11 12 21 Numberansweringwell(outof30) Threshold of “bitcoin expert” qualification ~ 85 If you didn’t reach “expert” qualification on the Midterm because of poor answer to questions 1-4, you can improve your score by finding incorrect statements in the Blockchain Report Josh mentioned, and restating them correctly (and clearly).
  23. 23. Transaction Scripts 22
  24. 24. Transaction Scripts 23
  25. 25. Charge Upcoming office hours: Now: 3:30-4:30pm (Samee, Rice 442) Tomorrow: 2:30-3:30pm (Dave, Rice 507) 24

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