This talk covers the history of money: how commodity money evolved naturally from barter economies, how paper receipts replaced gold, how fiat money replaced paper receipts, and finally, how bitcoin threatens to replace fiat money.
5. Gold Storage -> Paper Receipts
England, 17th Century
โข Safety for
travelers
โข Charles Iโs Royal
Mint loan (1640)
โข Goldsmiths
โข Fungibility
โข Lending
18. Ancient China
- 7th Century (Tang Dynasty). Merchant receipts of deposit
during.
- 13th Century (Yuan Dynasty). Marco Polo:
"How the Great Kaan Causeth the Bark of Trees, Made into
Something Like Paper, to Pass for Money All Over his
Country."
31. History & $ Price of 1 Bitcoin
Oct 2008: Satoshi Paper
Jan 2009: First wallets begin working
Oct 2009: $1 = 1,309.03 BTC
May 2010: Pizza sells for 10,000 Btc
July 2010: MtGox Established
July-Nov 2011: $32 -> $2
March 2013: Cyprus Crisis. $40 -> $260 -> $90 -> $120
May 2013: Forbes โLiving On Bitcoin For A Weekโ
May 2013: First major VC investment in Bitcoin companies
July 2013: Bitcoin Fund
Oct 2013: Silk Road Shutdown
Oct-Nov 2013: Chinese Demand. $120 -> $1200 -> $800
Dec 2013: China restricts banks from using Bitcoin
Jan 2014: BitInstant CEO arrested
Feb 2014: Apple Bans Bitcoin Apps
Jun 2014: Apple allows Bitcoin Apps
June 2014: Mt Gox Bankruptcy
Sept 2014: Overstock.com accepts Btc
32. Market Capitalization
Euro (M2): $16 Trillion
Dollar (M2): $14 Trillion
Ukraine (M2): $95 Billon
Mongolia (M2): $5.1 Billion
Georgia (M2): $4.8 Billion
Bitcoin: $4.5 Billion
Moldova (M2): $3.9 Billion
Armenia (M2): $3.3 Billion
Litecoin: $125 Million
Sao Tome & Principe: $100Million