Bitcoin

Transcription

Bitcoin

Bitcoin
A Decentralized Cryptocurrency
Intro
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President Bitcoin Association Switzerland
Master student Economics Uni ZH
Seed-stage investor
Co-founder of Wuala
MSc Computer Science ETH
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What is Bitcoin?
1. A currency without central control or identifiable issuer
2. A decentralized, secure payment system
3. An solution to the “distributed consensus” problem in
computer science
Ownership secured by technology, not rule of law.
«Wir werden solange kein anständiges Geld
bekommen, bis es anderen frei steht, uns ein
besseres anzubieten als die jeweils herrschende
Regierung.»
– Friedrich August von Hayek
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Bitcoin transaction
Live demo
363 Transactions (6.5 BTC) publicly visible, for example on:
https://blockchain.info/address/1Fkp2maqnjP24wjFy47sfMPGVGji7ybvPE
2014-07-03 - Luzius Meisser – Bitcoin Association Switzerland
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Easy to integrate, e.g. FlappyParty
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Easy to integrate, e.g. Beer Bar
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Silk Road
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lieferservice.ch
5% of revenue in Bitcoin
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Café Schoffel
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Kommentar von «Wonko the Sane»
“The revolution already happened - it's called Bitcoin.
I've spent the last year bank-free.
I live in the US, but work for a Swiss software company and get paid
the CHF equivalent of $160k/year.
They pay me in Bitcoin. I have no bank account.
Everything I need to buy I either pay for directly in Bitcoin, or in cash.
When I need cash, I use LocalBitcoins to find somebody who wants
to trade.
The "massive bureaucracy with its bloated laws and indifferent
employees" can fuck off. They can point their guns at secp256k1 all
they want but it won't do them any good.
I just have to laugh at people who still care about or participate in
politics - it's a complete waste of time. Within a few years Bitcoin has
accomplished the change which many decades of voting have failed
to provide.” - Wonko the Sane, Slashdot.org, 2014-10-26
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Specialized Hardware
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ATMs
Trezor Wallet
Coins & Notes
Mining Hardware
2014-10-29 Luzius Meisser – Bitcoin Association Switzerland
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Mining
Bitcoin network speed more
than 1000 times faster than
top 500 supercomputers
combined
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Bitcoin in the media
«Wenn die Bitcoin-Blase platzt» - 5.12.2013
«The rise of Bitcoin» - 4.7.2013
«Bitcoin Fever: The World's Largest Online Currency» - 21.3.2013
«Bitcoin Is A Disruptive Technology» - 9.4.2013
«Die Internetwährung wird salonfähig» - 12.4.2013
«Bitcoin wird Thema im Bundesrat» - 9.12.2013
«Is Bitcoin the future of currency?» - 11.6.2013
«Why Bitcoin Is Being Taken Seriously» - 27.3.2013
«Bitcoin – Virtuelles Geld» - 29.11.2013
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Bank attention Q1 2014
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Legal: Federal Council Report
 Means of payment
 AML laws apply
 Only lower volatility
missing to
be considered money
SRO under construction:
dfca.ch
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Swiss Regulation
 London & Isle of Man want to become
centers for crypto-finance
 Switzerland laws neutral
 SRO «digital finance compliance association»
 Bitcoin an opportunity for Switzerland?
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Swiss Franc vs Bitcoin
Comparison
Swiss Franc
Bitcoin
Must understand to use
No. Who knows how ECCards work?
No, but interesting.
Money supply
Controlled by central bank
Currently: 886 billion CHF
Pre-determined (more out of
technical necessity than for
ideological reasons).
Limit: 21 million BTC
Backed by
Nothing (in the past: gold)
Nothing
Virtual
92%, stored as number in
databases run by banks
(only 8% of M3 are coins or
notes and thus also legal
tender)
100%, stored as numbers in a
database run by an
anonymous collective
everyone can join
Exists since
1850
2009
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Distributed Ledger Technology (DLT)
Dezentral organisiertes Eigentumsregister
Keine Kontrollinstanz
Regeln nach Konvention
Open Source
Vollständige Transparenz: alle Regeln bekannt,
Geldmenge bis in alle Zukunft vorbestimmt, alle
Transaktionen öffentlich
 Macht Vermögenswerte weltweit ohne
Finanzintermediär innert Sekunden direkt von
Person zu Person übertragbar
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Analogy
We determine:
 Everyon in the room gets 100 SIPUG-Coins
 Freely transferrably by loud announcement
 Everyone keeps track of everyone else’s balance
 In case you miss a transaction, ask a few
neighbors
 Every 10 minutes we agree on a bundle of
transactions by majority vote
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Moving Online
 Identification by digital signature
 Voting weights proportional to computing
power (one of the few things that cannot be
faked online)
 Incentive for correct archival of transactions
(mining)
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Richest Addresses
Source: http://btc.ondn.net/
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Currency: Exchange rate
Yearly Performance
2010
285%
2011
1474%
2012
186%
2013
5870%
2014 YTD
-50%
Peak Price: 1203 USD
Current price: ~650 USD
Trading volume: ~37 mln USD/day
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Google Trends
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Price Drivers
 Supply:
3600 Bitcoins per day until summer 2016
(About 2 million per day)
1800 Bitcoins per day afterwards
 Demand:
Speculation
Wealth preservation («digital gold»)
Actual payments
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Attracts adventurous traders
 «Wild west»
 E.g. margin trading on Bitfinex.com
 Pays 0.23% on your USD holdings – per day!
(Via swaps to margin traders.)
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Attracts Venture Capital
Startup Funding in million USD
 BitPay: 32.5
 Circle: 17
 Ripple: 9
 Satoshi-Dice: 11.5
 Coinbase: 31.7
 CH startups:
Monetas, Ethereum
 Many more
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Soon also attracts banks?
Oliver Bussmann (CIO UBS) in WSJ.D on 2014-1017:
«I believe that blockchain technology will not only
change the way we do payments but it will change
the whole trading and settlement topic.”
«When somebody with a strong brand and
security level establishes it as a reliable service,
then the whole industry will follow.”
Source: http://blogs.wsj.com/digits/2014/10/27/ubs-cio-blockchain-technology-can-massivelysimplify-banking/
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Colored Coins
«Bearer» tokens for any kind of asset:
 Currencies (e.g. CHF from ZKB)
 Bonds (incl. interest payments)
 Shares incl. dividends and voting
 Ownership of a car (authenticate to start)
 Digitales «Property» of books, movies, etc.
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Future
 Smart, self-executing contracts
 Distributed autonomous organizations
 Decentralized autonomous companies
(Based in Zug,
18 MM USD funding)
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Smart contract: Bet
 Alice and Bob bet 100 Ether that Brazil wins
against Germany in the world cup
 They program a contract, release it to the
Ethereum network and load it with 100 Ether
each
 As soon as the result appears on fifa.com, the
contrat is executed and 200 Ether sent to the
winner
Btw: no judge in the world can stop the execution
of the contract. It happens «in the cloud».
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Distributed Autonomous Organizations
 What if a program outlives its creator and
continues to act economically?
 The program might buy and sell goods and pay
for the resources it needs to run
 Example 1: autonomous exchange for cryptoassets
 Example 2: autonomous trader on such
exchange
 In cryptofinance, you don’t know whether your
counterparty is human or machine
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Scenario 2100
 Tainter: complexity of societies tend to
increase of the course of time
 Bureaucracies eventually collapse under own
weight (e.g. Roman empire)
 Bitcoin not backed by laws,
backed by technology.
 Provides reliable payment
system even in times of chaos.
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Questions?
To do:
1. Open a wallet and buy your first Bitcoin
(blockchain.info, Android wallet)
2. Join the next meetup (monthly in ZH, see
meetup.com/Bitcoin-Meetup-Switzerland)
3. Relax and watch a revolution unfold
Contact: mail@luziusmeisser.com
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Bitcoin

Transcription

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