Why bitcoin will change everything
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The document discusses the transformative potential of Bitcoin and cryptocurrency, arguing that they can revolutionize traditional financial systems by providing decentralized financial innovations and creating new social structures. It contrasts historical shifts in power and monetary systems with current trends, highlighting issues like inflation and the limitations of traditional fiat currencies. Various thought experiments are proposed to conceptualize the impact of wide-scale adoption of these technologies.
Why bitcoin will change everything
- 1. Why Bitcoin will change everything Tom Ding, Founder @Coinify! [email protected]! http://angel.co/coinify!
- 2. because history is about shift in power structure
- 3. They say Bitcoin … • Has no intrinsic value! • Is not a legal tender! • Doesn’t solve any problem!
- 4. (1) Money as a service! Bitcoin is Dollar 2.0!
- 5. 2000 years ago … Chunfa – founder of ChowFarm, producing vegetables and crops ! Bao - Technical nerd. Full-stack Hunter!
- 6. Balanced diet, Happier life
- 7. Value Exchange of Three parties
- 8. Life simplified with cows
- 9. Yet, Cow get ill
- 10. Let’s tokenize Cow 100 HuangDollar = 1 Cow! =!
- 11. Aha moment: Villagers never redeem cow. Let’s print more HuangDollars
- 13. Sad story of Zimbabwe • First Dollar: ZWD (1980)! 1.47 USD: 1 ZWD! …….! • Third Dollar! 1 ZWR = 10 billion ZWN! A 100-trillion-dollar bill, it turns out, is worth about $5.!
- 15. Recap " - Money = debt! - Dollar is a technology! - Cryptocurrency is Dollar 2.0: Solving for Principal-Agent risk! Bitcoin / Cryptocurrency! ■ Predefined supply algorithm! ■ Vote by money! Central Bank! ✍ Create money! ✍ Set interest rate & reserve requirement! ✍ NO opt-out!
- 17. Innovation accelerates with decentralization 1430s: Press! 1980s: Personal Computer! 1984: 3D Printing - manufactur ing! 1989: Web! 2000s: Blog/ Twitter! 2009 : Bitcoin – finance!
- 18. How can cryptocurrency help? ❖ Decentralized financial innovations - e.g. pool insurance ! ❖ 5th protocol: Value exchange layer (e.g. Uber)! ❖ MaidSafe: Decentralizing Internet!
- 19. (3) Social contract and enforcement!
- 20. - Thomas Hobbes <Social Contract>! “… that a man be willing, when others are so too, … , to lay down this right to all things; and be contented with so much liberty against other men as he would allow other men against himself.” !Constitution! Laws! Sovereign! Corp! Business Contracts! Non-profit! LLP!
- 21. Cryptocurrency enabling new org structure ❖ Why: Principal-Agent-Customer! ❖ Distributed software foundations! ❖ Charity / Investment Vehicle! ❖ Autonomous public service! ❖ Crowd Jury!
- 22. Recap – 3 layers of innovation Money as a service: Bitcoin & Altcoins! Permission-less innovation: " Maidsafe, Counterparty! Social contracts: Ethereum !
- 23. –Steve Jobs! “Life can be much broader once you discover … Everything around you that you call life was made up by people that were no smarter than you and you can change it, …” !
- 25. Thought Experiment 2! If X never invented, given X and Y, would Y be a no brainer? ! Appendix: Evaluating Disruptive Technology Often disguised as cheaper but inferior, or better but too expensive! Thought Experiment 1! Assuming 100% adoption,, would it be a better world? ! Thought Experiment 3: What if it becomes 100x cheaper, AND 100x faster?!
- 26. Appendix: Further Resources ❖ Bitcoin-Dev Mailing List ! ❖ JayWSalon BitCoin SIG! ❖ Sillicon Valley Bitcoin Meetup : Every Tue @ Plug n Play! ❖ Stanford Bitcoin Meetup (Palo Alto)! ❖ Ethereum Meetup! ❖ SV Counterparty Meetup (In progress) !
- 27. Appendix: Further Resources ❖ Bitcoin-Dev Mailing List ! ❖ JayWSalon BitCoin SIG! ❖ Sillicon Valley Bitcoin Meetup : Every Tue @ Plug n Play! ❖ Stanford Bitcoin Meetup (Palo Alto)! ❖ Ethereum Meetup! ❖ SV Counterparty Meetup (In progress) !