Bitcoin. A Decentralized Cryptocurrency
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1 Bitcoin A Decentralized Cryptocurrency
2 Intro President Bitcoin Association Switzerland Master student Economics Uni ZH Seed-stage investor Co-founder of Wuala MSc Computer Science ETH 2
3 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 3
4 Bitcoin transaction Live demo 363 Transactions (6.5 BTC) publicly visible, for example on: Luzius Meisser Bitcoin Association Switzerland 4
5 Easy to integrate, e.g. FlappyParty 5
6 Easy to integrate, e.g. Beer Bar Luzius Meisser Bitcoin Association Switzerland 6
7 Silk Road Luzius Meisser Bitcoin Association Switzerland 7
8 lieferservice.ch 5% of revenue in Bitcoin Luzius Meisser Bitcoin Association Switzerland 8
9 Café Schoffel Luzius Meisser Bitcoin Association Switzerland 9
10 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, Luzius Meisser Bitcoin Association Switzerland 10
11 Specialized Hardware ATMs Trezor Wallet Coins & Notes Mining Hardware Luzius Meisser Bitcoin Association Switzerland 11
12 12
13 Mining Bitcoin network speed more than 1000 times faster than top 500 supercomputers combined Luzius Meisser Bitcoin Association Switzerland 13
14 Luzius Meisser Bitcoin Association Switzerland 14
15 Bitcoin in the media «Wenn die Bitcoin-Blase platzt» «The rise of Bitcoin» «Bitcoin Fever: The World's Largest Online Currency» «Bitcoin Is A Disruptive Technology» «Die Internetwährung wird salonfähig» «Bitcoin wird Thema im Bundesrat» «Is Bitcoin the future of currency?» «Why Bitcoin Is Being Taken Seriously» «Bitcoin Virtuelles Geld»
16 Bank attention Q Luzius Meisser Bitcoin Association Switzerland 16
17 Legal: Federal Council Report Means of payment AML laws apply Only lower volatility missing to be considered money SRO under construction: dfca.ch Luzius Meisser Bitcoin Association Switzerland 17
18 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? Luzius Meisser Bitcoin Association Switzerland 18
19 Swiss Franc vs Bitcoin Comparison Swiss Franc Bitcoin Must understand to use Money supply No. Who knows how EC- Cards work? Controlled by central bank Currently: 886 billion CHF 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) Exists since No, but interesting. Pre-determined (more out of technical necessity than for ideological reasons). Limit: 21 million BTC 100%, stored as numbers in a database run by an anonymous collective everyone can join Luzius Meisser Bitcoin Association Switzerland 19
20 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 Luzius Meisser Bitcoin Association Switzerland 20
21 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 Luzius Meisser Bitcoin Association Switzerland 21
22 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) Luzius Meisser Bitcoin Association Switzerland 22
23 Richest Addresses Source: Luzius Meisser Bitcoin Association Switzerland 23
24 Currency: Exchange rate Yearly Performance % % % % 2014 YTD -50% Peak Price: 1203 USD Current price: ~650 USD Trading volume: ~37 mln USD/day Luzius Meisser Bitcoin Association Switzerland 24
25 Currency: Exchange rate Luzius Meisser Bitcoin Association Switzerland 25
26 Currency: Exchange rate Google Trends Luzius Meisser Bitcoin Association Switzerland 26
27 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 Luzius Meisser Bitcoin Association Switzerland 27
28 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.) Luzius Meisser Bitcoin Association Switzerland 28
29 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 Luzius Meisser Bitcoin Association Switzerland 29
30 Soon also attracts banks? Oliver Bussmann (CIO UBS) in WSJ.D on : «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: Luzius Meisser Bitcoin Association Switzerland 30
31 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 Luzius Meisser Bitcoin Association Switzerland 31
32 Future Smart, self-executing contracts Distributed autonomous organizations Decentralized autonomous companies (Based in Zug, 18 MM USD funding) Luzius Meisser Bitcoin Association Switzerland 32
33 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» Luzius Meisser Bitcoin Association Switzerland 33
34 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 Luzius Meisser Bitcoin Association Switzerland 34
35 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 Luzius Meisser Bitcoin Association Switzerland 35
36 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: [email protected] Luzius Meisser Bitcoin Association Switzerland 36
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