What in the world is Bitcoin? [2017]

First of the Talking Technology talks on Bitcoin, given on October 2017 in Bermuda.

Transcript

1. What in the world is Itcoin ?
2. Hello! I am Alvaro Feito Boirac, PhD Quantum Physicist, teacher, coder, crypto enthusiast
3. What in the world is Itcoin ?
4. EASY! It’s internet CASH!
5. EASY!
6. EASY! electronic
7. EASY! electronic pseudo-anonymous
8. EASY! electronic pseudo-anonymous decentralized
9. EASY! electronic pseudo-anonymous decentralized Proof-of-work
10. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based
11. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
12. Say WAT?
13. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
14. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
15. > 90%* of fiat money is already electronic (digital)
16. > 90% of fiat money is already digital*
17. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
18. EASY! electronic Currency on a MAGIC ledger
19. EASY! electronic Currency on a SPECIAL ledger
20. a special ledger BItcoin IS
21. JOE - 2.2 BTC ALICE - 1 BTC RUNA - 0.0042 BTC Bitcoin is a LEDGER
22. JOE - 2.2 BTC ALICE - 1 BTC RUNA - 0.0042 BTC Bitcoin is a LEDGER 1 BTC
23. JOE - 2.2 - 1 BTC ALICE - 1 +1 BTC RUNA - 0.0042 BTC Bitcoin is a LEDGER
24. Ok, I know ledgers. BUT Where is the ledger? Who updates it? Why not write a fake balance? Who issues the BTC?
25. “THAT’s WHERE THE MAGIC HAPPENS”
26. 1. Who updates the ledger?
27. 1. Who updates the ledger? × Central Bank × Bank × VISA/W.Union
28. 1. Who updates the ledger? × CENTRAL × TRUSTED × AUTHORITY × MIDDLEMEN
29. 1. Who updates the ledger?
30. 1. Who updates the ledger? × BOOKKEEPERS ARE THOSE WHO CHOOSE TO PARTICIPATE
31. BITCOIN The bank run by YOU!
33. Bill $100 Runa $100 Alice $100 Joe $100
34. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
35. 1VayNert3x1KzbpzMGt2qdqrAThiRovi8 2 BTC 15JhBLtCWaDqrMrgcyDhu7m62TVZxgrtj8 0.018 BTC 1P9RQEr2XeE3PEb44ZE35sfZRRW1JHU8qx 4,318 BTC 18p9Ftp3m4435tdpZTvoBsm3yjUgkvTF2b 3.1 BTC 1D5bPm1YAdn9WvAAixht7PbACU3TtkqtJJ 48.5 BTC ...
36. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
37. Place your screenshot here The LEDGER IS PUBLIC & DISTRIBUTED
38. 1VayN.. 2 BTC 15JhB.. 0.018 BTC 1P9RQ.. 4,318 BTC 18p9F.. 3.1 BTC 1D5bP.. 48.5 BTC 1VayN.. 2 BTC 15JhB.. 0.018 BTC 1P9RQ.. 4,318 BTC 18p9F.. 3.1 BTC 1D5bP.. 48.5 BTC 1VayN.. 2 BTC 15JhB.. 0.018 BTC 1P9RQ.. 4,318 BTC 18p9F.. 3.1 BTC 1D5bP.. 48.5 BTC 1VayN.. 2 BTC 15JhB.. 0.018 BTC 1P9RQ.. 4,318 BTC 18p9F.. 3.1 BTC 1D5bP.. 48.5 BTC 1VayN.. 2 BTC 15JhB.. 0.018 BTC 1P9RQ.. 4,318 BTC 18p9F.. 3.1 BTC 1D5bP.. 48.5 BTC
39. How is the LEDGER
41. Peter (1EiwDW9VjTUbLJtuPYUkbj5fJDnc36WKdz) 1mBTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) Img source
42. Peter (1EiwDW9VjTUbLJtuPYUkbj5fJDnc36WKdz) 1mBTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) Img source
43. Peter (1EiwDW9VjTUbLJtuPYUkbj5fJDnc36WKdz) 1mBTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) Img source
44. $8,000,000* in transactions, one bookkeeper gets 12.5 BTC For updating “the book” with
46. REAL LIFE BITCOIN “BOOKKEEPERS”
48. Img source
49. Img source Peter 1EiwDW9VjTUbLJtuPY Ukbj5fJDnc36WKdz BALANCE: 1 BTC
50. Img source Peter BALANCE: 1 BTC Peter 1 BTC → Bob
51. Img source Peter BALANCE: 1 BTC Peter 1 BTC → Allie Peter 1 BTC → Bob
52. Img source Peter BALANCE: 1 BTC Double Spending
53. Img source Peter BALANCE: 1 BTC Peter (1EiwDW9VjTUbLJtuPYUkbj5fJDnc36WKdz) 1BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe)
54. Img source Peter BALANCE: 1 BTC Julia (6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm) 100 BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe)
55. Img source Peter BALANCE: 1 BTC Who sent WHAT?
56. Img source MALICIOUS UPDATE
57. WE MADE IT TO THE HEART OF Itcoin ?
58. HOW DO YOU UPDATE A TRUSTLESS, DISTRIBUTEd DIGITAL MONEY LEDGER?
59. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
60. Img source
61. Img source
62. Img source SUMMARY BOX
63. Img source SUMMARY BOX CAPULET My sword, I say.Old Montague is come And flourishes hisblade in spite of me. ROMEO Thou villain Capulet!—Hold me not; let me go. LADY MONTAGUE Thou shalt not stir one foot to seek a foe. PRINCE Rebellious subjects, enemies . . . . . . . . . . . Romeo & Juliet in love. Parents don’t approve. Drama ensues.
64. Img source SUMMARY BOX CAPULET My sword, I say.Old Montague is come And flourishes hisblade in spite of me. PETER Thou villain Capulet!—Hold me not; let me go. LADY MONTAGUE Thou shalt not stir one foot to seek a foe. PRINCE Rebellious subjects, enemies . . . . . . . . . . . Peter & Juliet in love. Parents don’t approve. Drama ensues.
65. Img source MAGIC SUMMARY BOX
66. Img source MAGIC SUMMARY BOX 730e109bd7a8a32b1cb9d9a09aa2325 d2430587ddbc0c38bad911525 CAPULET My sword, I say.Old Montague is come And flourishes hisblade in spite of me. ROMEO Thou villain Capulet!—Hold me not; let me go. LADY MONTAGUE Thou shalt not stir one foot to seek a foe. PRINCE Rebellious subjects, enemies . . . . . . . . . . .
67. Img source MAGIC SUMMARY BOX 619cba8e8e05826e9b8c519c0a5c68f4 fb653e8a3d8aa04bb2c8cd4c CAPULET My sword, I say.Old Montague is come And flourishes hisblade in spite of me. RODEO Thou villain Capulet!—Hold me not; let me go. LADY MONTAGUE Thou shalt not stir one foot to seek a foe. PRINCE Rebellious subjects, enemies . . . . . . . . . . .
68. MAGIC SUMMARY BOX 6ed0dd02806fa89e25de060c19d3ac8 6cabb87d6a0ddd05c333b84f4 42Gb
69. MAGIC SUMMARY BOX d14a028c2a3a2bc9476102bb288234c 415a2b01f828ea62ac5b3e42f 42Gb (Add a letter or comma)
70. MAGIC SUMMARY BOX cd6357efdd966de8c0cb2f876cc89ec7 4ce35f0968e11743987084bd42f dog
71. INPUT d14a028c2a3a2bc9476102bb288234c 415a2b01f828ea62ac5b3e42f GOOD SUMMARY BOX: SAME OUTPUT
72. sje92na92a3a2bc9476102bb288234c 415a2b01f828ea6fjeni293749 GOOD SUMMARY BOX: IMPOSSIBLE TO REVERSE
73. sje92na92a3a2bc9476102bb288234c 415a2b01f828ea6fjeni293749 GOOD SUMMARY BOX: Can’T REVERSE (Have to try all ) a Aa Aaa Aaaa Aaaaa Aaaaab Aaaaaaa Aaaaaaaa Aaaaaaaaa Aaaaaaaaaa Aaaaaaaaaaa Aaaaaaaaaaaa B Bb Bbb Bbbb Hodll
74. Img source Julia BALANCE: 100 BTC Julia (6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm) 10 BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe)
75. Img source Peter BALANCE: 1 BTC Julia (6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm) 100 BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) SIGNED: 1011010011 1010100100 1001010011
76. Img source Peter BALANCE: 1 BTC Julia (6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm) 100 BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) SIGNED: 1011010011 1010100100 1001010011 b2fa3d8e577402cf5654dbf559d89702c33db73667fa38fba4bdebdb924c1fb9
77. Img source MAGIC VERIFY BOX
78. Img source MAGIC VERIFY BOX b2fa3d8e577402cf5654dbf559d89702c3 3db73667fa38fba4bdebdb924c1fb9 Julia 6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm
79. Img source MAGIC VERIFY BOX b2fa3d8e577402cf5654dbf559d89702c3 3db73667fa38fba4bdebdb924c1fb9 Julia 6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm
80. Img source MAGIC VERIFY BOX b2fa3d8e577402cf5654dbf559d89702c3 3db73667fa38fba4bdebdb924c1fb9 Julia 6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm 100% sure JULIA SENT IT.
81. Img source MAGIC VERIFY BOX b2fa3d8e577402cf5654dbf559d89702c3 3db73667fa38fba4bdebdb924c1fb9 Julia 6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm 100% sure JULIA SENT IT. SIGNED: 1011010011 1010100100 1001010011
82. Img source Julia (6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm) 100 BTC → Allie (1AxZb1Nqh7TPWURjLbDUQsSpUQZnF5cqLe) a34b228a7f67d75f72499cd4b9d52952c8339286ad4f1eae612eb32a9cb3115 ?
83. Img source Bank Account #: 6Yr4nT0ppJVSXYPq0PQzSDEfJDnc36SAxm SIGNED: 1011010011 1010100100 1001010011
84. Img source Public Address: LcHDYmyoBtbzsvgn7Vcsb4fLwr8A9tBkXz Private Key: 6vdoxL5QtZiXQjQ9XZee8U1P3CXUwmzD2RVMWdK6ka6KskCB2MY
85. Img source Public Address: LcHDYmyoBtbzsvgn7Vcsb4fLwr8A9tBkXz Private Key: 6vdoxL5QtZiXQjQ9XZee8U1P3CXUwmzD2RVMWdK6ka6KskCB2MY Send money to X
86. Img source Public Address: LcHDYmyoBtbzsvgn7Vcsb4fLwr8A9tBkXz Private Key: 6vdoxL5QtZiXQjQ9XZee8U1P3CXUwmzD2RVMWdK6ka6KskCB2MY Send money to X
87. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
88. MAGIC SUMMARY BOX cd6357efdd966de8c0cb2f876cc89ec7 4ce35f0968e11743987084bd42f dog
89. MAGIC SUMMARY BOX 77af778b51abd4a3c51c5ddd97204a9c 3ae614ebccb75a606c3b6865 cat
90. MAGIC SUMMARY BOX 589856ec9cedf51a3f0f173465bd499d 73add0cac701f50533fad6b20f3e JOE - 2.1 BTC ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.02 BTC SATO - 0.0032 BTC SHI - 0.0042 BTC JOE - 2.1 BTC ALICE - 1 .1 BTC RUNA - 2.0042 BTC JANE - 1.0042 BTC WEI - 45.02 BTC HAL - 2,000 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC JOE - 0.0001 BTC ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC
91. Every 10 minutes a new “Summary” is made JOE - 2.1 BTC ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.02 BTC SATO - 0.0032 BTC SHI - 0.0042 BTC 77af778b51abd4a3c51c5ddd97204a9c 3ae614ebccb75a606c3b6865
92. Every 10 minutes a new “Summary” is made JOE - 2.1 BTC ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0045 BTC HAL - 0.02 BTC SATO - 0.0032 BTC SHI - 0.0042 BTC 14ba98b40af2a18df3808227ff9332c8 aa98727d3720863df68a413714e
93. Every 10 minutes a new “Summary” is made ALICE - 1 .1 BTC RUNA - 0.0042BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC 14ba98b40af2a18df38 08227ff9332c8aa9827 39j393j3939d3720863 392jfmeovnmemdi2 39384893jfnjnd393 dae93j3felwknmsef
94. Every 10 minutes a new “Summary” is made ALICE - 1 .1 BTC RUNA - 0.0042BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC 14ba98b40af2a18df38 08227ff9332c8aa9827 39j393j3939d3720863 392jfmeovnmemdi2 39384893jfnjnd393 dae93j3felwknmsef CAN’T change the past!
95. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
96. Img source ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0042 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC SHI - 0.0042 BTC BUT What about The PRESENT?
97. bookeeper
98. Find a number such that: LEDGER + 1029482 00000000000000000000f0f173465bd 499d73add0cac701f50533fad6b2
99. Find a number such that: LEDGER + 1029482 00000000000000000000f0f173465bd 499d73add0cac701f50533fad6b2 12.5
100. Find a number such that: LEDGER + 1029482 00000000000000000000f0f173465bd 499d73add0cac701f50533fad6b2 $56,000
101. Find a number such that: LEDGER + 1 ad6cac701f50533fad6b2f173465bd49 9d73add0cac701f50533fad6b2
102. Find a number such that: LEDGER + 2 ffc9a7c51991e8b8d8eba3e33714e686 4e6042f0f122b8058a8a1ecb34b6
103. Find a number such that: LEDGER + 33 09689c1e421bb3ed387425962975352 c93f5ae9f1fbe2859b5e41a80a23
104. Find all the NUMBERZ !!
105. Find a number such that: + 1029482 00000000000000000000f0f173465bd 499d73add0cac701f50533fad6b2 $56,000 ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.0202 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC
106. Find a number such that: + 1029482 3dea57ef02538eb4e27b6c52ebf72375 8eddc7c69bb11b1ea8b246fa5d4 ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.00 52 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC
107. Find a number such that: + 1029482 3dea57ef02538eb4e27b6c52ebf72375 8eddc7c69bb11b1ea8b246fa5d4 ALICE - 1 .1 BTC RUNA - 0.0042 BTC JANE - 0.0042 BTC WEI - 0.00 52 BTC HAL - 0.0042 BTC SATO - 0.0042 BTC SHI - 0.0042 BTC Honesty = more profitable
108. EASY! electronic pseudo-anonymous decentralized Proof-of-work blockchain based crypto-currency
109. 1st time in History! Global & Trustless money transactions
110. Christine Lagarde, IMF Chief Not be wise to dismiss virtual currencies. virtual currencies might just give existing currencies and monetary policy a run for their money
111. THANKS! Talk at: bit.ly/Bitcoin56 alvaro@feitobros.co
112. Send $2 to friend in UK 10 minutes, 2 cents Send $100 to Bolivia Send $1M to china on Sunday 2h, $10 20 minutes, 10 cents
113. Pay for coffee 10 minutes, $0.5? Donate to Wikileaks Banking for the unbanked 5 minutes, no discrimination
114. Money for oppressed Worldwide Travel with $5M in your head! Hedge for hyperinflation 2h, $10
115. $70,000,000,000 Market cap $4500/BTC 21,000,000 Total supply
117. Where can you spend it? WordPress.com Overstock.com Subway Microsoft Reddit Virgin Galactic OkCupid Namecheap CheapAir.com Expedia.com Gyft Newegg.com Wikipedia Steam The Internet Archive Bitcoin.Travel Pembury Tavern Old Fitzroy Zynga – Mobile gaming Mega.co.nz Etsy Vendors – 93 of them Whole Foods - Real Estate - Computing - Lawyers - Actual Accountants - Darknet ...
119. 500,000 Needed to match the Bitcoin network!
120. Huge Mining (bookkeeping) operations in CHINA, ICELAND, US
121. Huge Mining (bookkeeping) operations in CHINA, ICELAND, US
122. BLOCKCHAIN Contains all balances & all transactions done since 2009.
125. Money https://www.federalreserve.gov/releases/h6/current/default.htm https://courses.lumenlearning.com/boundless-economics/chapter/introducing-money/ https://www.quora.com/What-percentage-of-the-worlds-money-is-printed-in-cash-bills-coins http://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-cha rt-2015-12-18 http://www.investopedia.com/tech/how-much-worlds-money-bitcoin/ https://coinmarketcap.com/
126. Blockchain https://bitcoinstrings.com/ (messages on the blockchain) https://cointelegraph.com/news/active-bitcoin-wallets-number-has-grown-four-fold-over-five-years -study https://anders.com/blockchain/