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The Path to Cryptomania - Bitcoin and Beyond

The Path to Cryptomania - Bitcoin and Beyond

These materials will review the factors leading up to Bitcoin and other follow on Crypto offerings. We consider whether the massive increase in crypto related investments could simply be (yet) another asset bubble. However, this might also be a fundamental technological transformation? Only time will tell. v1.02

Daniel Martin Katz

January 28, 2019
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  1. @ computational professor daniel martin katz danielmartinkatz.com BLOCKCHAIN, CRYPTOCURRENCY AND

    LAW professor nelson rosario THE PATH TO CRYPTOMANIA - BITCOIN AND BEYOND nelsonmrosario.com @ nelsonmrosario BLOCKCHAINLAWCLASS.COM
  2. DANIEL MARTIN KATZ E D U | I L L

    I N O I S T E C H + S TA N F O R D C O D E X B LO G | C O M P U TAT I O N A L L E GA L S T U D I E S . C O M PAG E | DA N I E L M A R T I N K AT Z . C O M C O R P | L E X P R E D I C T. C O M NELSON ROSARIO B LO G | L AWO F C RY P TO C U R R E N C Y. C O M PAG E | N E L S O N M RO S A R I O . C O M F I R M | S M O L I N S K I RO S A R I O L AW P. C . BLOCKCHAINLAWCLASS.COM L A B | T H E L AW L A B . C O M E D U | I L L I N O I S T E C H - C H I C AG O K E N T L AW
  3. THE PRICE IS (ARGUABLY) THE LEAST INTERESTING THING ABOUT CRYPTOCURRENCY

    OKAY PERHAPS THE PRICE $$ IS A LITTLE BIT INTERESTING :) BLOCKCHAINLAWCLASS.COM
  4. WHO IS SATOSHI NAKAMOTO ? NOT ACTUALLY THE REAL SATOSHI

    NAKAMOTO HE JUST WANTED A ‘FREE LUNCH’ FROM A REPORTER BLOCKCHAINLAWCLASS.COM
  5. ON OCTOBER 31 2008 AN ANONYMOUS INDIVIDUAL GOING BY THE

    NAME SATOSHI NAKAMOTO PUBLISHES A PAPER TO A CRYPTOGRAPHY MAILING LIST …. BLOCKCHAINLAWCLASS.COM
  6. “I'VE BEEN WORKING ON A NEW ELECTRONIC CASH SYSTEM THAT'S

    FULLY PEER-TO-PEER, WITH NO TRUSTED THIRD PARTY.” THE PAPER CLAIMED BLOCKCHAINLAWCLASS.COM
  7. 2008 - FINANCIAL CRISIS 9/15/2008 - LEHMAN BROTHERS FILES FOR

    BANKRUPTCY 5/29/2008 - BEAR STEARNS IS SOLD AT MASSIVE DISCOUNT 9/14/2008 - MERRILL LYNCH IS SOLD AT MASSIVE DISCOUNT BLOCKCHAINLAWCLASS.COM
  8. TREMENDOUS AMOUNT OF MONEY FROM CENTRAL BANKS PROPPED UP THE

    FINANCIAL WORLD BLOCKCHAINLAWCLASS.COM
  9. THE CREATOR OF BITCOIN WAS HOSTILE TO THIS TYPE OF

    MONETARY POLICY BLOCKCHAINLAWCLASS.COM
  10. HOSTILITY TO CENTRAL BANKERS IS ONE OF THE REASONS BITCOIN

    HAS A HARD CAP OF 21 MILLION BITCOIN TOTAL BLOCKCHAINLAWCLASS.COM
  11. TRUCKLOADS OF MONEY ARE DUMPED INTO ANY COMPANY CLAIMING TO

    DO ANYTHING RELATED TO THE INTERNET BLOCKCHAINLAWCLASS.COM
  12. THE INFRASTRUCTURE OF THE INTERNET IS FOCUSED ON HOW DATA

    IS HANDLED AND HOW IT IS SENT THROUGH THE NETWORK BLOCKCHAINLAWCLASS.COM
  13. THE PROBLEM OF TRUST AND IDENTITY WHO CAN YOU TRUST?

    WHAT CAN YOU TRUST? BLOCKCHAINLAWCLASS.COM
  14. SO LETS GO BACK TO THE 2008 BITCOIN WHITE PAPER

    https://bitcoin.org/bitcoin.pdf BLOCKCHAINLAWCLASS.COM
  15. THE DOUBLE SPEND PROBLEM “A payee can verify the signatures

    to verify the chain of ownership. The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending.” https://bitcoin.org/bitcoin.pdf BLOCKCHAINLAWCLASS.COM Bitcoin White Paper
  16. THE DOUBLE SPEND PROBLEM HOW CAN YOU BE SURE THAT

    THE DIGITAL MONEY YOU RECEIVED HAS NOT ALREADY BEEN SPENT? TRADITIONALLY BANKS PROVIDED THE SOLUTION — BITCOIN OFFERS A DECENTRALIZED SOLUTION BLOCKCHAINLAWCLASS.COM
  17. THE DOUBLE SPEND PROBLEM TRANSACTIONS ON THE BITCOIN NETWORK ARE

    PUBLIC TO EVERYONE IN THE NETWORK BLOCKCHAINLAWCLASS.COM (BLOCKCHAIN CAN BE PRIVATE IN OTHER INSTANCES)
  18. THE DOUBLE SPEND PROBLEM THUS, ANYONE CAN VERIFY THAT FUNDS

    ON THE BITCOIN NETWORK HAVEN’T BEEN SPENT YET BLOCKCHAINLAWCLASS.COM
  19. ‘THE TRUST MACHINE’ CRYPTO INFRASTRUCTURE IS A NEW WAY TO

    HANDLE TRUST ON THE INTERNET BLOCKCHAINLAWCLASS.COM
  20. 2010 - THE BITCOIN PIZZAS ON MAY 22, 2010 A

    PROGRAMMER BOUGHT TWO PAPA JOHN’S PIZZAS FOR 10,000 BITCOIN BLOCKCHAINLAWCLASS.COM
  21. 2010 - THE BITCOIN PIZZAS 10,000 BITCOIN CURRENT VALUE $35

    MILLION+ IN 2019 BLOCKCHAINLAWCLASS.COM
  22. OKAY, MAYBE TRADE SOME BITCOIN BACK AND FORTH IN CASE

    IT’S WORTH SOMETHING LATER BLOCKCHAINLAWCLASS.COM TRADE AND MINE
  23. 2010-2014 - MT. GOX BLOCKCHAINLAWCLASS.COM IN 2013, MT. GOX ‘LOST’

    850,000 BITCOINS VALUED AT $450 MILLION (NOW WORTH MORE THAN 7 BILLION)
  24. THE END OF THE ROAD 2015 RECEIVES LIFE SENTENCE FOR

    MONEY LAUNDERING, COMPUTER HACKING, CONSPIRACY TO TRAFFIC NARCOTICS ROSS ULBRICHT AKA THE DREAD PIRATE ROBERTS
  25. ORGANIZATIONS START TO GET EXCITED ABOUT THE TECHNOLOGY THAT UNDERLIES

    BITCOIN THE BLOCKCHAIN BLOCKCHAINLAWCLASS.COM
  26. LARGE ORGANIZATIONS START TO KICK THE TIRES ON CRYPTOCURRENCY AND

    BLOCKCHAIN TECHNOLOGY BLOCKCHAINLAWCLASS.COM
  27. ENTERPRISE CONSORTIUMS 25 GLOBAL CONSORTIUMS 13 IN FINANCIAL SERVICES 2

    IN HEALTHCARE 10 IN THE USA, THREE IN THE UK 22 STARTED IN 2016 BLOCKCHAINLAWCLASS.COM SOURCE: DATA FROM 2016, WILLIAM MOUGAYA
  28. FOUR WORKING ON ASPECTS OF STANDARDS AVERAGE NUMBER OF MEMBERS

    IN EACH: 25 LARGEST MEMBERSHIPS: 100 (HYPERLEDGER AND ISITC) TOTAL NUMBER OF PARTICIPANTS: 550 ENTERPRISE CONSORTIUMS SOURCE: DATA FROM 2016, WILLIAM MOUGAYA BLOCKCHAINLAWCLASS.COM
  29. BLOCKCHAIN + ROBOTICS BLOCKCHAIN + AUTOMATION BLOCKCHAIN + INTERNET OF

    THINGS BLOCKCHAIN + ARTIFICIAL INTELLIGENCE BLOCKCHAIN + OTHER EMERGING TECH BLOCKCHAINLAWCLASS.COM
  30. AS A MATTER OF FULL DISCLOSURE LEXPREDICT IS A COMPANY

    CO- FOUNDED BY DAN KATZ https://agreements.network/ (ONE OF THE INSTRUCTORS OF THIS COURSE) (ONE OF THE INSTRUCTORS OF THIS COURSE)
  31. “EVERY TIME THERE IS A NEW ICO A SECURITIES LAWYER

    GETS THEIR WINGS …” ICO’S TAKE OFF BLOCKCHAINLAWCLASS.COM
  32. DANIEL MARTIN KATZ E D U | I L L

    I N O I S T E C H + S TA N F O R D C O D E X B LO G | C O M P U TAT I O N A L L E GA L S T U D I E S . C O M PAG E | DA N I E L M A R T I N K AT Z . C O M C O R P | L E X P R E D I C T. C O M NELSON ROSARIO B LO G | L AWO F C RY P TO C U R R E N C Y. C O M PAG E | N E L S O N M RO S A R I O . C O M F I R M | S M O L I N S K I RO S A R I O L AW P. C . BLOCKCHAINLAWCLASS.COM L A B | T H E L AW L A B . C O M E D U | I L L I N O I S T E C H - C H I C AG O K E N T L AW
  33. @ computational professor daniel martin katz danielmartinkatz.com BLOCKCHAIN, CRYPTOCURRENCY AND

    LAW professor nelson rosario THE PATH TO CRYPTOMANIA - BITCOIN AND BEYOND nelsonmrosario.com @ nelsonmrosario BLOCKCHAINLAWCLASS.COM