The Bitcoin Journey

108ec05cb2c64e56800ae516fb1dea27?s=47 Gigi
June 02, 2020

The Bitcoin Journey

There is a reason why the journey into Bitcoin is often described as "falling down the rabbit hole." Bitcoin combines cryptography, game theory, computer science, distributed systems, economics, physics, and a multitude of other disciplines into a living, breathing ecosystem. It is interdisciplinary in nature, offering many entry-points down the rabbit hole. Whether your background is in computer science, economics, trading, or something else completely, understanding Bitcoin is an ongoing journey that we undertake both collectively and individually. How this journey might look like and how it relates to the cyclical nature of Bitcoin will be explored in this talk.

108ec05cb2c64e56800ae516fb1dea27?s=128

Gigi

June 02, 2020
Tweet

Transcript

  1. 2.
  2. 4.

    1. This will never work. 2. Why isn’t it dead

    yet? 3. Oh, this is interesting… 4. 5. 6. Getting into Bitcoin
  3. 5.
  4. 17.

    Source: Saifedean Ammous (2018) 1 2 3 4 5 Demand

    for store of value Price rises Mining becomes more profitable More processing power goes to mining Network becomes more secure
  5. 18.

    –Satoshi Nakamoto “It might make sense just to get some

    in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.”
  6. 19.
  7. 20.
  8. 21.

    1 2 3 4 1. Proof of Concept 2. Payments

    3. E-Gold 4. Financial Asset 5. ? Source: Bitcoin Stock-to-Flow Cross Asset Model by Plan B (2020)
  9. 28.

    Source: Don't Buy Bitcoin. It's Going To Crash by Alex

    Millar (2015) 6¢ → 36¢ → 58¢ → $29 → $13 → $213 → $130 → $1.100 →
  10. 30.
  11. 31.

    1 2 3 4 5 Number Go Up Mining =

    Profit Trust & usage go up Security & Price Security go up # of miners go up
  12. 32.

    1 2 3 4 5 Number Go Up Media Hype

    New Wave of People Some “get it” and become bitcoiners More development, more education, more HODL. Price & Adoption
  13. 33.

    1 2 3 4 5 Improvement proposed Improvement discussed PR

    opened PR merged New version released Development
  14. 34.

    Cycles in Bitcoin • Security • Price • Adoption •

    Development • Mining • Difficulty Adjustment • Reward Eras (Halving) • …
  15. 38.

    2 4 3 1 The Rabbit Hole 5 … a

    personal journey, different for everyone
  16. 40.
  17. 42.

    1 2 3 4 5 Investing / Trading Economics Game

    Theory Cryptography Computer Science Getting Into Bitcoin
  18. 43.

    1 2 3 4 5 Bought some Look more into

    it Understanding++ Go all-in! Heard of it Coming Full Circle Amnesia induced by boating accident
  19. 44.

    If Bitcoin is successful, it will disappear. If Bitcoin is

    successful, bitcoiners will disappear.
  20. 45.
  21. 49.

    1 2 3 4 5 Bought some Look more into

    it Understanding++ Go all-in! Heard of it Coming Full Circle Boating accident
  22. 50.

    Mining 1 2 3 4 5 Bundle txs in block

    Verify txs Add hash of prev. block header Solve PoW Propagate
 new block
  23. 51.
  24. 53.

    “Knowledge is a mirror, and for the first time in

    my life, I was allowed to see who I was, and who I might become.” Bitcoin = Mirror
  25. 54.

    Religion = Meme = Idea 1 2 3 4 5

    Education Religion FinTech Idea Tech Financial Social Cult * * Code Investing