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Bitcoin

Avatar for Penelope Phippen Penelope Phippen
January 24, 2014
Technology
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210

 Bitcoin

A talk I gave about Bitcoin at the Pervasive Media Studio.

Avatar for Penelope Phippen

Penelope Phippen

January 24, 2014
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Transcript

  1. Bitcoin

  2. !/samphippen

  3. What is Bitcoin?

  4. None

  5. It’s an Internet currency

  6. Previous Internet currencies

  7. None
  8. None
  9. None
  10. None

  11. Decentralized

  12. No central authority

  13. Peer to peer

  14. No transaction fees

  15. Globally useable

  16. No one to freeze your account

  17. No arbitrary limits

  18. So, how do you get bitcoins?

  19. How bitcoin works

  20. None

  21. Wallet generates a cryptographic key

  22. Key has a public and private part

  23. Their Private My Public

  24. Mining

  25. Mining requires hard computation

  26. 1000 dice

  27. Get one six

  28. Get two sixes

  29. Problem can get arbitrarily hard

  30. One winner every 10 minutes

  31. Winner of the mining problem gets 25 btc

  32. This halves every 210,000 winners

  33. None

  34. There will only ever be 21 million bitcoins

  35. They can be destroyed/lost

  36. All transactions are public

  37. Mining also verifies all transactions

  38. This prevents double spending

  39. Bitcoin is weakly anonymous

  40. Bitcoin’s impact so far

  41. Freedom

  42. None
  43. None
  44. None

  45. Bitcoin donations

  46. At least 3500 bitcoins were donated

  47. Bitcoin now at $915

  48. None

  49. All digital communications

  50. Bitcoin may be traceable

  51. Anonymise

  52. The Silk Road

  53. None

  54. Built as a “hidden service”

  55. None

  56. FBI hacked the silk road

  57. Worked out who owned it

  58. Also “assassins”

  59. Government seized the bitcoins

  60. None

  61. Indicated they would sell them

  62. ~$27,000,000

  63. Silk Road 2.0

  64. None

  65. Bitcoin trading

  66. Buy and sell for $US

  67. None

  68. Not just mining export

  69. Stock exchange for hackers

  70. Huge transaction volume

  71. “Digital commodity”

  72. Altcoins

  73. Bitcoin is open source

  74. People are weird

  75. None
  76. None
  77. None
  78. None

  79. Different problem

  80. Harder to parallelise

  81. Favours CPUs

  82. Funnies

  83. None
  84. None
  85. None

  86. Let’s have some questions ! [email protected] (we make things with

    love and data) !/samphippen