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Penelope Phippen
January 24, 2014
Technology
1
210
Bitcoin
A talk I gave about Bitcoin at the Pervasive Media Studio.
Penelope Phippen
January 24, 2014
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Transcript
Bitcoin
!/samphippen
What is Bitcoin?
None
It’s an Internet currency
Previous Internet currencies
None
None
None
None
Decentralized
No central authority
Peer to peer
No transaction fees
Globally useable
No one to freeze your account
No arbitrary limits
So, how do you get bitcoins?
How bitcoin works
None
Wallet generates a cryptographic key
Key has a public and private part
Their Private My Public
Mining
Mining requires hard computation
1000 dice
Get one six
Get two sixes
Problem can get arbitrarily hard
One winner every 10 minutes
Winner of the mining problem gets 25 btc
This halves every 210,000 winners
None
There will only ever be 21 million bitcoins
They can be destroyed/lost
All transactions are public
Mining also verifies all transactions
This prevents double spending
Bitcoin is weakly anonymous
Bitcoin’s impact so far
Freedom
None
None
None
Bitcoin donations
At least 3500 bitcoins were donated
Bitcoin now at $915
None
All digital communications
Bitcoin may be traceable
Anonymise
The Silk Road
None
Built as a “hidden service”
None
FBI hacked the silk road
Worked out who owned it
Also “assassins”
Government seized the bitcoins
None
Indicated they would sell them
~$27,000,000
Silk Road 2.0
None
Bitcoin trading
Buy and sell for $US
None
Not just mining export
Stock exchange for hackers
Huge transaction volume
“Digital commodity”
Altcoins
Bitcoin is open source
People are weird
None
None
None
None
Different problem
Harder to parallelise
Favours CPUs
Funnies
None
None
None
Let’s have some questions !
[email protected]
(we make things with
love and data) !/samphippen