The Bitcoin Journey - Speaker Deck

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Gigi · @dergigi The Bitcoin Journey

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Part One A Bitcoiner’s Journey

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1. This will never work. 2. Why isn’t it dead yet? 3. Oh, this is interesting… 4. 5. 6. Getting into Bitcoin

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Source: Unchained Capital (2017)

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Source: BlockTower, Ari Paul (May 2018)

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The Rabbit Hole

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… has many entries The Rabbit Hole … … … … …

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The Rabbit Hole … is a journey 2 4 3 1 …

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The Rabbit Hole “All roads lead to Bitcoin.”

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Part Two Bitcoin’s Journey

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0 1 Stage n: Bitcoin exists.

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0 1¢ Stage n: Bitcoin exists.

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0 1¢ Stage N: bitcoin has value.

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NgU Technology N > 0

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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

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–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.”

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1 2 3 4

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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)

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Source: Visions of Bitcoin by Hasu and Nic Carter (2018)

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Source: Bitcoin Stock-to-Flow Cross Asset Model by Plan B (2020)

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Source: Bitcoin Stock-to-Flow Cross Asset Model by Plan B (2020)

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Source: Satoshi Rides the Waves of Change by hodl.rocks

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Source: HODL Waves by Unchained Capital (2018)

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Source: HODL Waves by Unchained Capital (2020) HODL of 2018

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Source: Don't Buy Bitcoin. It's Going To Crash by Alex Millar (2015) 6¢ → 36¢ → 58¢ → $29 → $13 → $213 → $130 → $1.100 →

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Bitcoin = Cyclical

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1 2 3 4 5 Number Go Up Mining = Proﬁt Trust & usage go up Security & Price Security go up # of miners go up

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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

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1 2 3 4 5 Improvement proposed Improvement discussed PR opened PR merged New version released Development

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Cycles in Bitcoin • Security • Price • Adoption • Development • Mining • Diﬃculty Adjustment • Reward Eras (Halving) • …

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Part Three Circling Around a Schelling Point

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The Rabbit Hole “All roads lead to Bitcoin.”

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The Rabbit Hole … is a journey 2 4 3 1 …

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2 4 3 1 The Rabbit Hole 5 … a personal journey, diﬀerent for everyone

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2 4 3 1 The Rabbit Hole 5 … is circular!

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2 1 3 4 5

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Bitcoin = Consensus

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1 2 3 4 5 Investing / Trading Economics Game Theory Cryptography Computer Science Getting Into Bitcoin

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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

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

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? dergigi.com/contact 21Lessons.com

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BONUS SLIDES

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Main Idea Very abstractly speaking.

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1 2 3 4 5 Bought some Look more into it Understanding++ Go all-in! Heard of it Coming Full Circle Boating accident

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Mining 1 2 3 4 5 Bundle txs in block Verify txs Add hash of prev. block header Solve PoW Propagate  new block

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Bitcoin = Mirror

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“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

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Religion = Meme = Idea 1 2 3 4 5 Education Religion FinTech Idea Tech Financial Social Cult * * Code Investing