Why bitcoin will change everything
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Presentation on far reaching impact of bitcoin and distributed technology @ JayW Salon May 2014 By Tom Ding (Founder @ Coinify)
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Why bitcoin will change everything
- 1. Why Bitcoin will change everything Tom Ding, Founder @Coinify! yourstruly.dinglei@gmail.com! http://angel.co/coinify!
- 2. because history is about shift in power structure
- 3. They say Bitcoin … • Has no intrinsic value! • Is not a legal tender! • Doesn’t solve any problem!
- 4. (1) Money as a service! Bitcoin is Dollar 2.0!
- 5. 2000 years ago … Chunfa – founder of ChowFarm, producing vegetables and crops ! Bao - Technical nerd. Full-stack Hunter!
- 6. Balanced diet, Happier life
- 7. Value Exchange of Three parties
- 8. Life simplified with cows
- 9. Yet, Cow get ill
- 10. Let’s tokenize Cow 100 HuangDollar = 1 Cow! =!
- 11. Aha moment: Villagers never redeem cow. Let’s print more HuangDollars
- 13. Sad story of Zimbabwe • First Dollar: ZWD (1980)! 1.47 USD: 1 ZWD! …….! • Third Dollar! 1 ZWR = 10 billion ZWN! A 100-trillion-dollar bill, it turns out, is worth about $5.!
- 15. Recap " - Money = debt! - Dollar is a technology! - Cryptocurrency is Dollar 2.0: Solving for Principal-Agent risk! Bitcoin / Cryptocurrency! ■ Predefined supply algorithm! ■ Vote by money! Central Bank! ✍ Create money! ✍ Set interest rate & reserve requirement! ✍ NO opt-out!
- 17. Innovation accelerates with decentralization 1430s: Press! 1980s: Personal Computer! 1984: 3D Printing - manufactur ing! 1989: Web! 2000s: Blog/ Twitter! 2009 : Bitcoin – finance!
- 18. How can cryptocurrency help? ❖ Decentralized financial innovations - e.g. pool insurance ! ❖ 5th protocol: Value exchange layer (e.g. Uber)! ❖ MaidSafe: Decentralizing Internet!
- 19. (3) Social contract and enforcement!
- 20. - Thomas Hobbes <Social Contract>! “… that a man be willing, when others are so too, … , to lay down this right to all things; and be contented with so much liberty against other men as he would allow other men against himself.” !Constitution! Laws! Sovereign! Corp! Business Contracts! Non-profit! LLP!
- 21. Cryptocurrency enabling new org structure ❖ Why: Principal-Agent-Customer! ❖ Distributed software foundations! ❖ Charity / Investment Vehicle! ❖ Autonomous public service! ❖ Crowd Jury!
- 22. Recap – 3 layers of innovation Money as a service: Bitcoin & Altcoins! Permission-less innovation: " Maidsafe, Counterparty! Social contracts: Ethereum !
- 23. –Steve Jobs! “Life can be much broader once you discover … Everything around you that you call life was made up by people that were no smarter than you and you can change it, …” !
- 24. Questions? ! ! Email me at yourstruly.dinglei@gmail.com!
- 25. Thought Experiment 2! If X never invented, given X and Y, would Y be a no brainer? ! Appendix: Evaluating Disruptive Technology Often disguised as cheaper but inferior, or better but too expensive! Thought Experiment 1! Assuming 100% adoption,, would it be a better world? ! Thought Experiment 3: What if it becomes 100x cheaper, AND 100x faster?!
- 26. Appendix: Further Resources ❖ Bitcoin-Dev Mailing List ! ❖ JayWSalon BitCoin SIG! ❖ Sillicon Valley Bitcoin Meetup : Every Tue @ Plug n Play! ❖ Stanford Bitcoin Meetup (Palo Alto)! ❖ Ethereum Meetup! ❖ SV Counterparty Meetup (In progress) !
- 27. Appendix: Further Resources ❖ Bitcoin-Dev Mailing List ! ❖ JayWSalon BitCoin SIG! ❖ Sillicon Valley Bitcoin Meetup : Every Tue @ Plug n Play! ❖ Stanford Bitcoin Meetup (Palo Alto)! ❖ Ethereum Meetup! ❖ SV Counterparty Meetup (In progress) !