Download - Why bitcoin will change everything
Why Bitcoin will change everything Tom Ding, Founder @Coinify
because history is about shift in power structure
They say Bitcoin …• Has no intrinsic value!• Is not a legal tender!• Doesn’t solve any problem
(1) Money as a service!Bitcoin is Dollar 2.0
2000 years ago …
Chunfa – founder of ChowFarm, producing vegetables and crops
Bao - Technical nerd. Full-stack Hunter
Balanced diet, Happier life
Value Exchange of Three parties
Life simplified with cows
Yet, Cow get ill
Let’s tokenize Cow
100 HuangDollar = 1 Cow
=
Aha moment: Villagers never redeem cow.
Let’s print more HuangDollars
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.
Worldwide inflation
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
(2) Permission-less Innovation
Innovation accelerates with decentralization
1430s: Press
1980s:
Personal
Computer
1984: 3D
Printing -
manufactur
ing
1989: Web!
2000s: Blog/
2009 :
Bitcoin –
finance
How can cryptocurrency help?
❖ Decentralized financial innovations - e.g. pool insurance !
❖ 5th protocol: Value exchange layer (e.g. Uber)!
❖ MaidSafe: Decentralizing Internet
(3) Social contract and enforcement
- 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
Cryptocurrency enabling new org structure
❖ Why: Principal-Agent-Customer!❖ Distributed software foundations!❖ Charity / Investment Vehicle!❖ Autonomous public service!❖ Crowd Jury
Recap – 3 layers of innovation
Money as a service: Bitcoin & Altcoins
Permission-less innovation: Maidsafe, Counterparty
Social contracts: Ethereum
–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, …”
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?
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)