why bitcoin will change everything

25
Why Bitcoin will change everything Tom Ding, Founder @Coinify

Upload: tom-ding

Post on 06-May-2015

124 views

Category:

Technology


1 download

DESCRIPTION

Presentation on deep impact of bitcoin and distributed technology @ JayW Salon May 2014

TRANSCRIPT

Page 1: Why bitcoin will change everything

Why Bitcoin will change everything Tom Ding, Founder @Coinify

Page 2: Why bitcoin will change everything

because history is about shift in power structure

Page 3: Why bitcoin will change everything

They say Bitcoin …• Has no intrinsic value!• Is not a legal tender!• Doesn’t solve any problem

Page 4: Why bitcoin will change everything

(1) Money as a service!Bitcoin is Dollar 2.0

Page 5: Why bitcoin will change everything

2000 years ago …

Chunfa – founder of ChowFarm, producing vegetables and crops

Bao - Technical nerd. Full-stack Hunter

Page 6: Why bitcoin will change everything

Balanced diet, Happier life

Page 7: Why bitcoin will change everything

Value Exchange of Three parties

Page 8: Why bitcoin will change everything

Life simplified with cows

Page 9: Why bitcoin will change everything

Yet, Cow get ill

Page 10: Why bitcoin will change everything

Let’s tokenize Cow

100 HuangDollar = 1 Cow

=

Page 11: Why bitcoin will change everything

Aha moment: Villagers never redeem cow.

Let’s print more HuangDollars

Page 12: Why bitcoin will change everything
Page 13: Why bitcoin will change everything

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.

Page 14: Why bitcoin will change everything

Worldwide inflation

Page 15: Why bitcoin will change everything

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

Page 16: Why bitcoin will change everything

(2) Permission-less Innovation

Page 17: Why bitcoin will change everything

Innovation accelerates with decentralization

1430s: Press

1980s:

Personal

Computer

1984: 3D

Printing -

manufactur

ing

1989: Web!

2000s: Blog/

Twitter

2009 :

Bitcoin –

finance

Page 18: Why bitcoin will change everything

How can cryptocurrency help?

❖ Decentralized financial innovations - e.g. pool insurance !

❖ 5th protocol: Value exchange layer (e.g. Uber)!

❖ MaidSafe: Decentralizing Internet

Page 19: Why bitcoin will change everything

(3) Social contract and enforcement

Page 20: Why bitcoin will change everything

- 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

Page 21: Why bitcoin will change everything

Cryptocurrency enabling new org structure

❖ Why: Principal-Agent-Customer!❖ Distributed software foundations!❖ Charity / Investment Vehicle!❖ Autonomous public service!❖ Crowd Jury

Page 22: Why bitcoin will change everything

Recap – 3 layers of innovation

Money as a service: Bitcoin & Altcoins

Permission-less innovation: Maidsafe, Counterparty

Social contracts: Ethereum

Page 23: Why bitcoin will change everything

–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, …”

Page 24: Why bitcoin will change everything

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?

Page 25: Why bitcoin will change everything

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)