It's a little bit me it's a a little bitcoin

transcript

It’s A Little Bit Me,It’s A Little Bitcoin

Joe KleinwaechterVice President

Innovation & Design

THE TEAMHow many miners does it take to change a lightbulb?

One miner to change it, and a million miners

running in circles to determine who gets to

do it.

THE TEAM

A Cryptocurrency A Bearer Instrument

Distributed

• It’s value, like most money, is determined by supply and demand

• Security through math• Non-bitcoin

cryptocurrencies are called alt-coins.

• Whoever is in possession of it, owns it.

• No record is kept of who owns it.

• There is no central owner• All integrity is held with the

participants.• Self-policing based on math.

What is it? Bitcoin is...

What does a bitcoin look like?

For the Biz Geeks

Today’s PricePrice

Yesterday the US Dollar’s value changed by.3%.

Bitcoin’s value changed by3.2%.

Source: https://btcvol.info/

Past 6 Years

Over the years volatility is

reducing and looks to be settling in…

Past Year

…or not

Comparative Volatility

…or not

Source: Bloomberg

For the Tech Geeks

Mining

Really Hard Math Problem

Fastest Correct Solution

Miners

Reward!

Inventory

Current inventory is 75% of eventual population.

You can’t have a permanently increasing supply of money…

...unless you are the government.

Block Rewards

4 years 4 years 4 years

12.5 6.25 3.12

2012 2016 2020 2024

Rate(bitcoins/ block)

> +Economics

Fiat CurrencyBitcoin Currency

Transacting

2L7AG’s Bitcoin Wallet

1X2FD’s Bitcoin Wallet

) Validate and Mass Authenticate

Pay 5 bc to

(Trans3)

Block 123Trans1Trans2Trans3…TransN

Distributed Ledger

The Ledger

Integrity – Blockchains are immutable. All commits are permanent and never retire.

Anonymity – Blockchains don’t record personal identity, only account numbers

Resiliency - Every node or miner in a decentralized system has a copy of the blockchain.

Democracy - No miner is trusted more than any other.

Distributed Ledger

Known commonly as the Blockchain

For the Innovation Geeks

Blockchain Types

Blockchains can be Public

Blockchains can be PrivateBlockchain Types

Blockchain Types

… …

Blockchains can be Federated

I wonder if blockchain transactions could represent

something other than money?

Why yes, Rick, they can.

Integrity – Blockchains are immutable. All commits are permanent and never retire.

Anonymity – Blockchains don’t record personal identity, only account numbers

Resiliency - Every node or miner in a decentralized system has a copy of the blockchain.

Democracy - No miner is trusted more than any other.

Blockchain Possibilities

With these attributes in mind,

what else could

blockchain be used

It's a little bit me it's a a little bitcoin

Technology