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Nadav Rosenberg
nadav.rosenberg@gmail.com
12/03/2014 nadav.rosenberg@gmail.com 1
The passion for Money
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Agenda
- What is Money?
- What is Currency?
- What is Bitcoin?
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The story of the Rai stones at Yap
Yap Island in Micronesia Currency at Yap
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Money is a concept
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Literally, Money means Purchasing Power
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The features of Money
- Unit of account
- Medium of exchange
- Store of value
- Accounting system
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As a concept Money is similar to Language
- Transfer of knowledge
- Mass communication
- Large scale cooperation
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Agenda
- What is Money?
- What is Currency?
- What is Bitcoin?
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Currency is a Tool
Currency is a set of symbols that
represents purchasing power
- Stones
- Gold Pieces
- Dollars
- Bitcoins
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Currencies
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Currency doesnt have to be
Of intrinsic value
Backed by a government
A legal tender
Accepted as tax
Accepted by everyone
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Currency has to be
A set of symbols
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Currency is similar to Language
- English
- Japanese
- C++
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Examples of Currencies and Languages
Currency Examples Payment Language Examples Delivery
Dollar Coins
Computer
C++ Cards
Fiat (Gov.)
Yen Notes Java Digital
Pounds Digital Python
Crypto
Bitcoin Digital
Litecoin
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5 requirements for a perfect Currency
Requirement So that
Limited
Final number of symbols No one can steal your relative
purchasing power
Fungible
Symbols are interchangeable. You can trade with anyone,
A=B, B=A. anytime
Durable
Symbols can survive time You can save your purchasing
and weather power or pass it on
Divisible
Symbols are easily divisible It can represent also small
to smaller parts things
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Agenda
- What is Money?
- What is Currency?
- What is Bitcoin?
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Bitcoin is two things
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Protocol
Think Internet. Network. Infrastructure. Technology.
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Currency.
Think email. (but also other applications)
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Bitcoin uses a Public Ledger
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Agenda
- What is Money?
- What is Currency?
- What is Bitcoin?
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Receiving Currency
20 Rai 20 Gold Coins 20 Digital 20 BTC
Us
er
$
Us Us
er er
Us Us
er er
Physical symbol in Physical symbol in Abstract symbol in Abstract symbol in
limited supply limited supply limited supply limited supply
Not very clear who Clear to you that 3rd Party is making Everyone knows that
owns it. you have it and sure that you have you have it and that
that the one gave it it and that the one the one gave it to you
to you doesnt gave it to you doesnt have it
have it anymore doesnt have it anymore
anymore
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Good
Limited
Fungible
Durable
Divisible
Transferable
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The Bitcoin Economy
Commerce: Cross Border:
- Micro transactions - Remittances
- Banking - SMEs
- Shift of Risks - Decentralised
- Lower Transaction corporations
Costs - P2P lending
Political:
- Small Governments Deflation:
- Efficiency - Saving
- Creative Destruction - Positive ROI
- Balanced Global Economy - Durable goods
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Progress
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nadav.rosenberg@gmail.com
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