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BITCOIN:
THE INTERNET
OF MONEY
CAMERON WINKLEVOSS @WINKLEVOSS
TYLER WINKLEVOSS @TYLERWINKLEVOSS
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WHAT IS BITCOIN?
Math-based asset
Decentralized cryptocurrency
Peer-to-peer network
Internet of money
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WHO CREATED BITCOIN?
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PHILOSOPHY
“The root problem with conventional currency is all the trust
that's required to make it work. The central bank must be
trusted not to debase the currency, but the history of fiat
currencies is full of breaches of that trust. Banks must be
trusted to hold our money and transfer it electronically, but they
lend it out in waves of credit bubbles with barely a fraction in
reserve. We have to trust them with our privacy, trust them not
to let identity thieves drain our accounts. Their massive
overhead costs make micropayments impossible.”
-Satoshi Nakamoto
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COMMODITY CURRENCY TECHNOLOGY
CLASSIFICATION?
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CURRENCY:
Scarce Durable Portable Divisible Authenticity
Verification
Storage Fungible Difficult to
Counterfeit
Widespread
Use
Fiat
Bitcoi
n
Yes
Neutral
No
BITCOIN VS. FIAT
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COMMODITY:
Scarce Durable Portable Divisible Authenticity
Verification
Storage Fungible Difficult to
Counterfeit
Widespread
Use
Gold
Bitcoi
n
Yes
Neutral
No
BITCOIN VS. GOLD
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INTERNET
Global computer network
AMAZON
Server-based network
BITCOIN
Peer-to-peer network
TECHNOLOGY:
net·work: a system of devices that are connected to each other
A NETWORK
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INTERNET Internet Protocol Suite (TCP/IP)
WEBPAGES
(HTTP)
(SMTP)
VOICE
(VoIP)
BITCOIN
(BtcP)
TECHNOLOGY:
pro·to·col: (computer science) a set of rules or procedures for
transmitting data between electronic devices, such as computers
A PROTOCOL
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POSTAL SERVICE
Slow + Costly
SMTP
Free + Instant
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VoIP
Voices are digitized and transmitted as
real-time data
Voices are converted into electronic signals
and sent long distances
TELECOMMUNICATIONS
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FINANCIAL SERVICES
Expensive + Slow
Bitcoin Protocol
Free + Instant
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IMPLICATIONS:
Cyprus
NO BAIL-INS
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IMPLICATIONS:
United States
DIFFICULT TO APPROPRIATE
May 1, 1933
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IMPLICATIONS:
Argentina
NO CAPITAL CONTROLS
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IMPLICATIONS:
Zimbabwe
HEDGE AGAINST INFLATION
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IMPLICATIONS:
United States
HEDGE AGAINST THE FED?
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Kenya
INFERIOR ALTERNATIVES FLOURISHING
IMPLICATIONS:
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IMPLICATIONS:
China
Connected
Bitcoin Nodes
CHINESE SUPPORT?
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POSSIBILITIES:
“The World Bank estimates that migrants will send about
$515 billion to relatives in developing countries by 2015.”
-TechCrunch
REMITTANCES
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POSSIBLITIES:
Bitcoin address = Email address for cash = Bank account
BANK THE UNBANKED
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POSSIBILITIES:
BANKS PAYPAL BITCOIN
MICROPAYMENTS
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EXCHANGE-TRADED FUND
Frictionless
Buying Bitcoin isn’t easy and requires
technological proficiency
ETF can bypass these pain-points
Secure
Storing Bitcoin securely takes
expertise
ETF can offload this security
burden
Accessible
Pension funds, mutual funds, 401k’s, etc.,
cannot hold Bitcoin (or gold bars)
ETF can give mainstream
investors Bitcoin exposure
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REGULATION
“I will not deny that there are some troublesome [virtual
currency] providers out there. But, that is balanced by a
recognition of the innovation these virtual currencies provide,
and the financial inclusion that they might offer society. A
whole host of emerging technologies in the financial sector
have proven their capacity to empower customers, encourage
the development of innovative financial products, and expand
access to financial services. And we want these advances to
continue.”
-Jennifer Shasky-Calvery
Director, Financial Crimes Enforcement Network
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FUTURE
Imagine you could take a time machine
back to the early days of the Internet; how
would you act differently?