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How I quit my PhD and went full-time bitcoin
Not Dr. Ryan X. CharlesSoftware Engineer
@ryanxcharles
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Exponential Hash Rate (2011)
@ryanxcharles
GH/s
March 4, 2011
January 3, 2009
source: blockchain.info
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Exponential Hash Rate (2014)
@ryanxcharles
GH/s
March 4, 2011
March 4, 2014
January 3, 2009
source: blockchain.info
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Exponential Price (2011)
@ryanxcharlessource: bitcoincharts.com
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Exponential Price (2014)
@ryanxcharlessource: bitcoincharts.com
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Why Bitcoin is Exploding
@ryanxcharles
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The Forces that Monetize Bitcoin
1. Intrinsic Value2. First-Mover3. Network Effect4. Self-Interest of Bitcoiners
@ryanxcharles
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Intrinsic Value (1/4)
Internet Gold delocalized gold intangible currency with no trust requirement and a
limited supply decentralized ledger with limited space
Fills a niche Irreversible digital payments
Cool@ryanxcharles
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First-Mover Advantage (2/4)
Bitcoin was first Altcoins are not sufficiently better to
overcome bitcoins momentum
@ryanxcharles
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Network Effect (3/4)
Win/win The more people that use it, the better for
all of us
@ryanxcharles
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Self-Interest of Bitcoiners (4/4)
All the problems are solvable pirateat40 ponzi scheme Mt. Gox bankruptcy blockchain forks (2010, 2013) hacked websites, stolen bitcoin
transaction malleability ...bumps in the road
@ryanxcharles
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Implications (1/2)
Robin Hansons Economic Singularity Technology that significantly increases human
productivity in a short period of time Bitcoin:
Technological innovation Encourages productivity Happens extremely rapidly (~10 years)
Bitcoin is the Economic Singularity@ryanxcharles
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Implications (2/2)
New cryptofinancial system Bitcoin at the base Wallets (Bitcoin Core, blockchain.info, etc.) Payment processors (BitPay, Coinbase, etc.) ...etc.
Fiat currency collapse Dollars, euros, pesos, etc., gone
Short period of time, ~10 yr Internet is already here - ideas spread faster
@ryanxcharles
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My Story
@ryanxcharles
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PhD
Upper limit on TeV gamma-ray flux from dark matter annihilation in dwarf galaxies
Wash U, 2007 - 2013@ryanxcharles
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Interest
@ryanxcharles
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Why No PhD
Opportunity Cost Bitcoin > PhD New industry
Academia Sucks No jobs Low pay Giant bubble
@ryanxcharles
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PhD -> Panama -> BitPay
@ryanxcharles
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What Im Doing
@ryanxcharles
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BitPay Open-Source
@ryanxcharles
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Bitcore Team
@ryanxcharles
Jeff Garzik Stephen Pair Juan Ignacio Sosa Lopez Manuel Aroz Matias Alejo Garcia Mario Colque Gustavo Maximiliano Cortez Ryan X. Charles
HT: Stefan Thomas (bitcoin-js) BitPay Argentina
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Principles of Cryptofinance
Voluntary Solve problems without threatening people
Decentralized Dont have central points of failure
Open-source Anybody can read, copy, extend
@ryanxcharles
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Goals
Privacy Blockchain is public Leaks about your addresses can reveal private info
Security Easy for keys to be stolen Malware Hacked websites
@ryanxcharles
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Privacy 1/4: Mixing
Put bitcoins into common pool Relies on central party
@ryanxcharles
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Privacy 2/4: CoinJoin
Mixes coins in single transaction Decentralized
@ryanxcharles
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Privacy 3/4: Merge Avoidance
Can extend payment protocol
@ryanxcharles
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Privacy 4/4: Stealth Addresses
Can share one public address Senders generate new addresses to send to
@ryanxcharles
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Privacy Summary
Need all four: Mixing CoinJoin Merge Avoidance Stealth Addresses
...and more
@ryanxcharles
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Security 1/2: Server Has a Key
2-of-3 multisig Server keeps one key You keep one key Your friend keeps a key
@ryanxcharles
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Security 2/2: N-of-M Multisig
M people (say, a company) N required to sign All keys generated independently Maximum possible security
Fundamentally better than physical storage Real cryptographic security - fundamentally better
than non-crypto signatures
@ryanxcharles
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Security Summary
Need: open-source software Signing services Key sharing protocols
@ryanxcharles
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Summary
Bitcoin is a once-in-a-lifetime opportunity Bitcoin > PhD Do not be tempted by academia. Stay away.
Help build bitcore Need better privacy Need better security github.com/bitpay
@ryanxcharles
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Voluntary, Decentralized,Open-Source
Ryan X. CharlesSoftware Engineer
@ryanxcharles
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Extra Slides
@ryanxcharles
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Legacy Financial System
Fractional Reserve Banks (FRBs) Central Banks Fiat Currencies
@ryanxcharles
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Fractional Reserve Banks
Robin Hansons Economic Singularity:
@ryanxcharles
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Central Banks
Robin Hansons Economic Singularity:
@ryanxcharles
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Fiat Currencies
Robin Hansons Economic Singularity:
@ryanxcharles
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Cryptofinancial System
Cryptocurrencies Cryptofinancial software Services (processing, security, credit)
@ryanxcharles
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Cryptocurrencies
Bitcoin Litcoin Dogecoin etc.
@ryanxcharles
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Cryptocurrencies
Bitcoin Litcoin Dogecoin etc.
@ryanxcharles