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Cryptocurrency: Characteristics of an Ideal Money System

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  1. BitCoin

  2. Attributes of “ideal” Money • 1. General Acceptability • 2. Portability • 3. Indestructibility or Durability • 4. Homogeneity • 5. Divisibility • 6. Malleability • 7. Cognizability • 8. Stability of Value

  3. Rai Stone

  4. bitgold 1. Solve puzzles to earn ‘gold’ 2. The solution is added to a public chain of ownership 3. This solution becomes part of the next puzzle Double Spending weakness

  5. bitcoin “We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.”

  6. bitcoin • Chain of Transactions vs. Chain of Property • Mining=finding the hash of a block of transactions so the first x characters are 0 • Miners incentives

  7. bitcoin 0 1 2 3

  8. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. We will show later that the probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added.

  9. Satashi Nakamoto- 44th Richest man on the planet ($19 Billion)

  10. sources http://www.economicsdiscussion.net/money/top-8-qualities-of-an-ideal-money-material/609 https://en.wikipedia.org/wiki/Rai_stones http://unenumerated.blogspot.com/2005/12/bit-gold.html Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto https://github.com/qubd/mini_ecdsa https://en.wikipedia.org/wiki/Satoshi_Nakamoto

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