What is Bitcoin, Ethereum, Altcoin, COs, Blockchain and Cryptocurrency?

Tonight I was lucky enough to attend a Bitcoin/Etherium user group in Sydney with the following people on the panel:

Craig Wright- an Australian computer scientist, businessman that challenges the world with visionary ideas. Speculation remains that he is Satoshi Nakamoto (the creator of Bitcoin).

Lasunka Perera- 10 years’ experience in financial markets as a trader, investor, advisor, and media commentator.

Tobias Abbey – investor in cryptocurrency projects, including seed and pre-sale stages background in derivatives trading and financial markets.

Tobias fisc investor. Ico. why do you need a token.

Bok Khoo – quantitive software developer specialising in Ethereum.

Robert Allen – PWC payments and fintech consulting practise in Australia with responsibility for advisory servers in both traditional payments systems and emerging technologies.

Bitcoin speakers-3

Robert gave us a great introduction to Bitcoin and Blockchain for all newbies in the room.

Craig first started with a basic answer to the simple question, describe how Bitcoins works. You can see his response to this question here. He also touched on the potential for compromising coins. Craig is not interested in alternative coins. Craig says his development group is now patenting ideas to help Bitcoin stand out from the crowd rather than providing open source code. Craig is not interested in funding for further developments and says that they have plenty of funds.

Craig made some great points responding to the question, Why is Bitcoin better than fiat and gold? Gold standards are manually manipulated, inaccurate, only 20% of all owned gold is actually physically real, Gold was historically used to settle debt, and thus a store of value follows. Fractional reserve banking system is broken. To ensure less risk you can peg a currency on colored coins. Craig then touched on Bitcoin cash and proof of stake, free and low cost transaction. Bitcoin trade costs were built on the Coke model. The public make very small amounts of profits over high volumes. International trade with all countries including financial inclusions will increase prosperity in poorer countries. They are currently prevented from international trade.

Craig said that he went through the motions of trade 10 million pounds to USD and the trade costs $10. Bitcoin is not for rich people. Rich people have a means to send vast sums of fiat money with low risk internationally. The general public however can expect to pay $10 to send just 200 pounds. Bitcoin allows Inclusive finance for general public and people from low income countries.

House insurance can be turned on its head, smart contracts could be used to buy a house. People can buy 100 shares in each house instead of 1000 shares (100%) to reduce their risk.

Craig says that we stopped teaching good mathematics and computer science skills 20 years ago.

Bitcoin is not a mesh.

One day Bitcoin could handle 1 million transactions per second, it has been tested in a private lab. Constraints on blockstream satellite transactions on Philippines sim cards include: It is very easy to sensor, satellite blockers only cost $50 and they can block these transactions.

To avoid any censorship we can use sms or Twitter as plumbing for Bitcoin transactions.

Now that we can use IPv6, we can Cryptographically assign addresses that periodically change; it is now near impossible to ddos. Craig says attack attempts would now millions of years.

Lasanka spoke about some of his investing tips including taxation considerations.

Tobias spoke about the various platforms ICO’s are avaliable on and some of the technics that he has used to invest, and buy and dump.

Bok said he was impressed by the many use cases for smart contracts based on the Etheruem platform. The many ICO’s allow ideas to be funded. Bok’s greatest lesson learned so far, on reddit there is an Ethereum thread they were arguing in 2015 and they are still arguing now (joke).

See Craig’s closing remarks on Bitcoin development critisim here.

You can also watch the full session here.

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