presentation-qf302-lecture07-1.pdf - A Brief History of Bitcoin Digital Currency Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus

presentation-qf302-lecture07-1.pdf - A Brief History of...

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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M FE570 Financial Markets and Trading Lecture 7. Bitcoin - A New Financial Asset and Market (Ref. Aleksander Berentsen and Fabian Sch¨ a r - A Short Introduction to the World of Cryptocurrencies ) Steve Yang Stevens Institute of Technology 02/13/2019
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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M Outline 1 A Brief History of Bitcoin 2 Digital Currency - Bitcoin 3 Bitcoin and the Bitcoin Blockchain 4 Bitcoin Mining 5 Consensus Mechanism 6 Monetary Policy 7 Economic Risks with Bitcoin
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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M A Brief History of Bitcoin - Birth Bitcoin originated with the white paper that was published in 2008 under the pseudonym “Satoshi Nakamoto”. On January 3rd, 2009, the bitcoin genesis block (block zero) was mined with the nonce 2083236893 and a block reward of 50 bitcoins. Bitcoin v0.1 was released and announced on the cryptography mailing list. The first Bitcoin real-world transaction took place on May 22nd, 2010 and involved 10,000 bitcoins being exchanged for $25 worth of pizza.
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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M A Brief History of Bitcoin - Trading On July 17th, 2010, Mt. Gox, which went on to become the largest bitcoin exchange, was born. Bitcoin was hacked in August 2010 when some hackers exploited a vulnerability and generated billions of bitcoins which were sent to two addresses on the network. In January 2011, the most infamous tor site for drugs and other contraband was born - Silk Road, which used bitcoins for untraceable transactions. Mt. Gox, the largest bitcoin exchange at the time, suffered a massive security breach on June 19th, 2011. Bitomat, the third-largest bitcoin exchange at the time, suffered a hack in July 2011, which resulted in a loss of 17,000 bitcoins.
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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M A Brief History of Bitcoin - Fraud Bitcoin Savings and Trust, a suspected ponzi scheme, shut down in August 2012 and investors lost US$ 5.6 million. Bitcoinica, a bitcoin exchange, was hacked twice in 2012. Bitfloor, a bitcoin exchange, was hacked in September 2012 and lost 24,000 bitcoins (worth US$ 250,000). In February 2013, Coinbase, the bitcoin-based payment processor, reported selling a million dollars worth of bitcoins in a month at over $22 per bitcoin. In March 2013, the US Financial Crimes Enforcement Network (FINCEN) issued a guidance report for persons administering, exchanging or using virtual currency. In October 2013, the FBI arrested Silk Road founder Ross Ulbricht and seized around 26,000 bitcoin from him.
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A Brief History of Bitcoin Digital Currency - Bitcoin Bitcoin and the Bitcoin Blockchain Bitcoin Mining Consensus Mechanism M A Brief History of Bitcoin - Regulation January 2014 saw the launch of the world’s first insured bitcoin storage service. Overstock.com became the first major
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