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The End Of Money - Adam Rothstein (0)

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The End of Money -Adam Rothstein



Seidy Talv Tartu 2021 “The End of Money“ -Adam Rothstein


What exactly is Bitcoin? Is it safe to buy? 01 02 RESEARCH QUESTIONS


Business 
Overview 01


Solving  mathematic al problems Not 
controlled 
by anyone Digital currency Generated by  a network of  computers


BLOCK- CHAIN * makes sure that it  is impossible to  counterfeit * lists who are the  owners * Bitcoins never  need to exist


Mining * chance to win small  amounts of bitcoins
* five years to mine  just one bitcoin  Equity How to get Bitcoins? Via  exchanges * convert one  currency into another


HISTORY 
OF 
BITCOIN 02


 Satoshi Nakamoto Hal Finney Gavin Andresen Martti Malmi You can replace the  
image on the screen 
with your own Charles Jones You can replace the   image on the screen  with your own Adelyn Keller WHO CREATED 
BITCOIN? Hal Finney Gavin 
Andresen Martti Malmi


SATOSHI       NAKAMOTO? 980 000 
bitcoin 5% $60 billion   National Security Agnecy
Ross Ulbricht
Dorian Nakamoto


SILK ROAD * 2011  * drugs, forged  government  documents  * extremly popular * 70s to 32$ within 4 months


BITCOIN  LEGALLY,  PROS&CO NS 03


BITCOIN  LEGALLY *not currency  but property *taxed *can be used  as money


CONS   -difficult to comprehend
-market fluctuations
-no security in case of loss PROS -transparent
-easy to follow
-anonymous


1. BITCOIN IS A DIGITAL CURRENCY, NOT  CONTROLLED BY ANYONE 2. CREATED IN 2008 BY SATOSHI  NAKAMOTO 3. MAINLY USED ON THE DARK WEB 4. NOT MONEY BUT CAN BE USED AS  MONEY 5. CONSIDER ALL RISKS!!


1. Minted money –  trükitud raha 2. Exchange – börs
3. Merchant – kaupmees
4. Tender – maksevahend 1. Pittance – tühine  summa 2. Merit – väärtus
3. Scarcity – nappus 
4. Asset – vara
5. Counterfeit – võltsima  Terminology


● Rothstein, A. (2017). The End of Money. Great Britain: John Murray  Learning. ● Mint Life. 8 Pros and Cons of Bitcoin. [veebileht]  https://mint.intuit.com/blog/investments/pros-and-cons-of-bitcoin/  (19.11.2021) References


Good morning, my name is … and I will be talking about the book called ,,The End of Money“ and especially about bitcoin. I will be speaking 
for about 10 minutes and if you have any questions, I'll be happy to answer them at the end of the presentation.
Here are my research questions. The first one is what exactly is Bitcoin, because I feel like people are talking about cryptocurrencies 
everyday but I haven’t understood yet what is the nature of bitcoin. And the other question is, is it safe to buy and invest in it?!
First of all, what exactly is bitcoin?
It is a new type of digital currency called cryptocurrency. Bitcoin is not controlled by banks or national governments. It’s generated by a 
network of computers
 using software to solve mathematical problems. 
It relies on its heart and soul called a blockchain. It makes sure that it’s impossible for someone to counterfeit bitcoin. Traditional 
currencies like euro, rely on producing notes that are difficult to fake. But it’s easy to replace digital files. So this is the main reason why 
crypto needs blockchain. In simple terms, the blockchain lists all of the units of the cryptocurrency and who owns them. If you tried to 
replicate those coins and spend them, you would be found out since they are not in the blockchain. 
The blockchain means that bitcoins never actually need to exist. No one sends the coins anywhere, they just update the blockchain to 
show who owns them. 
There are a number of ways to get bitcoin. The first is by ,,mining” them. I’m not some IT specialist so I’m going to be honest I don’t really 
understand how this works. Basically you work for Bitcoin, securing the system with your computer doing some programming things. This 
way you have a chance to win small amounts of bitcoins (but it’s really hard to get any bitcoins by “mining” because the competition is too 
fierce). It also takes like five years to mine just one bitcoin. 
But I would say the easiest way to get bitcoins is via exchanges, which allows you to convert one currency - like euros - into another. 
Let's move on to the history of bitcoin. The first time that somebody heard the word bitcoin was in August 2008 when someone named 
Satoshi Nakamoto emailed to cryptographer Adam Back his new idea. Long story short: Adam Back was not interested but men like Hal 
Finney, Gavin Andresen and Martti Malmi helped Nakamoto to build the website and write the codes for Bitcoin. But the computer code is 
rewritten so many times that it is actually difficult to say that Nakamoto is bitcoin’s author. 
The thing is, nobody knows who Satoshi Nakamoto is. It can be one person or large group of people. There are theories about the creator. 
Some think that it's the US National Security Agency to attract criminals. Others think that he could be the founder of illicit dark web shopping 
site Silk Road. 
Right now Nakamoto owns about 60 billion dollars worth of bitcoin, which is 5% of the total number of bitcoins. So if he sold it, the 
cryptocurrency market would go crazy. 
In early 2011 Ross Ulbricht started a website called Silk Road. It was basically an Amazon-like marketplace for illegal products like drugs and 
forged government documents. The site was on the dark web. And the only currency accepted there was Bitcoin. 


The site was so popular that it actually shut down many times, unable to deal with the traffic. The bitcoin price rose from 70cents 
to 32 dollars within 4 months. As we know, right now Bitcoin is very valuable. Today Bitcoins worth is 54 000 euros. 
From that on one of the most important concern of the authorities is how to prevent the use of cryptocurrencies in money 
laundering, terrorism or other illict products on dark web. 
Another question is, what is cryptocurrency legally? In the history of money, it is clear that cryptocurrency does not respond to the 
current definition of money. In 2014 the tax agency said that cryptocurrency is not currencie but property. That means the selling 
of crypto would be taxed like the sale of any other property. In the US crypto is not legal tender but can be used as money. But 
it’s different in other countries. 
I wanted to add here the pros and cons of cryptocurrency with the help of the book and internet.
So first con - it can be difficult to comprehend especially if you are not very good at technology. 
Secondly - market fluctuations. Majority of people use them as an investment but there are people who buy things with bitcoin. 
That means that cryptocurrencies prices can go up and down a lot. 
Next - there is no security in case of loss. It is really important to be aware of the safety risks. There are some companies who 
scam and cheat to steal your money. While it is not controlled by banks or governments, if you are losing money, no one can help 
you.
Let’s go on with the pros. First of all, it is transparent. The transactions are all stored in the blockchain. The data is available to 
view by anyone at any time. 
Next, it is possible to spend or buy crypto on your mobile device so it’s easy access.
And lastly - it is 100% anonymous, which is great for those who value their online privacy but that also means that the black 
market and dark web are big users of cryptocurrency. That just makes all the illegal activities really easy, so it’s a con also. 
So, to sum up - bitcoin is a digital currency which is not controlled by anyone. 
It was created in 2008 by a man or woman named Satoshi Nakamoto. 
Bitcoin and other cryptocurrencies are used mainly on the dark web. 
Bitcoin is not money, but can be used as money in certain circumstances. 
And it’s really important to consider all aspects of crypto before investing in it.


Seidy Talv Tartu 2021 Questions,  please?

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The End Of Money - Adam Rothstein #1 The End Of Money - Adam Rothstein #2 The End Of Money - Adam Rothstein #3 The End Of Money - Adam Rothstein #4 The End Of Money - Adam Rothstein #5 The End Of Money - Adam Rothstein #6 The End Of Money - Adam Rothstein #7 The End Of Money - Adam Rothstein #8 The End Of Money - Adam Rothstein #9 The End Of Money - Adam Rothstein #10 The End Of Money - Adam Rothstein #11 The End Of Money - Adam Rothstein #12 The End Of Money - Adam Rothstein #13 The End Of Money - Adam Rothstein #14 The End Of Money - Adam Rothstein #15 The End Of Money - Adam Rothstein #16 The End Of Money - Adam Rothstein #17 The End Of Money - Adam Rothstein #18 The End Of Money - Adam Rothstein #19
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Autor SeidyT Õppematerjali autor
Osaline kokkuvõte raamatust The End of Money, mis räägib Bitcoinist .
Käsitletud teemad: basics, history, crypto legally, pros and cons, new words.
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