bitcoin backgrounder

9
& VIRTUAL CURRENCIES

Upload: internet-law-center

Post on 29-Nov-2014

263 views

Category:

Technology


2 download

DESCRIPTION

Bitcoin Backgrounder. Overview of Bitcoin history.

TRANSCRIPT

& VIRTUAL CURRENCIES

• 100 Virtual Currencies with Total Market Cap of $9.4 Billion

• 11 Virtual Currencies with value over $10 billion

• 5 Virtual Currencies with Market Cap in excess of $50M.

• 4 Virtual Currencies with volume over $1 million

• 2 Virtual Currencies with Market Cap of $1B+

• 1 Amazon currency

2009

Bitcoin launched

2010-2011

First real Bitcoin transaction

10,000 BTC for pizza (today worth $8 million)

First Bitcoin currency exchange established

Time Magazine article sparks interest

WikiLeaks begins accepting donations in Bitcoins

Silk Road begins accepting Bitcoin

2012

Bitcoin Foundation founded

First Bitcoin bank opens

2013

BitPay, a startup that helps merchants accept Bitcoins becomes one of first Bitcoin startups to raise significant investment capital

Market cap reaches $1 Billion

Forbes columnist Kashmir Hill spends week living on Bitcoin

Silk Road Shut Down

California dealer sells Tesla for 91.4 Bitcoins

Canadian lists house on market for Bitcoins

First Bitcoin ATMs

MT GOX – Bitcoin Exchange Launched 2010. By 2013 – handled

70% of all Bitcoin transactions May 2013 – Department of

Homeland Security seizes funds from Mt. Gox’s US account for operating as an unregistered money transmitter. Obtained license the following month.

Jan 2014 – Announced almost 750,000 of its customers' bitcoins, and around 100,000 of its own bitcoins, totaling around 7% of all bitcoins, and worth around $473 were missing.

March 2014 - Mt. Gox filed for bankruptcy

• a "turning point" for the virtual currency - Mt. Gox CEO Mark Karpeles

• an "MF Global“ moment - Marc Andressen

• the beginning of the end of Bitcoin

DOGECOIN SOARS FROM

MT GOX FALLOUT AND

PRESS FROM RAISING

MONEY TO FUND

JAMAICAN BOBSLED TEAM

First 100 Days =

Bitcoins First 1000

Days