BITCOIN AND THE

BLOCKCHAIN:PAST, PRESENT, & FUTURE

By Jeremy Gardner Cofounder: Augur, College Crypto (CCN) Entrepreneur-in-Residence, Blockchain Capital @Disruptepreneur/@BlockchainCap

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@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

GENESIS (BEFORE SATOSHI — 2011)

• May, 1997: Adam Back invents “Hashcash”— “proof-of-work”

• 1998: Wei Dai's b-money and Nick Szabo's bit gold.

• November, 2008: Satoshi Nakamoto releases whitepaper

• “Bitcoin: A Peer-to-Peer Electronic Cash System”

• January, 2009: Bitcoin “Genesis block” is mined

• May 22, 2010: Two pizzas sell for 10,000 BTC

A BRIEF HISTORY OF BITCOIN

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

A BRIEF HISTORY OF BITCOINGENESIS (BS — 2011)

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

THE WILD WEST (2011 — 2013)

A BRIEF HISTORY OF BITCOIN

• August, 2011: Charlie Shrem begins BitInstant

• April, 2012: Erik Voorhees launches SatoshiDice

• July, 2011: First bitcoin price bubble at $31

• May, 2013: Winklevoss twins announce first major investment into the cryptocurrency and BitInstant.

• January, 2014: Shrem is is arrested at JFK airport.

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

A BRIEF HISTORY OF BITCOINTHE WILD WEST (2011 — 2013)

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

ADOLESCENCE (2013 — 2015)

A BRIEF HISTORY OF BITCOIN

• Banks recoil in the wake of Gox implosion

• Price declines and stagnates

• Venture capital investment begins to flow in

• Less ideologically-driven, more experienced executives enter

• Scams and con artists begin to fade away

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

• $1 Billion invested in bitcoin

• NYSE, AmEx, Visa, UBS, Microsoft

• Massive spike in interest in underlying technology, the blockchain

• Growing disinterest in bitcoin as currency

• Virtually every Fortune 100 company has a “blockchain team”

• Launch of Ethereum

BITCOIN TODAYBLOCKCHAIN RISING (2015 — ????)

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

BITCOIN TODAYBLOCKCHAIN RISING (2015 — ????)

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

• Entrenched incumbents will directly and indirectly fuel the next stage of development:

A BRIEF HISTORY OF BITCOINSHORT-TERM PREDICTIONS

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

• Truly invaluable decentralized applications will catalyze consumer adoption

BITCOIN TOMORROWMEDIUM-TERM PREDICTIONS

• Unstoppable peer-to-peer betting:

• Decentralized online markets:

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

• Those who fail to adopt to market demands will cease to exist

• There will be widespread consolidation within the industry

• There will be big sales (to entrenched incumbents)

• Both Ether and Bitcoin are inherently undervalued assets

• Assuming their continued existence, they will increase in value

BITCOIN TOMORROWLONG-TERM PREDICTIONS

@Disruptepreneur/@BlockchainCapO N E F E R R Y B U I L D I N G , S U I T E 2 5 5 S A N F R A N C I S C O , C A

• The biggest battle, that for survival, and legitimacy, has been won

• Rome was not built in a day— likewise, massive disruption does not occur overnight

• Those who adapt for today’s realities will be best prepared for tomorrow’s possibilities

• The future is open-source

BITCOIN & THE BLOCKCHAINCONCLUSION