Published on March 20, 2014
itcoins Analytics & Statistics Python Libraries New Services Enabled Dr. Antonio Roldao March / 2014
About Me http://anton.io 2
Concerns - Ponzi Scheme / Tulip Mania 3
Concerns - Illicit Activities / Drugs 4
Concerns - Conspiracy Theories or should one say Dorian Nakamoto?! 5
Concerns - Legal Framework “The Federal Reserve simply does not have authority to supervise or regulate bitcoin in any way.” – Janet Yellen 6
Concerns - Others 7
Why Bitcoins? Micro-payments Payment freedom Frictionless transactions No central point of failure Public and transparent ledger Fast transactions across borders No central point of manipulation No risk of physical possession/loss Well understood and mathematical The gold standard in crypto-currencies Very low fees, some times even zero fees Anyone/Thing can open/close an account Human2Human/Machine2H/H2M/M2M Business … 8
Confusing Media Circus 9
How Does Bitcoin Work?
Key Concepts - Hashes Hashing functions 11
Key Concepts – Digital Signature Algorithms 12
Key Concepts – Public Ledger Time Account Inputs Outputs Balance 1 addr1 20 - 20 2 addr2 100 - 100 3 addr1 - 10 10 4 addr1 20 - 30 5 addr2 - 100 0 6 addr2 2 - 2 7 addr3 5 - 5 8 addr3 2 4 3 9 addr1 5 - 35 … … … … … 13 All Transactions
Key Concepts – P2P Networks 14
Details - Transactions 15
Details - Storing Transactions 16
Details - Block 17
Details - Blockchain 18
Mining – Computing a Block Hash https://blockchain.info/block-height/288888 20
Mining - Pools 21
Mining – Pools Contribution source: https://blockchain.info/pools 22
Analytics & Statistics
Price Evolution 24
Discovering Bitcoin’s Fair Price? ?? $(Mining-kit + Energy) = $(BTCs mined + Fees) = ~Perception ?? ~Perception is subjective, so let the market decide! How will diminishing coinbases affect fees? Will mining make energy generation more efficient or more expensive for day-to-day use? Will mining drive innovation for faster and cheaper electronics or make high-end chips more expensive? 25
Mining Efficiency CPU >1Mh/s ~5khps/W GPGPU >1Gh/s ~2Mhps/W FPGA >1Gh/s ~10Mhps/W ASIC >10Gh/s ~235Mhps/W 400x 5x 32x 64000x source: https://en.bitcoin.it/wiki/Mining_hardware_comparison 26
FPGA Spaghetti Monster source: http://www.bitcoinminingrigs.com/ 27
Hash Rates 28 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 Hash rate (Gh/s)
Difficulty Rates 29 0 50000000 1E+09 1.5E+09 2E+09 2.5E+09 3E+09 3.5E+09 4E+09 4.5E+09 Difficulty
Ledger Storage 30
Blockchain Browsers Blockchain Block Explorer BTCLook 31 Biteasy Blockr.io
Current Statistics (09.03.2014) Total blocks Time between blocks Terahashs/s PetaFLOPS Average transactions/h Average fees/h Bitcoins mined Market cap 289,702 8.37 (minutes) 29318.62 372346.47 (1st in top500 = 54.902) 2642.46 0.625 / 375 USD 12,492,575 BTCs (62%) 7,720,411,350 USD 5,621,658,750 EUR 4,859,611,675 GBP source: http://bitcoinwatch.com/ 32
Wallet Statistics 33
Some Bitcoin Python Libs/Apps Source code of reference Bitcoin client github/bitcoin/bitcoin RPC-based library – not maintained anymore github/laanwj/bitcoin-python Low-level library does follows the bitcoin core v0.9 github/petertodd/python-bitcoinlib Alternative to main client - relies on original net stack github/etotheipi/BitcoinArmory Out-dated but had great tools for dumping data out of db github/gavinandresen/bitcointools Trading application with SMSs alerts (MtGox though!) github/skylarweaver/Bitcoin-Trader Simple ticker that collects data from multiple exchanges github/rgho/bitcoin_prices_python Blockchain explorer github/bitcoin-abe/bitcoin-abe Automated arbitrage trading application github/maxme/bitcoin-arbitrage 35
Generating a Custom Address 36
New Services 37
New Services Enabled Zero/Low commission betting (WinCoins) Music made of transactions (Listen to Bitcoins) Smart contracts (Etherium) Time stamping (Btproof) Micro-donations (Laybit) Tracking places of tension (Fiatleak) Virtual IPOs / Stock Market / Derivatives (mpex.co) Arbitrage between fiat and crypto currencies (btcarb) Machines that work for own profit/upgrades e.g. self driving cars / delivery drones … many many others … 38
Thank you Have a cryptic day!
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