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Editor's Notes

• #2: Note: you can make a white version of this deck for printing by clicking “Theme” in the top ribbon, and then selecting the basic white theme in your PowerPoint, like this… http://d.pr/i/10fsb
• #6: https://www.binance.vision/halving
• #7: Notes: Remember that it’s impossible to predict how sensitive Bitcoin price will be to a 50% reduction in Supply. Also, remember the Price Elasticity of Supply acts as an amplifier.
• #8: US M2 is growing about 8% annually now: https://research.stlouisfed.org/fred2/series/M2 But BTC, an exploding global network phenomenon still in it’s infancy (relative to network size and tx volume), will be ¼ of that by 2020 (at below 2%)
• #10: The idea of this slide is to simply describe the basic concept for typical products (oil, wheat, fidget spinners, coconut water, flatscreen tvs, eggs, etc) https://medium.com/@mohankrishnamurthy/economics-of-ridesharing-simultaneous-shifts-in-demand-and-supply-curves-3a089c67b90c
• #11: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 Assume that 3M BTC (and BCH) are permanently lost
• #12: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 Notes: 1. BTC SF ratio has exploded over the past decade
• #14: OK. SDDRFT. How to quantify and compare forms of money. [Run through all six, with examples] Essentially, they all boil down to the trustworthiness of the money. People need to develop faith in their money. This is probably why cowrie shells worked so well for so long. People trusted them, and held onto their money habits for a LONG time.
• #15: We decided to try this comparison method out for a few common forms of money. Here are six forms of money. We scored each from 0-4 on SDDRFT and made these radial or polar plots of the results. From top left, in chronological order of development… cowrie shells, gold, US Dollars, Argentinian Pesos, airline frequent flier miles, and Starbucks cards. The larger the colored area for each form of money, the higher it’s quality or “moneyness”. We’ll review the total scores in a minute, but let’s first look at Bitcoin in the same manner…
• #16: Here’s how we scored Bitcoin. Score Meaning… 0 = Non existent 1 = Low 2 = Medium 3 = High 4 = Near-Perfect These scores are obviously subjective, and we assigned them ourselves, but we think they’re defensible, and adequately coarse. Maximum score is 24 points. As you can see, Bitcoin does quite well. Let’s compare all 7 forms of money we analyzed...
• #17: Here’s all 7 forms of money. They’re in chronological order of development from left to right. Now, we doubt many people in the mainstream public sit around contemplating moneyness much right now, but we believe that’s changing quickly especially in places like Venezuela, Argentina, Russia, the Ukraine, etc. Geopolitical events could accelerate this any day, with the way things seem to be going. Note: the USD, and most fiat currencies, are perfectly good at Unit of Account and Means of Exchange. It just seems to us that people have a tendency, right or wrong, to also rely on money also as a Store of Value, and that causes problems for them. I’m not calling for a replacement of fiat currency, or criticizing any government. Fiat currency is excellent for Unit of Account, and Means of Exchange. It just has problems with Store of Value, yet diligent money savers continue to use it.
• #19: https://99bitcoins.com/the-best-7-bitcoin-tattoos/#prettyPhoto People aren’t going to get a neck tattoo of a form of money unless they REALLY have faith it’s going to be around in the future! I imagine it’s very likely that people have always tattooed themselves with money they trust… dollar signs… gold coins/bars… all the way back to cowrie shell tattoos
• #20: I imagine it’s very likely that people have always tattooed themselves with money they trust… dollar signs… gold coins/bars… Roman imperatorial coins from the first triumvarate in 59BC… all the way back to cowrie shell tattoos
• #21: The idea of this slide is to simply describe the basic concept for typical products (oil, wheat, fidget spinners, coconut water, flatscreen tvs, eggs, etc)
• #22: I want to show you a virtuous cycle we believe we can trigger with our Bitcoin customer acquisition campaign. This is the well-established theory of Price Elasticity of Supply It basically states that, as the price for a good increases, suppliers will increase their supply commensurately to attenuate price appreciation. That behavior would lead to an upward slope in the blue line. And we see this in well over 99% of all good and services sold in our society. Oil, food, computers, cars, houses… they all typify this behavior. However, we believe Bitcoin is a rare exception to this rule. We believe Bitcoin’s PES has a negative slope, meaning that as Price increases along the x-axis, Supply paradoxically declines. If true, this effectively means price appreciation would accelerate the higher BTC price moves. Each month there are about 4,300 12.5BTC block rewards produced by the network. There are 3 Billion internet-connected adults on the planet that could purchase those Bitcoins. In other words, each block reward could have 700k people fighting over it. There simply aren’t enough to go around. That leaves marginal supply to pre-existing holders, but human nature typically causes one to hoard more agressively as price increases. Where would you repurchase your sold BTC? Only the increasing market into which you just sold. This is what drives the very unusual reverse slope of the Bitcoin Price Elasticity Curve. Importantly, we believe we can stimulate this behavior by absorbing say 20% of newly produced Bitcoins with our customer acquisition campaign. http://www.economicsonline.co.uk/Competitive_markets/Price_elasticity_of_supply.html (take a quick look at the video, but don’t worry about understanding all of it) http://economics.fundamentalfinance.com/micro_price-elasticity.php
• #32: https://bitinfocharts.com/comparison/bitcoin-mining_profitability.html
• #35: https://bitinfocharts.com/comparison/bitcoin-mining_profitability.html
• #36: https://www.f2pool.com/miners?currency_code=btc#list-head
• #41: I’ll just leave you with this reminder of the varying transportability and scarcity of money. I think it’s Zimbabwe… REMINDER: I’m not calling for a replacement of fiat currency, or criticizing any government. Fiat currency is excellent for Unit of Account, and Means of Exchange. It just has problems with Store of Value, yet diligent money savers continue to use it.