Bitcoin & Blockchain
- domestic: high logistic costs - export oriented: low labor costs and tariff free exports for US
what are the two types of manufacturing we discuss in class?
"the bitcoin white paper"
what is the name of the first academic paper that described bitcoin?
china and russia
2 countries that have banned their banks from servicing bitcoin companies
21 million
how many bitcoins will ever be created?
every 10 minutes
how often does bitcoin ledger reconcile?
distributed database
each person on the blockchain has access to the entire database and its complete history
transparency with pseudonyms
every transaction and its associated value are visible to anyone with access to the system
irreversibility (with computational proof)
once a transaction is entered in the database and the accounts are updated, records cannot be altered, because they're linked
blockchain
general ledger that tracks all bitcoin transactions
none
where is the bitcoin server located?
satoshi nakamoto
who created bitcoin?
peer to peer (P2P)
communication occurs directly between peers instead of through a central node
miners
computers that process transactions for the bitcoin network are commonly called
3
bitcoin bubbles in the past?
around 10,000 firms/investments
what is the relative magnitude in terms of number of terms?