Apr 27, 2021
BRT S02 EP17 (64) 04-25-2021
Topic: SwanBitcoin- Buy Bitcoin Automatically
Things We Learned This Week
Guest: Cory Klippsten is the founder and CEO of SwanBitcoin.com
Bitcoin Investing Made Easy. Swan is the best way to accumulate Bitcoin with automatic recurring and instant buys using your bank account, or wires up to $10M.
Cory Klippsten is the founder and CEO of SwanBitcoin.com. He also serves as an advisor to Riot Blockchain (NASDAQ: RIOT), Unchained Capital, and Bitcoin Venture Fund (TVP), and is a partner in Bitcoiner Ventures. As an advisor he has supported more than $250M of fundraising since 2016, and as an angel has funded 20+ early stage startups.
Before startups, Klippsten worked for Google, McKinsey, Microsoft and Morgan Stanley, and earned an MBA in Finance and Entrepreneurship from the University of Chicago. He grew up in SF and Seattle, split 15 years between NYC and Chicago, and now lives in LA with his wife and daughters. His hobbies include Bitcoin, history and travel (Istanbul nd Barcelona are favorites).
We cover the Bitcoin Industry from inception to today: How Bitcoin started with the Satoshi Nakomoto 2009 P2P Network Whitepaer (https://nakamotoinstitute.org/bitcoin/), crypto mining, what is Ethereum, blockchain, crypto exchanges like Coinbase, investing, and more.
Inventing Bitcoin is an introductory book (by Yan Pritzer of Swan Bitcoin) on some of the technical aspects of the coin, mainly how its proof-of-work is designed technically, also explains the hash function, the mining, & how the consensus-driven distributed ledger is updated
Coinbase – popular Crypto exchange, IPO in 2021
Unchained Capital is a bitcoin native financial services company offering collaborative custody multisignature vaults and loans for bitcoin holders.
Satashi – 8 decimals: One Bitcoin has 8 decimal places, the smallest fraction is called a Satoshi. The name derives from the mystical entity to whom the creation of Bitcoin is attributed: Satoshi Nakamoto. Therefore, 1 Bitcoin is equivalent to 100.000.000 (100 million) Satoshi. These 8 decimal places enable access to Bitcoin without having to buy a whole unit.
Swan Bitcoin - Simple way to get into Bitcoin – onramp vs. exchange
Cashapp $600 minimum; Buy Fractions
Simple way to get into Bitcoin – onramp vs. an exchange, one can Auto Invest – set and forget, like dollar cost averaging,
Wallet – digital device to take full custody of Bitcoin, not have a 3rd party holder like an exchange (ie – Coinbase)
Multisignature coding for Wallets: or multisig, is a digital signature codification that requires the use of multiple keys to verify a transaction. Responsibility is distributed among signatories, thereby eliminating a single key as a single point of failure. The wallet is kept even if a single key is lost, and the address is not easily compromised. The standard option is the use of a 2-of-3 key combination wherein two signatures out of three keys are required to sign a transaction.
Blockchain (cryptography) databases started 40 years ago but no real communication
How Bitcoin started with the Satoshi Nakomoto 2009 P2P Network Whitepaer, internet of money on Blockchain, double spend problem solved
Hype Cycle – pump and dump issues - The idea behind a pump and dump scheme is simple: A group of bad actors deliberately buys an asset, often small-cap stocks or other thinly traded securities, sings its praises to anyone who will listen — using false news or information (pump) — then sells when the increased activity drives up the stock price (dump). This often leaves those who bought the hype holding the bag, as asset prices crumble and artificial demand dries up.
Coindesk - $10 billion valuation - Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates.
The Byzantine Generals Problem is a game theory problem, which describes the difficulty decentralized parties have in arriving at consensus without relying on a trusted central party. In a network where no member can verify the identity of other members, how can members collectively agree on a certain truth?
Bitcoin – defined - https://en.wikipedia.org/wiki/Bitcoin
Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.: ch. 1
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity (and thus carbon footprint) used by mining, price volatility, and thefts from exchanges.
The word bitcoin was defined in a white paper published on 31 October 2008. It is a compound of the words bit and coin. No uniform convention for bitcoin capitalization exists; some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, for the unit of account.
The bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block[c] in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.: 215–219 Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.
Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. To achieve independent verification of the chain of ownership each network node stores its own copy of the blockchain.
Mining is a record-keeping service done through the use of computer processing power.[f] Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes. Each block contains a SHA-256 cryptographic hash of the previous block, thus linking it to the previous block and giving the blockchain its name.: ch. 7 
To be accepted by the rest of the network, a new block must contain a proof-of-work (PoW).[g] The PoW requires miners to find a number called a nonce (number used once), such that when the block content is hashed along with the nonce, the result is numerically smaller than the network's difficulty target.: ch. 8
The bitcoin protocol specifies that the reward for adding a block will be reduced by half every 210,000 blocks (approximately every four years). Eventually, the reward will round down to zero, and the limit of 21 million bitcoins[h] will be reached c. 2140; the record keeping will then be rewarded by transaction fees only.
Bitcoin is decentralized (DeFi) thus:
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