Bitcoin and Cryptocurrency by William Favre Slater III - 2014

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Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency

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Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency:

Bitcoin: A Current L ook at the World’s M ost Popular, Enigmatic and Controversial D igital C ryptocurrency William Favre Slater, III, M.S. MBA, PMP, CISSP, CISA Adjunct Professor, IIT School of Applied Technology A Presentation for Forensecure 2014 Illinois Institute of Technology Rice Campus, Wheaton, IL April 2014

 Agenda:

 Agenda Introduction What is the Bitcoin ? Bitcoin Terms Bitcoin History How does a Bitcoin Purchase Work? How does a Bitcoin Trade Work? How does a Bitcoin Mining Work? Comparing Bitcoin to Paypal Why is Bitcoin Popular? Bitcoins Strengths and Weaknesses Bitcoin Hype vs. Reality Bitcoin Dangers Latest Bitcoin News Bitcoin and the future of the Global Economy Other Cryptocurrencies Conclusion References Questions April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 2

Introduction:

Introduction Since the emergence of Bitcoin as the world’s leading “ cryptocurrency ” it has been met internationally with extreme reactions ranging from skepticism to fanaticism. It has also gotten the attention of governments and law enforcement agencies, as people have used Bitcoin’s attributes to undermine legal controls. This presentation will explain the Bitcoin , how it works, its strengths and weaknesses, the latest news about Bitcoin , and what it means for the future of the global economy. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 3

What is the Bitcoin?:

What is the Bitcoin ? Digital Currency A Decentralized,Peer -to-Peer Payment Network Requires the Internet to operate Anonymous, untraceable financial transactions A standardized “ cryptocurrency ” that uses a public key and a private key April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 4

Bicoin Characteristics:

Bicoin Characteristics Supported by the Bitcoin Foundation Bitcoin (BTC) http://bitcoin.org / or http://www.bitcoin.com blocks every  10 min coin supply   21 million  coins will be available difficulty adjustment   1015 blocks, after 6 days hashing algorithm  SHA256d Initial Reward  50  coins per block Market Cap: $8 Billion (March 25, 2014) 80,000 Transactions / day Launch Date: January 3, 2009 April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 5

Total Bitcoins in Circulation:

Total Bitcoins in Circulation April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 6 Source: https:// blockchain.info/charts/total-bitcoins Note: By definition, 21 million is the m aximum number

Why Does Bitcoin Have Value?:

Why Does Bitcoin Have Value? You can buy good and services with it Investors speculate in it Scarcity People believe in it Good reputation, mostly Technophiles love it It’s “cool” April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 7

PowerPoint Presentation:

April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 8

Some Bitcoin Terms:

Some Bitcoin Terms April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 9 Term Explanation AES SHA-256 The 256-bit encryption algorithm that is AES standard used for Bitcoin keys. Bitcoin Network The Internet-connected network comprised of the software and data that supports Bitcoin transactioms Block Chain The Bitcoin ledger of past transactions. Difficulty The measure of how difficult it is to find a new block compared to the easiest it can ever be Exchange A place that sells can buys Bitcoins , like a stock exchange. Hash It is a standard algorithmic function for the generation and verification of currency Mining Bitcoin mining serves 2 purposes, it creates the general ledger of Bitcoin transactions and it provides security. Private Key The secret cryptopgraphic key that is used to protect your Bitcoin account Proof of Work An economic time-stamped measure to deter service abuses on a network by requiring some work from the service requester, usually meaning processing time by a computer. Public Key The public (shared) cryptopgraphic key that is used to protect your Bitcoin account Transaction Use of the Bitcoin to purchase good or services, or the purchase of sale of a Bitcoin , or fractional part of Bitcoin Wallet A service that will safely store your Bitcoin account for you.

What is Bitcoind?:

What is Bitcoind ? Bitcoind is a program that implements the Bitcoin protocol for command line and remote procedure call (RPC) use. It is also the first Bitcoin client in the network’s history. It is available under the MIT License in 32-bit and 64-bit versions for Windows, GNU/Linux-based Oses , and Mac OS X. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 10

Brief Bitcoin History:

Brief Bitcoin History 2008 - White Paper - Bitcoin : A Peer-to-Peer Electronic Currency System by Satoshi Nakamoto 2008 - Bitcoin software goes Open Source January 3, 2009 - Bitcoin Network is Launch to support Bitcoin Purchases and Financial Transactions July 31, 2010 - Bitcoin Network Speed reaches 1 Gigahash / second May 31, 2011 - Bitcoin Network Speed reaches 1 Terrahash / second September 15, 2013 – Bitcoin Network Speed reaches 1 Petahash / second October 2, 2013 – The FBI shut down the Silk Road website that accepted Bitcoins for the sale of drugs November 29, 2013 , Bitcoin value hits highest ever at $1129.74 January 24, 2014 – BitInstant CEO Charlie Shrem and Robert Faiella arrested and charged with money laundering $1 million through the Silk Road online business using BTC February 26, 2014 - Mt. Gox Bitcoin Exchange files for bankruptcy, claiming over $500 million in lost Bitcoins from hacker attack February 26, 2014 – First Meta CEO Autumn Radtke found dead of suspected suicide February 27, 2014 – Satoshi Nakamoto is found hiding in plain sight in California March 20, 2014 – Mt. Gox CEO announces that $200 million of missing money was found in an old BTC Wallet after a Federal Judge in Chicago had ordered a probe of transactions March 25, 2014 – The IRS declares issues Virtual Currency Guidance stating that Bitcoin and other virtual currencies are “property” and retroactively now subject to taxes http:// www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance and http:// www.irs.gov/pub/irs-drop/n-14-21.pdf March 27, 2014 – People’s Bank of China orders the close of all Chinese Bitcoin Exchanges by April 15, 2014 March 28, 2013 – Bitcoin Network Speed reaches 45 Petahash / second April 8, 2014 – Bitcoin’s Lead Developer, Gavin Andresen steps down April 8, 2014 – Bitcoin 2.0 Conference in New York City kicks off April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 11

Bitcoin Value History in USD:

Bitcoin Value History in USD April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 12 12-months April 2013 – March 2014

How Does the Bitcoin Network Operate?:

How Does the Bitcoin Network Operate? New transactions are broadcast to all nodes. Each node collects new transactions into a block. Each node works on finding a difficult proof-of-work for its block. When a node finds a proof-of-work, it broadcasts the block to all nodes. Nodes accept the block only if transactions in it are valid and not already spent. Nodes express their acceptance of the block by working on creating the next block, using the accepted block as the previous hash. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 13 Source: Bitcoin: A Peer-t-Peer Electronic Cash System by Satoshi Nakamoto https :// bitcoin.org/bitcoin.pdf

Bitcoin Actors:

Bitcoin Actors April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 14

How does a Bitcoin Purchase Work?:

How does a Bitcoin Purchase Work? Assume: the new Bitcoin user has a means to purchase Bitcoin Contact a Bitcoin exchange via the Web and make the purchase at the current value of a Bitcoin Send a check or a money order with your ID to the Bitcoin exchange. The Bitcoin exchange will credit your Bitcoin account ensure your Bitcoin account is added to the network Note: The Bitcoin value can increase, decrease, or stay the same. I bought Bitcoin on Feb. 20, 2014 at $632. On March 30, 2014, my Bitcoin was worth $478. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 15

How does a Bitcoin Trade Work?:

How does a Bitcoin Trade Work? Assume: the Bitcoin user has a legitimate Bitcoin account and knows their balance The Bitcoin user finds a business that accepts payments in Bitcoins . The Bitcoin user submits their public Bitcoin ID information The Bitcoin authorized merchant processes the payment The Bitcoin user receives the goods or services April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 16

How does a Bitcoin Mining Work?:

How does a Bitcoin Mining Work? Mining programs work to perform processing to insert a Bitcoin securely into a valid block chain. Processing is very computationally intensive, and uses a lot of CPU time, and a lot of electrical power. Rewards: When a block is discovered, the discoverer may award themselves a certain number of bitcoins , which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins ; this value will halve every 210,000 blocks. Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new Bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 17

How does a Bitcoin Mining Work?:

How does a Bitcoin Mining Work? April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 18 The Bitcoin Mining Ecosystem CPU Mining Early Bitcoin client versions allowed users to use their CPUs to mine. As the network hashrate grew with more power efficient GPU miners the amount of Bitcoin's produced by CPU mining became lower than the cost of power to operate the CPUS. The option still exists in the reference Bitcoin client, but it is disabled by default. GPU Mining GPU Mining is drastically faster and more efficient than CPU mining. See the main article: Why a GPU mines faster than a CPU. A variety of popular mining rigs have been documented. FPGA Mining FPGA mining is a very efficient and fast way to mine, comparable to GPU mining and drastically outperforming CPU mining. FPGAs typically consume very small amounts of power with relatively high hash ratings, making them more viable and efficient than GPU mining. ASIC Mining An application-specific integrated circuit, or ASIC, is a microchip designed and manufactured for a very specific purpose. ASICs designed for Bitcoin mining were first released in 2013. For the amount of power they consume, they are vastly faster than all previous technologies and already has made GPU mining financially unwise in some countries and setups. Mining Services Mining contractors provide mining services with performance specified by contract. They may, for example, rent out a specific level of mining capacity for a set price for a specific duration. Mining shares provide Mining as a Service ( MaaS ). These break large-scale datacenter mining down to easily manageable pieces that are available in the form of shares of equipment. Hosted mining services create some systemic risk for the Bitcoin system because they undermine the security assumption that the control of mining power is well distributed. If too much mining becomes consolidated in large hosting providers and an attacker is able to compromise some of these providers they could potentially disrupt the Bitcoin system or rip off people they transact with reversals.

Bitcoin Mining:

Bitcoin Mining April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 19 The first FPGAs were initially announced on the bitcointalk forums and offered 100-400 MH/s. At the time FPGAs were first introduced, the cost/benefit was questionable with top-end GPUs able to run at 700 MH/s, but they did offer additional benefits. Notably, a single computer could run stacks of FPGA miners, compared with just a few GPUs under normal conditions. Source: http://tradeblock.com/research/bitcoin-network-reaches-1-petahash-per-second /

The Increase in Bitcoin Mining and Bitcoin Network Capability Positively Affects Bitcoin’s Value:

The Increase in Bitcoin Mining and Bitcoin Network Capability Positively Affects Bitcoin’s Value April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 20 Source: http://tradeblock.com/research/bitcoin-network-reaches-1-petahash-per-second /

Bitcoin Mining: Block Generation Time vs. Difficulty:

Bitcoin Mining: Block Generation Time vs. Difficulty April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 21 Source: https:// bitcoinwisdom.com/bitcoin/difficulty

Bitcoin Mining: Block Generation Time vs. Difficulty:

Bitcoin Mining: Block Generation Time vs. Difficulty April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 22 Source: https:// bitcoinwisdom.com/bitcoin/difficulty

Bitcoin Mining: Block Generation Time vs. Difficulty:

Bitcoin Mining: Block Generation Time vs. Difficulty April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 23 Source: https://tradeblock.com/mining /

Comparing Bitcoin to Paypal:

Comparing Bitcoin to Paypal April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 24 Source: https:// blockchain.info/wallet/paypal-vs-bitcoin

Comparing Bitcoin to Paypal:

Comparing Bitcoin to Paypal April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 25 Source: https:// blockchain.info/wallet/paypal-vs-bitcoin

Comparing Bitcoin to Paypal:

Comparing Bitcoin to Paypal April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 26 Source: http:// www.businessinsider.com/bitcoin-versus-paypal-comparison-2013-12

Why is Bitcoin Popular?:

Why is Bitcoin Popular? New It’s easily available via the Internet International appeal It’s “cool” It’s supported by many “cool” businesses Exciting because it’s in the news Anonymous, and uses strong encryption, so it creates a sense of Privacy People understand electronic payments because easy to use services like PayPal have been around since 2000 April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 27

Bitcoin in Daily Transactions:

Bitcoin in Daily Transactions April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 28 Source: http:// www.coinometrics.com/bitcoin/btix Linear Chart

Bitcoin in Daily Transactions:

Bitcoin in Daily Transactions April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 29 Source: http:// www.coinometrics.com/bitcoin/btix Logarithmic Chart

Bitcoin in Daily Transactions:

Bitcoin in Daily Transactions April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 30 Source: http:// www.coinometrics.com/bitcoin/btix Volume and Quantity (Log scale) Chart

Bitcoin in Daily Transactions:

Bitcoin in Daily Transactions April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 31 Source: http:// www.coinometrics.com/bitcoin/btix Quantity (Log scale) Chart

Bitcoin Legality by Country:

Bitcoin Legality by Country April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 32 Source: http:// en.wikipedia.org/wiki/Legality_of_Bitcoins_by_country Legend Yes Restricted No Not Established - yet Yes

Bitcoin Strengths and Weaknesses:

Bitcoin Strengths and Weaknesses Strengths Convenient Anonymous Popular Increasingly accepted in Business Transactions for goods and services Open Source Supported on all computing platforms and most smart phones Uses the Internet Not regulated by a central authority like the Federal Reserve International Support Weaknesses Misunderstood It’s volatile in value Restricted in some places, forbidden in Iceland The image has been tarnished by bad news (drug dealers, kiddie porn, Mt. Gox bankruptcy, etc.) The IRS is now very interested – Retroactively! Not regulated by a central authority like the Federal Reserve Losses are not insured Hacker vulnerabilities (small, but they do exist) The NSA is currently developing cyrptoanalysis software and compute capabilities to defeat Bitcoins cryptographic scheme April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 33

Bitcoin Hype vs. Reality:

Bitcoin Hype vs. Reality April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 34 Hype Reality Bitcoin is safe It can be hacked Bitcoin is anonymous and offers privacy With entities like the NSA, nothing is or does Bitcoin is a great investment No. You can lose money. I have lost 25% since Feb. 20, 2014 Bitcoin mining is lucrative The IRS is making Retroactive Rulings about Bitcoin as “property”. Talk to your lawyer AND your Accountant. Bitcoin is simple to use and understand Do your homework Bitcoin will become more widely used and accepted Maybe, but after more than five years, it hasn’t happened yet Bitcoin still has a good name and is widely recognized. Maybe yes. But events like the Silk Road shutdown, Mt. Gox bankruptcy and Autumn Radtke’s death don’t help Bitcoin’s image

Bitcoin Dangers:

Bitcoin Dangers It is still a volatile “investment” Vulnerability to Hackers Anonymous cryptocurrency transactions can and will arouse suspicion No central authority to regulate it Not insured Some experts have developed an extensive case AGAINST investing in Bitcoin The PBOC is working to ban Bitcoin inside China – March 27, 2014 The IRS is regulating it retroactively – Virtual Currency Guidance – March 25, 2014 April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 35

Latest Bitcoin News:

Latest Bitcoin News February 26, 2014 - Mt. Gox Bitcoin Exchange files for bankruptcy, claiming over $500 million in lost Bitcoins from hacker attack (CEO Mark Karpeles pictured) February 26, 2014 – First Meta CEO Autumn Radtke found dead, and suicide is suspected February 27, 2014 – Satoshi Nakamoto is found hiding in plain sight in California March 25, 2014 – The IRS declares issues Virtual Currency Guidance stating that Bitcoin and other virtual currencies are “property” and retroactively now subject to taxes http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance and http://www.irs.gov/pub/irs-drop/n-14-21.pdf April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 36 1 2 3 4

Latest Bitcoin News:

Latest Bitcoin News April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 37 Source: http://www.coindesk.com/whither-price-bitcoin /

Bitcoin and the Future of the Global Economy:

Bitcoin and the Future of the Global Economy The increasing visibility and acceptance of Bitcoin have given it positive international recognition Increasing concerns about the stability of U.S. Dollar and other fiat currencies (inflation, hyperinflation, debt, etc.), as well as geopolitical uncertainties have caused speculation in unusual investments like Bitcoin April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 38 Hyperinflation in Germany in 1923

Other Cryptocurrencies:

Other Cryptocurrencies Major Blackcoin (uses Proof-of-Stake) Namecoin Litecoin Dogecoin PPCoin Mastercoin Others See list at right April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 39

Conclusion:

Conclusion Bitcoin : A technical marvel made possible by software, hardware, strong cryptography, and the Internet Has made significant progress in only 63 months Has significant strengths and weaknesses Has great potential because of popular support of talented nerds Has attracted the interest of those who would like to control it (U.S. Government, especially the IRS) Should be watched, studied, and understood carefully before making any big investments in Bitcoin accounts, mining, accepting transactions, etc. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 40

References:

References Associated Press. (2014). Mt. Gox finds 200,000 missing bitcoins. Retrieved from http:// money.msn.com/business-news/article.aspx?feed=AP&date=20140321&id=17454291 on March 21, 2014. BBC. ( 2014). Troubled MtGox Bitcoin boss emerges after shut down Retrieved from http:// www.bbc.com/news/technology-26352442 on February 26, 2014. Bitcoin Charts. (2014). Bitcoin Charts. Retrieved from http://bitcoincharts.com / on March 1, 2014. Bitcoin. (2014). Bitcoin. Retrieved from https://bitcoin.com / on April 10, 2014. Bitcoin.org. (2014). Bitcoin.org FAQs.. Retrieved from https:// bitcoin.org/en/faq on April 10, 2014. Bitcoin Foundation. (2014). Bitcoin Foundation. Retrieved from https://bitcoinfoundation.org / on April 10, 2014. Bitcoin Scammers. (2014). Bit Coin Scammers. Retrieved from http://bitcoinscammers.com / on April 9, 2014. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 41

References:

References Brown, E. Bitcoin bubble could burst as investors rush to withdraw cash. Retrieved from http://www.zdnet.com/bitcoin-bubble-could-burst-as-investors-rush-to-withdraw-cash-7000026410 / on February 17, 2014. Caughey , M. (2013). Bitcoin Step by Step, second edition. Amazon Digital Services. Caughey , M. (2013). Bitcoin Mining Step by Step. Amazon Digital Services. Chen, C. (2014). PBOC Orders All Chinese Banks And Third Party Payment Processors To Close Accounts Of Chinese Bitcoin Exchanges by 4/15. Retrieved from http://www.cryptocoinsnews.com/2014/03/27/pboc-orders-all-chinese-banks-third-party-payment-processors-shut-accounts-15-chinese-bitcoin-exchanges-april-15th / on March 27, 2014 . Demeester , T. (2014). Whither the Price of Bitcoin? Retreived from http://www.coindesk.com/whither-price-bitcoin / on April 12, 2014. Hacking, J. (2014). Calif. man, Satoshi Nakamoto denies to be a Bitcoin founder. Retrieved from http://www.thewestsidestory.net/2014/03/07/calif-man-satoshi-nakmoto-denies-bitcoin-founder / on March 7, 2014. Hornyak , T. (2014). 'Malleability' attacks not to blame for Mt. Gox's missing bitcoins, study says. Retrieved from http:// www.pcworld.com/article/2114200/malleability-attacks-not-to-blame-for-mt-goxs-missing-bitcoins-study-says.html on March 27, 2014. Incencio , R. (2014). Ransomware and Bitcoin Theft Combine in BitCrypt . Retrieved from http://blog.trendmicro.com/trendlabs-security-intelligence/ransomware-and-bitcoin-theft-combine-in-bitcrypt / on March 27, 2014. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 42

References:

References Kadhim Shubber , K. 2014. Gavin Andresen Steps Down as Bitcoin’s Lead Developer. Retrieved from http://www.coindesk.com/gavin-andresen-steps-bitcoins-lead-developer / on April 8, 2014. Lee, T. B. (2013). 12 questions about Bitcoin you were too embarrassed to ask. Retrieved from http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/19/12-questions-you-were-too-embarrassed-to-ask-about-bitcoin / on November 19, 2013. Markowitz, E. (2014). Cryptocurrencies Are the New Spam Frontier. Retrieved from http://www.vocativ.com/tech/bitcoin/cryptocurrencies-new-spam-frontier / on March 28, 2014. NameCheap . (2014. NameCheap accepts Bitcoin for Domain Name Registration. Retrieved from https:// www.namecheap.com/domains/registration.aspx?utm_source=facebook&utm_medium=ppc&utm_content=Namecheap%2Baccepts%2Bbitcoin%2Bpayments&utm_campaign=Bitcoin%2Bcampaign on March 25, 2014. Nakamoto . S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from https:// bitcoin.org/bitcoin.pdf on November 1, 2013. Petrovan , B. (2014) Researchers find Android apps that covertly mine Dogecoin , one of them with more than a million downloads. Retrieved from http://www.androidauthority.com/dogecoin-mining-android-apps-362142 / on March 27, 2014. Popper, N. (2013). Into the Bitcoin Mines, Retrieved from http://dealbook.nytimes.com/2013/12/21/into-the-bitcoin-mines/?hp&_ r=0 on December 21, 2013. Preev . (2014). Current Value of Bitcoin. Retrieved from http://preev.com / on March 20, 2014. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 43

References:

References SCGNEWS. (2014). Bitcoin Flash Crash - 80% Drop in Seconds - Down 20% After Stabilizing. Retrieved from http:// scgnews.com/bitcoin-flash-crash-80-drop-in-seconds-down-20-after-stabilizing on February 10, 2014. SCGNEWS. (2014). The IRS Just Declared War on Bitcoin - Retroactively. Retrieved from http:// scgnews.com/the-irs-just-declared-war-on-bitcoin-retroactively on March 27, 2014. Sharkey, T. (2014. Inside Bitcoins NYC Day 1: Bitcoin 2.0 Takes Center Stage. Retrieved from http://www.coindesk.com/inside-bitcoins-nyc-day-1-bitcoin-2-0-takes-center-stage / on April 8, 2014. Wall Street Daily. (2014). Beware Bitcoin: An Insideous Ne Currency Scam - Free Investor's Report. Retrieved from http:// signups.wallstreetdaily.com/X303Q1A8 on March 7, 2014. Wood, R. W. (2013). Sorry Bitcoin, IRS Gets Reports. Retrieved from http://www.forbes.com/sites/robertwood/2013/05/05/sorry-bitcoin-irs-gets-reports / on March 15, 2014. Zetter , K. (2014). Digital Currency Founder: U.S. Indicted Me For Not Giving FBI My Source Code. Retrieved from http://www.wired.com/threatlevel/2014/01/liberty-reserve-source-code / on January 30, 2014. Bitcoin Links: http:// bit.ly/1eixu78 (over 38 million) April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 44

Questions?:

Questions? April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 45

Career Opportunities?:

Career Opportunities? Yes – The U.S. Government is hiring Cybersecurity Professionals Private Industry will be picking up more and more Cybersecurity experts April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 46

Career Development Opportunities?:

Career Development Opportunities ? Illinois Institute of Technology M.S. in Cyber Forensics and Security (land campus) Bellevue University Bellevue, NE (land campus and online) M.S. in Cybersecurity B.S. in Cybersecurity April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 47 http://www.itm.iit.edu/cybersecurity/index.php http://www.bellevue.edu/degrees/graduate/cybersecurity-ms/ M.S. Cybersecurity

Presenter Bio: William F. Slater, III:

April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 48 Presenter Bio: William F. Slater, III IT professional since July 1977 Owner of Slater Technologies, Inc. Currently a Senior IT Consultant in IT Security, Information Security, IT Infrastructure Management, Data Center Operations & Development, IT Change Management, Application System Development, Technical Service Development, and Service Management An Adjunct Professor at the Illinois Institute of Technology – for six years Fiirst Data Center Manager of Microsoft’s Flagship Cloud Data Center, the Microsoft Chicago Data Center in 2008 Managed Data Centers at BP from August 2001 – November 2006, was also a Change Management Manager and a System Administrator during that time. Have achieved 80 IT-related certifications, including PMP, CDCP, CISSP, SSCP, CISA, MCITP, MS Project, Visio, MCSE 2003 Security & Messaging, MCSD, MCAD, MCDST, and MCT Data Center Technology Program – Marist College & and the Institute of Data Center Professionals, February 2008 – Received the Certified Data Center Professional Certification M.S. in Cybersecurity – Bellevue University, Bellevue, NE (completed on March 2, 2013) MBA, University of Phoenix, 2010 MS in Computer Information Systems, University of Phoenix, 2004 BS in Engineering Technology with a major in Computer Systems Technology, University of Memphis Published author & editor: Magazines, books, courseware Subject Matter Expert in Cybersecurity for Caveon Courseware and Testing Happily married (since December 2000) to Joanna K. Roguska , who is a professional web developer A former U.S. Air Force computer systems staff officer at Strategic Air Command Headquarters supporting the SAC Underground and SAC Battle Staff Command Control Communications Systems, July 1977 – October 1980 Native of Memphis, Tennessee, born the same month and year as Bill Gates Resident of Chicago Active member of Chicago Police Judo Club and a Black belt in Kodokan Judo, since 1988

Presenter Bio: William F. Slater, III:

Presenter Bio: William F. Slater, III Current Position – Project Manager / Sr. IT Consultant at Slater Technologies, Inc. Working on projects related to Security reviews and auditing ISO 27001 Project Implementations Subject Matter Expert for preparing Risk Management and Security Exams at Western Governor’s State University in UT Created an eBook with articles about Security, Risk Management, Cyberwarfare , Project Management and Data Center Operations Providing subject matter expert services to Data Center product vendors and other local businesses. Developing and presenting technical training materials for undergraduate and graduate students at the Illinois Institute of Technology in the areas of Data Center Operations, Data Center Architecture, Cyber Security Management, and Information Technology hardware and software. April 10, 2014 Bitcoin: A Current Look at the World’s Most Popular, Enigmatic and Controversial Digital Cryptocurrency - by William Favre Slater, III 49

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