RE: 76 Fwd: Inside Bitcoins Conference Trip Report, January 29 - 30, 2015, Singapore

[Nick Judyono]

Suwun Ben ... 

Sent from Samsung Mobile.

-------- Original message --------

From: Benny Sudrata <benny....@gdpventure.com>

Date:02/02/2015 10:45 AM (GMT+07:00)

To: kafegama76 <kafeg...@googlegroups.com>

Cc:

Subject: 76 Fwd: Inside Bitcoins Conference Trip Report, January 29 - 30, 2015, Singapore

Buat yg pengen tau ttg bitcoin, ini summery yg dibuat oleh teman saya, CTO dai GDP.

BS

Inside Bitcoins Conference Trip Report

1. Inside Bitcoin Conference, Singapore. January 29 - 30, 2015
2. Introduction -- Bitcoin is a payment system invented by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin, which is the currency of the network.The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior proposals existed.Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value
1. As of January 2015
1. Market cap: $3.2B
2. Its exchange value ranged from $30 - $1,242. 
3. It is trading around $232
3. A typical emerging and bleeding technology conference: small and a little bit boring unless if you believe and interested on this particular technology. However, there is usually a single innovation that could make it explode.
4. This conference focuses mostly on regulation, compliance, business, etc. 
5. This conference is not technical. They only have 1 slide with Php code.
6. The speakers/panelists come from various places: Asia (Singpore, India, Japan, Indonesia), Australia, Europe & US.
• Bitcoin Indonesia CEO, Oscar Darmawan, attended this event, too. He is one of the panelists for "Bitcoin for Brick-and-Mortar Merchants".
7. Merchants accepted Bitcoin: Microsoft, Dell, Expedia, Overstock, etc
8. Exhibitors:
1. Based in Hongkong, BitExchange focuses on exchange, and ATM networks. They are the largest bitcoin ATM network which allows transactions to be made everywhere.
2. Bitmain Technologies Ltd is a Chinese manufacturer of Bitcoin mining hardware and other related services. Our mission is to continually produce cutting-edge custom hardware, side by side with innovative software solutions,  for both consumer and business use alike. 
3.  CloudMining.SG is a Singapore company. Their goal is to make the process of mining for litecoins simple, scalable and cost effective for our clients.We aim to achieve this by building a formidable cloud supercomputing network of mining machines, utilizing the latest in ASIC (Application Specific Integrated Circuit) technology.
9. Slides would be available and distributed a week after the conference.
10. Why Bitcoin ?
1. Easy -- Person to Person: Send bitcoin from your computer, tablet, smart phone or other device, to anyone, anywhere in the world, day or night.
2. Secure -- Strong cryptography: Bitcoin verifies transactions with the same state-of-the-art encryption that is used in military and government applications.
3. Open -- Fully decentralized: Bitcoin is open-source. Nobody owns it; the most popular client is maintained by a community of open-source developers.
4. Fair -- Minimal Fees: Using the Bitcoin network is free, except for a voluntary fee you can use to speed up transaction processing.
11. Bitcoin Disadvantages 
    1. Bitcoins Are Not Widely Accepted (yet)
    2. Wallets Can Be Lost
    3. Bitcoin Valuation Fluctuates
    4. No Buyer Protection
    5. Risk of Unknown Technical Flaws
    6. Buyers & Owners could lose bitcoin (money) if the computer system breakdown
    7. Theft
    8. BitCoin transaction is not reversible
    9. Lack of consumer protection
12. Technologies & Process used by Bitcoin services
1. Bitcoin: A Peer-to-Peer Electronic Cash System paper by Satoshi Nakamoto
2. AES-256 encryption --  The Advanced Encryption Standard (AES) is a specification for the encryption of electronic data established by the U.S. National Institute of Standards and Technology (NIST) in 2001. AES has been adopted by the U.S. government and is now used worldwide. 
3. The site runs entirely over SSL (https).
4. Store the customers fund offline in multiple encrypted USB in bank vault just in case one of the USB fails.
5. Hash passwords stored in the database using bcrypt with a cost factor of 10.
6. Use 2-factor authentication for login
7. Enforce strong password
8. Limit login attempts
9. Top 10 2013 OWASP (Open Web Application Security Project)
10. Quarterly security audits by outsides firms, and disaster drills.
11. Application credentials are kept separate from the database and code base.
12. We use separate passwords for each service.
13. Employees are required to encrypt their hard drives, utilize strong passwords, and enable screen locking.
14. Employees must pass a criminal background check as part of the hiring process.
15. QR Code
16. Digital signature
17. Create a vault where it requires additional actions if you need to withdraw the money.For example, you usually put a small amount money in your checkingaccount for your daily use. Also, you keep a saving account where you have most of your money. You could not withdraw money from saving account. It has to be transferred to checking account first before you could withdraw it.
18. It provides mechanism for multiple address.
13. Investments
1. Boost Bitcoin Fund
2. Bitcoin Opportunity Corp
3. Bitcoin's Biggest Investment: Coinbase Deposits $25 Million From Andreessen Horowitz
• Bitcoin company Coinbase lands $75m investment from NYSE and BBVA
4. BitPay payment company snags $30 million investment -- The three-year-old start-up has a celebrity list of investors, including PayPal’s founder Peter Thiel, Hong Kong billionaire Li Ka-shing and British entrepreneur Sir Richard Branson.
14. Various cryptocurrencies: Bitcoin, Altcoin, Dogecoin, Ripple, Litecoin, Namecoin, Huntercoin, etc. There would be more and more cryptocurrencies in the near future until the dust has settled.

https://sites.google.com/a/gdpventure.com/onlee/weekly-report/2015/02-feb#TOC-Inside-Bitcoins-Conference-Trip-Report

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[sutjipto hadi]

om benny,

otoritas indonesia belum ok kan ?

[Benny Sudrata]

Masih wait and see.

BS

[Endianto]

Suwun sharingnya Ben.

Bisa gantiin PayPal tidak ya?

Sebenarnya aku melihat ada lack didunia pembayaran on line saat ini.

Misalnya, banyak orang sebenarnya bersedia bayar iuran WA sebesar $1 setahun, tapi cara bayarnya gimana?

Paling tidak, untuk transaksi kecil2 semacam itu.

Opo bitcoin bisa jadi solusi?

Soal mining juga masih membingungkan.

Kalau supply mata uangnya terus bertambah lebih besar dari pertumbuhan perputarannya, apa nilainya tidak merosot?

Demikian juga sebaliknya.

Padahal, disini tidak ada BI nya, murni dikendalikan crowd.

Apa tidak terus muncul semacam Soros yang bakal jadi Dewa bitcoin ya?

Salam,

endi

Add my WhatsApp +62818918821

[Benny Sudrata]

Endi,

Bitcoin dibangun dengan dasar anarki, dalam bahasa lebih sopannya desentralisasi, tidak punya Bank Central dan tidak ada yg menjamin, suatu otoritas seperti OJK/BI

Mining dalam prakteknya memang agak membingungkan, dalam mining, kita menggunakan komputer kita lalu kita konek ke server penyelenggara bitcoin untuk melakukan mining, bukan membeli tapi mencari, rebutan dengan miner-miner lainnya untuk mendapatkan bitcoin yg jumlahnya terbatas, jadi untung-untungan dan gratis (primary marketnya tanpa uang), kalau kita dapat bicoin kita bisa jual di secondary market (bursa jual belinya, ini ada harga pasarnya). Ini sebenarnya yg buat saya kurang masuk akal. Pencariannya / mining sekarang sudah semakin sulit dan harus menggunakan super komputer yg canggih supaya pada saat rebutan kita bisa dapet bicoin. Wakt saya ikut seminar ditawari komputer yg masih primitip harganya +/- USD. 2.500,-

Jumlah bitcoin yg beredar itu dibatasi kalau nggak salah jumlahnya hanya 2.300.000 unit, tapi satuan terkecilnya namanya 1 Satoshi, sama dengan satu pangkat minus delapan dari  satu bicoin, berarti dia bisa split menjadi 2.300.000 dikali dengan 10 pangkat delapan, cukup buat menjadi inflasi.

Maksud kedatangan kita ikut seminar ini sebenarnya selain ingin tahu lebih banyak ttg bitcoin kita lebih banyak melihat dari sisi, system dan teknologi yg sullit di hack untuk kepentingan e-commerce dan mungkin payment system.

Mungkin ini sedikit dr saya.

BS