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Commerce

Commerce. 4 March 2014. Commerce. Global Communication. Global opportunities Instant information Businesses open 24/7 Worldwide impacts Interconnected economies . Evolution of Technology in U.S. Stock Market . E-currency. A medium of exchange A unit of account A store of value.

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Commerce

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  1. Commerce 4 March 2014

  2. Commerce

  3. Global Communication • Global opportunities • Instant information • Businesses open 24/7 • Worldwide impacts • Interconnected economies

  4. Evolution of Technology in U.S. Stock Market

  5. E-currency

  6. A medium of exchange A unit of account A store of value A currency is . . .

  7. Virtual Currency • Social gaming • World of Warcraft Gold • Zynga poker chips • Electronic money

  8. Zynga Poker • Social gaming on Facebook involving poker • Launched in 2007 • 40 million users at height • Free virtual currency -- poker chips • More through • Facebook • black markets • giving personal information

  9. Cryptocurrencies

  10. BitCoin • Launched in 2009 • Peer-to-peer Electronic Cash System • New form of currency • Being studied • Being accepted

  11. Bitcoin History • Created by “Satoshi Nakamoto” • Debuted in 2009 • No central bank or clearing house • No financial regulator • Not tied to any currency • Stored and sent through e-wallets • Online virtual currency exchanges

  12. Bitcoin (cont) • 11 million Bitcoinshave been mined • 21 million Bitcoinsin total. • Miners • supply Bitcoin network with computing power • rewarded with “blocks” of issued • Carries the entire history of the transactions • New owner is the only person allowed to spend it. • Price of Bitcoin fluctuates wildly. • April 23, 2013 $130 • Nov 29, 2013 $1242 • Mar 4, 2014 $640

  13. Living on Bitcoin101 days, 4 countries

  14. Bitcoin ATM • Installed in a Vancouver coffee shop, October 2013 Victoria Hansen makes first-ever transaction

  15. Winklevoss Twins claim to own 1% of worldwide supply, July 2013, and file for IPO of the Wilklevoss Bitcoin Trust Bitcoin investment vehicles

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