...Agenda Understanding the workings of the new cyber currency. 1. The technology explained 1. What is Bitcoin? 2. Distributed Network 3. How the system secures itself 4. Bitcoin Mining 2. Implications of Bitcoin 1. Timeline & current situation 2. Is Bitcoin a bubble? 3. Famous opinions 4. Disruption potential 5. Issues of Bitcoin 6. The future of the Blockchain technology –1– What is Bitcoin? –2– Ledgers with all balances distributed on all nodes. –3– Keeping the system safe Can you spend someone else‘s money? Can you spend more than you own? Can you spend your money twice? –4– Verifying the source of a transaction digital signatures –5– Calculating account balances –6– Double spending fraud –7– Transaction chain vs. block chain –8– Creation of the block chain –9– Creation of the block chain – 10 – How does solving a block work? – 11 – Random guessing until hash is below threshold – 12 – Back to double spending – 13 – Double spending attack on Bitcoin – 14 – What is mining? – 15 – Mining pools – 16 – Recap Decentralized system of ledgers Transactions known by all nodes Transaction chain vs. block chain Solving blocks to confirm transactions Avoid double spending by computing power Mining pools for steady income – 17 – Recap Can you spend someone else‘s money? Can you spend more than you own? Digital Signature ...
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...funds to invest in tangible assets( e.g. mortgage funds lending to homebuyers); (2) transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds (seekers of funds ask others to share the risks in their undertakings). 4. a. Explain the three factors that have led to the globalization of financial markets. Globalization has led to an expansion and integration of global financial markets. Prior to the 1980’s, the US financial market was the largest in the world but with the advent of new technologies and globalization, many markets have emerged and indeed the majority of them have been integrated to form a global financial hub. The growth of global financial markets can be attributed to lower transaction costs; in particular, an availability of new technologies for real time transactions and an ease with which the funds can be transferred across borders. This has led to an increase in savings and cross border investments. Besides, one more important reason for the manifestation of financial markets...
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...A N N U A L REPORT 2015 Financial Highlights As of or for the year ended December 31, (in millions, except per share, ratio data and headcount) Reported basis1 Total net revenue Total noninterest expense Pre-provision profit Provision for credit losses Net income Per common share data Net income per share: Basic Diluted Cash dividends declared Book value Tangible book value2 2015 $ $ $ Selected ratios Return on common equity Return on tangible common equity2 Common equity Tier 1 (“CET1”) capital ratio3 Tier 1 capital ratio3 Total capital ratio3 Selected balance sheet data (period-end) Loans Total assets Deposits Total stockholders’ equity Headcount 93,543 59,014 34,529 3,827 24,442 6.05 6.00 1.72 60.46 48.13 2014 $ $ $ 95,112 61,274 33,838 3,139 21,745 5.33 5.29 1.58 56.98 44.60 11% 13 11.6 13.3 14.7 $ 837,299 2,351,698 1,279,715 247,573 234,598 10% 13 10.2 11.4 12.7 $ 757,336 2,572,274 1,363,427 231,727 241,359 Note: 2014 has been revised to reflect the adoption of new accounting guidance related to debt issuance costs and investments in affordable housing projects. For additional information, see Accounting and Reporting Developments and Note 1 on pages 170 and 183, respectively. 1 Results are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), except where otherwise noted. 2 Non-GAAP financial measure. For further discussion, see “Explanation and Reconciliation of the Firm’s Use Of Non-GAAP ...
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