Bitcoin Innovation Debate
The cluster discusses Bitcoin's core innovations, such as solving double-spending and enabling decentralized trust via blockchain, debating whether it is truly revolutionary or merely Crypto 1.0 compared to prior ideas and technologies.
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Bitcoin is Crypto 1.0.There are better ways to do this. But people remain infatuated with Bitcoin.
That is an implementation detail of bitcoin, not a fundamental aspect of cryptocurrency.Bitcoin is cryptocurrency 1.0, or proof of concept, and the concept is well and truly proven.Developing others which operate more efficiently than the proof-of-concept or 1.0 version, or even than the existing banks and credit card exchanges is just engineering and iteration, and hardly a great leap of imagination or faith.
You say “in crypto” yet Bitcoin was invented to solve the problem you describe.
The whole thing was not created by an anonymous developer 10 years ago. The building blocks used in bitcoin have been around for many years before this in things like hashcash. Furthermore distributed consensus is a topic researched for decades. The term cryptocurrency uses crypto as a base which has been researched for centuries. Bitcoin is a novel constuction around crypto primatives relying on economic incentive to solve distributed consensus. There are clearly domain experts here.
Bitcoin/crypto was designed with express intent of allowing financial transactions to be safe and trustworthy without a central broker (ie a bank). Since the value of a coin was essentially arbitrary, speculators with big graphics cards drove the price up leading a bubble which has attracted the sharks and now the whales. I haven't seen any major breakthroughs in the technology, but there has been innovation in the usage of coins from simple currency to investment securities. Arguably
do you really believe that bitcoin or similar is not superior in this use case than whatever they did back then?
Read Bitcoin whitepaper. Bitcoin was meant to decentralize trust and to eradicate fraud through transparent decentralized database called Blockchain. It is certainly more impactful than hobby search engines taking in consideration Bitcoin was also hobby project but really revolutionary one.Go search what Larry Page said 20 years ago: If innovation is commercially successful it can have more widespread impact.
that is virtually the only thing bitcoin was invented to solve.
What problem did bitcoin solve?
They said it's not> We have something much older then Bitcoinhttps://news.ycombinator.com/item?id=40159144