> It's not a novel concept. Bitcoin is a linear web of trust, applied to transactions instead of identities. Webs of trust are as old as PGP. Block C is valid a

> It's not a novel concept. Bitcoin is a linear web of trust, applied to transactions instead of identities. Webs of trust are as old as PGP. Block C is valid against Block B is valid against Block A, which we both trust. It's more than just a basic "web of trust". It wouldn't work if it was. Primarily, Bitcoin was the first system to implement proof-of-work to prevent double spending, establish consensus, and distribute the units of account fairly. EDIT: PGP's web of trust is kind of a poor comparison here, because it requires trusting people, whereas blockchains require trusting math/algos. > Believing that people only criticize bitcoin because their minds are too small to accept the concept of decentralized money is blatantly closed-minded. I'm just trying to understand the reasons behind HN's vitriol, always open to hearing other suggestions. (Though there seems to be far less vitriol lately.)