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Nothing revolutionary about distributed consensus. It was the 2008 financial crisis that brought the anti-banking crowd into frenzy, seeing all sorts of claimed
by pishpash 9y ago
Nothing revolutionary about distributed consensus. It was the 2008 financial crisis that brought the anti-banking crowd into frenzy, seeing all sorts of claimed benefits in using this sort of thing for money. They would have been goldbugs or tulip collectors under other circumstances.
Or do you mean the revolutionary scamming techniques never seen before? /s
- tylersmith 9y agoTrustless Byzantine fault tolerant decentralized consensus as long as < 50% of participants are not acting in concert. That _is_ revolutionary.
- amscanne 9y agoNot consensus, probabilistic consensus. And not 50% of participants, 50% of computing power. Those are critical distinctions.
- darawk 9y agoBut distinctions that make it no less revolutionary.
- pishpash 9y agoProbabilistic consensus was not known before bitcoin? Somehow I highly doubt it.
- kolinko 9y agoOne that was resistant to sybil attacks? Bitcoin was the first system to do that as far as I know. Before bitcoin you would be unable to create a virtual currency without a central authority. Satoshi's algorithm was a new invention in 2009, although it's parts - like proof of Work - were invented in 1990s.
- darawk 9y agoProbabilistic, byzantine fault tolerant consensus was absolutely not known before Bitcoin.
- eternalban 9y agoExactly. Consensus by brute force. It is a curiously anti-democratic design.