[2017-10-31] Happy birthday, Bitcoin!

[fanatseal2]

Satoshi Nakamoto, still anonymous after all these years, posted the document outlining what he called “Bitcoin: A Peer-to-Peer Electronic Cash System”, 9 years ago. Since then, a first blockchain database was created, then Bitcoin appeared. Back then, it was a thing only coders and geeks talked about, and much more people considered it to be a fraud or a Ponzi scheme. Little did they know that this technology will only increase in difficulty and price.

After time, it became apparent that computer CPUs are not as efficient for mining as GPUs - video chips used for 3D rendering (e.g. in computer games). More GPUs combined meant more mining efficiency, and the rush for mining has created vast mining farms.

Blockchain technology, the base of Bitcoin, has proved its value to various financial institutions after the first experiments it became clear that this structure greatly improves the speed of transactions and minimizes fraud risks if applied correctly. Since 2008, blockchain has become...Read more

[Coffee135]

I think the biggest mistake was that for the production of bitcoin began to be used only with special equipment. This allowed us to create an exclusive clan of miners. It was much better when each user could have separate coins and there was no clan of miners. I think in this situation, blame the developers who are now also suffering from the dictatorship of the miners.

[Tol9n]

I think the biggest mistake was that for the production of bitcoin began to be used only with special equipment. This allowed us to create an exclusive clan of miners. It was much better when each user could have separate coins and there was no clan of miners. I think in this situation, blame the developers who are now also suffering from the dictatorship of the miners.

It was for this reason that Bitcoin Cash and Bitcoin Gold were created. Their mining technology is different from the original bitcoin mining technology. But despite this bitcoin original remains the most popular

[S3cco]

I think the biggest mistake was that for the production of bitcoin began to be used only with special equipment. This allowed us to create an exclusive clan of miners. It was much better when each user could have separate coins and there was no clan of miners. I think in this situation, blame the developers who are now also suffering from the dictatorship of the miners.

After 4 years in crypto I'm still surprised to see how good was the tech design of bitcoin since the very begin. Basically it was created almost perfect. Probably the only thing that Nakamoto didn't predictewas the born of a real industry around the bitcoin mining. Original plan was to allow everyone to participate in the mining process from their own computer. That was "perfect decentralization".

Then people realized GPUs can do the job much better. Still the decentralization was acceptable. Then came FGAPs and in short ASIC. And here decentralization of mining failed... : /