BITCOIN on Nostr: July 20, 2010: Bitcoin is an implementation of Wei Dai‘s b-money proposal on ...
July 20, 2010: Bitcoin is an implementation of Wei Dai‘s b-money proposal on Cypherpunks in 1998 and Nick Szabo’s Bitgold proposal.
Bitcoin stands as the realization of Wei Dai's "b-money" concept outlined in his 1998 Cypherpunks mailing list post, coupled with the principles of Nick Szabo's "Bitgold" proposal. Dai's b-money envisioned a form of digital cash beyond government control, while Szabo's Bitgold proposed a decentralized digital currency backed by proof of work.
Wei Dai's b-money proposal stated: "I am fascinated by Tim May's crypto-anarchy. Unlike the communities traditionally associated with the word 'anarchy', in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It's a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations."
Nick Szabo's Bitgold proposal emphasized: "I believe the solution to this problem [of the lack of trust in digital transactions] would have the following properties: 1. Participants would know and enforce the rules. 2. These rules would be made publicly visible. 3. The rules would cover the most common transactions. 4. For every possible dispute, somebody with a reputation almost as good as the biggest banks would have to be able to resolve the dispute. 5. Everyone would know about these dispute resolution providers."
These pioneering ideas culminated in Bitcoin, which synthesizes the essence of both proposals, demonstrating the evolution of decentralized digital currencies. 💰🔗 #Bitcoin #Cryptocurrency #Innovation #bitcoin #crypto #quote #zap ⚡️⚡️⚡️⚡️
Published at
2023-08-21 18:06:23Event JSON
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"content": "July 20, 2010: Bitcoin is an implementation of Wei Dai‘s b-money proposal on Cypherpunks in 1998 and Nick Szabo’s Bitgold proposal.\n\nBitcoin stands as the realization of Wei Dai's \"b-money\" concept outlined in his 1998 Cypherpunks mailing list post, coupled with the principles of Nick Szabo's \"Bitgold\" proposal. Dai's b-money envisioned a form of digital cash beyond government control, while Szabo's Bitgold proposed a decentralized digital currency backed by proof of work.\n\nWei Dai's b-money proposal stated: \"I am fascinated by Tim May's crypto-anarchy. Unlike the communities traditionally associated with the word 'anarchy', in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary. It's a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations.\"\n\nNick Szabo's Bitgold proposal emphasized: \"I believe the solution to this problem [of the lack of trust in digital transactions] would have the following properties: 1. Participants would know and enforce the rules. 2. These rules would be made publicly visible. 3. The rules would cover the most common transactions. 4. For every possible dispute, somebody with a reputation almost as good as the biggest banks would have to be able to resolve the dispute. 5. Everyone would know about these dispute resolution providers.\"\n\nThese pioneering ideas culminated in Bitcoin, which synthesizes the essence of both proposals, demonstrating the evolution of decentralized digital currencies. 💰🔗 #Bitcoin #Cryptocurrency #Innovation #bitcoin #crypto #quote #zap ⚡️⚡️⚡️⚡️ https://cdn.nostr.build/i/88e916bc26b62815fd1482ca5cadbf47f16b1b7e0866c54020aa8133d2ae234a.jpg ",
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