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Bitcoin is the most significant financial innovation in 1000 years. (not an americanpegasus post) (self.Bitcoin)

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[–]zeusa1mighty 3 ポイント4 ポイント  (25子コメント)

Can you name a more significant innovation in the past 1000 years

Antibiotics.

Edit: Steam Engine. Automobile. Plane. Lasers. LASERS.

[–]jaimewarlock 14 ポイント15 ポイント  (7子コメント)

"financial innovation"

[–]zeusa1mighty 1 ポイント2 ポイント  (6子コメント)

Way to move the goalposts!

[–]aristander 8 ポイント9 ポイント  (5子コメント)

Maybe you're joking, but it does say financial innovation in the title of the OP.

[–]zeusa1mighty 0 ポイント1 ポイント  (4子コメント)

Yes, but then in his text he asks specifically about "all" innovation.

I don't care, this is a silly thread.

[–]Vehemoth 1 ポイント2 ポイント  (3子コメント)

OP doesn't ask specifically about "all" innovation.

[–]zeusa1mighty -2 ポイント-1 ポイント  (2子コメント)

Can you name a more significant innovation in the past 1000 years

[–]Vehemoth 3 ポイント4 ポイント  (1子コメント)

Yup, and "all" isn't explicitly stated. Because it wasn't explicitly stated, he wasn't "specifically" asking about "all" innovation. The scope of that was already implicitly defined in the title and first paragraph. It was further clarified with examples of financial innovation (microlending, credit cards) right after he asked that question.

[–]zeusa1mighty -2 ポイント-1 ポイント  (0子コメント)

I don't know; it sounded like he was expanding his scope to prove a point.

[–]martinus 2 ポイント3 ポイント  (0子コメント)

I'd say the washing machine wins hands down

https://www.youtube.com/watch?v=BZoKfap4g4w

[–]slowmoon[S] -1 ポイント0 ポイント  (8子コメント)

Computers. The internet. Guns. Tractors. We could go on. Thanks for your contribution.

[–]elbow_ham 0 ポイント1 ポイント  (0子コメント)

I'd say digital value transfer at least rivals the internet, even if it takes decades to realize it (like the internet itself).

[–]futilerebel -4 ポイント-3 ポイント  (6子コメント)

Bitcoin potentially removes the incentives for dishonesty and violence. I'd say that makes it bigger than all of these :D

[–]zeusa1mighty 4 ポイント5 ポイント  (3子コメント)

That's a little hyperbolic, no? Dishonesty and violence come in many forms and have many contributing factors.

[–]futilerebel 0 ポイント1 ポイント  (2子コメント)

What I mean is that bitcoin proves that it's possible to realign incentives such that being honest is more profitable than being dishonest, and there is nothing to gain from being violent.

We aren't there yet, but now that people can hold money totally anonymously, it is not economically sustainable to steal their wealth through violent means because it's impossible to know who owns what amount (unless they tell you).

We aren't there yet, but because taxes and central banking will be eliminated, the only way to acquire wealth will be for someone to willingly give you their bitcoin. That is, the only way to get money will be to honestly earn it.

We aren't there yet, but bitcoin points the way.

[–]zeusa1mighty 0 ポイント1 ポイント  (1子コメント)

and there is nothing to gain from being violent.

How does it do that? Bitcoin is just a ledger. You need to trade it for stuff for it to have value. That stuff can still be stolen. The digital world is only part of reality. The other part is the real world; cars, purses, children, food, jewelry, etc.

the only way to acquire wealth will be for someone to willingly give you their bitcoin.

Which does not even pretend to eliminate fraud as a source of gain. Fraud is dishonesty. Tricking people into turning over their bitcoins would be incentives align with dishonesty.

[–]futilerebel 0 ポイント1 ポイント  (0子コメント)

How does it do that? Bitcoin is just a ledger. You need to trade it for stuff for it to have value. That stuff can still be stolen. The digital world is only part of reality. The other part is the real world; cars, purses, children, food, jewelry, etc.

True. But bitcoin has the ability to eliminate fractional reserve banking and lubricate global commerce between individuals, which will draw people out of poverty. Most people who aren't desperate don't steal other people's stuff.

Which does not even pretend to eliminate fraud as a source of gain. Fraud is dishonesty. Tricking people into turning over their bitcoins would be incentives align with dishonesty.

Also true, but with the blockchain, instances of fraud can be indelibly recorded, ruining a person's reputation. Also, with smart contracts, we have the ability to put up digital collateral to protect both sides of an agreement and automatically enforce the surrender of this collateral in the event of a breach. Scams will be rampant for the foreseeable future until decentralized reputation systems and smart contracts are widely used, but once that happens, it will become very expensive to scam people.

Again, I'm not saying we're there yet, just that there's now a way for this to happen.

[–]anti09 2 ポイント3 ポイント  (1子コメント)

Bitcoin potentially removes the incentives for dishonesty

My sides are in orbit

[–]futilerebel 0 ポイント1 ポイント  (0子コメント)

Cool image!

[–]vakeraj -1 ポイント0 ポイント  (5子コメント)

If Bitcoin becomes the global monetary standard, it will be more influential than all of those combined. Money is 1/2 of all transactions.

[–]zeusa1mighty 4 ポイント5 ポイント  (4子コメント)

More than antibiotics???

[–]vakeraj -2 ポイント-1 ポイント  (3子コメント)

Yes, and I say that as a med student that fully appreciated antibiotics. Money is pertinent to everything, and when our monetary system functions properly, it unlocks the possibility for innovation in a thousand other sectors.

[–]zeusa1mighty 2 ポイント3 ポイント  (2子コメント)

I'm sorry, but there are other forms of money out there besides bitcoin. There aren't other forms of antibiotics out there besides antibiotics.

Also, Money is most certainly not half of all transactions. Charitable donations of items, barter, gift giving, etc.

[–]vakeraj 0 ポイント1 ポイント  (1子コメント)

Do you honestly consider barter and charity a significant portion of our economy? The economy depends on business- people selling goods and services in exchange for money. If we didn't have a semi-functional monetary system, you wouldn't even see development of half the antibiotics that exist because there wouldn't be financing for them. Likewise, most human innovations wouldn't exist- mass air transit, electronics, etc.- because all of these companies depend on financing.

Besides, antibiotics only cover one narrow type of healthcare issue, namely bacterial infection. They are useless in other medical issues- viral infections, heart failure, cancer, etc. Sure, antibiotics are extraordinarily important, but they are not the end and all be all of healthcare.

[–]GoodPhantomBadDog 0 ポイント1 ポイント  (0子コメント)

I think he was talking about $