Hal Finney, one of the early Bitcoin (BTC) developers and idea leaders, may have predicted the age of hard forks. In an early Bitcointalk discussion, Finney suggested Bitcoin cannot be replaced, as it would undermine trust in the new coin.
Finney Sees “Reboots” as Problematic, Creating Dubious Assets
An old statement from 2011 shows the risk of a “reboot”, as Finney called the event. The discussion that followed envisioned the effect of hard forks on the market, as well as discussing the potential viability and credibility of the fork.
Hal Finney on the next bitcoin. pic.twitter.com/QJ8BDSnyFX
— Hernz (@hernzzzzzz) January 10, 2020
The chief rationale was that BTC was rewarding to early adopters, sparking the desire to build a new blockchain and potentially see its asset rise in prices. Back in 2011, very slim trading meant there was no certainty on whether BTC or any other blockchain would succeed in terms of market price and adoption.
But the idea that crypto assets would find wide adoption was already established on the Bitcointalk forums.
The discussion, however, in a way predicted several seasons of fork creations. Soon after BTC was getting established, there were some of the first hard forks, attempting to grab a share of the market. Some of those assets, like Pandacoin, are now almost forgotten. Within years, BTC would gain a series of “copycat forks”, which started off from their own Genesis block. Litecoin (LTC) was one of those coins and was indeed a project that proved rewarding to early adopters.
Copycat coins rose or fell on their own merit, and there are thousands of assets that manage to exist in parallel to Bitcoin’s network. Finney’s prediction did not happen exactly as foreseen, as those blockchains still held some value, and were not undermined from the start. But there was a grain of salt when it came to altcoins. Beyond the initial hype, some projects faced more skepticism than others.
Bear Market Killed the Age of Bitcoin Hard Forks
Altcoin creation was followed by a new approach to forking Bitcoin’s protocol – the contentious hard fork. Bitcoin Cash (BCH) was the first hard fork happening in August 2017, chiefly on idea grounds. BCH stood its ground, peaking above $3,400, but never displacing BTC.
The first hard fork led a spawning of new coins based not only on the Bitcoin protocol, but sharing transaction history. This meant that BTC owners would be eligible to receive the new coins. However, the forks diverged from the idea of a new and better protocol, and into sheer money grabs.
Some forks sank into obscurity, leaving only the earliest hard forks still having some prominence. Exchanges soon got tired of having to list the latest fad coin, which also had to be supported and distributed.
With the prolonged bear market slide, the age of optimistic altcoin creation and almost weekly hard forks has passed. BTC stood its ground, remaining the leading coin, while the projects it spawned, in most cases, remain fighting a losing battle.
What do you think about Bitcoin’s copycat projects? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter: @hernzzzzzz The post appeared first on Bitcoinist.com. origin »
The rise of multi-billion-dollar custodians, like Coinbase, have revived historical fears that institutions could erode the founding principles of Bitcoin as decentralized, sound money. Cryptographer and legendary BTC pioneer Hal Finney made an optimistic prediction about just this nearly a decade ago.
Is it Possible to Learn About Cryptocurrencies Through a Cryptopreserved Brain? At the moment, there is no information about who Satoshi Nakamoto, Bitcoin’s creator, really is. Some speculation was focused around Hal Finney, an important and recognised software developer.
There has been some speculation over the years about whether the late software developer, Hal Finney, was actually Satoshi Nakamoto. Some people wonder if he had any connection to the 700,000 bitcoins mined back in the earliest days of the protocol.
Sirin Labs, создатель смартфона Android Solaris стоимостью 16 000 долларов США, хочет выпустить блокчейн-смартфон и решил построить свою новую линейку устройств под названием «Finney», который будет работать на блокчейн Ethereum, а не с помощью технологии Tangle, как было изначально заявлено в релизе.
Computer manufacturing company HTC says it is on the verge of releasing its upcoming blockchain phone, Exodus, which was first announced in May of 2018. Chief crypto officer at HTC Phil Chen leads the company’s blockchain and cryptocurrency initiatives.
Sirin Labs, the company that introduced the ultrasecure but also ultraexpensive Solarin smartphone, is about to launch another cool gadget explicitly targeting the crypto crowd. Set to debut this November 2018 is the Finney, dubbed as a crypto phone.
Image Source: Sirin Labs (screenshot) Sirin Labs plans to launch a $1,000 cryptocurrency phone in November. Dubbed “Finney,” the phone is named for Bitcoin pioneer Hal Finney. Sirin calls it a “State of the art mobile device” for the “blockchain era.
Termed “Finney,” in homage to Bitcoin evangelist Hal Finney, the latest Sirin Labs phone is priced at $1,000 and boasts of powerful computing software and unmatched privacy.
The post Coming Soon: The Sirin Labs $1000 Cryptocurrency Focused Phone appeared first on CryptoSlate.
Sirin Labs, the company behind the $16,000 Solarin smartphone, has unveiled designs for its latest device, a new blockchain-based smartphone known as the FINNEY. Named after Bitcoin pioneer Hal Finney,.
Under Elon Musk’s leadership, Twitter suspended a number of accounts including those controlled by high-profile journalists and social networking platform Mastodon.
Under Elon Musk’s leadership, Twitter suspended a number of accounts including those controlled by high-profile journalists and social networking platform Mastodon.
At the time the first BTC was sent, there wasn’t even a cash value associated with the crypto asset, compared to the more than $43,000 it is on Wednesday, Jan. 12.
According to cypherpunk and bitcoin contributor, Adam Back, Hal Finney's $10 million price point for bitcoin isn't too far fetched.
The post Adam Back: $10 Million Bitcoin Prediction Is ‘Closer Than It Sounds’ appeared first on CCN.com