The comments on the original submission of Bitcoin to Hacker News are fun to look at: https://news.ycombinator.com/item?id=599852 pic.twitter.com/14Y1D2zXTq
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To be honest, the backers have never been that clear in their expositions. They talk about it like Ron Popiel talked about kitchen appliances. I am starting to see applications for it that are useful for space, but it took six months of study.
I liked Nick Szabo, Mike Hearn & Satoshi's early (< 2012) writing: it made it clear that this was a way anyone could create new types of market (rather than market-making being something only a few players could do). That seems immensely important.
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I've been interested in cryptocurrencies since the late 90s, but it was seeing this (https://en.bitcoin.it/wiki/Dominant_Assurance_Contracts … ) that got me interested in Bitcoin. (There is, or at least was, incidentally, a considerable bug in that page, not that that really matters - it was the principle.)
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Also, TBC, it wasn't so much dominant assurance contracts (though those are deeply interesting) but rather the point that anyone could easily make a new type of market, with DACs as an example. That seemed (and seems) mindbogglingly important to me.
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I am thinking along the lines of crypto as a means to raise funds for capital projects, backed by the material asset, backstopped by conventional insurance, with profits distributed like dividends to token holders..That gets around bank loans while maintaining responsibility.
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It's also an instance of market-making!
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I have seen one recently that basically uses tech to cut out middlemen in many types of transactions. That makes sense and with the low overhead of the digital ecosystem, it could bring greater market efficiency.
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