Sambarino, Do you suppose that the camera's of the 1970's actually still used a microswitch to trigger the flash, or do you think they used a transistor based circuit within the camera to get the necessary timing for the focal plane shutter? Where might you get the power from? well the flash has quite a bit floating about, maybe even as much as nearly 300V. Well that's ok then we can us the power from the flash it's self to trigger the flash, but wait isn't 300V a lot more than you need? Yes but we will allow for that in the design of the camera electronics, so that it can withstand having a potential 300V @ maybe 500mA floating around, that's only 150W.
Roll on 35 years or so. Cameras all now have much more sophisticated electronics in them, and are capable of communicating in much cleverer ways then before, but just so they will still enable the centre contact to just trigger a dumb flash. Thing is that now the electronics components cannot cope with voltages in the region of 300V this causes the transistors in the chips to break down, not to mention the 500mA 150W which again is more than the modern electronics can withstand. The thing is we have only designed the camera to operate with our new flash units that because the communicate digitally for the most part only use the low voltages that are commonly seen in modern electronics.
By the way even though the old hot shoes had only "one" contact in the middle it is surrounded by an insulator for a reason, even now the mount it's self is used as the return for all the voltages that pass between the camera and hot shoe. look at any of the old flash guns (or even a modern one) and you will see the second contact in the grove where the flange of the hot shoe sits when the flash is mounted on the camera. Any connection that involves the passing of an electronic signal needs to have two connectors. Of course we are lucky in that anything electronic can be connected to a big metal spike stuck in the ground/earth (In this case I really am referring to the planet earth), which will allow you to send signal between the two using only one actual connecting wire. This is funnily enough referred to as Ground or Earth depending on where in the world you are.
Please note that I have not studied the way that flash systems are triggered by camera's, what I have suggested is summation on my part based on what I know of electronic systems, and how I would design things, given the way these things seemed to have developed.
What I do know is that there is enough consistent information, and from some apparently reliable sources that says the old 70's vintage flash guns often develop up to 300V across the terminals. I also know that applying 300V across a modern IC chip is going to cause the transistors in the chip to fail, especially where they are designed to work at around 6V. That 300V doesn't even need to produce any more power to do the damge.
Alan