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05 Genesis

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PJ Vogt

Technology, Business

4.85K Ratings

🗓️ 7 May 2022

⏱️ 66 minutes

🧾️ Download transcript

Summary

This week: Bitcoin. We trace it from its humble origins in a .PDF to the movement it has spawned, all over three days at an enormous Bitcoin conference in Miami. 

Visit Crypto Island at pjvogt.com if you'd like to ask questions about this episode, help support this project, or to simply view a photograph of this reporter collapsed from a panic attack. There's a newsletter about how this episode was made, too. 

Transcript

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0:00.0

Hi, I'm PJ Vote. This is the Crypto Island mini-series. In this episode, we take a trip from the very beginning of cryptocurrency and we see where it's strange prophecies have led today.

0:13.0

Spark your creativity with the Sims. Sometimes you might feel like you're not creative when you have to go and search of your creative Spark again.

0:21.0

Maybe this is catching up with creative friends, experimenting with a new look or trying out a new recipe. And thanks to the Sims, inspiration is just one game and one spark away.

0:33.0

Ready to spark something? Download the Sims 4 and play for free.

0:41.0

We're living through a wild moment in American history. There are conspiracy theorists on house committees, extremists on the Supreme Court, and near fist fights on C-SPAN.

0:51.0

And with an intense White House battle ahead, we need a better conversation about the latest big election of our lives. Hosted by four former Obama aides, Pod Save America hosts used their expertise to provide listeners with a no bullshit guide to democracy.

1:06.0

Every week, they break down all the political news that makes us laugh, cry, and scream into the void. Tell us, figure out what matters and what each of us can do about it.

1:15.0

Pod Save America. The context you need for next week's news. Follow now so you never miss an episode.

1:36.0

A lot of people already know the origin story of Bitcoin, but I'm just going to recite it one more time. It is fall of 2008.

1:44.0

Good evening. This is George W. Bush's president. We're in the midst of a serious financial crisis.

1:50.0

Lehman Brothers is just collapsed.

1:54.0

Number one movie in the country, Beverly Hills, Chihuahua. Number one song in the country. Ti's whatever you like. This is where I would play a clip for you, but the podcast budget does not really allow a fair use lawyer. You'll just have to imagine it.

2:10.0

On Halloween of that year, 2008, a person claiming to be a Japanese man named Satoshi Nakamoto appears on a cryptography mailing list to announce his new invention, Bitcoin.

2:23.0

He describes his invention in a white paper. It's called Bitcoin a peer-to-peer electronic cash system.

2:31.0

This white paper, it's an elegant document. Text runs just eight pages long minus footnotes. In precise academic language, he describes the problem he set out to solve.

2:43.0

Bitcoin appeared a peer-to-peer electronic.

2:50.0

Bitcoin appeared a peer-to-peer electronic cash system abstract.

2:56.0

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

3:06.0

Obviously, we don't know who Satoshi really is, but this is as close as I could get to the voice I hear in my head when I read this.

3:13.0

And when I read it, I don't really try to follow the technical description. I just listen for this voice.

3:19.0

Calm, academics are going to be pretty dry. Nothing about this white paper to me screams impending revolution.

3:28.0

Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double spending.

...

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