BTC022: Dr. Adam Back & Bitcoin's Proof of Work (Bitcoin Podcast)
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 21 April 2021
⏱️ 71 minutes
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| 0:00.0 | You're listening to TI-P. |
| 1:01.0 | You're listening to Bitcoin Fundamentals by the Investors Podcast Network. |
| 1:06.0 | Now for your host, Preston Pish. |
| 1:20.0 | Hey everyone, welcome to the show. Here I am with the one and only Adam back. |
| 1:24.0 | Adam, welcome to the show. |
| 1:25.0 | Thanks for having me on. |
| 1:27.0 | So Adam, I think the question I've been dying to ask you is just your discovery of proof of work for me is mind blowing. |
| 1:36.0 | And it's mind blowing that this was incorporated straight into the white paper Satoshi referenced you in the white paper. |
| 1:43.0 | And I just try to put myself in your shoes and going back to the moment where you discovered this. |
| 1:50.0 | And kind of like what led up to it when you discovered it and you started to write about it. |
| 1:56.0 | Like what kind of utility did you think that it had at that time or at that moment just explain that moment to us as you discovered this. |
| 2:05.0 | I was running an anonymous remelter so I go interested in cryptography and privacy and basically deploying technology allowed users to exercise their rights. |
| 2:17.0 | And so on the online world and so I was running this remelter and at that time this is the late 90s. |
| 2:24.0 | Obviously still today there was a recurring problem with spam. |
| 2:28.0 | I let people would send all unsolicited mail probably with a one and a million conversion rate. |
| 2:34.0 | But hey, you know sending an email was practically free and it's kind of a pain. |
| 2:38.0 | You know most people's anybody offering a mail server individually or as a company. |
| 2:43.0 | The majority of the email that they were processing was spam and it's also a new sense of users to to sift through all this stuff to find the actual emails. |
| 2:52.0 | And so that was going on in the background, but my particular concern was operating this remelter to get privacy and it also had the ability to post to use net discussion groups kind of broadcast decentralized. |
| 3:04.0 | You know if mailing list like technology chat forums, it seemed that there were people that were sending spam through the remelars, particularly to these discussion groups. |
| 3:15.0 | And you know once they hit these discussion groups, the using technology broadcast that across thousands of servers all over the world. |
| 3:22.0 | So there's a way to amplify a dinner service and it wasn't even commercial spam. |
... |
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