Op-ed: Did Peter Thiel Predict Bitcoin 22 Years Ago?

Op-ed: Did Peter Thiel Predict Bitcoin 22 Years Ago?

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  1. >In 1983, the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash.[7][8] Later, in 1995, he implemented it through Digicash,[9] an early form of cryptographic electronic payments which required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or any third party.

    >In 1996, the National Security Agency published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash, describing a Cryptocurrency system, first publishing it in an MIT mailing list[10] and later in 1997, in The American Law Review (Vol. 46, Issue 4).[11]

    >In 1998, Wei Dai published a description of “b-money”, characterized as an anonymous, distributed electronic cash system.[12] Shortly thereafter, Nick Szabo described bit gold.[13] Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange, BitGold) was described as an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published.

    Wow, what an amazing prediction of something people had been working on for decades.

  2. tldr; PayPal co-founder and venture capitalist Peter Thiel predicted Bitcoin’s existence before the 21st century. He predicted that the world would move away from government-backed currencies to “purely private currencies” with no medium of exchange. However, he wasn’t referring to Bitcoin. Instead, he imagined a new barter economy that would digitally tokenize goods and services.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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