Adam Back, co-founder & CEO of Blockstream & the Inventor of HashCash, and Jason Lowery from the US Space Force join me for an incredible conversation around Adam's invention of "Proof of Work," the impact of Bitcoin on war-fighting, the future of power projection strategies.

Be sure to check out Swan Private, the trusted Bitcoin financial services provider for high-net-worth individuals and businesses worldwide: https://www.swanbitcoin.com/private/

Guest
Adam Back's Twitter Account: https://twitter.com/Adam3us
Jason Lowery's Twitter Account: https://twitter.com/JasonPLowery

PODCAST
Podcast Website: https://whatismoneypodcast.com/
Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400 Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE?si=wgVuY16XR0io4NLNo0A11A&nd=1
RSS Feed: https://feeds.simplecast.com/MLdpYXYI

Outline
00:00:00 “What is Money” Intro
00:00:08 Learn about Bitcoin with Swan Private at SwanPrivate.Com
00:01:37 Jason Lowry & Adam Back Intro
00:02:34 What is HashCash?
00:10:36 What does a “Collision” mean?
00:13:01 Explaining the “Birthday Example”
00:15:44 Differences between HashCash Stamping & Bitcoin’s Difficulty Adjustment
00:20:39 How Adam Defines “Expensive” in HashCash’s Protocol
00:24:27 Creating a “Trap Door Free” Cost Function
00:30:07 The Origin of the Term, “Proof Of Work”
00:35:54 Cost Association with Proof of Work
00:46:29 Explaining Proof of Work & Hash Functions
00:48:27 When did Adam realize how Important Proof Of Work is?
00:54:40 Why do Stable-coin Protocols Fail?
00:58:41 Taking “Brute Force” Power away from Kinetic Energy to Electrical Energy
01:07:21 Explaining the “Byzantine Generals Problem”
01:12:04 Bitcoin taking the “Rules of Man” out of Trust
01:18:42 Watch "Hard Money with Natalie Brunell" From Swan Studios & Bitcoin Magazine!
01:19:28 Take Control of Your Healthcare with CrowdHealth!
01:20:36 How do you Enforce Rules without Trust?
01:25:41 Skepticism & Questioning Bitcoin
01:30:07 Bitcoin Immutability & Trust
01:33:10 Defining the “Resource War”
01:39:23 Brute Force, Power Projection & the State
01:42:58 History from Kinetic Hardware to Computational Software
01:56:11 Bitcoin’s Protocol Incentivizing Coordination amongst users
02:03:30 Could Bitcoin Reduce Warfare?
02:11:40 Can Bitcoins Protocol be Exploited?
02:21:08 “Unbounded Cost”, Trying to 51% Attack Bitcoin
02:28:37 The Future of “SoftWar” & Bitcoin Mutually Assured Defense
02:36:04 Drone Warfare vs Bitcoin, Brute Force Power Projection
02:38:58 Darwinism & Mans need for Competition
02:46:44 Bitcoin Non-Lethal & Peaceful Protocol
02:55:47 Where to find Jason & Adam’s Work & Social Media
02:56:40 “What is Money” Outro

SOCIAL
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WRITTEN WORK
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#1111: January 7, 2026 Continued

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