We Study Billionaires - The Investor’s Podcast Network BTC095: Bitcoin Time Stamping w/ Pierre Rochard (Bitcoin Podcast)
Sep 14, 2022
Pierre Rochard, VP of Research at Riot Blockchain and former product manager at Kraken, dives deep into the importance of timestamping in Bitcoin. He explains why Bitcoin acts as a decentralized clock and the significance of timekeeping for its ecosystem. The conversation also touches on the SEC's recent announcements regarding exchanges and why Bitcoin may not be performing as an inflation hedge. Additionally, they explore the correlation of Bitcoin with traditional markets and the future of retirement accounts offering Bitcoin investment options.
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Bitcoin Mining Misconceptions
- Bitcoin mining is often misunderstood as physical extraction, but it's a distributed timestamping server.
- It orders transactions, preventing double-spending, unlike physical gold mining.
Satoshi's Bug
- Satoshi Nakamoto's whitepaper had a bug: it referred to the longest chain instead of the chain with the most work.
- The code, however, was correct, prioritizing the most hash rate, not just block count.
Bitcoin Time Drift
- Bitcoin time can drift from real-world time.
- Rapid hash rate increases and the two-week difficulty adjustment can compress or expand Bitcoin time, affecting event timing like halvings.