Quote from Nathaniel Popper

Wences had first learned about Bitcoin in late 2011 from...

2018-05-01

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Wences had first learned about Bitcoin in late 2011 from a friend back in Argentina who thought it might give Wences a quicker and cheaper way to send money back home. Wences’s background in financial technology gave him a natural appreciation for the concept. After quietly watching and playing with it for some time, Wences gave $100,000 of his own money to two high-level hackers he knew in eastern Europe and asked them to do their best to hack the Bitcoin protocol. He was especially curious about whether they could counterfeit Bitcoins or spend the coins held in other people’s wallets—the most damaging possible flaw. At the end of the summer, the hackers asked Wences for more time and money. Wences ended up giving them $150,000 more, sent in Bitcoins. In October they concluded that the basic Bitcoin protocol was unbreakable, even if some of the big companies holding Bitcoins were not. By

Nathaniel Popper in "Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money"

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