> 
> A whitelist effectively stops spam. You have to check a possibly spammable
> keyspace, spam can be removed from it mechanically. Think cash requires
> this as well. It just uses a token instead of a signature as the
> credential which it checks when removing spam.

No, you've got it all wrong.  The solution to the puzzle gives you an
insertion address, and the email recipient only checks valid
addresses.  So you dont have to filter any spam at all, since anything put
in those valid spots should have been put there by a human.

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