  The existence of massive black holes was postulated in the sixties, when the
first quasars were discovered. In the late nineties their reality was proven
beyond doubt, in the Milky way and a handful nearby galaxies. Since then,
enormous theoretical and observational efforts have been made to understand the
astrophysics of massive black holes. We have discovered that some of the most
massive black holes known, weighing billions of solar masses, powered luminous
quasars within the first billion years of the Universe. The first massive black
holes must therefore have formed around the time the first stars and galaxies
formed. Dynamical evidence also indicates that black holes with masses of
millions to billions of solar masses ordinarily dwell in the centers of today's
galaxies. Massive black holes populate galaxy centers today, and shone as
quasars in the past; the quiescent black holes that we detect now in nearby
bulges are the dormant remnants of this fiery past. In this review we report on
basic, but critical, questions regarding the cosmological significance of
massive black holes. What physical mechanisms lead to the formation of the
first massive black holes? How massive were the initial massive black hole
seeds? When and where did they form? How is the growth of black holes linked to
that of their host galaxy? Answers to most of these questions are work in
progress, in the spirit of these Reports on Progress in Physics.
