The HBO documentary had buzz about it as it was rumored to reveal the identity of Satoshi Nakamoto, the creator of Bitcoin
It’s “Money Electric: The Bitcoin Mystery” by Director Cullen Hoback and Executive Producer Adam McKay (“The Big Short”).
Nakamoto is believed to hold approximately 1 million Bitcoin (BTC). S
Since Bitcoin’s total supply is capped at 21 million, this means Satoshi owns about 5% of all Bitcoin that will ever exist (valued at around $27 billion USD).
Despite this immense wealth, none of the Bitcoin attributed to Satoshi has ever been moved or spent.
That, of course, adds to the mystery of Satoshi’s identity and intentions.
The doc is directed by Cullen Hoback ( “Q: Into the Storm” about QAnon) and Exec-Produced by Adam McKay (“The Big Short”.)
It’ll likely rank high in my list of best crytpo/bitcoin documentaries when I publish that.
Trailer for “Money Electric: The Bitcoin Mystery”
Watch “Money Electric: The Bitcoin Mystery”
You can watch “Money Electric: The Bitcoin Mystery” on HBO Max at https://play.max.com/movie/90e45730-bcb5-4525-aaea-44425a77c531
Ratings:
- My Rating: 90/100
- IMDB Rating: 5.3/10
- Rotten Tomatoes Ratings: na
Release Date: October 8, 2024
The Documentary’s Final Verdict on Who Satoshi Is
The documentary, after sifting through many others, leaves us with these 2 names : Peter Todd and Adam Back.
Let’s break it down.
Peter Todd: The Front-Runner
Peter Todd, a 39-year-old Canadian software developer, becomes the doc’s main suspect. Why? A forum post from 2010. Todd supposedly finished a thought started by Nakamoto just two days before Satoshi disappeared. Coincidence?
The doc doesn’t think so. It speculates that Todd may have logged into the wrong account—his own—while trying to post as Nakamoto.
For Todd being Satoshi:
Suspicious timing: The forum post is key. Just two days before Satoshi vanished, Todd posts something eerily similar to Nakamoto’s writing.
Deep involvement: Todd played a major role in Bitcoin’s core code and has a solid grip on cryptography. If anyone had the skills to be Satoshi, it’s him.
Contrarian personality: Todd’s independent streak and rebellious nature line up with Nakamoto’s secretive persona. The filmmaker even picks up on a “spy versus spy” vibe between Todd and Back, like they’re watching each other.
Against Todd being Satoshi:
Too young: Todd’s critics argue he’s too young to have developed Bitcoin, given the coding style suggests someone who came of age in the ‘90s.
Peers doubt him: Bitcoin insiders like Bryce Weiner dismiss the theory. They say Todd just “got lucky” by being in the right place at the right time. Samson Mow, a former Blockstream exec, calls Todd too unfocused to have built something like Bitcoin.
Todd denies it: Todd outright denies being Satoshi, calling the idea “baseless.” And he does it often.
Adam Back: The Quiet Contender
Adam Back, creator of Hashcash, was one of the first people Satoshi Nakamoto mentioned in the Bitcoin white paper. He’s a major figure in the cryptography world, and his work directly influenced Bitcoin’s proof-of-work system. At first, the doc seriously considers him, but then it shifts its focus toward Todd.
For Adam Back being Satoshi:
Direct influence: Back’s Hashcash system is a key part of Bitcoin’s architecture. It’s the cryptographic backbone that Bitcoin’s proof-of-work mechanism is built on.
White paper mention: Nakamoto references Back in the original Bitcoin white paper, which automatically makes him a top contender.
Cypherpunk ties: Back was part of the Cypherpunk movement in the ‘90s, the group that essentially birthed Bitcoin’s philosophy. He fits the profile.
Writing style similarities: The doc notes that Back’s writing style matches up with Nakamoto’s, raising some serious questions.
Against Adam Back being Satoshi:
No hard proof: Despite all his connections to Bitcoin, the documentary never delivers a smoking gun. Lots of speculation, but no hard evidence.
Shift in focus: The doc spends more time on Todd by the end, suggesting that Back just wasn’t as compelling a candidate.
Strange reaction: When confronted with the idea that Todd might be Satoshi, Back’s reaction seems a little too calm, almost like he’s deflecting. Or maybe he just doesn’t care. Hard to say.
The Mystery Lives On
While the documentary flirts with both Back and Todd as Satoshi, it leans more heavily toward Todd by the end. Still, there’s no definitive proof.
Both men fit the profile, both are cryptographic wizards, but neither can be nailed down as the Satoshi Nakamoto. The mystery continues.
My Best Guesses of Who’s Behind Satoshi Nakamoto (I wrote this early on Oct. 8 , 2024 before the “Money Electric” documentary aired)
I created this list before the documentary came out, analyzing Crypto Twitter and the Internet to see who the top guesses are as to who Satoshi is.
Here they are roughly in order (though the unsexy #12 could be the most likely!).
1. Nick Szabo
Reason: Szabo’s work on “Bit Gold,” a precursor to Bitcoin, and his deep involvement in cryptography and smart contracts make him one of the strongest candidates. His research directly overlaps with Bitcoin’s conceptual framework.
2. Hal Finney
Reason: As an early Bitcoin developer and the recipient of the first Bitcoin transaction from Satoshi, Finney is a top candidate. His background in cryptography and cypherpunk ideals align with Bitcoin’s ethos.
3. Adam Back
Reason: Back’s creation of Hashcash, which influenced Bitcoin’s proof-of-work system, and his communication with Nakamoto put him in strong contention. His deep knowledge of cryptographic systems makes him a key suspect.
4. Wei Dai
Reason: The creator of b-money, a proposal that influenced Bitcoin, Dai’s cryptographic expertise and early work on decentralized currencies suggest he could have been involved in Bitcoin’s development.
5. Paul Le Roux
Reason: A more controversial candidate, Le Roux was an encryption expert and programmer involved in illicit enterprises. His experience with encryption technology and alleged use of Bitcoin for criminal activities make him a dark horse in this race.
6. Len Sassaman
Reason: A well-known cryptographer and cypherpunk, Sassaman’s involvement in decentralized systems and his untimely death have fueled theories, though no strong evidence links him directly to Bitcoin’s creation.
7. Craig Wright
Reason: Wright has publicly claimed to be Satoshi Nakamoto, but his claims have been largely discredited due to lack of verifiable evidence. His legal battles and disputes with the crypto community weaken his credibility.
8. Peter Todd
Reason: A Bitcoin Core developer, Todd’s work on Bitcoin and cryptographic knowledge have led to speculation, but no substantial evidence connects him to being Satoshi. His name surfaces more in speculative conversations than in serious debates.
9. Tim May
Reason: May’s role as a founding figure in the cypherpunk movement and his strong beliefs in privacy and decentralization align with Bitcoin’s philosophy. However, there is little evidence directly linking him to Bitcoin’s creation.
10. Ted Nelson
Reason: Known for his early work on hypertext and decentralized information systems, Nelson has been mentioned in speculative theories, but lacks any serious connection to Bitcoin’s development.
11. Dorian Nakamoto
Reason: Despite a media frenzy due to his name, Dorian Nakamoto has repeatedly denied involvement with Bitcoin, and there is no credible evidence connecting him to its creation. His inclusion is more of a historical curiosity than a legitimate theory.
12. A Group of People (around 4 of them)
Reason: The group theory for Satoshi Nakamoto’s identity is compelling for several reasons. Bitcoin’s creation required expertise in cryptography, computer science, economics, and game theory.
This broad knowledge is more likely found in a team than in one person. The workload to develop and maintain Bitcoin was immense. A group could handle this more easily than an individual.
Anonymity is crucial to Bitcoin’s origin story. A team can potentially maintain secrecy better than one person. Linguistic analyses of Satoshi’s writings show inconsistencies. These include variations in style, terminology, and spelling (mixing American and British English).
Such differences suggest multiple authors behind the Satoshi name. Together, these points support the idea of Bitcoin as a group effort.
It seems more plausible than the work of a single genius. This lends credibility to the theory that Satoshi Nakamoto represents a team, not an individual.
Thanks for reading!
Rob Kelly, Chief Maniac, Daily Doc