"I'm not Satoshi" 💔
HBO Documentary Money Electric misfires - claims that Bitcoin developer Peter Todd is Satoshi Nakamoto. He denies. Is the hunt for Satoshi a pointless pursuit?
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HBO's ‘Money Electric: The Bitcoin Mystery’ promised Satoshi Nakamoto’s identity.
Instead, it delivered controversies and conspiracies.
The documentary premiered on October 8. Got everyone talking, just not for right reasons.
Director Cullen Hoback is in the line of fire.
Who is HBO’s Satoshi again? Peter Todd, an early Bitcoin developer.
None of those on whom $44 million worth bets were placed on Polymarket.
Let that sink in.
So, what exactly transpired?
Hoback focused on Todd's early forum posts and coding style to suggest that the developer is indeed Satoshi.
Evidence? The documentary points at how Todd, as a teenager, tried to turn Hashcash into a functional currency and that a "non-professional-level C++ code" was used behind the Bitcoin protocol.
What else? Hoback even suggested that the Satoshi pseudonym was used so that people would take Bitcoin seriously.
So, who’s Peter Todd anyway?
Todd's not buying any of it.
He has denied being Satoshi on X, calling the documentary's claims "grasping at straws."
Some crypto community members are even calling for an end to the Satoshi hunt.
The mystery has become part of Bitcoin's lore, The real magic of Bitcoin isn't in its creator, but in the decentralised revolution it sparked.
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Block That Quote🎙️
Co-founder & Chief Security Officer of Casa, Jameson Lopp
"…makes you a massive asshole, because you're painting a target on them."
Lopp said this about revealing the identity of Satoshi almost eight months ago.
That’s long before the HBO documentary was started being promoted.
But it still has relevance.
In The Numbers 🔢
9%
That's the estimated percentage of Bitcoin's total supply controlled by Satoshi Nakamoto.
We're talking about 1.1 million Bitcoin, to be precise. That’s worth $68 billion.
For context, Bitcoin’s current market cap is about $1.23 trillion.
That’s the highest concentration of Bitcoin a single person/entity has.
If these coins suddenly moved, it could trigger a market meltdown that'd put the 2022 crash to shame.
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The hunt for Satoshi shows disregard for the values on which the crypto ecosystem thrives.
Privacy and decentralisation.
Identification of Satoshi would also set dangerous precedents for doxxing in the crypto world.
Using pseudonyms and maintaining anonymity often are part of lifestyle of those in the community.
Perhaps we are too focused on unmasking the creator, while we should be busy building on their creation.
Maybe the next time someone claims they've found Satoshi, we should all just take a long, deep breath and tell ourselves: We're all Satoshi.
Well, except Peter Todd, apparently. He's adamant about not being one.
The Surfer 🏄
Canary Capital has filed for a spot XRP ETF, following Bitwise's similar filing just a week earlier. The filing was submitted to the SEC on October 8, 2023. The fund plans to track XRP's price using the CME CF Ripple index, avoiding derivatives to reduce counterparty and credit risks.
Blockchain activity soared by 70% in Q3 2024, reaching a record 17.2 million daily unique active wallets (UAWs). AI-related decentralised applications (DApps) led the charge with a 71% increase, contributing nearly 4.3 million daily UAWs. DeFi applications saw a drop in TVLfrom $168 billion to $160 billion, with Ethereum's TVL decreasing by 20%.
Brazil is considering lifting the ban on Elon Musk's social media platform X after it paid approximately $5.5 million in fines. The payment was made following a suspension by Brazil’s Supreme Federal Court due to non-compliance in an investigation into misinformation.
Cathie Wood’s ARK Invest sold $36 million worth of Robinhood stock, offloading 1.4 million shares from its funds. The sale occurred as Robinhood's stock surged over 100% year-to-date, reaching multiyear highs at $25.61 on October 8.
Standard Chartered predicts Solana will outperform Ethereum (ETH) and Bitcoin (BTC) in 2025 if Donald Trump is reelected. The bank anticipates Bitcoin will reach $200,000 by the end of 2025, regardless of the election outcome. Solana is currently valued at 250x market cap-to-fees ratio, compared to 121x for Ethereum, indicating strong growth expectations.
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Honestly, I find this hunt for Satoshi’s identity to be a sign that people still don’t get what makes Bitcoin revolutionary. It’s not about who made it; it’s about the system itself and the way it challenges centralized financial structures. Naming Satoshi won’t change the fact that Bitcoin is about freedom from centralized control.
Chasing after Satoshi's identity feels like missing the point of Bitcoin entirely. The whole beauty of the technology is that it’s decentralized and doesn't rely on a central authority or figure. Unmasking Satoshi wouldn’t just be a distraction; it might also compromise the very principles that Bitcoin was built on.