Satoshi Nakamoto's Identity Revealed?🕵️
HBO says it knows Bitcoin's anonymous founder. Haven't we been here before? Elon Musk goes dark MAGA, supports crypto prediction markets - Trump leads Kamala. FTX to return $16B to creditors.
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Who is Satoshi Nakamoto?
No one knows. HBO says they have an answer to that.
Do they? Or is it going to be another Dorian Nakamoto saga?
Wait a few more hours for that.
You know this is a big deal when memecoins are being launched and Polymarket prediction bets are piling on.
What’s the scene?
Bitcoin burst onto the scene in 2008 with the publication of a whitepaper.
Bitcoin: A Peer-to-Peer Electronic Cash System by the mysterious Satoshi Nakamoto.
For years, the true identity of Satoshi has been crypto's biggest puzzle, sparking countless theories and investigations.
Premiering on October 8, HBO's "Money Electric: The Bitcoin Mystery" claims it'll unmask Satoshi Nakamoto, Bitcoin's pseudonymous creator.
The HBO documentary, directed by Cullen Hoback (known for unmasking QAnon figures), claims to have new evidence.
“We make a strong case [...] and I think their reaction is in some ways more telling than even the evidence itself.”
Hoback says he confronted the person he believes is Satoshi, which rules out deceased candidates like Sassaman and Finney?
Read: The story of an early Bitcoin pioneer
How do we know the top 4?
But wait, haven't we been here before? 🤔
2014: Newsweek published an article claiming that Dorian Nakamoto, a Japanese-American man living in California, was the elusive creator of Bitcoin, Satoshi Nakamoto.
Spoiler: It wasn't him.
Subsequent investigations and interviews confirmed that Nakamoto had no ties to Bitcoin, cementing the claim as a significant journalistic error.
2015: In December 2015, WIRED and Gizmodo published articles suggesting that Craig Wright, an Australian computer scientist, was Satoshi Nakamoto based on leaked documents.
Spoiler: Definitely not him.
Following the publication, Wright's home was raided by Australian Federal Police as part of an investigation related to tax issues.
Within days, both publications retracted their claims after further scrutiny revealed that Wright may have fabricated evidence to support his assertion.
These failed attempts have made the crypto community wary of Satoshi revelations.
Wright's claim even led to legal battles, with a UK court definitively ruling he's not Satoshi and ordering him to publicly admit it.
Does it even matter anymore? The crypto community's pretty much agreed that Satoshi's identity is better left a mystery.
Even then, this revelation has caused a stir on prediction markets.
Why the fuss? Satoshi Nakamoto’s 1.1 million Bitcoin stash, worth about $68 billion.
Coinbase even listed unmasking of Bitcoin's creator among business risks in their S-1 filing.
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The real magic of Bitcoin isn't in its creator, but in the decentralised revolution it sparked.
If Satoshi is indeed identified and still alive, it could have significant implications for the crypto market. The potential movement of those 1.1 million BTC could cause major price fluctuations.
On the flip side, confirming Satoshi as deceased could be seen as bullish, ensuring those coins remain untouched.
Ultimately, whether Satoshi turns out to be a lone genius, a group of cypherpunks, or an AI from the future (hey, we can dream), Bitcoin's impact is undeniable.
The mystery has become part of Bitcoin's lore, contributing to its decentralised ethos.
So, will you be tuning in? Or are you too busy watching those green candles? Let us know.
The only certainty here is that 1 BTC = 1 BTC 🙌
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Trump Takes the Lead, But It's Not All MAGA
After Elon Musk went full "Dark MAGA" at a Trump rally in Butler, Pennsylvania, the prediction markets are going nuts.
Musk's endorsement: "I am not just MAGA, I am Dark MAGA."
If Trump wins, we might see a familiar face at the SEC. Robinhood's Dan Gallagher is rumoured to be the top pick for SEC chair.
Gallagher previously served as a Republican SEC commissioner from 2011 to 2015 and has expressed a desire for the SEC to foster market access and financial innovation.
Other contenders include Chris Giancarlo (former CFTC chair) and our crypto-loving Commissioner Hester Peirce. But Peirce might be eyeing the exit door come 2025.
Block That Quote🎙️
Owner of X (formerly Twitter), Elon Musk
"Polymarket - more accurate than polls, as actual money is on the line."
Musk turned up and gave a speech at Trump’s campaign event in Butler, Pennsylvania.
He called the Republican presidential nominee the only candidate “to preserve democracy in America.”
Prediction markets? As the accurate sentiment judge of the people.
“Trump now leading Kamala by 3% in betting markets. More accurate than polls, as actual money is on the line.”
Musk has been supporting Donald Trump for the 2024 US presidential elections.
Are predictions really more accurate than polls?
Read: Do Crypto Prediction Markets Matter? 🤔
In The Numbers 🔢
118%
Minimum percentage of claim value that 98% of FTX's creditors will receive in cash within two months of the approved reorganisation plan.
Bankruptcy court Judge John Dorsey on Monday signed off on the creditors’ plan, allowing FTX to move one step closer to fully winding down.
FTX owes creditors roughly $11 billion, but has managed to gather between $14.5 billion and $16.3 billion in cash.
Former FTX customers had previously fought for distributions to be made in-kind, meaning in crypto, instead of payments in cash.
But that didn’t seem possible.
FTX "never had the crypto" to make in-kind distributions.
So, cash it is.
But not everyone's happy about receiving it in cash.
Sunil Kavuri, a representative of the largest FTX creditor group, said the estate should pay out cryptocurrencies in kind rather than the dollar value.
Why? David Adler, a lawyer representing some creditors, said in court that creditors would get a significant tax bill if they were to receive their payout in cash and not in-kind.
Vitalik's Charity Move’s Moo Deng Memecoin
Buterin sold 10 billion MOODENG tokens for 308.69 ETH ($762K). He then transferred 260 ETH ($642K) to a charity called Kanro.
Vitalik's still HODLing 40 billion MOODENG, worth $8 million.
What happened then?
The charity act shot MOODENG, the Ethereum-based hippo coin, to the sky with a whopping 480% jump in 24 hours.
Vitalik's take?
“I've said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world.”
Traders took the cue from Vitalik’s mention. MOODENG's now up 2,700% in a week.
The MOODENG team's not sleeping on this opportunity. They've set up a multi-sig wallet and a foundation for "various initiatives."
So, still think what makes memecoins work? Sometimes all you need is a cute animal, a viral moment, and a Vitalik nod to make it rain.
The Surfer 🏄
Tether's user base has reached 350 million in 2024, marking a 24% increase over the past year. This milestone coincides with Tether's 10-year anniversary, having launched in 2014. The user count was approximately 282 million in October 2023, up from 141 million in 2022.
EigenLayer faced a security breach where a wallet sold approximately $5.5 million worth of EIGEN tokens due to a compromised email thread. The attacker misled the EigenLayer team into transferring tokens by using a test transaction, then sold the stolen tokens through a decentralised swap platform.
Over $5 million in cryptocurrency has been stolen from Coinbase users in a recent social engineering scheme, according to blockchain investigator ZachXBT. ZachXBT has assisted in recovering approximately $275,000 worth of stolen crypto for one victim, highlighting the growing prevalence of these scams.
Revolut saved customers nearly $13.5 million in potentially fraudulent crypto transactions from June to September 2024. 92% of transactions are processed instantly, while 8% undergo additional review for fraud prevention and compliance.
The US Supreme Court has declined to hear a case regarding 69,370 Bitcoin seized from the Silk Road marketplace, allowing the government to proceed with potential sales.
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FTX creditors being paid in cash instead of crypto makes sense for some, but the tax implications are going to be brutal for many. I agree with those arguing for in-kind payments. With crypto being so volatile, cashing out now might feel like a loss to many.
It’s interesting to see how Satoshi’s identity is still a topic of discussion. I feel like the magic of Bitcoin lies in its decentralized nature. Unmasking Satoshi could take away from that mystique and could disrupt the market. Some things are better left a mystery.