Serving tech enthusiasts for over 25 years.
TechSpot means tech analysis and advice you can trust.
What just happened? The identity of Bitcoin's elusive creator has been one of the crypto world's biggest mysteries for over a decade. Now, a new HBO documentary has stirred up a hornet's nest once again by pointing the finger at Peter Todd, a Canadian developer who was heavily involved in Bitcoin in its early days.
According to Wired, when Todd found out the film Money Electric: The Bitcoin Mystery was going to allege he is Satoshi Nakamoto, he was pretty ticked off. Wired quoted him as saying "This was clearly going to be a circus."
Ever since the pseudonymous Satoshi went off the radar in late 2010 after launching Bitcoin, there's been no shortage of speculation about their real identity. The mystery is even juicier considering the number of Bitcoins Satoshi is believed to control – potentially worth billions today.
When the documentary dropped on October 8, Todd joined the ever-growing list of accused Satoshis. The filmmaker Cullen Hoback, who previously claimed to unmask the QAnon mastermind, laid out his case identifying Todd as Bitcoin's creator during an on-camera confrontation meant to be the film's dramatic climax.
However, Todd alleges he was under the impression the documentary was simply going to cover Bitcoin's history, not accuse him of being its founder. He's been vehemently denying Hoback's claims, telling Wired "For the record, I am not Satoshi" and accusing the director of making the accusation for "marketing."
For his part, Hoback stands firmly behind his conclusions that the "denials and deflections from Todd" are an elaborate cover-up. As he put it, "While of course we can't outright say he is Satoshi, I think that we make a very strong case."
The key piece of evidence used to accuse Todd is an old forum discussion where Hoback claims Todd was "finishing Satoshi's sentences" about how to prioritize transactions based on fees paid – something Todd later implemented into Bitcoin as a developer. Hoback believes another forum user appearing in that thread, John Dillon, was actually one of Todd's alter egos.
Regardless of who's right, Todd now has to deal with the major burden of being 'revealed' as Bitcoin's creator against his will. He's gone into hiding as a result.
Many from the community argue there's no point in hunting for Satoshi's identity since Bitcoin has successfully operated under a decentralized governance model in their absence. But facing accusations of being the creator brings plenty of downsides with no real positives.
A good indication of what an accused would have to deal with can be taken from the harassment Todd is facing.
Wired reports that since the documentary aired, Todd's inbox has been flooded with requests for money and even threats, with one person sending 25 emails in two days asking him to cover a loan. His biggest worry is the potential safety risks like robberies or kidnappings from being falsely labeled as extraordinarily wealthy. And therefore, he's chosen to go into hiding.