2024-10-23 01:08:00
Since Bitcoin appeared in 2009, the enigma of who is behind its creation has captured the imagination of technologists, economists and cryptocurrency enthusiasts around the world.
Its creator, known by the pseudonym “Satoshi Nakamoto”remained completely anonymous for more than a decade, leaving behind a legacy that transformed the global financial system. For some, Satoshi is an almost mythological figure and his creation marked the birth of a new era in digital finance.
All kinds of theories have been formulated over the years. From the possibility that Nakamoto is a group of people, to speculation pointing to specific figures in the world of technology.
Its real name has been an enigma that journalists, researchers and enthusiasts have tried to solve without success, to the point that the mystery has acquired an almost religious character among the staunchest defenders of the cryptocurrency, as explained by investor Michael Saylor, who He likened the birth of Bitcoin to an “immaculate conception.”
The interest, however, is not merely symbolic: Nakamoto, who has not spoken publicly for years, controls more than a million bitcoins, equivalent to around 60 billion dollars, enough to significantly influence the volatile cryptocurrency market if he decides to intervene.
Now, a new documentary brings it back to life interest in this character. Electric money: the mystery of Bitcoinreleased on the Max platformtriggered a wave of debates and discussions. Directed by director Cullen Hoback, the production suggests that Nakamoto did not retire as once believed, but continued to influence the evolution of the business from the shadows.
Three years of research and several discarded theories lead Hoback to claim that Satoshi’s true identity is Peter Todd, a controversial Canadian Bitcoin developer.
Yes, okay Todd denies being Satoshi, the clues presented by Hoback have attracted enormous attention.
What is it and how does it work?
Bitcoin was born in early 2009, in the midst of a global financial crisis that reawakened the need for an alternative system to government and bank control over money.
With a spirit of innovation and a vision of decentralization, cryptocurrency has allowed people around the world to transact without relying on intermediaries. This drastic change was possible thanks to blockchain technology or blockchaina system that still guarantees transparency and security today.
Unlike cash, where central banks have the power to adjust monetary policies, Bitcoin is based on the law of supply and demand. As José Daniel Montoya Ramírez explains in his research Bitcoin: a financial innovationfrom the UPB, this cryptocurrency differs in that it is completely independent of any government. “Its value fluctuates solely with the market and its availability is limited, which has led some to consider it a store of value, just like gold.”
Montoya highlights how Bitcoin has not only revolutionized e-commerce, but has expanded the frontiers of digital money. “Today you can use it to buy anything, from a bar in Berlin to a house in Miami, all from your computer or mobile phone. And, above all, without going through banks, credit cards or any other traditional intermediary.”
The heart of Bitcoin is its security system, based on digital signature encryption. Every transaction you make is recorded in a block, which is added to a public chain that can be seen by anyone, ensuring total transparency, although its volatility and lack of regulation have also raised concerns.
While other cryptocurrencies have emerged on the market, none have achieved the global impact of Bitcoin. Montoya points out that one of the main reasons is the gradual adoption in various markets, which has allowed this cryptocurrency to start being accepted as a means of payment in various parts of the worldalthough it still faces obstacles to becoming a commonly used currency. Time will tell whether Bitcoin will be able to overcome these challenges, but what is clear is that its creation marked a before and after in the history of finance and technology.
The clues behind Nakamoto
The film features a series of clues linking Todd to the mysterious founder of Bitcoin. Its director, Hoback, had previously gained notoriety for his research into the QAnon conspiracy theory and embarked on this new project motivated by the suggestion of executive producer Adam McKay. For three years he investigated the circle of Cypherpunks, a group of libertarian technologists who sought to protect individual privacy in the digital age and who influenced the development of Bitcoin.
The investigation led him to Adam Back, a British cryptographer whose work in the technology field Hashcash It was one of the foundations for the structure of Bitcoin. During one of their conversations, Back introduced Hoback to Peter Todd, a developer who, according to the director, immediately caught his attention. Hoback describes the dynamic between Back and Todd as having a “spies at war” feel, which aroused his suspicions.
One of the most revealing clues offered by the documentary is a series of posts on a Bitcoin forum in 2010. In one of his last posts, Satoshi proposed a technical change to improve the Bitcoin code and Todd, unknown in the community at the time, responded with that which appeared to be a fix. For Hoback this exchange was a mistake: Todd had forgotten to log out as Satoshi and had responded from his personal account. Years later, the same solution was implemented in the Bitcoin code, known as paid replacement. This connection, according to Hoback, was some of the strongest evidence supporting his theory.
However, not everyone is convinced. The magazine TIME interviewed four Bitcoin pioneers, who expressed doubts about Todd’s ability to create something as complex as Bitcoin, citing his level of coding and temperament. One of them commented that “Todd’s coding skills are not at the level of the Bitcoin code base.” However, Hoback remains steadfast in his belief: “People have an idealized vision of who Satoshi should be, they want someone perfect who fits their ideals,” he says in the documentary. “But that’s where the evidence is, and I think the case is very strong.”
Todd adamantly denied being Satoshi. On the tape, when Hoback confronts him with the evidence, he reacts nervously, laughing and mumbling to himself. Adam Back, who was present during this confrontation, made no comment, which Hoback considers as revealing as the evidence itself. Todd supports this If he really was the creator of Bitcoin, he would have destroyed “the ability to prove he was Satoshi”and in an email sent to TIME He called the search for Nakamoto’s true identity “crazy and dangerous”.
Although the documentary sparked controversy, Hoback is confident in his conclusion: “I’m very, very confident that Todd is Satoshi. When I made the list of pros and cons, the reasons why it couldn’t be him were very few. Despite claims of skepticism from some of Bitcoin’s early adopters, the clues presented have left the door open to the possibility that the Satoshi Nakamoto puzzle has finally been solved.
However, the doubt remains. As Adam Back stated on the social network X after the premiere of the trailer: “Presumably the documentary will be wrong, since no one knows who Satoshi is”.
Peter Todd’s life after the documentary
From the first of Electric money: the mystery of BitcoinPeter Todd faced a series of consequences after being identified as Satoshi Nakamoto. Despite his constant denials, the media attention and risks associated with Satoshi’s alleged identity dramatically changed his life.
In a recent interview with WiredTodd explained that he agreed to participate in the HBO documentary thinking that it would be a historical account of the origins of Bitcoin and not an investigation aimed at revealing Nakamoto’s identity.
However, the turn the production took left him at the center of controversy, which caused a constant feeling of danger in his personal life. Todd said with concern: “Obviously, falsely claiming that ordinary people with ordinary wealth are extraordinarily wealthy exposes them to threats such as robberies and kidnappings. Not only is this a stupid question, it’s also a dangerous one.”.
Todd pointed out that being falsely identified as Satoshi Nakamoto is not only an invasion of your privacy, but also a real risk to your security.
The legend surrounding Nakamoto is not just that of a technological visionary, but also that of a potentially shadow billionaire. Satoshi is estimated to own around one million bitcoins, which equates to a huge amount in terms of current value, endangering anyone associated with him.
Since the documentary’s release, Todd has maintained a firm stance that he is not Satoshi and has harshly criticized those who seek to reveal his identity. According to him, Nakamoto made a conscious decision to remain anonymous “for good reasons” and believes that trying to reveal his identity is not only a futile, but “dangerous” activity. In his words, “No one should help people trying to find Satoshi.”
For his part, Cullen Hoback downplayed the concerns expressed by Todd. In the statements collected by WiredHoback argues that Todd and others have exaggerated the possible threats and that, so far, there has been no real danger to those under investigation.
“There is potentially this anonymous figure who controls one-twentieth of the total supply of digital gold,” the director noted, justifying his decision to pursue Nakamoto’s identity. For him, finding out who the creator of Bitcoin really is is a fact of “enormous importance”.
While Hoback insists that the allegations against Todd are solid, the revelation has not been fully accepted within the cryptocurrency community. Many Bitcoin experts and developers have expressed their doubts, wondering whether Todd is really the creator behind the Nakamoto pseudonym.
What is clear is that, after the release of the documentary, Peter Todd’s life was never the same. now surrounded by uncertainties, risks and a level of attention that he himself defines as “unbearable”.
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