HBO Documentary to Uncover Satoshi Nakamoto

An HBO documentary is promising to reveal the identity of Satoshi Nakamoto, the pseudonymous inventor of Bitcoin (BTC). According to speculation on the decentralized betting market Polymarket, the three most likely candidates to be named are OG cypherpunk cryptographers Adam Back, Nick Szabo, and Len Sassaman.

Traders have even begun to create memecoins commemorating these titans of privacy-preserving cryptography, looking to capitalize on the possible boost of visibility into their work. For instance, on Monday, traders spun up memecoins with the tickers LEN, ODIN, and SASHA, reportedly in honor of the late coder’s cats.

The HBO documentary, titled “Money Electric: The Bitcoin Mystery,” is not the first time mainstream media has attempted to out Bitcoin’s creator, who stepped back from the project in December 2010 when it began to garner attention through its association with WikiLeaks.

Perhaps the most infamous example occurred in 2014 when Newsweek erroneously ran a story linking the California-based physicist Dorian Nakamoto to Bitcoin. To no one’s surprise, Dorian-themed memecoins have been launched on Arbitrum, Ethereum, and Solana.

A year later, in 2015, Gizmodo and Wired identified Australian computer scientist Craig Steven Wright as Satoshi, a claim he continued to make until a U.K. court determined that CSW did not create Bitcoin. Wright’s late colleague David Kleiman has also been considered by some to be involved in Bitcoin’s creation, pointing to similarities between their coding styles. Furthermore, Kleiman’s brother, Ira, is entangled in a legal battle over a significant sum of Bitcoin, but neither has proven control over the alleged coins. The theory was weakened during Wright’s recent trial, which revealed much evidence of their involvement was doctored.

Who is Satoshi Nakamoto, and Why Does It Matter?

While many Bitcoiners are largely uninterested in the identity of Bitcoin’s creator, some believe that confirming Satoshi as deceased would be a bullish catalyst for cryptocurrency, as it would leave over 1 million mined bitcoins inaccessible.

Over the years, several candidates have been suggested alongside Sassaman, Back, and Szabo, including Hal Finney, the first Bitcoin user after Satoshi. Most candidates were active on the Cryptography Mailing List, working on projects aimed at enhancing autonomy through internet technologies. Szabo was known for suggesting tools like smart contracts, essential to decentralized applications.

Satoshi left behind a trove of writings in emails, forum posts, and documentation, leading various sleuths to analyze his grammar and writing style. Notably, Satoshi often used British English and left two spaces after each period, though it’s unclear if this was meant to conceal his identity.

Is Len Sassaman Satoshi?

In 2021, Evan Leung Hatch proposed the theory that Len Sassaman, who moved to San Francisco from Pennsylvania and died by suicide in 2011, was Satoshi. Sassaman’s death coincided with Satoshi’s announcement of his exit from Bitcoin development. Leung Hatch pointed out Sassaman’s contributions to PGP encryption and remailers that reportedly inspired Bitcoin. Despite Sassaman’s ties to Cypherpunk culture and known inspirations, his widow disputes the claim.

The Case for Adam Back

Back is among the few individuals cited in the original Bitcoin whitepaper, leading some to argue that he created Bitcoin. Before founding Blockstream, known for Bitcoin scaling solutions, Back invented the proof-of-work algorithm. He was among the first to correspond with Satoshi, but he has consistently denied these claims, arguing that keeping Satoshi’s identity a secret enhances Bitcoin’s appeal as a commodity.

In his view, “Because Bitcoin is more like digital gold, you wouldn’t want gold to have a founder. For Bitcoin to keep a commodity-like perception, I think it’s a very good thing that Satoshi stays out of the public.”