The recent HBO documentary, “Money Electric: The Bitcoin Mystery Documentary”, delves into the enigma of Bitcoin’s creation, suggesting that Peter Todd, a renowned Canadian Bitcoin core developer, might be the mysterious Satoshi Nakamoto. This assertion has sparked considerable debate, with many in the Bitcoin community expressing skepticism over the evidence presented, which appears inadequate to substantiate such a claim.
Peter Todd’s Role in Bitcoin’s Evolution
Peter Todd has been a pivotal figure in Bitcoin’s development, particularly after 2012. His contributions, such as the introduction of the replace-by-fee (RBF) protocol and his work on OpenTimestamps, have been influential. However, the documentary’s attempt to link him to Bitcoin’s creation has been met with raised eyebrows due to questionable timelines and the nature of the purported evidence.
Why Peter Todd Is Unlikely to Be Bitcoin’s Creator
The documentary builds its case around four main points, which have been critically analyzed and largely dismissed by experts and community members.
1. Use of a Pseudonym for Credibility
The film suggests that Todd used the pseudonym Satoshi Nakamoto to grant Bitcoin credibility at its inception. This claim is contentious. In 2008, when the Bitcoin whitepaper was released, Todd was finishing a fine arts degree and had not yet engaged in cryptography or computer science. His documented involvement with Bitcoin began in 2012, four years after Bitcoin’s creation. There is no evidence of Todd engaging in relevant cryptographic discussions or projects before this time, making the pseudonym theory implausible.
2. A 2010 BitcoinTalk Forum Post
A notable piece of evidence in the documentary is a 2010 post on the BitcoinTalk forum, allegedly from Todd’s account, which HBO interprets as Todd mistakenly posting as himself instead of under the Satoshi alias. However, skeptics point out that the post appeared 13 hours after a message from Satoshi, reducing the likelihood of an accidental mix-up. The content of the post does not align with Satoshi’s style, suggesting it was a typical forum interaction consistent with the norms of that period.
3. Replace-By-Fee Proposal as Pre-Planned
The documentary posits that Todd’s introduction of the RBF protocol in 2014 was premeditated, aligning with Satoshi’s earlier work. Experts argue against this, noting that RBF was one of many proposed enhancements to address Bitcoin’s scalability and transaction issues, arising from community discussions and research. There is no concrete evidence linking RBF to Bitcoin’s initial development or suggesting it serves as a signature of Satoshi’s identity within Todd’s contributions.
4. Cryptic Message About Sacrificing Bitcoins
HBO highlights a message where Todd discusses being an expert in “sacrificing coins,” interpreting it as an admission of destroying access to Satoshi’s estimated 1.1 million BTC holdings. This interpretation has been criticized as a misrepresentation. The context of Todd’s statement relates to demonstrating blockchain integrity and experimenting with coin destruction to test network responses—a common practice among developers exploring blockchain technology’s limits. The leap to conclude that this indicates he destroyed access to a vast fortune lacks substantiation.
Community Reactions and Criticism
Several experts from the Bitcoin community have voiced skepticism and disapproval of the documentary’s conclusions. An advisor to Mintify and researcher at Jirasan, known as Pix (@PixOnChain), dissected HBO’s claims on social media platform X (formerly Twitter). Another prominent account, Pledditor (@Pledditor), noted the irony in the documentary’s narrative, which suggests that revealing Satoshi’s identity could endanger his safety, yet accuses Todd without definitive proof. Pledditor remarked, “That was one of the least compelling Satoshi Nakamoto identities I’ve ever seen,” highlighting that the supposed continuation of Satoshi’s thoughts by Todd was not convincing and appeared more as a typical technical discussion correction.
Peter Todd himself responded to the documentary’s allegations with a mix of amusement and indifference. He commented, “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”
At the time of writing, Bitcoin’s market value was $62,424, reflecting ongoing interest and investment in the cryptocurrency despite the swirling allegations.
