What a blunder, why does no one want to be Satoshi Nakamoto?

Author: WOO

Background

The well-known American television company HBO released a documentary titled "Money Electric: The Bitcoin Mystery," in which renowned documentary filmmaker Cullen Hoback believes that Peter Todd is Satoshi Nakamoto, for the following reasons:

• In 2010, Todd's new account replied to Satoshi Nakamoto on Bitcointalk; HBO claims he accidentally used his own account to complete Satoshi's posts, and both accounts disappeared a few days later.
• Todd later implemented the "fee alternative" concept discussed in the posts.
• HBO claims Peter Todd used the alias John Dillon to promote the "fee alternative" concept.
• Both use British/Canadian spelling.
• The posting patterns of Satoshi Nakamoto are similar to a student's lifestyle, with more content published on weekends.
• Todd once discussed "sacrificing" Bitcoin, possibly referring to destroying Satoshi's Bitcoin.

Upon hearing the news, Peter Todd immediately denied the accusation of being Satoshi Nakamoto, stating that Cullen Hoback's claims are baseless and that he does not know who Satoshi Nakamoto is.

The identity of Satoshi Nakamoto has always been the biggest mystery in the cryptocurrency world, and both mainstream media and crypto users have not stopped searching for Satoshi. In this article, WOO X Research will explore three possible candidates for Satoshi Nakamoto and discuss why everyone denies being Satoshi. What impact do these actions have on the market?

Peter Todd

Peter Todd is a software developer from Canada, holding a Bachelor of Media Arts from the Ontario College of Art and Design, and was pursuing a Master's in Physics when Bitcoin was born, having taught himself programming. He currently resides in Toronto.

Peter Todd has been passionate about digital currency since childhood; in 2001, he asked digital currency pioneer Adam Back about the application of Hashcash. Since 2012, Peter Todd has begun submitting code to the Bitcoin core and has made significant contributions in security and privacy. He has served as chief scientist for several Bitcoin-related projects, including Mastercoin and the open-source Bitcoin wallet Dark Wallet.

In addition to Bitcoin, Peter Todd has also acted as an advisor for many blockchain and cryptocurrency projects, providing expertise in consensus mechanisms, privacy protocols, and secure software development. He has also participated in the creation of tools and technologies such as OpenTimestamps, a project that uses the Bitcoin blockchain to create decentralized and verifiable timestamps. In 2016, he participated in the launch of the privacy coin Zcash alongside NSA whistleblower Edward Snowden and publicly destroyed the computer he used to create the cryptocurrency.

Todd's work typically revolves around challenging and refining existing blockchain system designs to improve their efficiency and risk resistance. His contributions have made him one of the key figures in ensuring the long-term sustainability and security of Bitcoin and other decentralized technologies.

Len Sassaman

Len Sassaman was a renowned cryptographer and privacy advocate with significant influence in the fields of information security and privacy protection. He was a member of the Electronic Frontier Foundation (EFF) and participated in many projects aimed at protecting personal privacy and digital rights. His contributions to cryptographic technology and anonymous communication systems are particularly noteworthy, especially in the design and implementation of modern privacy technologies.

One of Sassaman's most well-known works was the development of the Mixmaster anonymous remailer system in collaboration with other prominent cryptographers. This system is one of the tools for email anonymity, aimed at hiding the source and destination of emails to protect user privacy and prevent third-party tracking and surveillance.

In addition to his technical work, Len Sassaman was also an active promoter of privacy rights and cryptographic technology. He frequently participated in various seminars and lectures, sharing his knowledge and emphasizing the importance of cryptographic technology. He also served as a researcher at KU Leuven in Belgium, focusing on research in information security and privacy protection.

Sassaman passed away in 2011 due to depression, and although many years have passed since his death, his name has recently been mentioned due to speculation that he might be Satoshi Nakamoto. His work background and timeline align with the development of Bitcoin, and since Satoshi Nakamoto ceased public activity around the time of Sassaman's death, this has sparked much speculation about his possible identity as Satoshi.

Adam Back

Adam Back is a renowned cryptographer and Bitcoin pioneer, known for his contributions to digital currency and blockchain technology. He is the only cryptographic expert mentioned in the Bitcoin white paper and is one of the early developers of blockchain technology. Adam Back's most notable achievement is the creation of Hashcash, a proof-of-work (PoW) system that later became the core basis for Bitcoin miners to validate transactions.

Hashcash was originally designed as a technology to prevent spam and denial-of-service attacks. The concept requires senders to solve a specific computational problem (PoW) before sending emails, thereby limiting the ability to send bulk emails. When Satoshi Nakamoto created Bitcoin, it was based on the proof-of-work mechanism of Hashcash to establish Bitcoin's mining and transaction validation system.

Adam Back is also the co-founder and CEO of Blockstream, a company dedicated to promoting the application and development of blockchain technology, focusing on the research and development of Bitcoin and other blockchain infrastructures. The company has launched several Bitcoin-related technologies and applications, including Liquid Network (a sidechain technology for Bitcoin) and the development of the Lightning Network, aimed at improving the speed and efficiency of Bitcoin transactions.

Back is not only a technical expert but also an active advocate for the ideals of decentralization and the spirit of Bitcoin. He has participated in global Bitcoin and blockchain technology seminars and has published articles and insights in the community discussing the future and development direction of Bitcoin. Being the only cryptographic expert mentioned in the white paper has led to suspicions that he might be Satoshi Nakamoto himself.

Why Does Everyone Want to Avoid Being Satoshi?

Before the HBO documentary aired, the long-standing question of Satoshi Nakamoto's identity resurfaced, with Len Sassaman and Adam Back being popular candidates. However, Len Sassaman's widow denied his identity, and Adam Back stated that he is definitely not Satoshi Nakamoto.

So why does everyone shy away from the name "Satoshi Nakamoto"? Admitting to this identity is undoubtedly more harmful than beneficial:

• Legal Risks: Becoming Satoshi Nakamoto could expose one to legal risks from governments around the world, as many countries have unclear stances on cryptocurrencies, with some even viewing them as breeding grounds for illegal activities. Therefore, if someone publicly admits to being the creator of Bitcoin, they could become a target for government crackdowns and even be accused of illegal financial activities or money laundering.
• Personal Safety Considerations: Satoshi Nakamoto holds a large amount of Bitcoin (estimated to be around 1 million BTC), which has not yet been moved. If Satoshi's identity were to be revealed, they would become a global focal point and could potentially be targeted by hackers, criminal organizations, or even governments. Possessing such vast wealth would pose extremely high security risks, including personal safety issues. Thus, hiding one's true identity is a way to protect oneself and one's family.
• Maintaining Bitcoin's Decentralization: One of the core ideals of Bitcoin is decentralization, and Satoshi Nakamoto has always hoped that Bitcoin could exist independently of any individual or organization. If Satoshi's identity were made public, it could influence the Bitcoin community and its development, undermining the original intention of decentralization and potentially distorting Bitcoin's value and ideals.
• Belief: Lastly, and perhaps most importantly, Satoshi Nakamoto (or those suspected of being Satoshi) may genuinely believe in the ideals of decentralization and anonymity. For these individuals, Bitcoin is a tool capable of changing the world, and its success should not depend on the existence of any individual or authority. Publicly revealing their identity would not only contradict these ideals but could also undermine the foundations of Bitcoin. Therefore, they choose to protect this secrecy to maintain the purity and independence of Bitcoin.

In summary, becoming Satoshi Nakamoto would only bring the allure of being in the spotlight, while in practical terms, it could be said to be all harm and no benefit.

Market Reaction

The meme market will not miss the opportunity for speculation, first with the emergence of the token LEN named after Len Sassaman, which reached a market cap of $2.5 million, but has since seen related concept tokens plummet.

Notably, when HBO announced their belief that Peter Todd is Satoshi Nakamoto, a crypto user immediately asked on Twitter if Peter had any pets, as he was going to rush to Solana to get a "土狗" (a type of dog).

Peter Todd directly responded: Your Mom.

Meanwhile, the similarly named token Yourmom surged, reaching a market cap of $6.5 million, but has now fallen back to $500,000, a drop of 93%.

Before the documentary aired, the prediction market Polymarket showed that crypto users believed Len Sassaman was the most likely candidate for Satoshi Nakamoto, followed by Adam Back, while Peter Todd was never included in the options. This also led to another prediction poll: "When will Satoshi Nakamoto's identity be confirmed?"

So far, 96% of users believe that Satoshi Nakamoto's identity will not be revealed until the end of 2024. Perhaps keeping Satoshi Nakamoto forever mysterious would be the best outcome for the crypto market and the world.