HBO points to Peter Todd as Satoshi, but the crypto community is skeptical

HBO’s documentary Money Electric: The Bitcoin Mystery claims that Canadian Bitcoin developer Peter Todd is Satoshi Nakamoto, but the crypto community remains skeptical.

Cullen Hobak, the producer of the documentary, presents various pieces of purported evidence over its 100-minute runtime to support the assertion that Todd, a prominent figure in the cryptocurrency world, is the pseudonymous creator of Bitcoin.

Todd has been active in the Bitcoin space for many years, having first engaged with cryptography and blockchain technologies during his teenage years. His involvement with Bitcoin dates back to the late 2000s, shortly after the release of the Bitcoin white paper in 2008.

In a 2019 episode of the What Bitcoin Did podcast, Todd mentioned that he started communicating with early Bitcoin contributors, such as Hal Finney and Adam Back, when he was around 15 years old. These interactions influenced his later work in the field.

Prior to focusing on Bitcoin, Todd worked as an analog electronics designer and at a geophysics startup. He officially became a Bitcoin Core Developer at Coinkite in July 2014 and later took on significant roles in projects like Mastercoin and Dark Wallet.

Why is Todd Satoshi?

The rationale behind naming Peter Todd as Satoshi Nakamoto is largely based on circumstantial evidence compiled by producer Cullen Hobak. One notable piece of evidence includes Todd’s cryptic online statements, such as a post where he called himself “the world’s leading expert on how to sacrifice your Bitcoins.” This remark has been interpreted as a possible admission that he may have destroyed access to the estimated 1.1 million BTC attributed to Nakamoto.

The documentary also reignited speculation by claiming that Todd once posted from Satoshi’s account on the BitcoinTalk forum in 2010, allegedly by mistake.

Furthermore, Todd is recognized for his advocacy of the Replace-by-Fee (RBF) mechanism, which allows a previous transaction to be replaced by a new one that offers a higher fee. The documentary suggests that such a technical proposal could only have originated from someone with a deep understanding of Bitcoin’s original code—potentially like Nakamoto.

Community debunks claims, and so does Todd

Despite the theories presented in the documentary, Todd has consistently denied being Satoshi Nakamoto, even prior to its release. Most recently, on October 8, he responded to a comment on X that urged him to refute HBO’s claims. In his reply, he simply stated, “I am not Satoshi.”

The crypto community quickly dismissed HBO’s claims, with Web3 researcher Pix highlighting several inaccuracies in the documentary.

Firstly, Pix pointed out that in 2008, Peter Todd was still completing a fine arts degree and had not yet entered the cryptography space, making it unlikely he would have needed to adopt a pseudonym like Satoshi Nakamoto.

Additionally, Pix refuted the documentary’s assertion about a 2010 BitcoinTalk post, which suggested Todd inadvertently revealed himself as Satoshi by failing to switch accounts. According to Pix, a follow-up post made 13 hours later was more likely just a casual comment rather than evidence of a forgotten account switch.

Pix also tackled the connection to Replace-by-Fee (RBF), noting that Todd introduced this feature in 2014, long after Satoshi had exited the scene. He dismissed HBO’s claim that RBF was pre-planned by Satoshi as a significant overreach.

Furthermore, Pix clarified that Todd’s comment about “sacrificing bitcoins” was meant as a joke related to blockchain integrity, not an admission of having destroyed access to Satoshi’s estimated 1.1 million BTC. This misinterpretation, he argued, was taken wildly out of context and further undermined HBO’s claims.

Critics like CryptoQuant researcher Ki Young Ju also voiced their disbelief, labeling the documentary as “disgusting.” In an October 9 post on X, Ju expressed his confusion at how HBO reached its conclusion when experts in the Bitcoin community disagreed.

BitMEX Research joined the chorus of skeptics, calling the evidence presented by HBO “clearly ridiculous” and stating there was “zero reason” to believe Peter Todd is Satoshi.

Prominent figures like Adam Back, linked to Bitcoin’s early development, also refrained from endorsing the theory. Featured in the documentary, Back simply remarked, “no one knows who Satoshi is,” highlighting the ongoing mystery surrounding the pseudonymous creator. Other market observers criticized the documentary as a product of sloppy journalism.

A surprise for Polymarket bettors

Polymarket, a well-known prediction market platform, had odds listed on who HBO’s documentary would identify as Satoshi Nakamoto. Notably, Peter Todd was not included as a betting option initially.

Instead, bettors focused on figures like Nick Szabo and Len Sassaman, who have long been speculated as potential creators of Bitcoin. Other names in the mix included Hal Finney and even Elon Musk.

This omission further underscores how unexpected and largely dismissed the documentary’s claim about Todd truly was, highlighting the skepticism within the crypto community regarding the assertions made in the film.