Is Peter Todd the Real Bitcoin Inventor?
An HBO documentary claims to have identified Satoshi Nakamoto, the mysterious creator of Bitcoin. Film-maker Cullen Hobak suggests that Peter Todd, a prominent Canadian Bitcoin core developer, is the elusive figure behind Bitcoin’s creation.
This sensational claim, however, remains unproven and has stirred up criticism from the Bitcoin community.
Who is Peter Todd?
Known for making significant contributions to Bitcoin’s development from 2012 onwards, including the introduction of the replace-by-fee (RBF) protocol, and work on OpenTimestamps, Todd has been a prominent figure in the Bitcoin community.
But, associating him with the creation of Bitcoin has raised doubts due to inconsistencies in timelines and the nature of the evidence presented.
The Documentary’s Claims and Their Flaws
The HBO documentary builds its case around four main points:
1. Use of a Pseudonym for Credibility: The documentary proposes that Todd adopted the pseudonym Satoshi Nakamoto to lend credibility to Bitcoin during its inception. However, this claim is dubious as, in 2008, Todd was completing a fine arts degree and hadn’t yet entered the field of cryptography or computer science.
His involvement in Bitcoin began only in 2012, four years after its creation, and there is no documented evidence of his involvement in cryptographic discussions or projects prior to this period.
2. 2010 BitcoinTalk Post: A significant piece of evidence cited is a 2010 post on the BitcoinTalk forum, allegedly from Todd’s account. The post is interpreted by HBO as Todd mistakenly posting as himself instead of under the Satoshi alias.
Critics argue that the post appeared 13 hours after a message from Satoshi, making it unlikely that it was a result of an accidental account mix-up. Additionally, the content of the post does not exhibit a continuation of thought or style that would suggest it was inadvertently made by Satoshi while logged into Todd’s account.
3. Replace-By-Fee Proposal as Pre-Planned: The documentary suggests that Todd’s introduction of the RBF protocol in 2014 was premeditated and connected to Satoshi’s earlier work, thus implying this was part of a long-term plan laid out by BTC’s creator.
Industry experts, however, refute this claim, stating that RBF was one of many enhancements proposed to address Bitcoin’s scalability and transaction malleability issues. There’s no concrete evidence to suggest that RBF was envisioned during BTC’s initial development or that it serves as a hidden signature of Satoshi’s identity within Todd’s later contributions.
4. Cryptic Message About Sacrificing Bitcoins: The documentary highlights a message where Todd speaks about being an expert in “sacrificing coins.” They interpret it as an admission of destroying access to Satoshi’s estimated 1.1 million BTC holdings.
This interpretation is widely criticized as a misrepresentation. The context of Todd’s statement revolves around demonstrating blockchain integrity and experimenting with coin destruction to test network responses, a practice not uncommon among developers exploring the limits and functionalities of blockchain technology. The leap to conclude that Todd eliminated access to a massive fortune is lacking substantiation.
BTC Community Responds
Several experts from the Bitcoin community have expressed skepticism and disapproval of the documentary’s conclusions. Pix (@PixOnChain), an advisor to Mintify and researcher at Jirasan, dissected HBO’s claims point by point on X (formerly Twitter).
Another popular X account, Pledditor (@Pledditor), highlights the irony in the documentary’s narrative, which initially suggests that revealing Satoshi’s identity could endanger his safety, only to proceed with accusing Todd without definitive proof. “That was one of the least compelling Satoshi Nakamoto identities I’ve ever seen,” Pledditor writes. He pointed out that the strongest piece of evidence—the supposed continuation of Satoshi’s thoughts by Todd on the forum—was not compelling and appeared to be Todd correcting Satoshi, a common practice in technical discussions.
Peter Todd himself responded to the documentary’s allegations, where he appeared unperturbed and somewhat amused by the claims. He remarked, “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”
With the documentary’s sensational claims largely unproven, the question of who Satoshi Nakamoto is remains unanswered, leaving the Bitcoin community in suspense.