HBO Documentary Misses The Mark: Peter Todd Denies Satoshi Claims

A recent HBO documentary, Money Electric: The Bitcoin Mystery, has raised controversies in an attempt to name Peter Todd, one of the core Bitcoin developers as the possible Bitcoin’s founder - Satoshi Nakamoto.

The conclusion of the film has been dismissed, including through social media, by Todd himself, who once denied such allegation vehemently.

Peter Todd and Bitcoin's Development

Peter Todd is famous for bringing replace by fee (RBF) in 2014 which let users replace unconfirmed transactions with higher fee transactions that would take less time to be confirmed.

But RBF came years after the invention of Bitcoin, which puts to question the HBO documentary theory that could place Todd as Satoshi.

Jesse Trading, a well-known figure in the cryptocurrency community, also weighed in on the documentary through a series of tweets, questioning the accuracy of the claims.

He pointed out that Todd's introduction of RBF came years after Bitcoin’s inception and labeled HBO's theories as a "stretch."

Todd’s Response on Social Media

Ahead of the documentary’s release, Todd addressed the speculation head-on. On October 8, 2024, in response to a comment on X asking him to deny the claims, Todd simply stated, "I am not Satoshi."

His tweet came in response to another user, @CookerFlips, who had suggested that Todd could just deny being Satoshi publicly. Todd responded directly:

“I’m not Satoshi.”

Source : X

This wasn’t the first time Todd had joked about the claims. In a 2019 podcast with Peter McCormack, Todd had sarcastically remarked:

“I am Satoshi, as is everyone else.”

His playful attitude toward the mystery surrounding Satoshi's identity has been a recurring theme in his public statements, and his October 8 post was a clear effort to put the rumors to rest once more.

HBO Documentary's Allegations

The HBO documentary’s most significant allegation involves a 2010 public forum post where Todd reportedly responded to one of Satoshi's messages.

The film implies that this post was intended to come from Satoshi himself but was accidentally sent from Todd’s account, suggesting that Todd and Satoshi were the same.

Hoback argues that this mistake revealed Todd’s identity, though Todd has dismissed this as speculative.

In the documentary, Todd is shown sarcastically responding to a question about whether he is Satoshi, saying:

“Oh, no, I am Satoshi. I’m Satoshi Nakamoto.”

HBO seems to have taken this comment more seriously than Todd intended, using it to bolster the claim. Nevertheless, what is given in the film as evidence is mostly indirect; there is not much concrete evidence.

Circumstantial Evidence Presented

The documentary leans heavily on circumstantial evidence, such as Todd’s early involvement in Bitcoin and his cryptographic skills.

Hoback suggests that Todd’s use of Canadian/British spellings, similar to those used by Satoshi, may be a clue to his identity. However, this theory has been criticized for lacking real substance.

One of the film’s most speculative claims revolves around a blog post where Todd refers to himself as “probably the world's leading expert on how to sacrifice Bitcoin.”

Hoback interprets this as an admission that Todd destroyed access to Satoshi’s 1.1 million Bitcoin, valued at over $69 billion.

However, Todd has since clarified that this comment was taken out of context, stating that it referred to a technical explanation of how irreversible Bitcoin transactions could be created, not a confession of his role as Satoshi.

Todd’s Contributions and the Documentary’s Reception

Despite the documentary’s claims, Todd’s involvement in Bitcoin came after its initial creation. He introduced RBF in 2014, years after Bitcoin’s birth.

His work also includes privacy enhancements and the launch of OpenTimestamps, as well as contributions to early NFT technology, known as colored coins.

Jesse Trading, a prominent figure in the cryptocurrency community, continued to critique HBO’s documentary. He emphasized that Todd’s statement about "sacrificing" Bitcoin had been misinterpreted, and the documentary had leaned on speculative evidence. Jesse Trading further stated:

"That cryptic message about 'sacrificing' bitcoins. This was a joke taken out of context! Todd was talking about proving blockchain integrity, not destroying access to Satoshi's 1.1 million BTC! A very far-fetched theory..."

The documentary’s dramatic storytelling and speculation were also highlighted in Jesse Trading’s posts:

“Bottom line: HBO’s documentary has some intriguing ideas, but the facts don’t add up. Peter Todd contributed a lot to Bitcoin, but he didn’t create it. Plus, Todd has consistently denied being Satoshi — including today.”

Conclusion: A Narrative Over Facts

Money Electric: The Bitcoin Mystery has generated significant buzz, but many experts and community members have expressed doubts about its conclusions.

While the film attempts to build a case for Todd as Satoshi, the evidence remains speculative at best.

The documentary’s use of circumstantial details, such as Todd’s cryptographic expertise and his sarcastic remarks, has been seen by many as more about storytelling than uncovering the truth.

As Jesse Trading put it:

“So why would HBO claim Peter Todd is Satoshi? Simple: Storytelling. Cullen Hoback’s documentary thrives on the mystery of Satoshi Nakamoto. It’s more about intrigue than accuracy. Todd isn’t Satoshi — it’s narrative, not fact.”

At least for the time being, thanks to Todd and his public refutations, as well as a lack of concrete evidence found until now, the identity of Satoshi Nakamoto remains a mystery. 

While it is fair to recognize Todd’s role towards Bitcoin, affirming that he is Satoshi Nakamoto is more of an assumption than the truth.