The documentary Money Electric: The Bitcoin Mystery aired on Oct. 8 by Home Box Office (HBO). It controversially claimed that it knew the identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
The film suggests that Peter Todd, a Bitcoin Core developer, is secretly Nakamoto. However, several inconsistencies quickly emerge when the facts are examined more closely.
In response to the documentary’s interpretation of Todd’s statements, the timeline misrepresentation and other inaccuracies, Cointelegraph breaks down everything wrong with the documentary.
“We’re all Satoshi”
One of the central claims of HBO’s documentary is that Todd used the pseudonymous title to give Bitcoin (BTC) credibility, despite Todd’s personal timeline contradicting this theory.
Bitcoin was launched in 2008 while Todd was studying for a fine arts degree. Although Todd had an interest in cryptography, he has publicly stated that he didn’t begin working on BTC until 2014.
In the documentary, Todd sarcastically remarks that he is Satoshi, a comment that HBO may have taken too seriously or used to further an already overstretched and unwinding theory.
Todd stated:
“Oh, no, I am Satoshi. I’m Satoshi Nakamoto.”
BitcoinTalk forum post misinterpretation
The HBO documentary presents evidence in a 2010 post on the BitcoinTalk forum, one of the oldest online communities dedicated to discussing BTC and crypto-related topics.
The filmmaker implies that Todd accidentally posted from his account instead of Satoshi’s, allegedly revealing himself when finishing Satoshi’s thought and disappearing alongside the BTC creator.
Todd explained that:
“Satoshi’s last post was one week after I signed up for Bitcointalk, but [...] then I disappeared.”
Despite Todd’s implied tone that it was coincidental, the filmmaker uses this to suggest a more suspicious connection than a mere coincidence.
Dismissing accusations
Throughout the documentary, Todd repeatedly critiques the filmmakers for sensationalizing the story, calling them “pretty creative” when creating the “crazy theories” that Todd says are “ludicrous.”
In a sarcastic tone, Todd remarks, “Of course I’m Satoshi, and I’m Craig Wright,” making it clear that he finds the accusations absurd. He also predicted the documentary would be “very funny” for “a bunch of Bitcoiners.”
“It’s going to be yet another example of journalists really missing the point in a way that’s very funny [...] The point is to make Bitcoin the global currency, and people like you being distracted by nonsense can potentially do good on that.”
Replace-by-fee mischaracterization
The documentary also claims that Todd’s introduction of “replace-by-fee” (RBF) in 2014 was a pre-planned feature tied to Nakamoto’s original vision for Bitcoin. However, this falls short, as RBF was not part of the cryptocurrency’s initial design.
Todd’s introduction of RBF came years after Satoshi’s disappearance, but the filmmaker implied that RBF was tied to government influence after John Dillion offered a $500 reward for the solution.
The “strangely small fee,” as stated in the documentary, is presented as suspicious in the film but seems more like an attempt to build a larger narrative without sufficient supporting evidence.
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