The recent HBO documentary titled “Money Electric: The Bitcoin Mystery Documentary” by filmmaker Cullen Hobak puts forth the controversial claim that Peter Todd, a well-known Canadian Bitcoin developer, is the enigmatic Satoshi Nakamoto, the creator of Bitcoin. However, the evidence backing this claim is not convincing, prompting backlash from the Bitcoin community.
Peter Todd, who has made significant contributions to Bitcoin since 2012, such as the replace-by-fee (RBF) proposal and work on OpenTimestamps, is a notable figure in the cryptocurrency world. Still, the suggestion that he is the original creator of Bitcoin has raised questions due to timing discrepancies and questionable evidence.
Reasons Against Peter Todd Being the Creator of Bitcoin
The documentary argues its case based on four primary points:
#1 Using a Pseudonym for Credibility
The film suggests that Todd might have taken on the Satoshi Nakamoto alias to add legitimacy to Bitcoin’s launch. This assertion is contentious, considering that Todd was pursuing a fine arts degree in 2008, around the same time the Bitcoin whitepaper was released, and had not engaged in the fields of cryptography or computer science. His entry into the Bitcoin arena didn’t occur until 2012, four years later, with no prior involvement in cryptographic initiatives noted.
#2 A 2010 Forum Post
A key piece of evidence cited is a post from 2010 on the BitcoinTalk forum that HBO claims was made under Todd’s account, suggesting a mix-up where Todd unintentionally posted as Satoshi. Critics counter that the timing—13 hours after a post from Satoshi—weakens the likelihood of this being a mere mistake. Additionally, the content of the post is consistent with typical forum discussions and does not reflect Satoshi’s distinctive style.
#3 The RBF Protocol as a Planned Strategy
The documentary alleges that the introduction of the RBF protocol by Todd in 2014 was part of a calculated plan related to Satoshi’s early ideas. Industry experts argue otherwise, highlighting that RBF was merely one of many solutions proposed to tackle scalability and transaction malleability in Bitcoin, stemming from ongoing discussions. There is no evidence to indicate that Todd’s work with RBF was a signal of Satoshi’s identity.
#4 Ambiguous Comments on Coin Sacrifice
HBO also points to a remark by Todd regarding “sacrificing coins,” interpreting it as an acknowledgment of destroying access to Satoshi’s large Bitcoin holdings. Critics argue this interpretation is misrepresented, as Todd’s remarks were intended to discuss blockchain integrity and testing responses through coin destruction—a practice among developers at the time, rather than an indication of forfeiting massive wealth.
Many members of the Bitcoin community have voiced skepticism about the documentary’s conclusions. Pix (@PixOnChain), a researcher, offered a critical analysis of HBO’s claims on X (formerly Twitter). Another influencer, Pledditor (@Pledditor), noted the irony that the documentary begins by suggesting that revealing Satoshi’s identity could pose dangers, yet simultaneously accuses Todd without clear proof, describing the evidence as weak and lacking compelling support.
In response to the documentary, Peter Todd seemed unfazed and slightly amused, remarking that it would be humorous for Bitcoin enthusiasts to watch it.
As of the latest updates, Bitcoin is trading at $62,424.
