The mystery surrounding the identity of Bitcoin founder Satoshi Nakamoto has continued for more than 15 years. The latest twist? An HBO documentary claims to have revealed the true identity of this elusive genius. But behind this revelation, one question remains. Does this research really provide answers or just fuel endless conspiracies? We'll talk about it on Cryptic Analysis after this week's big news.
Block 1: Important news
Crypto.com targeted by SEC
Crypto.com has filed a complaint with the U.S. Securities Regulatory Authority (SEC) after receiving a Wells Notice indicating that the SEC is considering action against the exchange for alleged violations. The group accuses the SEC of overregulation and unilaterally interpreting cryptocurrencies as securities. The company accuses, among other things, a lack of clear and transparent rules and a violation of legal procedures. In parallel, Crypto.com sought an agreement between the SEC and CFTC to clarify the regulation of crypto derivatives.
FTX: Refund confirmed
Nearly two years after bankruptcy, a U.S. bankruptcy court has approved FTX's reorganization plan, ensuring that creditors receive immediate repayment. Approximately 98% of creditors will be reimbursed 119% of their claims based on the value of the cryptocurrency at the time of bankruptcy, meaning that the redistribution will be in dollars rather than the underlying assets. Here are the prices of major cryptocurrencies on November 13, 2022, two days after the platform filed for bankruptcy:
CoinMarketCap – November 13, 2022
As a reminder, FTX's collapse in 2022 was the result of Alameda Research's mismanagement of funds and manipulation of customer funds. FTX plans to redistribute between $14.7 billion and $16.5 billion. Some experts believe this repayment could put buying pressure on the crypto market as some creditors may reinvest their funds.
Tether complies with European standards
Tether, the market-leading stablecoin (USDT) issuer, plans to adapt its technology to comply with Europe's MiCA regulation, which strictly regulates crypto assets, including stablecoins. Tether CEO Paolo Ardoino initially expressed concerns about the regulations, but now praises regulators' efforts. With several platforms already delisting stablecoins that are not MiCA compliant, Tether could seek long-term dominance in Europe by working with players like Chainaracy to monitor transactions. We are in a position to maintain this.
Visa: Getting closer to blockchain
Visa has launched the Visa Tokenized Asset Platform (VTAP), a solution that allows banks to issue and manage stablecoins via blockchain. This service is available on the Visa Developer Platform and provides modern infrastructure and APIs for easy deployment. BBVA, a major Spanish bank, was one of the first banks to test VTAP, with a pilot program planned for Ethereum in 2025. VTAP allows financial processes to be automated using smart contracts and aims to connect various public and private blockchains.
Block 2: This week's crypto analysis
While we're at it, check out the trailer for the HBO documentary.
The mystery surrounding Bitcoin's pseudonymous creator Satoshi Nakamoto is still making headlines more than 15 years after the famous blockchain's inception. Ever since Satoshi introduced Bitcoin to crypto mailing lists in 2008, his identity has remained the subject of intense speculation. Satoshi's sudden disappearance in 2011 after Bitcoin was used by WikiLeaks only further fueled the theory.
On Tuesday night, the HBO documentary Money Electric: The Bitcoin Mystery reignited those speculations by claiming to have finally revealed the identity of Bitcoin's creator. According to the documentary, Satoshi is Peter Todd, a Canadian developer who has been active in the Bitcoin community since 2012 and has made significant contributions, including his involvement in the 2017 block size wars and founding the open source project OpenTimestamps. It is known for.
One of the pieces of evidence presented in a documentary aired by HBO is his involvement in the infamous 2017 block size war that led to the split of Bitcoin and the creation of Bitcoin Cash. During this dispute, Todd sided with the “small blockers” camp, those who want to limit the size of transaction blocks on the Bitcoin blockchain. This camp believed that smaller blocks would keep the network decentralized and secure, allowing anyone to participate in transaction validation with accessible hardware.
Interestingly, Todd wasn't the only one in this fight. Adam Back, another suspect often cited in discussions of Satoshi Nakamoto's identity, was also a proponent of the “little blocker.” The two iconic figures shared a common vision of how Bitcoin should evolve and emphasized maintaining its founding principles.
Despite the growing popularity of “big blocker” proponents who advocate increasing block sizes to increase the number of transactions per second, Todd's choice to support this camp has intensified speculation. . However, despite this, neither Todd nor Buck were ever officially confirmed as Satoshi Nakamoto.
The film also suggests that Todd, who was in his early 20s in 2008, feared being discredited due to his youth and adopted the pseudonym Satoshi Nakamoto to emphasize his own ideas. Another piece of evidence presented is Todd's implementation of the Replacement Fee (RBF) concept, which was funded by an anonymous person known as John Dillon. The documentary assumes that this person is Todd's alternate identity.
Another issue raised by the director was the interaction between Peter Todd and Satoshi Nakamoto at the 2010 Forum. Todd was merely clarifying a technical explanation given by Satoshi, which the documentary interprets as further evidence linking Todd to Satoshi's identity.
“The level we've reached here is comparable to that of QAnon (which is pretty ironic if you know what Karen's previous documentary was about).”
that's right.
The truth is very simple. There are hundreds or even thousands of people who could have created Bitcoin.
I have no intention of finding Satoshi. https://t.co/TZMtqJhxgU
— Peter Todd (@peterktodd) October 9, 2024
Still, this exchange is just a run-of-the-mill discussion that might take place in a group of crypto enthusiasts. Again, this is a theory based on weak and deterministic factors.
However, despite these accusations, Todd flatly denies that he is Satoshi, saying, “If I were Satoshi, I would have lost the ability to prove it, so I'm never tempted to do that.'' “I guess so,” he declared sarcastically. Adam Back, who is often suspected of being Satoshi in the Bitcoin community, also supported Todd, calling the theory “ridiculous.”
This is not the first time that such an investigation has been claimed to have revealed Satoshi's identity. In 2014, a Newsweek journalist named a Japanese-American man living in California as Satoshi, but this theory was quickly debunked.
The HBO documentary, while interesting, seems more focused on creating a compelling story than uncovering definitive truths. The question remains: Who exactly is Satoshi Nakamoto? The answer is still unknown. While some see this as a mystery to be solved, others think Satoshi's true identity may not be as important as the legacy he leaves behind in Bitcoin.
So whether Satoshi Nakamoto is Peter Todd, another developer, or a group of people, the quest for his identity remains one of the greatest unsolved mysteries of our time. It's still there. And above all, that is a huge strength for Bitcoin.
Block 3: Winners and Losers
virtual currency chart
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market screener
Block 4: This week's reading
The true identity of Bitcoin founder Satoshi Nakamoto is revealed again (Wired)
Where did the Metaverse CEO go? (Wired)
I applied for the Bitcoin mining lottery (Bitcoin Magazine)
