Who invented Bitcoin? This question has become a fascinating mystery of the digital age, like what happened to DB Cooper or who is Deep Throat in Watergate? .
Documentary maker Karen Hoback thinks she has the answer. His new HBO documentary “Money Electric: The Bitcoin Mystery” delves into the rise of cryptocurrencies and the efforts to uncover Satoshi Nakamoto's true identity. nom de plume After being widely distributed online on October 31, 2008, it was used by the authors of an 11-page white paper that sparked Bitcoin and the broader cryptocurrency boom.
For Hoback, diving into crypto mania was a natural progression after exploring the underworld of the internet in the 2021 HBO docuseries “Q: Into the Storm.” The six-episode series hypothesized about the people fueling the dangerous and delusional theories being spread under the name QAnon. Both “Q” and “Money Electric” were born out of Hoback's interest in how the digital revolution is changing culture and social order. The rise of cryptocurrencies has many clamoring for a decentralized financial system managed by publicly available blockchain ledgers rather than institutions such as Bank of America or Goldman Sachs. and the growing demand for easier ways to conduct financial transactions online. Beyond the border.
“I've been speaking about digital rights and digital privacy issues for the past 10 years, so making a film about Bitcoin was something I've wanted to do for a while,” says Hoback. variety. “What did you want to talk about?” [crypto] It was trying to become versus what it became. It was about to become digital cash. It really became something close to digital gold. ”
“Money Electric” follows Hoback's investigative efforts to solve Satoshi's questions. He approached this research without any confidence that he would reach a firm conclusion. However, after immersing himself in crypto culture, he became convinced that the father of Bitcoin was Canadian crypto developer Peter Todd.
Todd dismissed Hoback's claims. On October 9, the day after Money Electric premiered on HBO, Todd flatly told the BBC: “I'm not Satoshi Nakamoto” and called the claims “ridiculous”. .
Todd is a well-known figure in the cryptocurrency conference world. he told Hoback in front of the “Money Electric” cameras.
“We've filmed with him a lot. He likes to be on stage. He likes to talk about Bitcoin. If you look at the last 10 years, once you give him a microphone, , he kind of took advantage of that opportunity,” Hoback said. “Assuming he's Satoshi, you'd think that if he's been getting away with something for this long, and he's done this good at muddying the waters, he probably won't be able to catch anyone anymore.”
Karen Hoback, director and producer of the HBO documentary “Money Electric: The Bitcoin Mystery”
Hoback said he pursued the Bitcoin story not only because the push to end the Satoshi mystery made for a compelling story, but also because of its broader significance. Bitcoin's inventor famously held 1.1 million coins, which, according to the protocol described in the white paper, represents 5% of the 21 million Bitcoins that will be mined in the future. At the current price of Bitcoin ($68,140.74 against the dollar as of Friday's close), these holdings represent an enormous amount of wealth. There is speculation that the people behind Bitcoin destroyed or intentionally abandoned these 1.1 million coins. Hoback is skeptical.
Hoback financed the first year of “Money Electric” out of his own pocket until HBO came on board. The slow but steady infiltration of crypto products into the mainstream financial system (El Salvador adopted Bitcoin as legal tender in 2021) has sparked widespread interest in the issue. Film director Adam McKay is an executive producer with Hoback on “Money Electric,” as well as “Q: Into the Storm.”
“I really only wanted to tell this story if I felt I could at least develop a convincing theory about who is behind Bitcoin,” he said. “I picked up where the other researchers left off and put together a short list. And I said, 'Okay, if I can get access to some of the players in this network, one of them might be Satoshi. There's a good chance you know the creator of Bitcoin. But what really motivated me was the global adoption story. This story really took on new life for me when El Salvador announced that it would use Bitcoin as its legal tender. ”
The virtual currency market has been moving at a ferocious pace in recent years. Although trading prices for Bitcoin and other tokens fell significantly in spring 2022, the market has recovered significantly. Nevertheless, the world remains unstable, with thieves, hackers, and the loss of all-important electronic digital “keys” that crypto holders guard as carefully as physical safe deposit box keys. vulnerable to The collapse of prominent cryptocurrency exchange FTX and the conviction of its founder Sam Bankman Freed has also brought significant attention to the potential for wealth creation through sophisticated token trading and the potential for large-scale fraud. .
“What I find interesting about Bitcoin is that it's a crossroads of unlikely allies,” Hoback said. “There are libertarians, there are people in the financial sector, there are people in the stock market, there are engineers. There are nerds who sit on computers all day and think that's the way out of the rat race. There are people who are looking forward to it and looking for a place to put their money.”
(Top photo: Peter Todd from Money Electric: The Bitcoin Mystery)
