Real Bitcoin Inventor Revealed (details below) — or wait 18 hours for the HBO documentary.
By tomorrow, Satoshi Nakamoto's identity may be revealed. Fortunately, Bitcoin is fully decentralized and beyond sovereign control.
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Real Bitcoin Inventor Revealed (details below) — or wait 18 hours for the HBO documentary
👇1-14) In less than 18 hours, HBO is set to unveil who they believe might be Satoshi Nakamoto, the elusive creator of Bitcoin. The stakes are high, with speculation ranging from the possibility that the NSA (National Security Agency) is behind Bitcoin to theories that credit individuals like Nick Szabo, Hal Finney, Adam Back, or others as the mastermind.
👇2-14) Peter Thiel once suggested that the person behind Bitcoin could have been one of the 140 attendees at the 4th International Conference on Financial Cryptography in Anguilla in February 2000. At this event, the founders of E-Gold presented their vision for a digital currency, but the U.S. Justice Department later indicted them in April 2007. Satoshi Nakamoto may have learned from their mistakes, realizing that for a digital currency to succeed, it must remain anonymous, with no company or corporate identity attached.
👇3-14) Applying Occam’s Razor—the principle that the simplest explanation is usually correct—could point to a single individual unless HBO reveals compelling new evidence. In our book Crypto Titans, we’ve already presented who we believe to be the most likely inventor of Bitcoin, supported by what we consider to be convincing evidence.
👇4-14) HBO may echo similar conclusions. However, an actual black swan event would be if the NSA were behind Bitcoin. While there are traces of their intellectual contribution, no concrete evidence supports this theory. The most likely inventor of Bitcoin is ….(see below):
👇5-14) Bitcoin’s building blocks were known years in advance. The NSA released a comprehensive research essay on “How to make a mint: the cryptography of anonymous electronic cash” using public-key cryptography in 1996. On March 5, 2001, the NSA patented the widely used secure hashing algorithm (SHA-256), also used in the hash function and mining algorithm for the Bitcoin protocol, listing Glenn M. Lilly as the inventor.
👇6-14) But the most likely inventor of Bitcoin appears to be Nick Szabo, who developed the phrase and concept of smart contracts in the ’90s and designed a mechanism in 1998 for a decentralized currency called Bit Gold. The mechanism used dedicated computer power to solve cryptographic puzzles, which would be sent to a public registry and assigned a public key belonging to the solver.
👇7-14) Each solution would become part of the next challenge, creating a verifiable chain with time stamps. The majority of parties needed to agree on the solution before they could start the next puzzle. While it was never implemented, Szabo’s mechanism and Lilly’s hashing algorithms have been key building blocks of Bitcoin.
👇8-14) In 1995 Nick Szabo began consulting for Digicash, David Chaum's first digital cash initiative. Szabo's groundbreaking 2001 paper, "Trusted Third Parties are Security Holes," outlined the core principles for distributed networks functioning without reliance on trusted intermediaries. After Digicash went bankrupt, Szabo and Hal Finney were among the few cypherpunks still dedicated to developing serious digital cash solutions in the 2000s.
👇9-14) Szabo altered the dates of several of his blog posts to make them appear as if he had written them after the release of Nakamoto’s Bitcoin white paper. On December 29, 2005, three years before the white paper, he had explained in his blog post “Bit gold” how money depends on trust in a third party for its value and how “precious metals and collectibles” derive their value from “an unforgeable scarcity due to the costliness of their creation.”
👇10-14) He described his proposal for Bit Gold as “based on computing a string of bits from a string of challenge bits, using functions called variously ‘client puzzle function’ …” He explained, “The resulting string of bits is the proof of work. Where a one-way function is prohibitively difficult to compute backward…” Szabo called this the “challenge string.” He wrote that “all money mankind has ever used has been insecure in one way or another … the most pernicious of which has been inflation.” Szabo changed the date of this blog post to December 27, 2008, after Nakatomo had publicly distributed his white paper.
👇11-14) In 2007, cryptographer Daniel Nagy, a frequent commenter on Szabo's blog, proposed a digital cash design emphasizing security and usability over privacy. In an August 2007 blog post, Szabo acknowledged that Nagy’s privacy model was likely more successful than Bit Gold’s original concept, which placed greater emphasis on privacy. When a user asked Satoshi Nakamoto in 2010 about Bitcoin’s development timeline, Satoshi mentioned that work on the project had begun in 2007.
👇12-14) Since the main concepts had been publicly known years earlier— Bit Gold (2005), SHA-256 (2001), b-money (1998), Hashcash (1997), proof of work (1992), cryptographic time stamps (1991), public-key cryptography (1980), and hash tree (1979)—the pseudonymous gwern implied that the inventor of Bitcoin had been waiting for a social event.
👇13-14) In that sense, the Global Financial Crisis, with its government bailouts, qualified. According to gwern, Bitcoin optimized for social aspects appeared similar to Groupon’s group shopping platform, which turned people into marketers because “they feel they have something to gain.”
👇14-14) Gwern concluded, “It may be that Bitcoin’s greatest virtue is not its deflation, nor its microtransactions, but its viral distributed nature; it can wait for its opportunity.” Szabo was quick to criticize Gwern’s post. On June 4, 2017, on the Tim Ferris Show, he appeared to admit that “I designed Bitcoin ... Gold.” Fortunately, Bitcoin is fully decentralized and beyond sovereign control.
Page 36: Crypto Titans: How trillions were made and billions lost in the cryptocurrency markets (available on Amazon)
