Hoback charts Bitcoin’s battle with the US government as its adoption spreads world-wide, as well as how Bitcoin currently matches to its original principals, charting the currency’s evolution from its anachronistic roots to incorporation into 401(k)s, becoming an integral part the global financial system.[4]
The documentary proposes a theory that Bitcoin developer Peter Todd may be Satoshi Nakamoto.[6][7] Todd denied that he was Nakamoto, stating in the film that it was "ludicrous".[4]
At a central point in the film Hoback notes that days after initially joining the Bitcoin forum in 2010 Todd corrects Nakamoto on a technical post then disappears alongside Satoshi.[8] Todd would claim a lack of involvement in Bitcoin development until two years later. [2] Hoback raises questions about whether this interaction suggests a deeper involvement much earlier, and whether Todd’s alleged history of using an alternate persona to create a “Replace by Fee” patch, indicates an MO to do the same when creating Bitcoin.[9][4]
Hoback’s theory includes range of circumstantial evidence including Todd’s alignment with Adam Back and Gregory Maxwell of Blockstream and their alignment with an alleged 2014 email from Satoshi’s address during the so-called Block-size Wars.[10][4]
Hoback acknowledges that the evidence is speculative.[9][4]
Production
Following the completion of Q Into the Storm, Adam McKay asked Cullen Hoback to make a documentary film revolving around Satoshi Nakamoto. Hoback agreed only if they could gain access to suspects, eventually gaining access to Adam Back.[3] Hoback didn't want to bring the project to HBO until he had a working theory.[5]
Hoback traveled extensively to film the documentary.[3][5]
Much of the coverage emphasized the credible public interest of Hoback’s journalistic investigation including Satoshi’s identity: noting wallets associated with Satoshi total around 1 million BTC or roughly six percent of total circulation, and presumed to be in his or her control, posing a risk to Bitcoin’s value.[6][14]
Coverage also cited crypto's powerful DC lobby, its impact on global economic policy, and the potential role of its investors could play the 2024 US Presidential election.[15][16]
Coverage states that if Satoshi offloaded their stash, it could be “disastrous” for Bitcoin’s price and that Bitcoin’s stability relies on the “assumption that Satoshi and his coins are gone forever,” citing Coinbase SEC filings which state that “public identification of Satoshi was an outstanding risk.”[5]
When the trailer for the film was released, speculation surrounded the first movement in a decade of Bitcoin created within the first month of the currency’s existence in 2009 from an “’ancient’ Bitcoin whale.”[5][17] After release, 2 similar movements occurred. [17]
It was said that the Bitcoin community is incentivized to keep Satoshi anonymous,[8][14] but commentators emphasized there could be concern for any public figures who became suspects including from the unwanted invasion of their privacy.[10][5]
Hoback’s investigation and others were also likened to Gen Z’s version of “Who killed Jimmy Hoffa” and “What Happened to D.B. Cooper?”[5]
