CAUTION: SPOILERS AHEAD.
Some say we live in the golden age of documentaries; Certainly, they are being created at a much higher volume than at any other time in history, but for every “My Octopus Teacher,” a genuinely inspiring and unusual human story, there is the opposite: cynical. rubbish like “bitcoin-mystery”>electric money.”
Let's start by recognizing that “Electric Money” bitcoin-identified-new-hbo-documentary-satoshi-nakamoto-crypto-currency/?utm_source=twitter&utm_medium=social”>raised his own bets
Perhaps we also leave aside the bitcoin-247957.html”>historical luggage there. Sure, plenty of journalists have died on this hill, but surely “Money Electric” could have something to add to the conversation. After all, according to the trailer, they apparently spent millions of dollars paying for Samson Mow's dinners while he evangelized bitcoin around the world. (It's always good to subsidize education!)
There were even hints that perhaps there would be something inspired here, a still shot showing a progression of cypherpunks, all of whom have interesting stories. Maybe the “big reveal” was just a ruse to keep our attention, and maybe there were a series of revelations (none taken too seriously) that added up to a compelling story about what bitcoin is and could be.
Unfortunately, no. For most of its duration, “Money Electric” hides its motives, following its star (director Cullen Hoback) as you dive into the world of bitcoin. But as the film progresses, it becomes clear that the creators had no other motive than to reveal someone like Satoshi.
How else does a big-budget movie end up descending into pure conspiracy theory, trotting out the alternate history of “block-sized wars” as a way to advance accusations that are almost completely uninteresting?
Hint: The impetus for the big reveal here is that Peter Todd may have worked with an undercover government agent to promote his ideas for the bitcoin roadmap.
This is where things go off the rails (or start going towards the master plan). After making us suffer through their own misdirection, Hoback and company finally play their cards, unearthing a series of supposed evidence showing that Adam Back and Peter Todd (as well as Greg Maxwell for some reason) were all secretly Satoshi.
Truly, the most banal and repeated theory.
From there, we see a series of “mistakes” that would have been easily refuted if the directors had conducted basic follow-up research.
Let's review:
- Peter Todd and Adam Back corresponded on the crypto mailing list when he was young. This is true and widely known. It's something that Peter and Adam discuss publicly and it doesn't really say much besides the fact that the crypto list was open to the public and included possibly hundreds of members.
- Peter Todd's first post on BitcoinTalk occurred around the time Satoshi left – Again, another acquaintance. In fact, the post is written in Todd's sarcastic style, but we're supposed to believe that he was the one who misremembered that it was actually Satoshi and responded to himself. (Or so the director believes). Never mind that his forum name at the time was “retep,” and since no one knew who he was, he could have easily deleted it.
- Peter Todd once made a joke about bitcoin being phased out. This is used to support the idea that he burned Satoshi's keys.
- Adam Back Talked About bitcoin on crypto Mailing List After bitcoin Launch – Give credit where credit is due, this is also something I didn't really know. But again, once we look at the file we can see that the material supports Back's claim that he was not yet interested in bitcoin. In the emails, Back passively reacts to the hype around bitcoin (which later surpasses $30), and there is even a response where he complains about why Satoshi (whose name you wrote wrong) didn't add any features that you thought would be beneficial. Again, 5 minutes of Googling.
- Todd and Back were in cahoots, involved in a cover-up to mask the fact that they created bitcoin.. Ta-da. That's why he never joined Blockstream! (Seriously, this is actually stated by the director of the film.)
Taking a step back, it's hard to know what to say about this sequence except that it's both a marvel of creativity and cynicism, and in saying that, know that it's in no way a compliment.
For starters, Hoback makes no legitimate attempt to involve Back or Todd in his discovery. He simply presents the material as he found it, films them reacting, and closes shop. It makes sense, even someone like me will admit that there is a non-zero chance that Back or Todd were Satoshi. There aren't many people you can't completely rule out, and they're among them.
Unfortunately, a non-zero probability is not a smoking gun. It's not a test.
Todd and Back's Internet presence, although removed from the web, is accessible. I have read it. No, they weren't the only ones involved in digital money deleting things.
Of course, with the magic of editing and by not exposing the “findings” to any criticism, I am sure that many viewers will walk away thinking that they have been shown an intelligent, well-researched theory.
All Hoback showed me is that he understands the shortcuts that can be taken when making a documentary. This is the only creative work that allows all errors to be hidden behind editing, while making unfounded and dangerous accusations seem plausible.
And to be clear, claiming someone is Satoshi without evidence is exactly that.
Let's hope no one gets hurt by his idiocy.
Note: I interviewed a producer of “Electric Money” at one point in 2021. It was not recorded. I had no further contact with the documentary team.
