HBO’s got a new documentary dropped on Oct. 8, where they teased the mystery of who the real Satoshi Nakamoto is—the elusive creator of Bitcoin.
Whether it's a clever marketing move or not, it’s definitely got people buzzing again about who could be behind the pseudonym.
One name that’s come up (again) is Nick Szabo.
Who is Nick Szabo?
He’s an American cryptographer, legal scholar, and computer scientist who’s been deep in the blockchain game since the early ‘90s—way before Bitcoin was even a thing.
Szabo earned his computer science degree from the University of Washington back in 1989 and later snagged a law degree from George Washington University.
In 1994, he coined the term “smart contracts,” which basically brought legal agreements into the digital age using code. Those smart contracts ended up becoming the backbone of today’s blockchain industry.
Back in 1998, Nick Szabo came up with the idea for a new kind of currency called “Bit Gold.” What made Bit Gold stand out was that it was fully digital, didn’t need any middlemen, and tackled the double-spending problem using proof-of-work.
Instead of relying on computing power like Bitcoin does, Bit Gold used a quorum of addresses to reach consensus. But that made it vulnerable to something called Sybil attacks, where fake identities could mess with the network.
Szabo explained his thinking behind Bit Gold, saying,
“A long time ago, I had this idea. The issue is that our money depends on trust in a third party to hold its value. History, especially in the 20th century, showed us that with all the inflation and hyperinflation, this isn’t exactly a great situation."
If you know a thing or two about Bitcoin and this all sounds a bit familiar, you’re definitely not alone. Bit Gold is often seen as one of the big stepping stones that led to Bitcoin.
Fast forward to October 2008, a full decade after Szabo first pitched the idea of Bit Gold, and Satoshi Nakamoto dropped the Bitcoin white paper.
Ever since Bitcoin’s birth, people have been guessing who Satoshi really is. And over the years, quite a few names have popped up, with Szabo being one of the top contenders.
HBO Documentary
The real identity of Bitcoin’s inventor is still up in the air, but a new HBO documentary claims it’s about to reveal the truth about Nakamoto. This has sparked a wave of speculation on the prediction market Polymarket.
Len Sassaman was initially a strong contender, but Nick Szabo has now taken a clear lead, with his odds sitting comfortably in the double digits while other names are trailing behind.
Why Szabo? Well, the case for him being Satoshi stands on a few key points, one of which is his creation of Bit Gold. Although Bit Gold was never fully realized, it shares a lot of core ideas with Bitcoin.
Sure, Bit Gold had some rough edges, but with a decade between Szabo’s proposal and Bitcoin’s launch, maybe he had time to refine the concept and turn it into what we now know as Bitcoin.
The second point in Szabo’s favor is his broader impact on blockchain and cryptocurrency, which proves he’s got the skills to be a serious Satoshi candidate.
In his book ‘Bitcoin: The Future of Money?’ Dominic Frisby points out that Szabo and Satoshi Nakamoto share strikingly similar writing styles. And as a fun coincidence, both of them have referenced economist Carl Menger.
Szabo’s also known for being extremely private, much like the mysterious Nakamoto.
And, interestingly, Szabo has consistently denied being Satoshi, which actually works in his favor. If history has taught us anything, it’s that the people who claim to be Satoshi almost never are.
Abimbola Adu
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
