alt Hacker NewsWho is Satoshi Nakamoto? My quest to unmask Bitcoin's creator
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I found this amusing.
>P.G.P., a free encryption program used by antinuclear activists and human rights groups to shield their files and emails from government surveillance.
I find it fascinating to see how the users of a program change, based on how a reporter wants to build or diminish.
At least it's going in a positive direction today.
Pretty compelling story. Not necessarily for its revelations, but for the fact that John Carreyrou and the NYT decided to publish it at all. If it were by anyone else, I would have stopped reading after the first thousand words of meandering narrative, but Carreyrou is staking his massive and impeccable investigative journalistic reputation on this mountain of circumstantial evidence and statistical analysis. Him torching his reputation (especially with Elizabeth Holmes fighting hard for a pardon/clemency!) would be as interesting as a story as actually finding Satoshi's real identity.
The evidence is good. What was more interesting to me is the section where he explains how he eliminated all the other asserted and likely candidates. Since the story is already a very long read, I imagine much of this section got left out. So some of the reasons for eliminations are too brief to be convincing on their own. For example:
> What about other leading Satoshi suspects, I wondered? Were there any who fit the Satoshi profile better than Mr. Back? A 2015 article in this newspaper put forward the thesis that Satoshi was Nick Szabo, an American computer scientist of Hungarian descent who proposed a Bitcoin-like idea called “bit gold” in 1998. Mr. Szabo remained at the top of many people’s lists until recently, but a heated debate that played out on X about a proposed update to the Bitcoin Core software exposed his ignorance of basic technical aspects of Bitcoin.
A 2015 article in this newspaper — Decoding the Enigma of Satoshi Nakamoto and the Birth of Bitcoin, by Nathaniel Popper [0]
[Szabo] proposed a Bitcoin-like idea called “bit gold” in 1998 — Szabo's post on his Blogger site [1]
but a heated debate that played out on X about a proposed update to the Bitcoin Core software exposed his ignorance — links to a Sept 29, 2025 tweet by Adam Back replying to Szabo, who had tweeted:
> Good info thanks. Follow-up questions: (1) to what extent is such an OP_RETURN-delete-switch feasible in practice? (I know it is feasible in theory, but there are many details of core that I am not familiar with). (2) has such a thing been seriously proposed or pursued as part of Core's roadmap?
exposed [Szabo's] ignorance of basic technical aspects of Bitcoin — links to another reply tweet by Back in October 2025 [3]:
> Nick, you're actually wrong because there is a unified weight resource. eg byte undiscounted chain space reduces by 4 bytes segwit discounted weight. no need for insults - people who are rational here are just talking about technical and risk tradeoffs like rational humans.
Szabo's tweet was: "Another coretard who thinks their followers are mind-numbingly stupid."
----
Can someone explain why this relatively recent tweet fight is convincing evidence that Szabo is too ignorant to have been behind Bitcoin? I know he went silent for a bit when Bitcoin first got big, but he hadn't revealed his ostensibly overwhelming ignorance until a few months ago?
[0] https://www.nytimes.com/2015/05/17/business/decoding-the-eni...
[1] https://unenumerated.blogspot.com/2005/12/bit-gold.html
I found this article about as compelling as all the other attempts at identifying him. Half of the cypherpunks (I was pretty active) had the same set of interests in public key cryptography, libertarianism, anonymity, criticism of copyright, and predecessor systems like Chaum's ecash; we talked about those in virtually every meeting.
The most compelling evidence is Adam Back's body language, as subjectively observed by a reporter who is clearly in love with his own story. The stylometry also struck me as a form of p-hacking—keep re-rolling the methodology until you get the answer you want.
It's entirely possible Adam is Satoshi, but in my opinion this article moves us no closer to knowing whether that's true or not. He's been on everybody's top 5 list for years, and this article provides no actual evidence that hasn't been seen before.
I think there's a pretty good chance Adam Back is Satoshi, but I don't think this is a great article. Perhaps he's rendering a careful scientific process in a way that makes for a readable narrative, but as written, it sounds like a lot of gut feel and confirmation bias.
The biggest new contribution to the Satoshi question seems to be ad hoc stylometry. To have faith in his methodology, he should be testing it on identitying other people. If he were to show me that a repeatable methodology that doesn't require hand tuning can identify other people with low error rate, and it said Back=Satoshi, that would be much more convincing.
Like so much tech writing done by non engineers, there are many places where mundane things are made to sound remarkable (e.g. Black's thesis used C++, the "heated debate").
> And Mr. Back’s thesis project focused on C++ — the same programming language Satoshi used to code the first version of the Bitcoin software.
I know the author isn't claiming this is definitive evidence, but I think it's so comically weak it is probably not worth mentioning at all.
Assuming Satoshi was Adam Back, then why would he take 10+ years* to release the white paper, which borrows much of the work he had already done on the problem of digital currencies? Someone with the perfect background, who was so active in theorising ways to make it work, who was so well versed in the prevailing ideas and was clearly very actively working on the subject, wouldn't just drop it for 10 years, nor likely take that long to put it all into a workable system. That question is never posed in the article, and I think it's a very important one.
* I'm extrapolating this timeframe from the quotations compared in the article.
All you need to know about this "quest": https://xcancel.com/austinhill/status/2041986130871251141
Plus, the most obvious reason that Adam Back is not Satoshi is that he'd absolutely take credit for Bitcoin if he could. And he would have put an end to Craig Wright's legal circus. The most plausible explanation is that Satoshi is either dead or incapacitated.
Science is hard. This reporter is no scientist, and not very good with logic, or managing context. The article feels like an amateur in a fever dream, whose conclusion is ultimately wrong.
Two of the problems with this article, among others:
> we identified 325 distinct errors in Satoshi’s use of hyphens.
> Mr. Back was a clear outlier. He shared 67 of Satoshi’s exact hyphenation errors. The person with the second-most matches had 38.
The fact that there is such a huge gap between Satoshi and Back, substantially more than the gap between Back and the next person, is a really strong indicator that Back is not Satoshi, rather than being an indicator that he is.
> It was when I was walking him through the similarities between things he and Satoshi had written.
> Implicit in that was an acknowledgment that he had been the one who wrote the quote.
So this reporter Carreyrou is walking someone through similar quotes, and that person responds with why they may have made the statement, but Carreyrou's conclusion is that they were talking about the Satoshi quote and not their own? That seems a bit, silly.
If I'm in a conversation comparing my similar quotes, and 2 or 3 deep into the list, do I even need to know my specific quote before responding with why I might have said something similar?
The quotes in question:
> Satoshi: I'm better with code than with words though.
> Back: I'm better at coding, than constructing convincing arguments.
Pretty sure a lot of folks in the tech community have said something along these lines, and very nearly exactly the first part.
This article seems to conclude that a specialist in a domain sounds very much like another specialist in that domain, over the span of two decades, no less, cherry picking tiny bits of output over the two decades, so therefore they must be the same person. And on top of that, ignores evidence to the contrary, like the massive gap in hyphenation errors. LoL. Science & logic this article is not.
I wonder, based on the large number of distinct hyphenation errors, whether Satoshi is even from the UK or the US. Add in the use of a Japanese alias, and the Tokyo-based anonymizer, and the evidence starts to point towards a non-UK/US origin.
> I’d learned enough by then to know that P.G.P. relies on public-key cryptography.
> So does Bitcoin. A Bitcoin user has two keys: a public key, from which an address is derived that acts as a digital safe deposit box; and a private key, which is the secret combination used to unlock that box and spend the coins it contains.
> How interesting, I thought, that Mr. Back’s grad-school hobby involved the same cryptographic technique that Satoshi had repurposed.
I read up to here, but I wasn't convinced that this is the revelation that the author claims. To my knowledge, asymmetric cryptography is widely used. I have no opinions on the rest of the article, though.
This dude can seem to tell the difference between Newsgroups and Mailing Lists. Also described Newsgroups as being displayed in a particular font. What a weird mistake. It's almost like he doesn't care about the details.
The article claims Adam Back "disappeared" on the cryptography mailing lists exactly when Satoshi Nakamoto became active (late 2008) and only "reappeared" around the time Satoshi stopped posting in 2011.
Back's rebuttal: He was highly active, "a lot of yakking" on the relevant lists and forums during Bitcoin's early years. He points out that his high volume of posts on electronic cash and cryptography topics naturally makes him visible in searches, creating confirmation bias when filtering for "Satoshi-like" activity.
The NYT analysis apparently missed or underweighted his continued contributions in developer chats, Bitcoin-related discussions, and other lists/forums.
The stylistic argument is weak. In 1990s technical mailing lists and Usenet, Many cypherpunks showed similar inconsistencies. The article treats these as highly distinctive "fingerprints" rather than common artifacts of the era's informal technical writing.
A fun counter factual: try “proving” that famous scientists are their collaborators based on this methodology. Obviously Hardy and Littlewood are the same person. They’re both British mathematicians who use analysis and number theory and have similar sensibilities in politics and math.
Looking at some of the linked examples, I did not feel convinced at the style similarity. For example:
> In the spirit of building something in the public domain, Mr. Back and Satoshi also both created internet mailing lists dedicated to their creations — the Hashcash list and the Bitcoin-dev list — where they posted software updates listing new features and bug fixes in a format and style that looked strikingly similar.
That paragraph links two release notes: https://www.freelists.org/post/hashcash/hashcash113-released... https://web.archive.org/web/20130401141714/http://sourceforg...
They do have a similar "release notes rendered with Markdown" feel, but the actual text has some obvious capitalization and tone differences.
Like in most cases that involve finance, I appreciate Matt Levines summary and comments in his excellent and ads free Money Stuff newsletter. Highly recommended! I wish there were more newsletters like his. In fact, it’s one of the few news sources I consistently read, and the only one I conveniently receive in my mailbox. Most other newsletters are just glorified advertisement.
https://www.bloomberg.com/opinion/newsletters/2026-04-08/rob...
I can see how some people get more excited and want to follow stories more closely but as I get older I notice how most of the time I don’t value it as much, and like trustworthy sources that deal with the detail to provide useful summaries and highlights for me.
Adam fits better as someone Satoshi respected, not who Satoshi was... Bitcoin explicitly cites hashcash. If Adam was so careful, why would he name himself in the paper; tongue-in-cheek? hide in plain sight? I don't buy it...
Hal Finney is the strongest alternative, but even there, I’m not fully convinced. Hal had the technical profile, mined early, and received the first transaction. But he also feels almost too obvious. I believe, just as Adam Back's hashcash, Hal's RPOW was a precursor.
I lean toward Len Sassaman, who was deeply embedded in the exact world Satoshi seemed to come from: remailers, anonymity systems, OpenPGP, and privacy-first engineering. Same things that got his conversations with Adam and Hal going... Adam here is probably just protecting his friend's legacy
Can I just ask why people are so fixated on revealing Satoshi's identity? This article phrases it as some pure, innocent and almost academic pursuit, driven by curiosity and the mystique itself. But the amount of effort spent on trying to find Satoshi is immense. He must be the internet's most doxxed person by now. Is it just because of his wealth? Is someone trying to exact revenge on him? Or is he wanted by the authorities of some country? Why is finding him so important?
The common linguistic quirks are interesting and extremely convincing at first glance, but the article doesn't investigate C++ coding style, which as others have mentioned, seems quite different between Back and Satoshi. And Satoshi didn't believe the blocksize should be set in stone, the notion that he just casually changed his mind on that isn't impossible but deserves a closer look than the article gives it.
Satoshi supported big blocks in his writings and empowered the pro-big block Gavin when he disappeared. Adam is a well known supporter of small blocks, ultimately the "winning" side of the debate. They are not the same person.
satoshi: https://bitcointalk.org/index.php?action=profile;u=3;sa=show...
adam back: https://bitcointalk.org/index.php?action=profile;u=101601;sa...
page through each of those profiles and search for the following strings:
")." "(i" "(e" "nor"
you find:
1. adam back is constantly writing full sentences in parentheses with a period standing outside the end parenthesis. so, for example: "To review it will be clearer if you state your assumptions, and claimed benefits, and why you think those benefits hold. (Bear in mind if input assumptions are theoretical and known to not hold in practice, while that can be fine for theoretical results, it will be difficult to use the resulting conclusions in a real system)."
that is non-standard, and satoshi never does it. when he (very rarely) uses parentheses for full sentences he either (a) (in a few cases) does not use a period at all (which is also non-standard), or (b) (in a single case) he puts it on the inside of the parentheses. back can barely get through a single long post without a full-sentence parenthesis. satoshi very rarely uses a full-sentence parenthesis.
2. back uses "(ie" and "(eg" very often. satoshi never uses these.
3. satoshi never uses "nor." back uses it very often.
The refusal to provide email metadata is the most damning evidence. Adam Back clearly has the emails; he is the one who provided them in the first place during the previous court case. Everyone knows he has the emails. If Adam Back and Satoshi are two different people, the metadata should be exculpatory, and easy to share. There's literally no reason whatsoever to hide the metadata unless he is the one.
In a court of law, self-disclosure of inculpatory information cannot be compelled, so this analysis does not pass muster in a court of law. The court of public opinion, however, is quite different.
I just don’t find it plausible that there is a living human being who is capable of turning down a $70bn+ payday, hence Satoshi must be dead, hence it was probably Finney, and all the counter-evidence is easier to explain than a superhuman act of restraint.
If you've ever seen Back's twitter you would know he's not Satoshi. I'm still firmly in the Finney camp.
Every couple years one of these articles shows up focusing on one of the core Satoshi suspects, at least do a Wei Dai one next time.
The simplest filter to exclude potential Satoshi candidates is to read Satoshi's early posts discussing bitcoin which never seems to come up in these convos.
He had a calm, cool, consistent, professional demeanor. Always worlds different than the people people claim him to be.
You'd have to believe these public figures were playing 4D chess where they invented a persona and spent a couple years impeccably roleplaying it with no mistakes only to abandon it.
Aside from it being incredibly difficult, unlikely, and premeditated to do that, you can read the posts of Szabo et al and see they literally don't have it in them.
Meanwhile, I'm thinking of that Show HN 10 years ago that deanonymized all of our HN alt accounts with a basic trigram comparison or whatever it was, even alt accounts with three short posts.
Anyone tried to run some stylometry to identify if satoshi-like comments appeared in any of the early post on hacker news discussing BTC? I would say there is a very significant chance he might have added to the discussion in say the first couple of posts before BTC went mainstream (or even mainstream within hacker circles).
It's funny because the author notes a prior attempt to uncover Satoshi's identity and giving up because an implied lack of technical depth.
I guess this time they were undaunted. Perhaps they received an AI assist and felt validated by AI sycophancy.
Much of the technical evidence cited is weak (e.g. strong knowledge of public-key cryptography, both used C++, etc.). Still, the (somewhat lazy) forensic linguistics is interesting.
Wny does it even matter, there was no "Breakthrough" in the code, or in the whitepaper, it's a nice engineering combination of technologies, based on pre-existing attempts, nothing new - working software, admirable motivation - the fact that it became a creepy scamming industry is not his/her fault or achievment, I am not even sure why it matters these days. If he/she is still alive and not touching these wallets - I can only bow to the person.
Anyone familiar with the matter knows that Adam Back is not Satoshi.
It's interesting how those who are looking to expose Satoshi often ignore some pretty obvious clues and facts. Though given that I respect his/her anonymity, I'll leave it at that.
I can’t get past the fact that Hal Finney lived around the corner from someone called “ Dorian Satoshi Nakamoto”
I know coincidences happen but that’s one hell of a coincidence
My dorm room was next door to Hal Finney. He was a freakin genius at every intellectual endeavor he bothered to try. My fellow students and I were in awe of him.
But you had to get to know him to realize what he was. To most people, he was just a regular guy, easy going, friendly, always willing to help.
He was also a libertarian, and the concept of bitcoin must have been very appealing to him.
And inventing "Satoshi" as the front man is just the prankish thing he'd do, as he had quite a sense of humor.
I regret not getting to know him better, though I don't think he found me very interesting.
My money's on Hal.
Its a good story but it sorta seems like the author decided on Adam Back then was working backwards to prove it by the end
Steeped in confirmation bias.. the whole article - and apparently author's methods - are written from the point of view of trying to prove that Satoshi is Adam Back. This cannot be trusted, no matter how many times Back is mentioned in a single article
Has Back not produced any c++ code from his thesis or days in University? That would be more useful for satoshi-profiling than his written prose, I would think.
That's funny. My paper on digital timestamping is one of eight references in the original bitcoin paper. You'd think if anyone was serious about unmasking her they would have asked me.
Congrats to the author citing a troll on a Vistomail account anyone could re-register when AnonymousSpeech was around.
It is getting to the point where all the top (living) credibly accused Satoshis are incurring all the cost of being outed as Satoshi without getting any of the upside.
In other words it is almost irrational to deny it is you (if it is really you) if you are outted after a major investigation by the paper of record, so it is rational to take Back’s denial as honest.
His security is already screwed anyone who is incentivised to harm him for billions will already do it for tens of millions (or if they think there is more than 50% chance Back is a multi billionaire), so he might as well take the credit for it and live with the consequenes if it is really him.
Here's my armchair two cents: Whoever it is, has to be British. The language is unmistakeably British or Commonwealth. It's likely him. I'd wager if there was a polymarket bet. But I also feel for him. Does this make him a target for both half-wit criminials and rogue nation states?
After reading the article, my first thought was it is both Finney and Back posting under Satoshi. Others may have been involved too but not necessarily posting.
This article is convincing, but ultimately still no true evidence, it's all circumstantial.
After reading this, Back does seem like a pretty likely candidate, but maybe you could run the same kind of investigation on every other candidate and find similar matches. The filters they used for the text analysis did seem pretty arbitrary to match up with Back's language
Regardless of whether Carreyrou is right, Mr. Back's life has now changed massively. The article points out that the market value of Satoshi's wallet is north of $100bn. Time to invest in some personal security.
It is pretty obvious who wrote the white paper.
> "If its creator’s identity became known, government lawyers would know whom to go after. If it stayed concealed, there would be no one to sue"
"Anyway, here's my article where I try to make the creator's identity known"
This article is kinda bogwater. Repeating the same points, writing as if it were LinkedIn, pretending to be technically competent while obviously not. Over and over and over, reiterating the same points but ultimately getting nowhere.
Changing requirements ad-hoc throughout the article, picking and choosing ideal matches rather than objective ones, etc. basically trying to make the data fit the problem by force.
Author, over time, gets more desperate to be "the one that found Satoshi" and loses the plot entirely.
I mean, what the hell is this bullshit?
""" Adam Back: I did a lot of talking though for somebody, I mean … I mean, I’m not saying I’m good with words but I sure did a lot of yakking on these lists actually.
To my ears, it sounded like he was saying that for someone who preferred code over words, he sure had written a lot of words. Implicit in that was an acknowledgment that he had been the one who wrote the quote. In other words, for a few seconds, Mr. Back had let the mask fall and turned into Satoshi. """
Particularly I believe that Satoshi Nakamoto is a nation-state who created Bitcoin to bypass sanctions. Simple as that.
Not directly related but still interesting. The fellow who came up with the ide for the Architectural Uprisings we have seen around the world, is still anonymous.
Aba wouldn't have said: "Send X bitcoins to my priority hotline at this IP and I’ll read the message personally."
Because aba knew about how email worked, unlike Satoshi. A hotline is not at in IP, it is at a domain with an MX record. Satoshi was a Windows guy.
this and the recent banksy 'umasking' by major news outlets is sad in our era of huge US governmental crimes and coverups.
Would be darkly hilarious if Santoshi lost his wallet long ago…
I’ve certainly lost a lot of the small scripts and utilities I wrote long ago. Can’t remember any usernames, much less passwords, from 20 years ago…
Do we think CIA/NSA/FBI know who is Satoshi? Maybe not all of them, but someone in the government has to know, no?
Simple question for anyone who’s familiar with this world of journalism: how does the author and the NYTimes cope with the fact that making such claims paint a huge target on the person they claim to have “unmasked”?
Satoshi’s wallets are worth hundreds of millions of dollars, and there have been kidnappings/torture/murders for much less than that.
Do they just not care about the ethical implications?
And really, for what? What is gained by “unmasking” Satoshi other than satisfying one’s curiosity? There is no argument to be made there for the greater public good or anything like that.