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Hacker News Hacker NewsSatoshi’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.
>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.
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
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.
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").
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 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.
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.
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.
> 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.
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
> 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.
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.
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.
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.
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.
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.
I know coincidences happen but that’s one hell of a coincidence
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.
"Anyway, here's my article where I try to make the creator's identity known"
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. """
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
lol
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.
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…
Spoiler: it's not Adam Back!
There was no HTML email in the early 90s. The font was the display font of whatever you read it on. Sheesh NYT.
He had developed the system closest to Bitcoin, he was actively seeking collaborators to turn his system into a practical offering briefly before Bitcoin was released, and he was the only cipherpunk who conspicuously said very little when the system he'd been trying to realize for a decade suddenly appeared. Satoshi credited all his inspirations except for the most obvious one, Szabo's. No one in the cipherpunks mailing list thought any of this was odd, probably because it was obvious to them who Satoshi was.
In contrast to a certain convicted Australian fraudster who got caught trying to backdate his statements, Szabo got caught trying to front-date them. His politics are a match to Satoshi (tbf. true of all the cipherpunks), his coding style matches Satoshi, his writing style matches Satoshi if you disable the British English spellchecker. For good measure his initials match Satoshi.
I view articles like these as a good test of which investigative journalists are hacks indifferent to the truth - except for that Wired guy, who I think knows better but thinks it's righteous to lie a little to protect Satoshi's anonymity.
https://bitcointalk.org/index.php?topic=628344.msg48198887#m...
"I contend that James Simons put the team together that made up Satoshi Nakamoto and that Nick Szabo was the main public-facing voice behind the nym."
Some of the "isn't it interesting ..." type coincidences would, as people on this forum would know, be commonplace among the subculture or even just technologists, and often lack the comparison to the overall Cypherpunk corpus - for example: no, studying public-key cryptography in grad school certainly isn't a high-signal differentiating tell for Satoshi-ness.
For some he does provide that though, and they're certainly compelling.
What I like best about the Back attribution is that it totally makes sense in context of my operating model of humans and passes the Occam's Razor test: Still actively involved, interested in the governance, interested in acclaim/prestige, built up wealth masking his other wealth, etc. Ego and "Tell me you're Satoshi without telling me you're Satoshi" written all over it.
Based on everything I've read, I think Satoshi is Len Sassaman
That said-- I guess credit goes for naming someone who is essentially credible in the sense that they had the relevant interests and aptitudes, a lot of the journalists writing on this stuff have picked ludicrous names out of a hat. But so did a lot of other people. And unfortunately, the real person was clearly trying to obscure their identity and so they easily could have been adding chaff similarity to other people. (which may explain why there are good matches with multiple of the highest visibility ecash authors). For the few journalists that don't finger absolutely absurd people they keep going over and over again to some of the most visible people from the cypherpunks community, but in reality it may well have been a lurker that never posted or only posted pseudonymously.
Probably the research on this stuff tends to not be very good because people who would do good work realize that it's a pointless effort and care that incorrectly implicating them causes harm by putting their safety at risk... and so they don't publish.
In any case I would be extremely surprised if it were so-- I've known Adam for a long time, and he's been consistently straightforward and guileless. When he came into Bitcoin he had a number of significant misunderstandings that Satoshi couldn't have had, (unless Bitcoin was developed multiple people, of course). To have consistently played dumb like that would be entirely inconsistent with the person I know, and perhaps outside of his capability.
Fundamentally the article ignores the base rate and the correlations... as in yes this or that thing is true about adam and satoshi, but it's also true of a large number of odd people who have the other prerequisites. Normal people don't talk about pre-images but cryptographers do. When you use correlated characteristics you overweight the underlying common factor. You also basically hand Satoshi a win on hiding if he was in fact copying visible characteristics from other people.
In any case, at least I haven't yet heard rumors that this was a paid piece by someone with an agenda ... sad that I can't say that about all NYT writing.
Aside, the comments about Adam's body language and emphatic denial: I can tell you what that is straight up: He's afraid of being harmed because of these accusations and he's afraid of being criticized for not denying it if he doesn't do so directly and clearly enough doubly so because some actual Satoshi fakers have accused him of being one himself, and tried to dismiss the respect Adam has earned as an unearned product of being suspected of being Satoshi. This is absolutely a witch-test where you're dammed one way or the other: In the HBO documentary, Peter Todd gave a cutesy demurring response which was the polar opposite of Adam's and in that case the program used that as evidence of the same. That kind of subjective judgement is just a coat-rack to hang your preconceived notions on.
Dr Watson at work. Facepalm
But https://en.wikipedia.org/wiki/Money_Electric%3A_The_Bitcoin_... is a bit more compelling. Satoshi is Adam Back and Peter Todd.
Not many people are like that.
If he is still alive and just moved on to other things as he said, I can't applaud that kind of personality enough.
And I truly mean it, all the proofs listed here are so well known that you're likely to learn just as much by watching one of the hundreds of "Adam is Satoshi!!1" YouTube videos.
Given the title (a quest!) I would have expected some personal findings to be added to the shared narrative, not just rehash of the first 2 pages of a Google search.
On the other hand, who cares.
He doesn’t write anything like Satoshi.
How could someone not want one hundred BILLION dollars? There is no person alive who could resist that. I'm sorry, there's just not.
To be fair, if Back was Satoshi, he would need to hide it so his company can go public, or whatever. Because that way he might make -- who knows! -- hundreds of millions of dollars?
Even if moving the coins crashed the Bitcoin price by 90%, Satoshi would still be a billionaire. Generational wealth.
"Now, there are only two of the accused who were British and only one of those has two spaces in every one of his papers. Figure it out people. It'll take you 15 minutes."
british guy.
the paper has two spaces after periods, and only one of these two british guys has two spaces after each period.
seems pretty conclusive.
it's Adam Back
I've read somewhere that there are some very big bitcoin wallets nobody has touched since long ago. So it's safe to assume the keys are gone.
Does it matter if a large proportion of bitcoins are gone from the network?
This is such poor quality writing, I'm kind of shocked to see it in nyt. It reads like a family guy cutaway lampooning a whodunnit.
I honestly can't believe this warranted a full piece. I was wondering if this a symptom of the author going down some llm psychosis rabbit hole?
_youre absolutely right, you've repeatedly shown signs that back is satoshi. The pattern is clear: back isn't just some cypherpunk, he's Satoshi._
Cantor Fitzgerald also handles the collateral for Tether, which relocated from the Caribbean (where it was associated with a CIA bank) to El Salvador.
Bitcoin is very handy for avoiding awkward Iran Contra schemes for covert ops. You no longer need Lutnick's friend Epstein to handle the laundering.
Clearly the guy doesn't want to be public and there is no public interest in figuring him out either.
Whoever Satoshi was is now dead.
If "Satoshi" were to ever try cashing out some of "his" BitCoin, I suspect that things could get interesting.
Which I find highly suggestive about the true nature of the creator(s) of bitcoin.
It is more plausible that Satoshi was a rogue AI, ET, the Illuminati or future time traveler instead of one single person :)
... why is it important?
I mean, let's say it was not a state guy but some agency, like with the xz utils backdoor (that was most likely not a solo dev, the coordination, time and planning seemed to indicate a state actor; also peculiar to see western-style folks use asian names here). Would that change the situation with regards to bitcoins?
Ultimately what should matter is whether xyz is secure or not. I just don't get the epic fascination with "who is mystery man 101".
Spend this effort investigating corruption.
Obviously Satoshi and Banksy are the same person. They are both from the same era and British.
There are so many people I know from that Era who believed the same things that Mr. Back believed in. Half my work colleagues at the time where interested in distributed computers, Postage pay, and algorithmic payments.
I am not convinced
It's either Back or someone who tried to frame him, long before Bitcoin was even remotely successful. Generally, framing someone like this is a poor strategy because it places you in the person's radius as opposed to being absolutely anyone.
https://www.youtube.com/watch?v=XfcvX0P1b5g
I haven't read the full article yet but I'm guessing they didn't give credit, as the New York Times tends to do. Not definitive but it's a very convincing case.
What I’m interested in is the pivot when crypto tried to go legit. Some spook or suit decided that it would be used for other reasons also. Now it has some semblance of legitimacy.
Before anyone asks: social media is another part of the same ecosystem. Nurtured and protected by the government and law enforcement, despite any number of practices that would bankrupt most companies and sent people to jail.