Market

Is Peter Todd Satoshi Nakamoto?

Published

4 hours ago

October 9, 2024

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HBO’s latest documentary, “Money Electric: The Bitcoin Mystery,” suggests that Peter Todd, a core Bitcoin developer, might be the enigmatic Satoshi Nakamoto. Consequently, filmmaker Cullen Hoback’s assertion has stirred controversy and skepticism within the crypto community.

Satoshi Nakamoto, the pseudonymous figure behind Bitcoin, launched the cryptocurrency with a white paper in 2008, sparking a financial revolution.

Peter Todd Says He Is Not Satoshi Nakamoto

In 2024, Bitcoin has escalated into a $1.23 trillion asset, with Nakamoto’s personal stash estimated at nearly $70 billion. Despite intense scrutiny, Nakamoto’s true identity has remained a well-guarded secret.

Bitcoin Price Performance. Source: BeInCrypto

In the film, Hoback explores this mystery with a new theory—proposing that Todd, who joined the Bitcoin scene in 2010, is actually Nakamoto. This hypothesis is supported by a series of circumstantial evidence and coincidences.

For instance, Todd’s academic schedule aligns with Nakamoto’s posting patterns. Additionally, a specific forum interaction could suggest Todd was continuing a conversation as Nakamoto.

During the film, Hoback highlights a chat log in which Todd refers to himself as the “world’s leading expert on how to sacrifice your Bitcoins.” Hoback interprets this as an admission of Todd being unable to access Nakamoto’s Bitcoin hoard. However, Todd firmly denies these claims, labeling them as “ludicrous.”

“This is going to be very funny when you put this into the documentary and a bunch of Bitcoiners watch it,” Todd said in the documentary.

Furthermore, the documentary delves into Todd’s background, noting his early involvement with Bitcoin-related projects like OpenTimestamps and his work on privacy-focused cryptocurrencies, including Zcash (ZEC). Nonetheless, Todd has consistently rejected the notion that he is Nakamoto, a sentiment he reiterated on social media platforms.

“I’m not Satoshi,” Todd said on X (Twitter).

Critics of the documentary argue that Hoback’s evidence is speculative at best. Moreover, Todd was relatively unknown in the early days of Bitcoin, so he might not have had the necessary experience to have authored the Bitcoin white paper.

The timing of Nakamoto’s disappearance from online forums also coincides curiously with Todd’s rise within the Bitcoin community, adding another layer of intrigue to Hoback’s narrative. Despite these hints, the film fails to deliver definitive proof, leaving viewers with a lack of clarity.

As it stands, the documentary has not changed the widespread belief that Nakamoto’s identity should remain undisclosed, aligning with the mysterious creator’s original desire for privacy.

“It doesn’t matter who Satoshi is, that’s the point. Satoshi was wise to stay anonymous, not just to avoid being a target, but also because the press would have made the entirety of Bitcoin about them and their persona, thereby devastatingly lowering the quality of the discourse,” Arthur Breitman, co-founder of Tezos told BeInCrypto.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Nakamoto Peter Satoshi Todd

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Market

Cardano (ADA) Could Recover Strongly If It Smashes This Barrier

Published

46 mins ago

October 9, 2024

admin

Cardano price started a fresh decline below the $0.3550 zone. ADA is consolidating above $0.3400 and might attempt a recovery wave.

ADA price started a downward move below the $0.3500 support level.
The price is trading below $0.3520 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could continue to move down if it stays below the $0.3520 resistance zone.

Cardano Price Consolidates Losses

After testing the $0.3680 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3550 and $0.3500 support levels.

The price even declined below $0.3450 before the bulls appeared. A low was formed at $0.3409 and the price is now consolidating losses. There was a minor move above the $0.3450 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low.

Cardano price is now trading below $0.3520 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3460 zone. There is also a key bearish trend line forming with resistance at $0.3460 on the hourly chart of the ADA/USD pair.

The first resistance is near $0.3520 or the 50% Fib retracement level of the downward move from the $0.3681 swing high to the $0.3409 low. The next key resistance might be $0.3550. If there is a close above the $0.3550 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.3680 region. Any more gains might call for a move toward $0.400.

More Downsides in ADA?

If Cardano’s price fails to climb above the $0.3550 resistance level, it could start another decline. Immediate support on the downside is near the $0.3420 level.

The next major support is near the $0.3400 level. A downside break below the $0.3400 level could open the doors for a test of $0.3250. The next major support is near the $0.3120 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.3400 and $0.3350.

Major Resistance Levels – $0.3460 and $0.3550.

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Market

US Institutional Investors Are Selling Bitcoin: Price Impact

Published

2 hours ago

October 9, 2024

admin

Bitcoin (BTC) is hovering around $62,000, caught in a temporary balance between bullish and bearish forces. Data indicates that Bitcoin is still under selling pressure from US institutional investors.

This pressure has been holding back Bitcoin’s momentum in October.

Coinbase Premium Index Remains Negative

The Coinbase Premium Index, a metric that tracks the price difference of Bitcoin between Coinbase and Binance, has stayed in negative territory so far in October. Coinbase, one of the leading crypto exchanges in the US, is a major platform for institutional investors to trade cryptocurrencies.

Bitcoin Coinbase Premium Gap. Source: CryptoQuant.

A negative index suggests that Bitcoin prices on Coinbase are trending lower than on Binance, indicating stronger selling pressure from US investors, especially institutional investors.

“The Coinbase Premium has fallen to -$41, signaling strong selling pressure from US institutions.” On-chain analyst Maartunn said

Historically, periods of positive Coinbase Premium Index readings have been followed by Bitcoin price gains, while negative readings have coincided with price declines. The continuous negative trend in early October has raised concerns of an impending Bitcoin correction.

Bitcoin ETFs Experience Outflows in October

Another data point supporting the argument that US investors are selling is the net outflow from US-based spot Bitcoin ETFs. The chart below shows that inflows into Bitcoin ETFs have been declining lately, and their assets under management (AUM) are slowing in growth.

Total Bitcoin Spot ETF Net Inflow. Source: Coinglass

In October alone, four out of the first six days recorded net outflows, with over $408 million being withdrawn. In contrast, only around $260 million flowed into ETFs since the start of the month. Recently, a wallet linked to BlackRock also recorded significant withdrawals.

URPD Data Reveals Bitcoin in a Sensitive Price Zone

The UTXO Realized Price Distribution (URPD) tool, which measures the amount of Bitcoin traded on-chain at different price levels, highlights a sensitive price zone for Bitcoin.

Bitcoin URPD (UTXO Realized Price Distribution). Source: Glassnode

According to data from Glassnode, $62,600 is a key level where a large volume of BTC has been traded. Below this price, support weakens.

If Bitcoin fails to hold around $62,600 and drops below $60,000, it could decline toward $52,000. However, Bitcoin could also quickly surge past $72,000 if it breaks through the resistance level at $64,000.

“This paints a picture of a market which rests on delicate ground, with a large volume of supply likely to be sensitive to the next major market move.” Glassnode reported

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

XRP Price Coiling for a Leap: Can It Finally Break Through?

Published

3 hours ago

October 9, 2024

admin

XRP price is stuck in a tiny range below the $0.550 level. The price must clear the $0.5450 and $0.5500 resistance levels to start a fresh increase.

XRP price is still stuck in a range above the $0.5080 support.
The price is now trading near $0.5320 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.

XRP Price Eyes Fresh Surge

XRP price remained supported above the $0.5080 support level. The price started a consolidation phase above the $0.5120 level, unlike Bitcoin and Ethereum.

There was a minor increase within a range and the price climbed above the $0.5250 resistance. There was a move above the $0.5320 level. However, the bears are active near the 50% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low.

The price is now trading near $0.5320 and the 100-hourly Simple Moving Average. If there is another increase, the price might face resistance near the $0.5340 level. There is also a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.

Another Decline?

If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5165 level.

If there is a downside break and a close below the $0.5165 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5200 and $0.5165.

Major Resistance Levels – $0.5360 and $0.5450.

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