Adam Back Stating Bitcoin Benefits from Lack of Eccentric Founder

Oct. 10, 2024. 2 mins. read.

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Blockstream founder Adam Back believes it’s beneficial that Bitcoin doesn’t have a central, eccentric figure like many tech companies do. Speaking in response to recent claims made in HBO’s Money Electric: The Bitcoin Mystery, Back dismissed speculation about developer Peter Todd being Bitcoin’s creator, Satoshi Nakamoto.

In an interview with Cointelegraph, Back expressed doubt about the identity of Satoshi, stating, “I’m fairly confident that it’s nobody that has been talked about because there are lots of clever people in the world who can program and understand cryptography.”

Back emphasized that Bitcoin’s decentralized structure is key to its success, contrasting it with companies that have bombastic leaders, which can create instability within the ecosystem. “Its mission is more about being adopted as a kind of global fabric and electronic money. And with no founder type of figure involved, it helps it feel more like a discovery than a startup or an invention,” Back noted. He believes this decentralized ethos strengthens Bitcoin’s image as a commodity, rather than a project tied to a single individual.

Despite his skepticism regarding Satoshi’s identity, Back pointed out the importance of early Bitcoin developers speaking to filmmakers about the protocol. He argued that their involvement would prevent misconceptions, adding, “It’s important to provide accurate information to avoid unreliable sources spreading misinformation or promoting personal agendas that could harm Bitcoin’s image.”

The HBO documentary has stirred controversy by naming Peter Todd as Nakamoto. Todd, who denied the claim before and after the film’s release, became involved in Bitcoin years after it was launched, which critics argue makes him an unlikely candidate for the pseudonymous creator. Todd was also pursuing an arts degree in 2008 when Bitcoin was first introduced, further casting doubt on HBO’s claims.

Source: It’s good that Bitcoin doesn’t have an eccentric founder — Adam Back

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