THE MYSTERIOUS MR. NAKAMOTO

A shadowy genius, a global search, and a confusion of possibilities.

Everyone loves a mystery, and mysteries involving secret riches and tantalizing clues are even better. Wallace, author of The Billionaire’s Vinegar (2008), tries to unravel the strange case of Satoshi Nakamoto, the reclusive and pseudonymous inventor of Bitcoin and the holder of a huge amount of it. It started with a research paper published under that name in 2008, and many people in the technology community have become obsessed with the search for its author. There was a vague trail of notes and comments, and then, as Bitcoin was becoming viable as a new form of currency, only silence. The army of Nakamotologists—yes, that is what they are called—generated plenty of theories about Nakamoto’s identity, based on coding methods, writing style, and even initials. There was speculation that Elon Musk was Nakamoto (which Musk denies) and that the Bitcoin idea came from a government intelligence agency. Some Nakamotologists thought that the underlying code was brilliant; others saw it as old-fashioned and clumsy. Wallace carefully examines the popular candidates, but none of them completely matches the known information. Various people came forward saying that they were Nakamoto, but their claims were debunked. Wallace has a good time chasing all this around and meeting a host of eccentric characters, and along the way he explains how Bitcoin actually works. His own thesis is that Nakamoto was really a team of specialists, each making contributions. There is sense in the approach, yet all the people mentioned denied it. One way or another, Bitcoin is here to stay, and Nakamoto just might remain unknown.

An enjoyable romp through the tech sector in search of Bitcoin’s founder.