b-money

On August 20, 2008 Satoshi emailed Adam Back a link to a draft titled "Electronic Cash Without a Trusted Third Party." Its title and abstract survive in two emails. The PDF does not.

On August 20, 2008 Satoshi called his C++ code nearly finished. Which precursors were in front of him by then? The earliest record for Hashcash, b-money, MicroMint, Bit Gold, DigiCash and RPOW.

How a 1992 Oakland meeting became the Cypherpunks mailing list: the name, the remailers, the Clipper fight, the 1997 split, and the Hashcash and b-money posts the Bitcoin whitepaper later cited.

Eric Hughes, a mathematician, co-founded the Cypherpunks in 1992, ran their mailing list, built early anonymous remailers, and wrote A Cypherpunk's Manifesto on March 9, 1993.

Timothy May, an Intel physicist who retired at 35, wrote The Crypto Anarchist Manifesto in 1988, co-founded the Cypherpunks in 1992, and stayed a skeptic of crypto hype until his death in 2018.

Wei Dai called Bitcoin's fixed supply a failure in 2013. His own 1998 b-money design needed the same real-world value figure Satoshi said software has no way to know.

Donald gave the difficulty its 1982 name; Satoshi claimed a solution outright, swapping the fixed world of known generals for an open one. The King's wi-fi answer became a page on bitcoin.org.

Doubters called it unscalable in 2008. A famed hacker failed to break the code. A judge, a dictionary, and a Nobel nominator weighed in. What others said about Satoshi, read as one record.

Twelve chains, sorted by what each one's issuance rule settles about the price of a single unit — and by how much of that price the rule never touches.

The first person to answer the Bitcoin whitepaper, and the one man found using a rare word of Satoshi's, which made him the strongest lead of Wallace's fifteen-year search. The evidence, weighed.

A former SpaceX intern named him in a viral 2017 blog post — the C++-and-economics range, the shared idiom. The evidence for Elon Musk as Satoshi, weighed.

His legal name was, literally, Satoshi Nakamoto — and a 2014 Newsweek cover story named him. The evidence, weighed.

He wrote E4M, then built a criminal empire. The case Evan Ratliff, author of The Mastermind, set out in 2019 for Paul Le Roux as Satoshi, weighed.

The whitepaper's title names a payment system; section 6's gold is an issuance analogy. Satoshi designed one thing — hard issuance, cash use — whose scarcity later tilted it toward digital gold.

Hayek's 1976 competing-currencies case, the 1995 Extropian 'Hayeks' thought-experiment, and Bitcoin's 2009 non-state issuance — one ideological lineage with bounded direct-influence claims.

How Bitcoin's 21 million cap emerges from a geometric halving series, how block rewards transition from subsidy to fees, and how the incentive model sustains honest mining.

Bitcoin chose a hard 21M cap; b-money (1998) proposed elastic supply; fiat runs central-bank discretion. The cypherpunk debate, Wei Dai's 2013 regret, and 15 years of cryptocurrency variants.

Where Bitcoin's current reality has drifted from Satoshi's design intent: four axes — mining (one-CPU-one-vote to ASIC oligopoly), custody (own keys to exchange IOUs), governance, and scaling.

Satoshi coded Bitcoin on Windows for 27 months, mainly with MinGW. In November 2009 he finished the Linux build Martti Malmi had started; by mid-2010 there were Windows, Linux and Mac releases.

What Satoshi's design assumed about a fee-only future, and the documented debate over whether transaction fees alone can sustain proof-of-work security after the block subsidy ends around 2140.

Russian-Canadian programmer (1994–). Bitcoin community member from 2011, Bitcoin Magazine co-founder, pybitcointools author, Ethereum whitepaper author (late 2013).

Japanese researcher and software developer (1970-2013). Released Winny in 2002, defendant in 2004-2011 contributory copyright-infringement case. Japan-domestic Satoshi-identity candidate.

b-money is whitepaper reference [1], his Crypto++ shipped inside Bitcoin v0.1, and he was the second person Satoshi contacted. The evidence for Wei Dai as Satoshi, weighed.

He built RPOW, received the first Bitcoin transaction, and lived blocks from Dorian Satoshi Nakamoto. The evidence for Hal Finney as Satoshi, weighed.

He conceived Bit Gold, and three of the four most-cited stylometric studies place him first. The evidence for Nick Szabo as Satoshi, weighed.

Adam Back announces Hashcash to the Cypherpunks list — a proof-of-work postage scheme against spam, framed within the digital-cash discourse as a stop-gap or fallback for digicash.

Adam Back replies to Wei Dai on Cypherpunks, identifying seven monetary-design issues in b-money and proposing Hashcash as the minting mechanism — a substantive analysis ten years before Bitcoin.

Bitcoin v0.1 reuses one cypherpunk primitive (PoW from Hashcash), borrows general CS components (Merkle trees, linked timestamping, ECDSA), and synthesizes the rest (UTXO, mining, 21M cap, P2P).

Hashcash's inventor and the first person Satoshi contacted. In April 2026 the NYT named him the closest stylometric match among 620 cryptography-mailing-list writers. The evidence, weighed.

On April 8, 2026, the New York Times published John Carreyrou's investigation naming Adam Back as the most likely Satoshi based on stylometric analysis. Back denied the identification.

A reply that read like the continuation of Satoshi's thought — and two days later, Satoshi went silent. The evidence for HBO's Peter Todd identification, weighed.

Recurring Satoshi candidates aligned across four independent layers — profile match, stylometric attribution, direct correspondence, and development environment.

The only Japanese-named candidate, creator of the anonymous P2P system Winny. The evidence for Isamu Kaneko as Satoshi, weighed.

The Mixmaster developer who died 68 days after Satoshi's last known email. The evidence for Len Sassaman as Satoshi, weighed.

Inventory of every Satoshi self-reference in the public record (Aug 2008 – Apr 2011): identity claims, dev disclosures, operational state, farewells, authenticity-disputed. Each row anchored.

Editorial reading of Satoshi's relationship to cypherpunk, from three primary observations: he didn't know b-money, Wei Dai testified Satoshi was "not previously active," alignment with Hughes 1993.

Benjamin Wallace's Wired feature — an early major mainstream article on Bitcoin. Traces the whitepaper, mining boom, Mt. Gox hack, and growing pains, ending with Garzik's "We really don't care."

Satoshi thanks Adam Back for the b-money reference and reveals he was not previously aware of Wei Dai's proposal. Historically significant line: 'my ideas start from exactly that point.'

Before reading the draft, Adam Back points Satoshi to Rivest's MicroMint paper; a 2025 profile quotes him calling his failure to read the whitepaper carefully 'probably my biggest mistake.'

Satoshi writes Adam Back for the final time, thanking him for paper suggestions and announcing the Bitcoin software launch. Includes Hal Finney's project overview from the Cryptography mailing list.

Wei Dai announces Disperse/Collect 1.0 on the Cypherpunks list, built from his own Crypto++ library. Confirms he was an active coder, relevant to why he later chose not to implement b-money.

On LessWrong, Wei Dai clarifies he did not create Bitcoin — "only described a similar idea more than a decade ago" — buys a Radeon 5870 to mine, and warns Bitcoin lacks cryptographer security review.

Wei Dai LessWrong post revealing Satoshi emailed him about Bitcoin v0.1 in early 2009, but Dai ignored it because he was more interested in Less Wrong than Cypherpunks at the time.

Wei Dai replies to Adam Back on Cypherpunks, conceding b-money would be at most a niche mechanism and revealing his shift toward viewing the government monopoly of force as a net benefit.

Wei Dai LessWrong comments: Bitcoin's monetary policy has failed due to volatility, and he never sent Satoshi comments on the 2008 draft — regretting he could have dissuaded the fixed-supply choice.

On his Unenumerated blog, Nick Szabo asks for help implementing bit gold, his 1998 design. No one responds. Six and a half months later, Satoshi publishes a whitepaper that never mentions bit gold.

Computer scientist, legal scholar, and cryptographer (1964-) who conceived Bit Gold (1998) and coined the term smart contracts.

British cryptographer and cypherpunk (born 1970) who invented Hashcash (1997). The first known person Satoshi contacted about Bitcoin (August 20, 2008). Co-founded Blockstream in 2014.

Computer scientist and cryptographer who created b-money (1998), one of the earliest digital currency proposals, and the Crypto++ library. Satoshi emailed him before publishing the Bitcoin paper.

Harold Thomas Finney II (1956–2014): Caltech engineer, PGP 2.0 developer, Extropian, cryonics advocate, RPOW creator, first Bitcoin recipient and first known person other than Satoshi to run Bitcoin.

Wei Dai's March 2014 LessWrong Q&A: why he never built b-money, his disillusionment with crypto-anarchy, and his reading of Satoshi's motives and background.

Adam Back reflects on his August 2008 email exchange with Satoshi, his regret at not reading the whitepaper carefully, and his COPA v Wright testimony where the complete chain became public.

Satoshi Nakamoto's earliest known email. He contacts Adam Back to verify the Hashcash paper citation and shares a pre-release draft titled 'Electronic Cash Without a Trusted Third Party' (ecash.pdf).

Adam Back confirms the Hashcash citation and suggests Satoshi look at Wei Dai's b-money proposal. This referral led Satoshi to contact Wei Dai and cite b-money in the Bitcoin whitepaper.

Nick Szabo's May 2011 blog post on why digital cash took eleven years between bit gold (1998) and Bitcoin (2009). Names libtech as the private list where bit gold and b-money developed in parallel.