HBO Documentary Claims Peter Todd is Satoshi Nakamoto

The Breakdown First Five - Wednesday, October 9, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Crypto.com Sues First

After receiving a Wells notice from the SEC, Crypto.com is going on the offensive. They have filed suit in Texas, claiming that the SEC is way outside their jurisdiction. They point to the complete absence of any rulemaking or guidance to explain why Bitcoin and Ethereum are treated differently to other tokens. 

4. Bitcoiners DCA

A new survey from Kraken has found that most crypto investors simply dollar cost average into their positions. 83% of respondents said they have DCA-ed in the past, while 59% said it was their primary investment strategy. Lower income investors liked it to build consistent investment habits but more often tried to time the market. Higher income investors simply bought consistently. Older investors check their crypto portfolio more often than stocks, but this wasn’t true for younger investors.

3. USG Could Sell $4.4B In Bitcoin

The Supreme Court has rejected a case regarding a tranche of Silk Road Bitcoin, freeing them up to be sold by the government. The case involves an unnamed hacker who forfeited 69,370 BTC stolen from the Silk Road. An investment claims to have bought the rights from a bankrupt estate, but their legal battle is now at an end. This would be over a third of the government’s Bitcoin that could be up for sale as soon as the paperwork is filed. 

2. China Stimulus Falls Flat

The Beijing Bazooka is more of a water pistol as Chinese officials announce no further measures. At a public briefing yesterday, officials largely reiterated the same announcements from two weeks ago but will do nothing to further support the pop in stocks. Chinese markets tanked, with the CSI 300 losing 5% and the Hong Kong index suffering its worst day since 2008. Bitcoin traded heavy, but some believe a stock crash will force liquidity into crypto markets. 

1. Satoshi Revealed 

The new HBO Satoshi documentary has revealed that long time Bitcoin core developer Peter Todd created Bitcoin. Todd is an unusual choice and the evidence is extremely slim. The director points to a single forum post and Todd stating that he was an “expert on how to sacrifice your bitcoins.” Todd rejects the allegation and the Bitcoin community are generally laughing the theory out of the room.