A Decade of Silence: Satoshi Nakamoto's Final Choice and the Eternal Mystery of Bitcoin

On April 26, 2011, everything changed. Bitcoin’s creator, Satoshi Nakamoto, sent his final email to the development team, announcing that he had shifted his focus to other matters and handed over the cryptographic keys used to send alerts across the network. This moment marked a turning point in an era. Over a decade later, as we look back on this history, we realize that Nakamoto’s retreat was not a hasty decision but a carefully considered one.

Pete Rizzo, editor-in-chief of Bitcoin Magazine, based on six months of in-depth research, reviewed over 120 documents and uncovered the true story of Nakamoto’s early development of Bitcoin. These new findings not only answer many mysteries but also deepen our understanding of why this mysterious figure’s departure has had a positive impact on Bitcoin’s future development.

Nakamoto’s Vision of Money

Many commentators attempt to portray Nakamoto as merely a technological innovator, but the reality is far more complex. In Bitcoin’s origin story, what Nakamoto truly cared about was the fundamental issues of the monetary system itself.

In February 2009, he wrote a profound statement on the P2P Foundation forum: “The fundamental problem with traditional currency is all the trust that’s required to make it work. People must trust that central banks won’t devalue the currency, but history is full of cases where this trust has been betrayed. We must trust banks to hold our money and transfer it electronically, but they lend out funds in a credit bubble with minimal reserves.”

This statement reveals Nakamoto’s core philosophy: Bitcoin was not created to “disrupt payment systems” but to offer a currency alternative that does not rely on central banks or trust in intermediaries. In Nakamoto’s view, Bitcoin fundamentally represents an alternative conception of the existing financial system.

Behind the Scenes: Why Nakamoto Went Incognito

Rizzo’s research uncovers a rarely mentioned fact: Nakamoto did not disappear immediately after his last post on the Bitcoin forum in December 2010, but maintained sporadic contact with the development team for several months afterward.

Gavin Andresen, a developer who worked directly with Nakamoto at the time, provided email records that became key to unraveling this history. These communications show that Nakamoto and other developers indeed had disagreements—not only over technical issues but also regarding how to manage the growing attention on the project.

Rizzo believes Nakamoto’s decision was not impulsive but a conscious transfer of authority. By the time he left, Bitcoin had developed the capacity to operate independently, no longer requiring an absolute leader. This realization may have been the core reason behind his ultimate decision to step back.

The Recognition of Scientific Breakthroughs

Nakamoto’s understanding of his achievements surpasses many people’s imagination. On the early pages of Bitcoin.org, he explicitly states that Bitcoin solves the “Byzantine Generals Problem”—a critical challenge in distributed systems.

This is crucial because it demonstrates that Nakamoto was not only an excellent programmer but also a scholar well-versed in the history of computer science. He could precisely define his accomplishments, even when the world was not yet ready to grasp the true significance of this breakthrough. This depth of knowledge and self-awareness sharply contrasts with claims that Nakamoto was merely a genius hacker.

The Shift Caused by Security Vulnerabilities

In 2010, Bitcoin protocol experienced a major security flaw. An attacker exploited this vulnerability to create billions of bitcoins out of thin air, directly violating Bitcoin’s fundamental supply cap.

This incident had a profound impact on Nakamoto. He did not see it as a mere technical glitch but as a serious wake-up call regarding the system’s security. From that point on, Nakamoto’s behavior changed: he became more cautious, reduced negotiations with the development team, and favored direct software updates. He focused most of his efforts on preventing similar attacks, a focus that lasted for months.

This event also laid the psychological groundwork for his later decision to retreat. When he realized he could not fully control all risks, he began contemplating whether to hand over the project to more developers for maintenance.

The Gentle Leadership of a Dictator

Today, Bitcoin development is the result of collaboration among hundreds of developers worldwide, but in Nakamoto’s era, it was different. Most of the work was carried out by Nakamoto and a few core members.

However, this does not mean Nakamoto was a despotic dictator. Rizzo describes him as a “benevolent dictator”—he would write the “official” code and then let other developers test and provide feedback. This approach aligns with open-source software practices and became the foundation of Bitcoin’s later development model.

Interestingly, Nakamoto may not have even realized that he needed to establish a more decentralized and inclusive governance structure. It was only through Gavin Andresen’s efforts that Bitcoin gradually evolved into a more open, collaborative project. This explains why, despite being the sole creator, Nakamoto’s vision was ultimately carried forward by subsequent developers’ contributions and succession.

Controversies Before Retirement

One of the most intriguing findings in Rizzo’s research is the evolution of user attitudes toward Nakamoto. This change can be roughly divided into three stages.

The early 2010 period was a “honeymoon,” with Bitcoin still a novel phenomenon and most users curious. As Nakamoto began to more actively maintain code permissions, the community entered a “wake-up phase,” with doubts and questions about him. By the end of 2010, the situation took a sharp turn. Users started mocking his gender, probing into his personal life, posting satirical memes, and even publicly accusing him of hindering Bitcoin’s development due to inability to meet community needs.

The psychological impact of these criticisms on Nakamoto was greater than many imagined. It accelerated his final decision to step back.

An Elegant Farewell

The last discovery is equally thought-provoking: Nakamoto conducted a “formal farewell” before leaving. He removed his name from the software’s copyright statement and officially handed over the code to “all Bitcoin developers.”

This move was not impulsive but carefully planned. It reflects Nakamoto’s consistent style—he was always adept at disappearing from the scene and maintaining an aura of mystery. More importantly, it sent a powerful signal: Nakamoto did not want to be the symbol or representative of Bitcoin. He hoped Bitcoin would become a truly decentralized system owned by all users.

Ten years later, as Bitcoin’s story continues to unfold, Nakamoto had already fulfilled his mission. His silence perhaps speaks louder than any words. In a noisy world, Nakamoto chose the most elegant way—to prove that Bitcoin no longer needs his presence. And this, perhaps, is the most profound legacy he left for the world.