Fifteen Years of Silence: What Does Satoshi Nakamoto's Last Message Before Leaving Really Mean

On April 26, 2011, when Bitcoin’s creator Satoshi Nakamoto sent out that famous farewell email, perhaps he never anticipated that his departure would continue to shape the world’s understanding of this revolutionary technology to this day. Fifteen years later, people remain curious about the story behind Nakamoto’s departure—why did he leave? And what did he leave behind for Bitcoin?

In a recent in-depth research report, Bitcoin Magazine editor Pete Rizzo uncovers many long-buried details. Based on a six-month investigation, the report includes over 120 historical quotations and systematically reconstructs Nakamoto’s entire journey from inception to retreat, as well as his key decisions during Bitcoin’s early development.

The Original Intent of Bitcoin Pioneers: Nakamoto’s Vision of an Alternative to Central Banks

Contrary to many commentators’ understanding, Nakamoto’s true motivation for creating Bitcoin was not merely to “disrupt the banking industry,” but to address more fundamental issues within the monetary system.

In February 2009, Nakamoto wrote on the P2P Foundation forum:

The fundamental problem with traditional currency is all the trust required to make it work. People must trust that central banks won’t devalue the currency, but history of fiat money is full of breaches of that trust.

This is not a broad critique of the financial system but a precise critique of the core issue of central banks—the absolute power over money supply. Nakamoto further explained that in electronic payment protocols, “no one can act as a central bank or Federal Reserve—meaning the supply cannot be adjusted as user numbers grow.”

In other words, Bitcoin is essentially Nakamoto’s technological revolution against the monetary issuance system. This original intention forms the theoretical foundation of Bitcoin’s “limited supply and decentralization” characteristics.

Technological Crisis Alters Nakamoto’s Leadership Style

Few know that Nakamoto’s last message on forums was in December 2010, and it was only four months later that he sent his farewell email. What exactly happened during this brief interval?

The answer comes from new email records provided by Gavin Andresen—who directly collaborated with Nakamoto and became the core developer after Nakamoto’s retreat. Through these emails, it is revealed that Nakamoto’s behavior changed dramatically in 2010.

In 2010, a major vulnerability was discovered in the Bitcoin protocol. Malicious actors managed to create billions of bitcoins out of thin air, directly violating Bitcoin’s core promise of “limited supply.” This crisis profoundly changed Nakamoto. Rizzo’s research indicates that he no longer saw this as a coincidence but as a fundamental shift in his behavior logic.

Since then, Nakamoto became more cautious. He reduced collaboration with other developers, preferring to add and update software without prior notice. Most importantly, he dedicated almost all his energy to enhancing Bitcoin’s security—this state persisted for several months.

In his view, a deadly attack could happen at any time, and he had to do everything possible to prevent it. This crisis awareness ultimately influenced his decision to step away.

From Dictator to Invisible Hand: How Nakamoto Gracefully Retired

Interestingly, Nakamoto’s leadership of Bitcoin was characterized by a “benevolent dictatorship.” During the early development phase, he and a few others handled almost all engineering work. He often wrote the “official” code, which was then tested by others—this was common practice in open-source projects at the time.

However, as the project evolved, Nakamoto gradually recognized that Bitcoin needed a more decentralized governance model. He consciously cultivated other developers’ capabilities, including Gavin Andresen, who eventually became the project’s new leader.

Most notably, Nakamoto took a symbolic step before leaving—he removed his name from the copyright statement of the Bitcoin software and formally handed over the code to “all Bitcoin developers.” This detail vividly demonstrates his understanding of decentralization: not to let any single individual become the center of the project.

The Evolution of the Bitcoin Community’s Attitude Toward Nakamoto

Rizzo’s research also uncovers another fascinating social phenomenon: the changing perceptions of Nakamoto among Bitcoin users, which went through three distinct phases.

2010 Honeymoon Period: Most new users were excited about Bitcoin and held Nakamoto in high regard.

Mid “Awakening” Phase: As Nakamoto began to more actively maintain authority over the code, skepticism arose within the community, sparking discussions about code control and project direction.

Late 2010 “Breakup” Phase: Users started mocking Nakamoto with sarcastic tones, even creating memes about his gender and sexual orientation. Critics argued that his inability to satisfy all user needs caused “obstacles” to Bitcoin.

This sharp shift in attitude reflects a deeper tension: the inevitable paradox faced by decentralized technology—how to balance strong leadership with full decentralization.

Nakamoto’s Eternal Legacy of Bitcoin

Returning to that farewell email on April 26, 2011, Nakamoto stated that he had “shifted his attention to other matters” and had handed over the cryptographic keys used for network-wide alerts. This was not a hasty departure but a carefully considered handover.

Rizzo emphasizes in his conclusion that Nakamoto’s decision to leave at that moment was because Bitcoin no longer needed an “omnipotent leader.” Its technical foundation was robust enough, the development community mature enough, and a decentralized governance framework had begun to take shape.

Fifteen years have passed, and Nakamoto’s departure has become one of the most symbolic moments in cryptocurrency history. He did not cling to power like many entrepreneurs but exited perfectly when the project most needed him to step back. This decision itself is a profound embodiment of the “decentralization” philosophy.

Today, Bitcoin has entered mainstream consciousness, embraced by artists, politicians, and human rights advocates. Nakamoto remains an enigma—his identity unrevealed, his whereabouts unknown—but his influence continues to grow every day—perhaps the very outcome he most hoped to see.