Thread by @bensig

Satoshi - Malmi Emails - A Deep Dive

@dotkrueger and I have spent the better part of a week analyzing in excruciating detail every one of the 260 emails published by @marttimalmi

We have created a narrative around these emails. This is an interpretation, but you will find it very interesting.

Presenting it in 44 slides exclusively here on X.

Enjoy. 1/44

Background.

This dive is based on 260 messages between Satoshi (Bitcoin’s creator) and @marttimalmi (Bitcoin’s first coder).

These emails were submitted as evidence in February 2024 as part of the COPA vs CSW court case - also made public on Github.

COPA aims to stop Craig Wright from asserting copyright claims on Bitcoin.
2/44

Summary of our findings:

🚀Bitcoin operated like a very early stage startup
🕵️‍♀️Satoshi created a cover story using @marttimalmi as a frontman (and later @gavinandresen)
🇺🇸Satoshi likely operated in the US, as an solo individual - not a group.
🗓️Development began Jan 2008.
🕦System time was set to UK to obfuscate origin.
🇬🇧Anglicisms mixed into American slang probably using spell checkers.
🔥Satoshi left in 2011 as regulatory heat was growing and made him VERY uncomfortable.
3/44

Bitcoin as an early stage startup:

Bitcoin was just like most tech startups.

@marttimalmi and Satoshi having loads of discussion about features, UI, web sites…

'How do we get users to come back daily?'

They had good tech, but were looking for a use case.
4/44

1st email

Martti Malmi was a college student who reached out via the forum to offer to help out with this new cool idea called Bitcoin. 5/44 anti-state.com

First task from Satoshi to @marttimalmi

'I really need someone to copy paste this FAQ into SourceForge' 6/44

According to Satoshi, Bitcoin had one clear value prop: 'send money without any trusted third party over the internet' 7/44

Satoshi: “It would help if there was something for people to use it for." 8/44

Satoshi: 'We need a feature for node retention. People will try it once and leave.' - credit goes to @marttimalmi for coming up with this auto-run concept in Windows. 9/44

Satoshi: 'Let's find some free forum software to use - that would help us to look bigger and attract more attention' 10/44

Satoshi: 'Let's use Liberty Reserve as an on / off ramp to Bitcoin' 11/44

Satoshi: ‘Let’s make sure there is some way to cash out Bitcoin to Liberty Reserve dollars’ 12/44

Satoshi created a cover story:

Satoshi did not want to be the frontman.

Encouraged Malmi to use his real name and address.

Asked Malmi to use his own credit cards / ID for servers and open a bank account in his own name.

13/44

Satoshi: ‘A dangerous thing for me to say, but you can say it’

14/44

Satoshi: ‘Use your real name Martti’ 15/44

Satoshi: ‘Real name for you, alias for me’ 16/44

Satoshi: ‘Martti, you do the interview’ 17/44

Satoshi disappears for a month 18/44

Satoshi used a separate computer for Bitcoin and Bitcoin correspondence - needed to "download emails" intermittently. 19/44

Satoshi: ‘Do you mind handling the cash?’ 20/44

Satoshi: 'Need your address for the money.' 21/44

Satoshi: 'Funding secured' $3600 22/44

SatoshI: 'Let’s not sound too shady' 23/44

Satoshi: 'Once again, please use your real name' 24/44

Moving on to some of the new aspects of Satoshi's process - including info on when development started, Satoshi's attempts to veil his location / timezone, and some confirmations of things we have seen in emails to Mike Hearn (another early btc dev). 25/44

Links to Satoshi - Hearn emails - also a good read on early Satoshi process:





plan99.net/~mike/satoshi-…
plan99.net/~mike/satoshi-…
plan99.net/~mike/satoshi-…
plan99.net/~mike/satoshi-…
plan99.net/~mike/satoshi-…

Part 2