Who is Satoshi Nakamoto?

CRYPTO
HBO documentary denies he invented bitcoin

HBO’s documentary “Money Electric: The Bitcoin Mystery” speculates that Peter Todd, a prominent Bitcoin core developer, could be Satoshi Nakamoto. This theory is based on circumstantial evidence, such as Todd accidentally replying to a Satoshi post and shared linguistic traits. However, Todd and many crypto community members, including prominent figures, have dismissed these claims as weak and irresponsible. The speculation has drawn backlash, with critics warning about the risks of such baseless accusations. Todd has repeatedly denied being Satoshi.

In the documentary, Hoback confronted Todd and shared his theory on why he believes Todd opted to keep his involvement in Bitcoin’s creation a secret. Todd responded by shaking his head and laughing at Hoback’s assertions.

“I will admit, you’re pretty creative,” Todd said to Hoback. “You come up with some crazy theories. It’s ludicrous”.

WEATHER
Hurricane Milton is about to kick FL while it’s down

The National Hurricane Center reports that Hurricane Milton, which intensified back into a Category 5 storm yesterday, is expected to make landfall late tonight. However, an NBC News forecast suggests landfall may occur slightly later, between 2 a.m. and 6 a.m. tomorrow, near Sarasota.

Storm surge warnings are in place along nearly all of Florida’s western coast, and storm warnings extend across much of the state, including the eastern coastline. The area between Tampa and Fort Myers is particularly at risk.

The storm is expected to move west to east across Florida. In Orlando and nearby regions, forecasters are predicting up to 15 inches of rainfall, posing a severe flooding risk to the area.

In response to the storm, NBC News Lite, a simplified version of NBCNews.com, has been activated for those in Florida, North Carolina, and Tennessee, in case internet access becomes limited.

STOCKMARKET
Tech stocks are back in business

On October 8, the stock market saw gains led by the technology sector, which boosted the S&P 500. Notably, all the big tech stocks in the "Magnificent Seven" advanced, driving much of the day's momentum. While tech led the way, a broad range of sectors—including utilities, real estate, and industrials—also rose as investors looked past concerns about rising oil prices and the upcoming U.S. elections.

Investors were also preparing for the start of the next earnings season, set to begin Friday with reports from JPMorgan Chase, Wells Fargo, and BlackRock. Additionally, there was anticipation for the next major update on consumer inflation, expected Thursday.

Confidence grew among investors that the Federal Reserve is effectively controlling inflation without causing a recession. However, Todd Walsh of Alpha Cubed Investments advised caution, suggesting not to over-interpret individual data points. Meanwhile, in overseas markets, China's rally lost momentum after its planning body failed to provide details on further stimulus efforts.

• The S&P 500 rose 1%

• Nasdaq climbed 1.4%

• Dow Jones added 0.3%

INTRESTING CRYPTO FACTS
Bitcoin adoption is growing faster than internet users

Bitcoin adoption has been growing at a rapid pace, and when compared to the early adoption of the internet, it's actually happening faster. The parallels between Bitcoin and the internet are striking, as both are revolutionary technologies that disrupt traditional systems—internet for communication and information sharing, and Bitcoin for money and financial systems. However, Bitcoin’s adoption curve seems to be steeper, showing more rapid growth within a shorter time frame.

The internet wasn’t initially accessible to everyone; it required an infrastructure build-out, such as fiber optics, personal computers, and software platforms. Bitcoin, however, is decentralized, global, and purely digital. This allows users to adopt and use Bitcoin from nearly anywhere with internet access, especially in areas with limited access to traditional banking systems. Financial systems around the world are increasingly interconnected, which also speeds up Bitcoin adoption.

MEME of the day
Peter Todd hearing that HBO thinks he's the creator of Bitcoin!

Word of the day
CORUSCATE

To coruscate is to give off or reflect light in bright beams or flashes. Coruscate is used as a synonym of sparkle and may also be used to mean "to be brilliant or showy in technique or style.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.