
The true identity of "Satoshi Nakamoto" may soon be revealed?
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The true identity of "Satoshi Nakamoto" may soon be revealed?
An approximately 9,000-character article published in 2021 speculating that Len Sassamanda is Satoshi Nakamoto, the scholar who lives in Belgium, Europe.
Author: Evan Hatch, Founder @worlds.org
Translation: Liam
On October 3, foreign media reported that documentary filmmaker Cullen Hoback and HBO recently announced their重磅 new documentary *Money Electric: The Bitcoin Mystery* will reveal the true identity of Bitcoin's creator, "Satoshi Nakamoto." This claim has sparked significant attention and discussion within the industry. Some even stated, "Cullen Hoback’s discovery will shock the world—and possibly even impact the U.S. election."
Cullen Hoback posted on social media platform X yesterday: "Some of you may be wondering why I’ve disappeared. Well, I've been investigating another disappearance. Curious about who's behind Bitcoin? *Money Electric: The Bitcoin Mystery* premieres next Tuesday. It’s going to be a rollercoaster ride."
Hoback also said, "Given market expectations, I won't spoil too many details—there are only a few days left until release."
Data from Polymarket shows that as the revelation of Satoshi Nakamoto's identity approaches, bettors remain divided. Traders on Polymarket speculate that HBO’s latest documentary may link Len Sassaman to the creation of Bitcoin.
Currently on Polymarket, bettors favor Len Sassaman over Hal Finney as the likely Satoshi. Sassaman leads with 49% odds, while Finney stands at 14%. Hoback commented, “I won’t place a bet myself, but I can confirm we will identify one specific name.”
Cryptographer Len Sassaman was renowned for developing privacy tools such as PGP and Mixmaster. His commitment to privacy and decentralization closely aligns with Bitcoin’s core principles.
Sassaman tragically passed away in 2011, shortly after Satoshi Nakamoto disappeared—a timing that has fueled speculation they might have been the same person. Since December 13, 2010, Nakamoto has never gone online again.
Meanwhile, Hal Finney is also suspected to be Nakamoto because he was the first person after Nakamoto to download and run Bitcoin software. In January 2009, Finney received the first Bitcoin transaction directly from Nakamoto, establishing a direct link between them.
Finney’s early involvement in Bitcoin and its community has led to speculation that he created it. One theory suggests he concealed his identity to protect his privacy and avoid government scrutiny.
Besides Sassaman and Finney, other potential candidates named in the HBO documentary include prominent computer scientist and cryptographer Nicholas Szabo and Blockstream CEO Adam Back.
Previously, a UK court ruled that Craig Wright is not Satoshi Nakamoto, yet somehow he still appears on the list, currently with a 2% probability. Elon Musk also made an appearance in the betting, with less than 1% chance.
The following article, titled *The Cypherpunk Legacy: Len Sassaman and Satoshi*, originally published in 2021, is nearly 9,000 words long and explores the hypothesis that Len Sassaman—operating as a scholar based in Belgium, Europe—was actually Satoshi Nakamoto.
His daily routine and posting patterns align remarkably well with the timeline of Bitcoin’s creation period.
We hope this article offers readers some insight. For reference only. Below is the full text.
We have lost too many hackers to suicide. What if Satoshi Nakamoto was one of them?
Embedded in every node of the Bitcoin network is an obituary. It’s a hijacked transaction message commemorating Len Sassaman, effectively making him immortalized within the blockchain. In many ways, it’s a fitting tribute.

Len was a true cypherpunk—brilliant, unconventional, and idealistic. He dedicated his life to defending personal freedom through cryptography, working as a developer for PGP encryption and open-source privacy technologies, and serving as an academic cryptographer researching peer-to-peer (P2P) networks under David Chaum, the inventor of blockchain.
He was also a pillar of the hacker community—friend and influence to many key figures in information security and cryptocurrency history.
Losing Satoshi
Len was poised to become one of the most important cryptographers of his generation. But after a prolonged battle with depression and functional neurological disorder, he died by suicide on July 3, 2011, at just 31 years old.
His death coincided with the disappearance of the world’s most famous cypherpunk: Satoshi Nakamoto. Just two months before Len’s passing, Nakamoto sent his final message:
I've moved on to other things and probably won't be around here in the future.
In just one year, Nakamoto submitted 169 code commits, posted 539 messages, then vanished without explanation. He left behind a pile of unfinished features, heated debates about his vision for Bitcoin, and a fortune of 64 billion USD worth of BTC that remains untouched to this day.
We have lost too many hackers to suicide—Aaron Swartz, Gene Kan, Ilya Zhitomirskiy, James Dolan. They were all victims of stigma—an epidemic that exacts a heavy toll on technological progress itself. Imagine if Bitcoin’s creator died before achieving their goal. If that were true, what could they have brought to the world had they received proper care and dignity?

I’m usually reluctant to speculate about Satoshi’s identity, as discussions around it are often misleading, sometimes outright foolish or unethical. But with Craig Wright fraudulently claiming credit for creating Bitcoin, it’s necessary to revisit this topic and refocus on the real cypherpunks who actually built it.
Whoever Satoshi is, they “stood on the shoulders of giants”—Bitcoin represents the culmination of decades of research and discourse within the cypherpunk community. In that sense, Len was undoubtedly an indirect contributor. Yet one must ask: who actually wrote the code, ran the first node, and posted under the pseudonym Satoshi?
To synthesize and implement the countless ideas underlying Bitcoin, the individual or group would need a rare combination of expertise spanning public-key infrastructure, academic cryptography, P2P network design, practical security architecture, and privacy technology. They would likely be deeply embedded in the cypherpunk community, closely connected to those who significantly influenced cryptocurrency. Finally, they would need unwavering conviction and hacker ethos—to roll up their sleeves and anonymously build a real-world implementation of ideas previously confined to theory.
When I reflect on Len’s life, I see many of these same traits. I believe it’s highly plausible that Len was a direct architect of Bitcoin.
Given the unprecedented attention on cryptocurrency today, I hope to draw attention to one of its unsung heroes. I also hope we can reflect on the critical importance of addressing mental illness—particularly functional neurological disorders—which deserve far greater recognition.
Origins

From a young age, Len was a self-taught technical expert with a passion for cryptography and protocol development. Though living in a small Pennsylvania town, by age 18 he joined the Internet Engineering Task Force, working on the foundational TCP/IP protocols of the internet—later the backbone of Bitcoin’s network.
“Smart enough to always be a bit odd,” Len was diagnosed with depression in his teens. Unfortunately, he suffered trauma under a “borderline sadomasochistic” psychiatrist—an experience that may have bred distrust toward authority figures.
In 1999, Len moved to the Bay Area and quickly became a regular in the Cypherpunk community. He lived with Bram Cohen, creator of Mojo and BitTorrent, and became an active contributor to the legendary Cypherpunk mailing list—the very forum where Nakamoto first announced Bitcoin. Fellow hackers remember him as brilliant and lighthearted—chasing squirrels at cypherpunk conferences, speeding around in a sports car adorned with a “Freedom From Incarceration” card in case of police stops.
In San Francisco, Len championed personal freedom and privacy through both technological innovation and political activism. At 21, he made headlines organizing protests against government surveillance and the imprisonment of hacker Dmitri Sklyarov.
Strong Cryptography
Early in his career, Len gained recognition as an authority in public-key cryptography—the foundation of Bitcoin. By age 22, he was speaking at conferences and co-founded a public-key encryption startup with renowned open-source activist Bruce Perens.
After the dot-com crash shuttered the startup, Len joined Network Associates, helping develop PGP encryption—a core technology later used in Bitcoin. During the 2001 release of PGP7, Len set up interoperability testing for OpenPGP, connecting him with many pioneering cryptographers. He contributed to GNU Privacy Guard’s OpenPGP implementation and collaborated with PGP inventor Phil Zimmermann to create a new encryption protocol.
When introducing Bitcoin, Nakamoto stated he wanted it to serve “something like strong cryptography”—referring to PGP—for securing files.
Back in the old multi-user timesharing days, there was a similar problem. Before strong cryptography, users had to rely on password protection…
Now, strong cryptography is available to the masses, and trust is no longer required.… Now is the time for money to do the same.
Hal Finney

At Network Associates, Len worked alongside Hal Finney on PGP development. Finney was the second major PGP developer and helped draft RFC 4880, the OpenPGP interoperability standard. He was also among the earliest and most significant contributors to Bitcoin:
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Finney was the first person besides Nakamoto to contribute code to Bitcoin and run a Bitcoin node.
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Finney received the first-ever Bitcoin transaction, sent personally by Nakamoto.
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Finney invented the concept of reusable proof-of-work, which became the basis for Bitcoin mining.
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Prior to Bitcoin’s launch, Nakamoto exchanged extensive emails with Finney. In his final blog post, Nakamoto publicly expressed admiration for Finney.
Unsurprisingly, Finney is one of the most popular candidates for Satoshi—though this would mean he fabricated extensive email exchanges with himself and contributed to Bitcoin under both his real name and a pseudonym. After Nakamoto “left” in 2011, Finney continued working on Bitcoin.
Mixnet Remailers
Len and Finney shared a rare and relevant skill: both were developers of remailer technology, a precursor to Bitcoin.
Remailers, introduced by David Chaum alongside digital cash, are specialized servers enabling anonymous or pseudonymous messaging. Their use was common when posting to the Cypherpunk mailing list, which itself was built atop a distributed remailer network.

Diagram of Type II remailer
Early remailers simply forwarded messages while hiding sender identities. Later protocols like Mixmaster—the most popular remailer—used decentralized nodes across a P2P network to distribute fixed-size encrypted message blocks. Bitcoin’s architecture closely mirrors remailers, though its nodes transmit transaction data instead of messages. As early as 1997, crypto-anarchist Tim May proposed a digital currency based on remailers.
As a lead developer, node operator, and primary maintainer of Mixmaster, Len was a leading expert in remailer technology. He also implemented similar systems as a systems engineer and security architect for Anonymizer Privacy Guardian.
Remailers weren’t just a technical forerunner to Bitcoin—they were foundational to its intellectual lineage. In an essay titled *Why Remailers Matter*, Finney argued remailers formed the bedrock of an anonymous digital economy.
Remailers represent the fundamental idea—the ability to privately exchange information without exposing one’s true identity. Through this, we can transact, present credentials, and make agreements, without governments or corporate databases tracking our every move.
A cypherpunk vision includes the ability to conduct transactions anonymously using “digital cash”—another domain where anonymous email plays a crucial role.
Remailer operators were the first to recognize the need for cryptographic currencies: without anonymous payment methods, remailers had to be funded out of pocket, creating scalability issues and leaving them vulnerable to spam and abuse. Thus, many core concepts of cryptocurrency originated from the need for abuse-resistant, profit-driven remailers:
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In 1994, Finney proposed monetizing remailers via anonymous “coins” and “cash tokens.”
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Smart contracts were initially discussed in the context of preventing remailer abuse. Nick Szabo published a prescient paper on smart contracts in 1997, specifically referencing Mixmaster.
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Ian Goldberg and Ryan Lackey—both known to Len—were key figures in the remailer community and co-developed HINDE, an unfinished cryptocurrency, in 1998. Ian later built several early ecash clients, while Ryan became CSO of Tezos.
Thus, Nakamoto’s second post about Bitcoin noted that paid email sending was its first intended use case.
Initially, it can be used for workproof applications like near-free but not quite free services.
It can already be used for paying to send email. The send dialog can adjust in size, and you can enter a message of any length.
Adam Back
Within the small remailer community, Len crossed paths with Blockstream CEO Adam Back—the first person Nakamoto contacted.
Back’s interest in cryptocurrency began with operating remailers. He created the HashCash proof-of-work system to combat spam and DDoS attacks on remailers. Nakamoto later adapted HashCash as the foundation of Bitcoin mining.
We know Len directly collaborated with Back, listing him as a contributor in research papers and Mixmaster memos. Both participated in multiple OpenPGP implementations and were linked within each other’s PGP web of trust.
Interestingly, Back himself once suggested Nakamoto might be a remailer developer, noting that such developers “practice their own tech” by anonymously participating in cryptographic protocol discussions. Unlike many cypherpunks discussed here, we know Len made extensive anonymous contributions to the Cypherpunk mailing list via remailers.

Bram Cohen’s response to this article, implying he and Hal Finney might have collaborated under pseudonyms
Chaum and COSIC
After high school, Len worked to support his family and never attended college. Nevertheless, in 2004, he landed his “dream job”: researcher and PhD student at COSIC (Computer Security and Industrial Cryptography), part of the Catholic University of Leuven in Belgium.

Len’s doctoral advisor at COSIC was none other than David Chaum, the “father of digital currency.” While Chaum laid the groundwork for the entire cypherpunk movement and all cryptocurrencies, few can claim direct collaboration with him.
Chaum’s key achievements include:
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Inventing cryptocurrency in his 1983 paper “Blind Signatures for Untraceable Payments.”
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Inventing blockchain—his 1982 paper detailed code for all elements of blockchain except one, all later specified in the Bitcoin whitepaper.
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Founding Digicash, which created the first electronic cash system. Anonymous payments between digital pseudonyms were central to this vision.
[Chaum] sits at the center of what seems an unstoppable movement—the digitization of money... The unknown variable in the era of digital money is anonymity. David Chaum believes that without anonymity, we’re doomed.
Although Digicash failed (partly due to reliance on centralized systems), Chaum hoped to create a second digital currency combining anonymity with practicality.
While many saw its failure as proof digital cash was unworkable, Nakamoto defended “old Chaumian money” while acknowledging the pitfalls of centralization.
Many people automatically assume e-currency is doomed to fail because so many companies since the 1990s have crashed. I hope people can understand that it was the centralized control nature of those systems that doomed them.
Len’s Research
Len worked at COSIC in Belgium until his death in 2011. During this time, he published 45 papers and served on 20 conference committees.
Len’s research focused on developing privacy-enhancing protocols with “practical applicability” and working code. His main project (with assistance from Bram Cohen) was Pynchon Gate—a evolution of remailer technology enabling anonymous information retrieval via a decentralized node network without trusted third parties.

Pynchon Gate and meta-index + bucket pool architecture
This work is highly relevant to Bitcoin—as Pynchon Gate progressed, Len increasingly focused on solving Byzantine faults (aka the Byzantine Generals Problem), a major obstacle in early P2P networks.

Diagram of Byzantine fault
In distributed computing, Byzantine fault tolerance refers to a network’s ability to function correctly even when some nodes are compromised or unreliable. It’s one of the biggest challenges secure, decentralized cryptocurrencies must solve—preventing double-spending without trusted intermediaries. Nakamoto’s key innovation was a “triple-entry accounting” system using blockchain (introduced by Chaum) to solve this problem.
During Bitcoin’s development (2008–2010), Len grew increasingly active in financial cryptography. He joined the International Financial Cryptography Association, gave talks at Financial Cryptography and Data Security conferences, and served on program committees. The latter was founded by Robert Hettinga, an early and prominent advocate of digital cash, which was a central topic at the event.
Satoshi as Scholar
Multiple clues suggest Nakamoto was working in academia during Bitcoin’s development—a view supported by Gavin Andresen, founder of the Bitcoin Foundation.
I think he was a scholar, maybe a postdoc, maybe a professor, just someone who didn’t want to attract attention.
Nakamoto’s coding activity and forum posts surged during summer and winter breaks, tapering off in late spring and year-end—consistent with academic schedules involving exams and grading.

Bitcoin’s unique code structure also suggests an academic background. Described as “brilliant but careless,” it avoids conventional software practices like unit testing, yet demonstrates cutting-edge security architecture and expert-level understanding of academic cryptography and economics.
Whoever did this had deep knowledge of cryptography… They read academic papers, they’re intellectually sharp, and they combined these concepts in a truly novel way.
When famed security researcher Dan Kaminsky first audited Nakamoto’s code, he tested it for nine different vulnerabilities—but was stunned to find Nakamoto had already anticipated and patched them all.
I came up with some beautiful bugs, but every time I looked at the code, there was a line that fixed it… I’ve never seen anything like this.
This may indicate shared expertise and experience between Nakamoto and Kaminsky in information security. Coincidentally, Len and Kaminsky co-authored and published a paper demonstrating attacks on public-key infrastructure.
Additionally, the Bitcoin whitepaper was released in a format rare on the Cypherpunk mailing list—a LaTeX-formatted research paper complete with abstract, conclusion, and MLA-style citations. In contrast, proposals like Bitgold and b-money were unstructured blog posts.
Satoshi in Europe
Since COSIC is based in Leuven, Len lived in Belgium during Bitcoin’s development. This is significant, as numerous clues point to Nakamoto residing in Europe—the focus of an early *New Yorker* investigation.
Nakamoto’s writing exhibits British English spelling and vocabulary—e.g., “bloody hard,” “flat,” “maths,” “grey,” and the dd/mm/yyyy date format. Yet Nakamoto also referenced the euro rather than the pound.
Bitcoin’s genesis block embeds the headline from that day’s *Times* of London (“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”). This headline appeared only in the print edition, distributed in the UK and Europe. In 2009, *The Times* ranked among Belgium’s top ten newspapers and was “widely circulated and indexed in libraries, making it popular among scholars and researchers.”

These clues present a paradox: they suggest Nakamoto was European, yet the individuals with the necessary skills and exposure to Bitcoin’s key influences were likely American. Most cypherpunks convened in person, especially in the U.S.—particularly San Francisco—explaining the disproportionate representation. Likewise, jobs offering cutting-edge infosec and crypto experience were concentrated in the U.S.
Strangely, although Len was American, his use of British English perfectly matches Nakamoto’s.

Analyzing Nakamoto’s posting history reveals a European “night owl” working on Bitcoin after work or school. Nakamoto once noted mining difficulty adjustments occurred “yesterday”—which wouldn’t make sense if he were in the U.S.
Assuming Nakamoto led a life unrelated to Bitcoin, he likely spent most of his working hours away from his home computer… If Nakamoto lived in BST timezone, he mostly worked at night, often into the early morning.
Examining Len’s own tweet history, we find timestamps of Nakamoto’s posts and code commits closely match Len’s own late-night activity patterns.


P2P Networks
While not the first cryptocurrency, Bitcoin was the first built on a fully decentralized P2P network. Nakamoto emphasized this from the start:
I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
Dan Kaminsky noted that creating Bitcoin required “understanding economics, cryptography, and P2P networks”—and Len had unusually early and deep knowledge of all three, particularly their application to digital currency.

Bram and Len interviewed at CodeCon
During his time in San Francisco, Len lived and collaborated with Bram Cohen, creator of BitTorrent—the most widely used P2P protocol. Between 2000 and 2002, Bram developed MojoNation, a revolutionary P2P network using “Mojo tokens” as digital currency, making it one of the first publicly launched cryptocurrencies.

In MojoNation’s P2P economy, “tokens” could be exchanged for file storage—files encrypted and encoded into “blocks,” uploaded to a distributed network of nodes maintaining a public ledger, reminiscent of Bitcoin’s own distributed double-entry accounting. Mojo wasn’t just an internal accounting token—it was a full-fledged currency, exchangeable for U.S. dollars and vice versa. Early discussions on tokenomics revolved around Mojo’s mechanics.
One Mojo unit represents a portion of the system’s current capacity. If you work for me now, I’ll give you tokens; later, when the network grows larger, those tokens will represent a bigger slice of the pie, increasing in value when spent.
Nakamoto discussed tokenomics in a strikingly similar way:
It could form a positive feedback loop; as users increase, value rises, attracting more users to leverage growing value.
Despite its vision, MojoNation’s economic model collapsed quickly due to hyperinflation. Nakamoto consciously designed Bitcoin to avoid this fate—with built-in deflation and no reliance on a central “mint” server.

In 2001, Bram launched BitTorrent. As a decentralized alternative to centralized Napster, BitTorrent foreshadowed Bitcoin’s own distributed node topology and consensus system, along with protocol-level incentive mechanisms. BitTorrent innovated beyond Gnutella-like networks not just technically, but through economic incentives and game theory.

BitTorrent design compared to Napster
Len presciently told Bram, “BitTorrent will make you greater than [Napster founder] Sean Fanning.” Nakamoto later referenced Napster when explaining the necessity of fully decentralized networks.
Government is good at cutting off the head of centralized control networks like Napster, but pure P2P networks like Gnutella and Tor seem to hold their ground.
Coincidentally, Len and Tor co-founder Roger Dingledine both worked on the Mixminion remailer protocol, co-presented at Black Hat, and co-founded the HotPETS conference.
In 2002, Len and Bram co-founded CodeCon, focusing on “highly applicable projects with working code.” At CodeCon 2005, Finney demonstrated reusable proof-of-work via a modified BitTorrent client transmitting a P2P digital currency. A commentator described it as:
...the world’s first transparent server, facilitating a distributed, collaborative world of RPOW servers.
Digital currency was a hot topic at the first CodeCon, including Adam Back’s HashCash demo and Zooko’s presentation of Mnet—the fully open-source, decentralized successor to MojoNation. Unlike proprietary systems, Mnet belonged to no single company and was independently auditable—two qualities Nakamoto considered essential.

Mnet client screenshot
MojoNation co-founders Zooko Wilcox and Jim McCoy became inspirations for Bitcoin and cryptocurrency pioneers. Zooko was one of Nakamoto’s earliest collaborators and an employee of David Chaum’s Digicash. When Nakamoto released Bitcoin v0.1 on Bitcoin.org, he included a link to Zooko’s blog. Zooko later founded Zcash, a privacy-focused major cryptocurrency, and created the widely discussed “Zooko’s Triangle” framework.

“Zooko’s Triangle is a trilemma describing three typically desired properties of participant names in network protocols”
McCoy remains a major influence in cryptocurrency; Ryan Selkis of Digital Currency Group believes McCoy could be Nakamoto.
Hacker Activism
Even by cypherpunk standards, both Len and Satoshi held especially strong ideological convictions and commitments to open knowledge.
I hope you won’t keep talking about me… Maybe talk about open-source projects and give more credit to your developer contributors.
Nakamoto’s “hacker activism” approach—distributing Bitcoin via free, open-source grassroots projects—contrasted sharply with predecessors. Chaum, Stefan Brands, eCash, and others took a different path: patenting inventions, founding closed-source startups, and pushing adoption through corporate partnerships.
This mirrors Len’s extensive contributions to open-source projects like PGP, Mixmaster, GNU Privacy Guard, and his volunteer work with groups like Shmoo Group.

In response to this story, Bram notes Len preferred anonymous publishing
Nakamoto repeatedly hinted at his ideological leanings, calling Bitcoin “very attractive to libertarian viewpoints” and saying it could “win a major battle in the arms race and gain a new territory of freedom within a few years.”
Len similarly championed the defense of open knowledge and technological progress against interference from corporations and governments.
Pursuing knowledge is a fundamental human trait. To me, any form of prior restraint is an infringement on the freedom of our thoughts and consciousness. Therefore, I not only hope we avoid knee-jerk, overly restrictive legislation… I don’t want to see anyone building a framework that could be misused for such purposes.
Conclusion
Just as Nakamoto created Bitcoin under a pseudonym, Len, in a sense, was forced to live beneath his own persona. After an accident in 2006, Len’s non-epileptic seizures and functional neurological issues worsened, exacerbating the depression he’d battled since youth.
A victim of stigma, Len “felt he had to maintain the illusion of being super competent” and was “terrified” his deteriorating health would end his work and disappoint those he cared about.
Despite these challenges, Len kept working—contributing to papers and even giving a talk at Dartmouth months before his death. Tragically, he successfully hid the severity of his condition from nearly everyone in his life.
Few knew how bad it had gotten… The phrase I kept hearing was, “We never knew—he seemed fine.”

Len giving a talk at Dartmouth shortly before his death
Just as Len built upon the ideas of those before him, one senses his drive to create things that would outlive him—part of why he committed to open-source and open knowledge.
This is our legacy—our research and ideas, which will bring humanity knowledge it’s never had before, and pass it down to future generations. We must ensure we don’t end up unable to share our findings, locked away in intellectual property lawyers’ vaults.
Len’s death in 2011 was a tremendous loss to the cypherpunk and broader tech community—a fact reflected in the flood of tributes and reflections afterward. One comment stood out: “pablos08” on Hacker News.
Len and I became friends back in the day, both conspirators in the cypherpunk movement when it was still wild frontier. We reimagined our world—a world filled with cryptographic systems that would mathematically enforce the freedoms we cherished. Anonymous remailers could protect speech from retaliation; onion routing could ensure no one could censor the internet; digital cash could enable a completely free economy. We planned to decentralize and distribute everything.
We envisioned future problems facing complex, esoteric threats—we designed future protocols to resist them. All of this felt like geek utopian academic exercise. I tended to leave it at that, but Len wanted to build it.
Cypherpunks write code.
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