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GM. This is Milk Road – the newsletter that brings more heat than Hot Pocket fresh outta the microwave!
Here’s what we got for you today:
- ✍️ Who is Satoshi Nakamoto?
- ✍️ The good news roundup
- 🎙️ The Milk Road Show: 90 Days to Crypto Riches? Why Q4 2024 is Critical for Investors w/ Tether Co-Founder
- 🍪 US spot Bitcoin ETFs sees three consecutive days of outflows
Prices as of 2:00PM ET. Click here for our Fear & Greed Index
WHO IS SATOSHI NAKAMOTO? 🤔
Ever find yourself going a little Steven Glansberg and entering ‘ponder mode’?
- Who shot Biggie Smalls?
- Is there intelligent life on other planets?
- Why isn’t she texting me back (it’s been 6 days)?
Some of these questions are easier to answer than others.
(E.g. She’s not calling you back cause you ordered a glass of warm milk on your first date, my dude – that’s weird!).
When the crypto space goes into ponder mode – one question inevitably bubbles to the surface:
“Who is Satoshi Nakamoto?” (The creator of Bitcoin, with a known stash of ~1M $BTC valued at ~$68.2B).
There’s a preview of an upcoming HBO documentary doing the rounds on Crypto Twitter, which looks to help answer that question.
Now, many outlets are stating that the documentary makers have found Satoshi and are planning to make a big reveal.
…but we haven’t been able to find any official promotional material that makes that claim.
That said, bettors are already speculating on the potential reveal. 👇
So we figured, what better way to spend a Friday afternoon than to dig through some of the common clues that people point to when arguing that each of these people are Satoshi.
This isn’t going to be an exhaustive list. Some might be compelling, some might be total weak sauce – and we’re definitely going to miss stuff.
So reply to this email with your own theories/clues that are for/against each of these candidates (let’s nerd out!).
1/ Nick Szabo
- Designed 'Bit Gold,' a precursor to Bitcoin. Bit Gold drew close parallels to Bitcoin's architecture, using mining to accomplish decentralization.
- Satoshi didn't cite Bit Gold in the whitepaper If Bit Gold and Bitcoin are so similar, why didn’t the Bitcoin whitepaper cite it as a reference/influence? Is it because Nick was trying to hide that he was Satoshi?
- A freudian slip? On the Tim Ferriss show, Nick stated “I designed Bitcoi–Gold with two layers.”
2/ Adam Back
- Created Hashcash Aka Proof of Work (PoW) — aka the backbone of $BTC mining.
- Codes in C++ Bitcoin was written in the same language.
- Is English Satoshi included a headline from a British newspaper article in the first ever Bitcoin block, and the Bitcoin white paper was written in British English.
3/ Hal Finney
- Helped build Pretty Good Privacy (PGP) encryption The concept of PGP encryption is central to Bitcoin, using public keys and private keys to encrypt/decrypt email messages.
- Received the first $BTC transaction from Satoshi Was this a test transaction made by Satoshi, to Satoshi?
- Lived near a ‘Satoshi Nakamoto’ Hal lived a few miles from someone called Dorian Satoshi Nakamoto. Weird coincidence, if nothing else.
4/ Len Sassaman
- Passed away in 2011 Shortly after Satoshi stopped contributing to Bitcoin.
- Was an American who lived in the UK This could explain the British English used in the Bitcoin whitepaper, and reference to a British newspaper.
- Worked at Network Associates Len helped to develop PGP encryption at Network Associates, alongside none other than Hal Finney.
Alright, that’s it – that’s everything we could sanely cram into a casual read.
There’s a range of evidence against each of these figures being Satoshi, on a sliding scale from ‘circumstantial’ to ‘pretty convincing’ (most of which seems to be reflected in the Polymarket odds).
But this article is already getting a little too long in the tooth for our liking, so…
Milk Man out!
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THE GOOD NEWS ROUNDUP 🔄 👍
Alright, adjusting settings to ‘short n’ sweet’...
Here’re three pieces of positive crypto news, designed to give you the zoomies heading into the weekend!
1/ Out of the 525 ETFs launched in 2024, 13 of the top 25 are crypto ETFs
2/ Payrolls went up, unemployment went down
Remember on Monday, when we said we wanted to see unemployment stay in the ‘sweet spot’ this month – not rising/falling too quickly in either direction?
Our wish was just granted.
3/ The crypto market continues to make higher lows (signaling a continued uptrend)
So to recap:
Crypto ETFs are dominating in 2024, macro factors are doing exactly what we want them to do, and the uptrend we entered in early August is still holding strong.
*.takes leash off – eyes pile of leaves.*
🥛 ROAD TO 10K! JOIN THE MILK ROAD FAMILY! 🥛
We're absolutely sprinting down the road to 10,000 YouTube subscribers, having gained thousands of subs over the past few months!
(A huge thanks to everyone that has supported us so far!)
But we ain’t done yet…
We want you to join the party!
In the lead up to our 10k milestone, we’re doing a YouTube giveaway chock-full of milky goodness! 🥛🍫
Here’s what’s up for grabs:
- Profit from the Future: Crypto Investing Masterclass ($499) 💸
- Milk Road PRO 1-year subscription ($250) 💪
- Milk Road PRO 1-month subscription ($25) 📅
- Mystery Box 🤔
Here’s how to enter:
All you have to do is subscribe to The Milk Road Show, on YouTube (1 entry).
👉RIGHT HERE 👈
Want to increase your chances with more entries?
Take a screenshot of our YouTube page → post it to Twitter and/or Instagram → tag @MilkRoadDaily → and you will get an extra entry for each (1 entry per platform).
Anyone who subscribes between now and 10,000 subscribers will have a chance to win.
In fact, why not start right now?
We just sat down with William Quigley (co-founder of Tether) to discuss:
- His price predictions for $BTC and $ETH this cycle
- His expectations for Q4 2024 and Q1 2025 based on analysis of past cycles
- What metrics matter most when making investment decisions?
Check it out (and subscribe) here!
BITE-SIZED COOKIES FOR THE ROAD 🍪
Uniswap Wallet makes it easier than ever to manage your crypto across multiple chains. With self-custody and zero-gas swaps, it’s built for secure and seamless DeFi use. *
U.S. spot Bitcoin ETFs experienced $54 million in net outflows, marking the third consecutive day of withdrawals. Grayscale’s GBTC fund and Ark's ARKB fund led the outflows amid ongoing market uncertainty
Grayscale has launched a new fund that provides investors with exposure to the Aave governance token. This trust, called the Grayscale Aave Trust is available for “eligible individual and institutional accredited investors.”
PayPal executed its first business transaction using its PYUSD stablecoin. This transaction took place when PayPal paid an invoice to accounting giant Ernst & Young.
Gemini is a global, secure, user-friendly crypto exchange for both beginners and pros, offering over 70 assets, staking rewards, and a crypto-back credit card. With top-tier security and intuitive design, it’s a smart way to safely dive into and grow your crypto portfolio.
*this is sponsored content
MILKY MEMES 🤣
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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.
