Thursday, April 25, 2019

"Bitcoin: Beyond the Bubble", documentary short gives the history of blockchain and cryptocurrency



Bitcoin: Beyond the Bubble” (Full Documentary), directed by Tim Delmastro, 35 minutes, with interviews and animation, from 100th Monkey Films, gives a lucid explanation of how Bitcoin and decentralized digital assets evolved.


The film starts out with a photo of Bretton Woods, NH, as it looked in 1944 when the world’s leading democracies set up the gold standard, which Richard Nixon dissolved on August 15, 1971, creating the concept of fiat money.  That’s odd, as it led to Nixon’s price controls, as I recall. 
But the dollar note, backed up with the gold reserve at Fort Knox, had always been the world’s “reserve currency”.  Porter Stansberry and even Ron Paul have said that removing that idea could lead to world financial collapse.

Digital currency is backed by the work it is done to create it, solving complex mathematical problems (akin to mining gold). The proof of value is stored on a decentralized but linked ledger called the blockchain. Therefore no government can meddle with its value.

Other “value” could be stored on the blockchain, such as Internet content, in danger of being taken down by censorship. In a sense that gives the content potential value convertible to tokens (“dark currency” maybe).

The film compares the block chain to Bit Torrent, as P2P software which was developed as Naptster was taken down.  The Winklevii (associated with Mark Zuckerberg at Harvard) had developed Bit Torrent.

Yet, the irony is that the financial world could still try to capture the blockchain world and then lock people out, as is warned at the end of the film.
  
One speaker, named Byrne I think, looked like Steve Bannon. 

Any advanced alien civilization would have developed blockchain and digital currency.  The speed of light would still limit commerce.  

No comments: