Monday, January 04, 2021

"The Rise of Bitcoin", major documentary showing how cryptocurrency got started

 

coins at home

The YouTube channel Plot11 offers “Digital Economy Infotainment”, and on Dec. 18, 2020 it posted “The Rise and Rise of Bitcoin”, directed by Nicholas Mross, as a YouTube Original.

It seems to be a prequel to “The End of Money as We Know It” (2015) which I reviewed on Wordpress.

Bitcoin is essentially an open accounting system posted on a decentralized public ledger called a blockchain, allowing users to process what amount to “labor credit” in relation to a finite supply of computing power,’

It was supposedly envisioned in 2008 by a person using the name Satoshi Nakamoto.  At the end of the film, a person named Dorian with that last name is entertained by denies connection to the project now.

The very first transaction using bitcoin was supposedly a pizza order.

The film traces particularly the developing of two trading exchanges, Mt. Gox, which would go under, and Trade Hill.

The film traces the careers of some entrepreneurs, including Charlie Shrem, who would be arrested and imprisoned for two years for abetting the operation of Silk Road, on a charge relating to unlicensed financial transfers (didn’t make a lot of sense).  The film also briefly covers the imprisonment of Ross Ulbricht.  The film points out that having a digital currency (and even tools like TOR) doesn't mean you will use it illegally. 

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