As the world increasingly embraces cryptocurrencies, the need for a comprehensive understanding of the underlying technology and its implications becomes ever more crucial. Beyond the headlines and hype lies a complex ecosystem that requires a nuanced approach to grasp.
From the “Rise and Rise of Bitcoin” to “The hunt for the crypto king”, there are plenty of compelling stories that make for excellent documentaries. So, let’s dive in and explore the top 5 crypto documentaries to watch this year!
Banking on Bitcoin
The film delves into various aspects of bitcoin, featuring interviews with entrepreneurs who utilize this cryptocurrency, as well as financial experts from highly esteemed publications such as The New York Times and the Wall Street Journal. Additionally, the documentary includes former New York Superintendent Benjamin Lawsky as one of its interviewees, providing further depth and perspective on the topic.
Overall, “Banking on Bitcoin” is a comprehensive exploration of the digital currency, shedding light on its various applications and impact on the financial world. By highlighting the key players and events that have shaped the industry, the film offers a thorough and engaging overview for both bitcoin enthusiasts and those who are new to the subject.
Although bitcoins are yet to be used as a mainstream medium of exchange, certain industries have recognized the potential of this cryptocurrency. For instance, there are bitcoin casinos that accept exclusively cryptocurrencies. The industries that adopt cryptos is growing nowadays as young people tend to prefer cryptos for both paying and even investing their savings.
Deep Web
In the current era, maintaining privacy has become a crucial issue, particularly with the extensive usage of the internet that opens numerous ways to compromise it. As we step into the second decade of the 21st century, a critical question arises: can the government employ hacking techniques to capture criminals, and if yes, what type of warrant is required?
This query has profound implications for our society, and it’s essential to balance privacy with the need for public safety. The issue of internet privacy, legality, and the ambiguous area between the two is the central theme of Laura Poitras’ award-winning documentary “Citizenfour” and Alex Winter’s “Deep Web”, which could potentially serve as a fascinating companion piece. Both documentaries delve into the lives of men whose futures are entangled with these conversations.
While Winter’s “Deep Web” touches upon several noteworthy talking points, it fails to explore beyond the boundaries of Greenberg’s question. Winter meticulously concentrates on the intricacies of his preferred story, failing to connect it to the larger context of internet privacy, commerce, and the drug war.
The title of Winter’s documentary, “Deep Web,” refers to the underground portion of the internet that is considerably more extensive than what most people access daily. The deep web serves as a hub for illegal activities, but it is also a platform for political and controversial speech that some governments disallow. Therefore, it is imperative to have online spaces that guarantee privacy to an extent that is immune to corporate and dictatorial interference.
The Rise and Rise of Bitcoin
The documentary “The Rise and Rise of Bitcoin” depicts the ascent of the digital currency and the measures taken to ensure its longevity. It showcases the tireless efforts made by its promoters to legitimize the currency, and the challenges they face in convincing local grocery and food chains to accept it. However, it is understandable that many people remain skeptical about Bitcoin’s reliability.
For one, Bitcoin exists solely in the digital realm, without a central distributor. As a result, there is no guarantee of consumer security, leaving collected currency vulnerable to compromise by malicious actors with no possibility of financial compensation. Additionally, Bitcoin has been hacked in the past and is not subject to any form of governance, making it seem anarchic in nature.
It is important to note that these observations are not meant to be criticisms of Bitcoin, but rather an objective look at its strengths and weaknesses. The documentary raises a thought-provoking question regarding the currency’s ambitious goals, specifically the notion that it could aid countries with unstable banking systems to establish a financial presence on the world stage.
Inside Job
The documentary film Inside Job recounts the story of Iceland, a stable democratic society that was thriving and considered to have almost reached the “end of history” status. However, the country’s fate took a sharp turn when its three major banks were privatized and began borrowing an amount that was three times larger than the country’s Gross Domestic Product.
The bankers had accumulated massive amounts of capital, leading the country into economic turmoil. The financial regulators, who were responsible for overseeing the banking sector, failed to recognize the alarming situation or prevent the reckless borrowing. In the case of Iceland, one-third of the regulators went to work for the banks, further exacerbating the situation. This scenario was repeated in other countries such as Ireland, Britain, and the United States.
The documentary then shifts to the United States, where the collapse of Lehman Brothers in 2008 sent shockwaves through the financial markets and triggered a global downturn that resulted in the loss of 30 million jobs. Inside Job contextualizes the events leading up to the 2008 financial collapse by tracing the origins of financial regulation in the United States. The documentary highlights how the Reagan administration initiated the unraveling of financial regulation in the country, which continued under his successors, irrespective of party affiliation.
The financial sector is likened to an oil tanker with distinct compartments designed to provide protection and prevent disaster. These compartments were created to separate speculative investments from savings and pensions, ensuring the security of depositors’ money and the integrity and liquidity of financial institutions. However, since the 1980s, deregulation has dismantled the compartmentalization of the financial sector, most notably in the housing sector. The acceleration in mortgage approvals to borrowers who were financially unprepared contributed significantly to the financial crisis.
In conclusion, Inside Job is a powerful documentary that illustrates how the greed and recklessness of the banking sector led to the 2008 financial crisis, causing widespread economic devastation. The film highlights the need for financial regulation to ensure the stability and security of the financial system, ultimately benefiting society as a whole.
The Hunt for the Crypto King
The relationship between cryptocurrency and crime has become increasingly intertwined over the past few years, especially with the rise of NFTs. As the term “web3” implies, there is a lot of foul play occurring in this space, as evidenced by the satirical website “web3isgoinggreat.” While this film is not a comprehensive analysis of NFTs and cryptocurrency, it is still engaging for those unfamiliar with the subject matter. If you are interested in learning more about the potentially devastating future of this market, I highly recommend watching Dan Olson’s “Line Goes Up” documentary on YouTube.
This docufilm centers around Gerry Cotten, a multimillionaire in the world of cryptocurrency. Cotten founded QuadrigaCX, Canada’s largest cryptocurrency exchange, and facilitated the transfer of Bitcoin to dollars and vice versa. However, when Bitcoin began to crash, Cotten suddenly died in India, allegedly from Crohn’s disease. His death also resulted in the loss of keys that would have unlocked over $250 million from his virtual vault, leaving many investors severely shortchanged.
A group of investors takes over the investigation after Cotten’s death, and they rely on both legal and illegal methods to delve deep into his life. They enlist the help of internet sleuths to uncover the truth, believing that Cotten faked his own death and absconded with the funds they invested.
Although this documentary provides a solid overview of the story, it could have delved deeper into the blockchain and cryptocurrency. While it is not feasible to provide a comprehensive explanation of the obfuscated nature of digital currency in such a short amount of time, a more thorough explanation of the blockchain and its significance would have been helpful. It is easy to manipulate and scam digital currency with the right tools and means, and this is an important takeaway from the film.
In conclusion, “The Hunt for the Crypto King” is a fascinating documentary that provides an intriguing look into the world of cryptocurrency and the criminal elements that often accompany it. Despite its shortcomings, it is still a worthwhile watch for those interested in this burgeoning market.
Conclusion
In conclusion, the world of cryptocurrencies is ever evolving, and as such, it can be challenging to keep up with the latest developments. However, these top five crypto documentaries offer a fascinating glimpse into the underlying technology and its potential implications for our future. Whether you’re a seasoned crypto enthusiast or new to the scene, each of these documentaries has something to offer, from the rise of Bitcoin to the hunt for the crypto king. So, grab some popcorn, settle in, and prepare to be enlightened by the fascinating world of cryptocurrency.
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