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Banking On Bitcoin Review | Netflix Documentary

Bitcoin Documentary 2017 - Banking On Bitcoin

Critical Review

The 2017 bitcoin documentary, Banking On Bitcoin, received a lot of reviews when it was released to Netflix. Most of the best Netflix bitcoin documentary reviews summed the documentary up as a long commercial for bitcoin, highly dramatized, and not at all educational about what bitcoin or blockchain really is. If you want to see a film on what bitcoin really is, this is not the one to watch, but if you want to learn more about the people involved in bitcoin, then this documentary does feature a lot of related personalities.

Trailer, below

If you wanted to know what the best bitcoin documentary was, this is NOT it. Here are some others that might be better.

The latest bitcoin news suggests this new cryptocurrency will keep rising and crashing. As of February 2018, bitcoin is falling and crashing with traders losing 115 billion in 24 hours. This roller coaster ride makes it likely we'll see more documentaries, probably as early as 2018 to keep us up to date on the latest bitcoin news.

An often asked question is how to make money with bitcoin, but documentaries like Banking on Bitcoin do not reveal such secrets. To get better insights into how to make money with bitcoin, read the story below to see how normal people are stumbling into wealth in today's cryptocurrency world:

A Bitcoin Story 

"In 2013 I became aware of the bitcoin phenomenon, and of course, as with many things, I wish I had learned about it much earlier.

In May of that year, I heard that the Bitcoin Foundation was holding a conference in San Jose, California, and I wrote them and asked them if they might be interested in having me MC and do comedy. They wrote back, very enthusiastic about my idea. We negotiated a rate, and they asked me if I wanted to be paid in cash or in bitcoin. Being the gambler and risk taker that I am, I of course chose the bitcoin. At that time, bitcoin was worth $130, and the organizers of the conference helped me set up a Coinbase account and sent my payment for the event there. This would eventually turn out to be the highest-paid show I've ever done, by far.

I flew to San Jose for the event, and it was packed, with about 800 people. During my act, I asked how many people were Democrat, and there was dead silence. I asked how many were Republican, and again, silence. This was truly puzzling; having no one cheer for being Republican or Democrat had never happened to me before. I then asked whether everyone present was independent, which I thought was unlikely, and again, silence. Somebody in the front row suggested I ask how many people were libertarian, and I did, and the audience erupted in cheers. This absolutely blew my mind, and of course it reaffirmed the old saying that one should know one’s audience. It made sense, though, that bitcoin enthusiasts would be libertarian, because it is after all a cryptocurrency that isn’t regulated by any government.

I also had the distinct pleasure of introducing Cameron and Tyler Winklevoss, the twins who as you recall started Facebook with Mark Zuckerberg. They were both extremely nice. It was really great to get to meet them and hear what they had to say about the future of bitcoin.

 When I got home from San Jose, I researched bitcoin and learned as much as I could, and I decided that it was a great investment. So I bought more at $159, using Coinbase (and fortunately, not Mt. Gox, a bitcoin exchange that went bankrupt and “lost” $11 billion worth of its investors’ bitcoins). About a year and a half later, bitcoin reached $1,200, and I thought about selling but decided against it. It went as low as $800, and has since recovered and as of this writing is worth $17,000. I'm happy to say that I still have all the bitcoin, what I was paid at the conference and what I bought on my own. Some people are saying that it will get to $1 million. I sure hope so!

In the beginning, it was possible to mine bitcoins on a regular laptop. There was the case of a poor soul in Wales who threw out $130 million worth of bitcoin on an old hard drive. He had mined the bitcoin on his laptop, and the only reason he didn't mine more is because his girlfriend was upset about the noise the computer made at night. He went to the landfill to try to find the hard drive, but was confronted with a few football fields' worth of waist-deep trash, so he gave up. I understand that because of the recent surge in the price of bitcoin, he's gone back to the town and offered to give them 10% ($13 million) if they will let him dig it up.

 Here’s the ultimate bitcoin story. I have a dear friend who has a government job and videotapes Indian weddings on the side, charging as much as $5,000 for his services. In 2010, he was approached by some folks who were putting on a bitcoin conference at a hotel in the Washington DC area. He told them that he was able to provide them with video and other equipment for the event for only $4,000, which was way better than the $20,000 they had been quoted by the hotel. They hired him, and they told him that they could either pay him $4,000 in cash, or $6,000 in bitcoin. Unfortunately, he took the cash. If he had taken the bitcoin, it would now be worth $1.6 billion!"

-- Dan Nainan, Comedian


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