‘Banking On Bitcoin’ Is The Latest Bitcoin Documentary

Bitcoin’s latest full-feature documentary, Banking on Bitcoin, was recently released on Video-on-Demand services Amazon and iTunes, as well as in a limited number of theater screens. Directed and co-written by Christopher Cannucciari, the 90-minute film was produced by Periscope Entertainment and distributed by Gravitas Ventures. The most recent movie-length documentary about the phenomenon of Bitcoin dives deeply into the cryptocurrency’s roots, exploring the Cypherpunks who established the field before Satoshi Nakamoto came along. The film covers all of the early price hype, the Silk Road drama, the MtGox fallout, as well as some more recent happenings in 2015, when the mainstream banking world started turning to the technology. The central theme of the film, however, focuses on regulation and mainstream bitcoin adoption. Particular attention is given to the events surrounding the January 2014 New York Department of Financial Services hearings on bitcoin, and the then Superintendent Benjamin Lawsky. Both sides of the licensing argument are heard from several viewpoints.

The creators interviewed the reclusive cryptographer David Chaum, and looked closely at Nick Szabo’s early work. The filmmakers also included interviews from some of the earliest bitcoin adopters, Charlie Shrem, Erik Voorhees, Gavin Andresen, Nick Spanos, the Winklevoss twins, and Barry Silbert. Commentary from other key players, that turned their attention to the nascent technology later in the game, include Michael Casey, Nathaniel Popper, Jeffrey Tucker, Andy Greenberg. The creator of a recent full-length documentary about the Silk Road also features. Alex Winter is best known as Bill from Bill and Ted’s Excellent Adventure. Winter’s 2015 “Deep Web” was a self-produced labor of love for the former actor, which his friend Keanu Reeves narrates. Winter went on to give a TED talk on the same subject. Outside of the bitcoin believers, a few people were interviewed to give opposing viewpoints, such as Lawsky, the FBI Silk Road Lead Investigator Chris Tarbell, and Digital Asset Holding’s CEO Blythe Masters. The opinion of a few seniors and other uninitiated people to bitcoin are injected into the conversation as well, giving the film more balance.

Distribution company Gravitas Ventures also distributed the 2014 title “The Rise and Rise of Bitcoin,” directed by Nicholas Mross. The longer, full-feature documentary paid much more attention to bitcoin mining, and bitcoin’s early history. The film distribution company is best known as a primary source of “Video on Demand” movies, releasing 400 films a year over various sources like flight and hotel room movie systems. The company is also known to release films through Amazon, AT&T, Comcast, Cox Cable, DirecTV, DISH, Google, Hulu, iTunes, Netflix, Time Warner Cable, Verizon, Vudu and Xbox. A Dutch documentary television series called VPRO Backlight also did a hour-long doc on Bitcoin and the early community from a European perspective. “The Bitcoin Gospel” was released on Youtube, and it focuses on the cypherpunk and libertarian ideology of early bitcoiners. Bitcoin has cropped up in several other movies over the years. The 2015 sleeper hit “Dope,” produced by Lionsgate Films, features stolen bitcoins, which helped the main character save the day. Then last year in Vietnam, an action movie called “Bitcoin Heist” was released. Throughout the movie, set a few years in the future, Bitcoin was used as the primary means of payment for everyone around the planet.

On the other hand, being a private and small startup means you have less to lose when you challenge the incumbents. Laughing at the dinosaurs and saying, "They don't get it" may put you out of business. For example, pick target markets with no national or state lobbying influence. Ally with some larger partners who see you as a way to break the incumbents lock on the market. For example, Airbnb thrives even though almost all of its "hosts" are not paying local motel/hotel taxes nor paying tax on their income, and many hosts are violating local zoning laws. Some investors and competitors may be concerned about regulatory risk and liability. Airbnb's attitude seems to be "build the business until someone stops me, and change or comply with regulations later." This is the same approach that allowed Amazon to ignore local sales taxes for the last two decades. 4. Cut deals with the rent seekers.