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”Bitcoin [BTC], the beautiful anonymity of cash” – Netflix’s Explained

Ranjitha Shastry



''Bitcoin, the beautiful anonymity of cash''-Netflix
Source: Pixabay

Netflix, an American entertainment company popularly known for its ‘Netflix Original’ content, offers original and popular drama programs like ‘Stranger Things’ and ’13 Reasons Why’. Netflix, on June 6th, 2018, released a new episode of its series ‘Explained’ and it was about cryptocurrency.

Explained is a web series from Vox Digs which covers a wide range of topics like why diets fail, wild world of k-pop, and Monogamy in each of their different episodes.

Episode 5 of explained. Source: Netflix

Episode 5 explained | Source: Netflix

The episode tags Bitcoin as ‘the beautiful anonymity of cash’, it explains how cryptocurrencies came into existence and what made Bitcoin or cryptocurrencies so popular. People like Jackson Palmer, inventor of Dogecoin have made an appearance in this episode. Palmer stated states how Dogecoin is now worth half a billion dollars in market cap. The episode also explains how ‘Diners Club’ being the first-ever credit card was a part of the ‘digital currency revolution’.

Andy Bromberg, CEO of CoinList stated about cryptocurrency in the episode:

”For the time, you have a distrubuted network to come to consensus about wat transction happened on the network. This allows for a trustless ledger where there isn’t a single central party maintaining it, but rather a network of people maintaining it. That’s an incredibly powerful concept.”

It also explains how 1000s of unknown people gained popularity and became rich with just investing in cryptocurrencies and treating it like the stock market.

Christian Slater is the narrator for this episode of explained. He is an American actor and a producer. He has also been a narrator for the segment  “There’s an Alligator Under My Bed”.

Netflix also has an exclusive documentary called ‘Banking on Bitcoin’, which features interviews with enthusiasts and experts.

Jean Labourier, a musician/Record producer and a Twitter user commented:

“@ChristianSlater aka Mr Robot narrating a new Netflix episode on cryptocurrency is awesome.”

T•GO, a Twitter user commented:

“So I just watched that new Netflix episode about cryptocurrency and realized I’ve been sitting on a small pile of dogecoin that’s apparently worth something now, like a whole $5 wowzers.”

SELIN, another Twitter user commented:

“I came across an episode on #Cryptocurrency on #Netflix ‘s new series “Explained” if anyone is interested in watching  $BTC#bitcoin#crypto#netflixandcrypto.”

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Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.

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Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp




Facebook's Libra 'sounds an awful lot like Proof-of-Stake' and will 'run into Ethereum's problems' claims Bitcoin engineer, Jameson Lopp
Source: Unsplash

Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.

Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”

Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,

“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”

Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.

In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.

According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.

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