The Bitcoin Psyop

The Bitcoin Psyop

2017, Technology  -   9 Comments
Ratings: 7.47/10 from 53 users.

Do bitcoin and blockchain represent the technological innovations that will forever alter the way we conduct financial transactions, or are they merely a hype-fueled sham? Amidst the cacophony of ongoing arguments between the system's harshest skeptics and most boisterous cheerleaders, it can prove challenging for a layperson to decipher truth from propaganda. The Bitcoin Psyop, a documentary short produced by The Corbett Report, peeks behind the hyperbolic techno-babble to deliver a clear-eyed view of the cryptocurrency revolution.

The most common point of confusion lies in defining what bitcoin and the blockchain actually are. In simplest terms, bitcoin is an innovative payment network that operates without a bank or intermediary. Each transaction is logged on a digital ledger known as the blockchain. This database of transaction is accessible by anyone on the bitcoin network, yet its creators insist this information is secured by military grade encryption technology.

The bitcoin network represents something entirely new, and consumers have every reason to feel disoriented. Certain power figures of finance want to perpetuate that sense of bewilderment. According to the film, they frequently employ interchangeable terms and confusing lingo to keep the system's more ominous potential in the shadows. Just like with most weapons, the blockchain can be used with nefarious intent or as a tool to defend the greater good.

The network can be used to take power from the traditional banking system and place it back in the hands of the people. It can allow for the transfer of valuables and property without having to deal with needlessly intrusive regulations or invisible global borders. But it can also be used to exert greater control over the people and increased oversight of their every purchase, and leave individual users vulnerable to the whims of totalitarian governments.

At this moment in time, bitcoin and blockchain stand at a crucial precipice. If we reach an understanding of the network and all its capabilities, we can begin to combat its potential for misuse. The Bitcoin Psyop provides a terrific primer on a complex topic, and outlines the important role we all can play in making it a beneficial force in the world economy.

Directed by: James Corbett

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9 Comments / User Reviews

Leave a Reply to Angus Young Cancel reply

  1. Angus Young

    Too much room for corruption, greed and abuse . Its not insured , reimbursement- nope
    No different than selling junk bonds or buying forged paintings or a used car for that matter..

  2. Lou M. Hamm

    It seems this system is dependent on having a computer and the internet. What do the poor people do when all there is is bitcoin and you can't afford the ongoing expense of computers and the internet?

  3. StonerX

    It takes serious computing power to mine, its just more of the rich getting richer.

  4. monky

    Do you think Bitcoin profits are anonymous? Think again. Blockchain is a complete record of your crypto history and is about to be de-anonymised. Blockchain is forever.

  5. Soeren

    Before I start watching, I really dont hope the critics are going to be bankers or other people controlling the finansial system. Because of course these people will dislike it, they will lose money and power with blockchain

  6. roger andout

    BC... BS potato putato. What do I understand?
    Clearly not this video

  7. voluntaryist

    Would BC users switch to a U.N. or nationally approved digital currency? Yes, because they trust govt. and it would be official (legal) and yet still quick, easy. Probably less than 2%, especially in the 3rd world, use BC to be free from bankers or govt. They use it because it is easier. Now that BC has paved the way for acceptance of cryptocurrency, the authoritarian exploiters will take over.

    1. black_sheep

      Uh, no... the idea of a financial system being free from all the control of power structures (banks and the governments, whom, I can guarantee most bitcoiners definitely DO NOT trust) and its immutability, censorship-resistance and decentralization are one of the core values of BTC. Plus, using BTC right now is actually more complicated at the moment (especially for non tech-savvy people) compared to most traditional systems or payment solutions such as PayPal, so that argument doesn't really make much sense.

  8. joe nobull

    ripple would be a cartel