Netflix discreditied Bitcoin

Netflix discreditied Bitcoin

Jameson Lopp (Jameson Lopp), the former chief engineer BitGo and well-known Bitcoin developer, has criticized Netflix, the giant of the entertainment industry, worth 159 billion, for one of the shows in which they tried to explain what Bitcoin is in simple terms.

In cooperation with Vox, an American media company that owns the popular YouTube channel Netflix in early 2018, has created a series of episodes called “Explained” to give users unique information on various topics, ranging from K-pop to the blockchain.

In one of the last episodes of “Explained” the authors delved into the Bitcoin and cryptocurrency industry structure in an attempt to assess the technology of the blockchain and tell you about the use of Bitcoin.

Lopp said that the Vox and Netflix are unable to provide an accurate analysis of the technology underlying Bitcoin, and also to tell about the true use of the dominant cryptocurrency.

Lopp listed the following factual errors in the episode “Explained” from Netflix about Bitcoin :

  • Most bitcoins are spent on criminal activities;
  • The problem of Byzantine generals is to achieve privacy during transactions.
  • Satoshi invented the blockchain;
  • All the cryptocurrency to use the blockchain.

The Byzantine generals problem, the origin of the blockchain and its application are relatively simple concepts that should be properly explained to beginners and novice users as they are seen as the foundations of Bitcoin and other cryptocurrencies.

Technically, as explained Lopp, Satoshi Nakamoto has not created the concept of the blockchain, which essentially protects information through the use of cryptography.

The history of the Blockchain can be traced back to 1991, when Stuart Haber and Scott Stornetta used a Merkle tree for document processing in one unit. The concept of “blockchain” has nothing to do with the mechanism of consensus that can be built around this data structure.

In addition to these technical errors, Vox and Netflix also erroneously assumed that Bitcoin is mainly spent on illegal services, completely ignoring the fact that Bitcoin in its nature is transparent, not anonymous. Any network users can view all transactions and wallets. The transparency of the Bitcoin cryptocurrency makes it a bad medium of exchange in Darknet.

Criminals prefer anonymous crypto-currencies like Monero, zcash for and Dash, storage, as well as send and receive private transaction, as previously noted by the Japanese government:

This is a typical money laundering scheme. In a sense, I’m not surprised. If you are going to do something illegal, everyone knows that you need to use the “anonymous trio”

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