Bitconned (2024)

Bitconned-(2024)
Bitconned (2024)

Premise: Centra Tech’s founders made claims of developing a bankcard that would allow users to use their cryptocurrency just like any other currency. The company proved to be a scam later on.

The capitalism of the twenty-first century has been riddled with stories of various frauds and corruption. This has spawned a sub-industry, documentary, and drama, focusing on the Hollywoodisation of the business of con. Bitcoin is another documentary that fits well in that trend, it revolves around Centrra tech, a startup that had as its value proposition the ability to get a user’s cryptocurrencies and help them spend it. The Centra Tech scandal is one of the integral episodes associated with the crypto era; it has many features that characterized this time, including the excitement and appreciation of Bitcoin and how this industry was filled with frauds and empty boasts. What makes people romanticize crime is the ingenuity and at times the foolishness of the crooks; this is the precise quality that Bitconned utilizes. The story of Centra Tech is shocking in its lack of integrity; the people operating this business rather openly lied and never said that they were sorry. The film included the heads of several important companies. It is possible that the audience shall be left with the impression that these people are just showing off their schemes and that the filmmakers used the ‘Errol Morris’ approach of letting people speak for themselves.

Nonetheless, Bitcoin also has its share of dramatization in particular it is effective as a docudrama. The dramatized parts sell the lifestyle these guys were living during their con, that of being a rich criminal. It’s like Scarface and The Wolf of Wall Street in setting but placing that fantasy of a con man within the documentary framework rather slyly offers the critique that there is something rotten within our obsession with wealth.

What Doesn’t: The emergence of cryptocurrencies is creating an alternative to the failures and moral bankruptcy of the financial sector and is a reaction to a lack of faith in such structures as the state and society. The unfortunate irony of the era of crypto was the fact that people disillusioned by a corrupt system found themselves in yet another scam. The creators of Bitcoin do not, however, address the more fundamental questions of crypto or the Centra Tech scandal; they do not place these events in a substantial narrative. The absence of accountability of Centra Tech executives is strikingly similar to the absence of a single person being brought to justice for causing the 2008 financial crisis and how many white-collar criminals walk free or pay fines for their crimes. The executives of Bitconned however do not bring forward these wider issues and therefore it is possible to say that they miss the wood for the trees.

Conclusion: Bitconned effectively focuses on a detailed description of an extremely annoying cipher scheme. It does not seek to address wider issues concerning crypto and the reasons for the numerous malpractices in the financial markets but this story and the cast are captivating enough to make Bitconned an enjoyable documentary on a true crime theme.

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