Documentarian: “Bitcoin Really Can Change the World”

On Thursday, “Alternative financial and economic news” producer Crush the Street posted an interview on YouTube with documentarian Tim Delmastro, who has released a new documentary on Bitcoin called “Bitcoin: Beyond the Bubble.”

The following is a transcript of highlights from the interview:

“I made ‘Bitcoin: Beyond the Bubble’…because everyone lost sight of why we got into BTC to begin with. You know Bitcoin has the properties of censorship resistance and a store of value, (but last year) Bitcoin and cryptos became like a get rich quick thing. like a dotcom mania-type thing.”

“So I released…Bitcoin Beyond the Bubble so that people could really learn about the technology behind Bitcoin and…look at something beyond the price going up and down.”

“People can do whatever they want with their money.I’m a libertarian (but) the reason I got into cryptos to begin with is I believe that Bitcoin really can change the world.”

Regarding extreme altcoin returns in 2017:

“The word gets around that some guy is making all this money and then other people wanna jump in. So you’re seeing all this stupid money coming in that basically doesn’t know anything about the underlying technology…or a particular value proposition behind a coin.”

Was 2017 a bubble?:

“It clearly is a bubble. Most of these ICOs are just fancy websites with a PDF attached to it. People are putting proper, real money behind these things…You and I can start a website…and raise fifty million dollars. I mean, how is that not a bubble? …(M)ost of these alt coins are down 80%, 90% from their high.”

“(People are still buying alt coins) but I do believe that people will realize that there’s no value there.”

On why he thinks Bitcoin is different:

“Bitcoin is different (from all the other alt coins) in that it is the only coin that really is decentralized. It’s the only coin that has censorship resistance properties. It’s the only coin that’s a store of value. I mean would you…consider any of these other coins a store of value? I don’t think so.”

“I think what’s happening is people missed out on those big gains a few years ago and they’re trying to mimic those gains with some other coin. The other thing is these coins have a marketing department behind them…”

On the reliability and scalability of Bitcoin:

“Bitcoin was an experiment three years ago, but now I think it’s here to stay. But as far as price projections…who knows?… I think it’s important to keep your eye on the fact that Bitcoin has properties that the other coins do not and…that is what makes it valuable.”

“The Lightning Network is a game changer. It really is. And all these other people.. promoting by saying (their altcoins are) fast and cheap…I’m wondering what their sales pitch is gonna be once the Lightning Network gets fully implemented and we have a fast cheap and reliable payment network attached to Bitcoin. I’m wondering what’s the value proposition of all these other coins when that happens.”

On Bitcoin’s potential to enable fraud-proof payments in places with high levels of credit card fraud like Africa, in countries that have seen their currencies collapse and places minimally banked:

“When I first start telling a new person about Bitcoin and I say that they can use Bitcoin to make censorship-free transactions, people usually say, ‘Why would I ever do that? Why would I ever need to make censorship-free transactions?’ and my answer is, well, you live in a first world country…(with a) developed econom(y) where banks talk to each other. But there is a significant minority of the world of people who either don’t have a bank account or are underbanked. And this is where Bitcoin can fill a hole because of the way…the Bitcoin network works.”

“So basically Bitcoin is a push system. When I wanna send Bitcoin to you, I push my Bitcoin to you…In Africa, one-third of credit card transactions (is) fraudulent, and this is why no-one wants to do business with Africa because no one wants to get a charge back…Credits cards are a pull system…You’re giving permission for the merchant to pull funds from your account…Bitcoin is a push system so there can’t be any fraud because the owner of the value is pushing it to the merchant…So…Bitcoin has the potential to revolutionize Africa and South East Asia and some of these places where the people are underbanked.”

Bitcoin Beyond the Bubble is available for free on YouTube:

There is also a Japanese version there:

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