I have always had no interest in using cryptocurrency or bitcoin for any transactions. According to an estimate, the amount of money which was lost in cryptocurrency scams in the year 2021 went up to fourteen billion US dollars, which is a staggering 79 % rise compared to the year 2020. Given that as well as the circumstances regarding Indonesia’s regulatory stance enacting a prohibition on the use of crypto-assets for payments, I do believe that such a prohibition may be lifted by 2025. Moreover, however, I was not taken aback by any of the information that was unveiled during Netflix’s recent sensational show Bitconned what did make me furious, though, was the chronology of financial fraud which boosted even further my already established point of view about crypto gaining traction among the global audience, which is not positive.
The focus of this narrative documentary is Ray Trapani who is introduced to the viewers as an archetypal villain in the comic book style. The first sight of Trapani is that of an artist who is being fitted with a dress suit. He straightforwardly accepts that all his life, he has been dreaming of being a criminal. At first the openness is such that one might think it is a joke. But, oh no, it is obvious that Trapani is a con artist without any pretense to be such. His family also reportedly had a history that explains these traits in Trapani. His paternal grandfather was allegedly affiliated with the mafia, a grandmother with criminal tendencies, and the mother denies, does not want to believe that her son is this horrible. We also learn that Trapani is not a person who changed later in his life, his classmates remember him as ‘the oxycontin dealer’.
There is no denying that Trapani is reliable: he is devoid of any redeeming qualities. He and his equally repulsive (dumbs as well) business partner undertook a legitimate business. However, they never ever bothered to reinvest any of the revenues they were able to generate in that business. Given that the two lack intelligence, it would even be more surprising that there were not asinine ideas such as marketing a legitimate idea: a Bitcoin debit card enabling people to spend their Bitcoin. This seems to be a viable business venture that can attract investors. However, owing to their greed, these two bastards came up with a false holding and even provided a phony LinkedIn page for it. They went so far as to rent an office.
And the rubes fall for it. One of Trapani’s business investors, Jacob Rensel who has served in the war, stated, he was looking for a get-quick-rich scheme. And people with such expectations are usually blind to logic. This feeling is very dangerous because let us not be mistaken here, rather put it this way, people think they are getting into the business at the core of a venture that automobile companies in this case will go over, make profits and then ease out. And if they call me dumb as Nathaniel Popper, a New York Times reporter and a person who is featured in the documentary states that Centra the alleged fake businesses owned by Trapani Tom “, is the story of crypto itself. The argument is unduly to the points presented in this section that narrowly, Bitconned shows the evidence proving why $14b worth of Bitcoin assets is impossible How did 14 billion dollars simply disappear into oblivion? In this regard, it can be said that this movie serves as a warning. Just because someone claims to have graduated from Harvard Business School, it doesn’t necessarily mean they are going to make everyone millions in a matter of days.
People love watching other people get scammed and things do not get better than Ben Jonson for understanding people’s behavior. But what kept me glued to Bitconned was Trapani. It will probably stun some that the reptilian bunco artists served no time for his criminal acts, but I was more interested in how in the first place he agreed to give interviews. Is he that big an egomaniac that he does not see the self inflicted damage that this documentary will cause to an already damaged reputation? Or was it sort of a sick challenge to be in the center of attention? And does Trapani understand what a sleazeball his character is, and if he does, is it a badge of honor to him? As far as this documentary is concerned, Trapani will be the most loveable of hate able subjects.
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