Netflix Criticized for False Claims about Bitcoin

Netflix ‘Explained’ had falsely claimed that bitcoin is spent mostly on illegal activities.

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Former BitGo Lead Engineer Jameson Lopp came after Netflix after it had made false claims about bitcoin on an episode of its “Explained” series.

Netflix Explained was created earlier this year, in partnership with Vox, to offer insights and basically explain a variety of topics of any niche. Most of the topics tackled by the series are “trendy” topics like blockchain and kpop.

The Problematic Bitcoin Episode

A recent episode tackled bitcoin, blockchain tech, and the cryptocurrency industry. And while it did a good job in explaining the basics of bitcoin, Lopp noted that some factual errors committed in the episode:

  • Most bitcoin is being spent on illegal activities.
  • Satoshi Nakamoto invented the blockchain.
  • All cryptocurrencies use blockchain as its underlying technology.
  • Byzantine General’s Problem (the origin of the blockchain) is about private transactions.

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