User reviews

People will have a field day psychoanalysing the antagonist in this documentary - rarely do we get such clear insight into the mind of a cold-hearted fraudster. Ray Trapani is also an archetype representing those capable of ripping off other human beings without a flicker of emotion (and there's a higher than average representation of such people in the world of alt crypto) - it's fascinating to see such a disgusting example of humanity reveal himself for what he is. He's so disconnected from what it means to be human that he somehow thought it would be a good idea to show the world what a piece of garbage he is. This documentary is worth a watch simply to see that play out.

This documentary made my blood boil in every way I like. The story was put together well and painted Ray Trapani (the lead scam artist) in a way that made him truly look like a criminal. This is not always done well by Netflix.

If you like documentaries about crime, scams and crypto, than you need to watch this. It will blow your mind what these con artists come up with to make a quick buck off the ignorant.

In the film you will follow Ray, who lays out all the scams he has pulled over his lifetime. This leads up to the biggest scam of all, Centra Tech. I don't want to ruin anything but let me say this, our judicial system is in serious need of some changes here in the U. S. A.

Bitconned does a very good job of putting the crypto contradiction of trusting nobody but the least trustworthy on full display. All those sucker 'investors' who were told not to trust banks or the government instead put their full faith and credit into the hands of a drug addict's Potemkin company.

Even for those of us who have watched this play out again and again it is always shocking to see just how flimsy these scams are -- the clearly fake profiles and partnerships, quid-pro-quo promotion from unqualified celebrities, an idiotic and plagiarized business plan. Yet they managed to raise millions from the 'skeptical' masses who refuse to place any trust actual institutions with real assets.

The Centra scam really encapsulates the entire Crypto cycle quite well -- these flunkies raised money off the back of a man who predicted a collapse of the western financial system -- and of course it turns out the only financial institutions that collapsed were house of cards crypto companies he promoted.

How people keep falling for this I'll never understand.

Bitconned (2024) emerges as a captivating and insightful exploration of the Centra Tech crypto scam, a fraudulent scheme that captivated the cryptocurrency world and defrauded investors of millions of dollars. The film delves into the intricacies of the scam, revealing the mastermind behind the operation, Ray Trapani, and the elaborate deception he orchestrated.

Directed by Bryan Storkel, renowned for his compelling documentaries, Bitconned interweaves interviews with victims, former Centra Tech employees, and investigative journalists to paint a comprehensive picture of the scam. We witness how Trapani, fueled by a lifelong fascination with crime and a thirst for wealth, devised a sophisticated scheme that fooled investors worldwide.

The documentary exposes the intricate mechanics of the scam, highlighting the false promises, fake celebrity endorsements, and sophisticated technology used to manipulate investors. We see how Trapani and his associates exploited the unregulated nature of the cryptocurrency market to operate with impunity, raking in millions of dollars while leaving countless victims in financial ruin.

The documentary also delves into the psychology of the scam's participants, exploring the motivations that drove Trapani and his collaborators to commit such audacious fraud. It examines the allure of quick money, the desire for fame and status, and the willingness to bend ethical boundaries in the pursuit of financial gain.

Bitconned serves as a cautionary tale for those considering investing in cryptocurrencies, emphasizing the importance of due diligence, critical thinking, and skepticism when evaluating investment opportunities. It warns against falling prey to overly optimistic promises and unchecked greed, urging individuals to conduct thorough research and understand the risks involved before investing in any cryptocurrency venture.

Here's The 4K Lowedown on "Bitconned" (TV-MA - 2024 - Netflix)

Genre: Documentary/True Crime

My Score: 7.0 Cast=4 Acting=7 Trailer=6 Ending=8 Story=9 Visuals=7 Direct=7 Sounds=6 Genre-9 Sub-genre=7

In this true-crime documentary, three guys exploit the freewheeling cryptocurrency market to scam millions from investors and bankroll lavish lifestyles.

"Ever since I was a kid, I wanted to be a criminal." A successful documentary is one that can educate or infuriate...and this was able to achieve both for me. Ultimately not a topic I cared much about, but I had a little knowledge of cryptocurrency. The focus of this documentary is a prick from the word go, but I found myself understanding why people were giving their money to him. If you are interested in true crime or the subject matter, this is worth a watch.

This documentary is well-made entertainment.

It even does not fall into the Netflix-pitfall of wokeness and judgementalism. Viewers can form their own opinions, and those may vary. Kudos to that.

Is the fraudster telling the truth?

Is he still playing? Can he do anything else?

Is he a sociopath? What went wrong with him? Are his brothers criminals as well?

It's a story we're being told. Is it the real story?

I really want to hear the other guy's telling of it!

As if you have to be rich to travel the world.

You only have to be rich if you don't want to travel and experience the world but just go places, live luxuriously, and think that makes you a success.

Or maybe just a case of SDS.

These guys who conned others with their crypto scam are terrible but their victims are gullible! When will people learn that practically everything having to do with crypto currency, especially something new, and seems too good to be true is a scam?! Some Americans like these guys are also just as sleazy scammers as foreign ones, just usually much more sophisticated at it. Can't believe people fell for this and other crypto scams. Maybe this documentary and other stories will finally teach people to do their due diligence before giving their accounts over to strangers and trusting them to be who they claim to be.

I am speechless at this highly entertaining and shocking documentary. So well made... if I say anything more then it's too many give aways. Ray Trapani is a very crooked wannabe mafioso and it all starts off as child's play but the further along you get, you see that so many people were so gullible in the scam that you can't even call Ray a genius. He's just the luckiest joker ever. It's very unfortunate what happened to the folks that lost their hard savings, and I do believe they tried to glorify this docu and make Trapani the modern day Jordan Belfort. Which is many ways, he is. His mum is a boss though, I did enjoy watching her and his fabulous grandma on screen.

The main character, whose name i dont really care about, some of his partners (not all) as well as his family seem to have no problem while talking about their malicious, greedy way to rip off others... alongside many unbelievably immoral statements this one shows what kind of people the "great" western economic and political system of greed and egoism brings out in people,"... i mean, there was this one guy, who was trying to invest (in centra), and then he gave me his password to his whole crypto account. He ment to send me his passcode to send the Centracoins to.... and he gave me his password. ... And i was in this moment like, " Holy shix, this guy just gave me his password. I logged in, couldn't help myself. I already had millions... this is like 100.000 sitting in his account... What do i do here?! And then i just transfered all to my account..."

This quote itself says everything about his character. You should see his cold, proud grin while saying it.

Btw: the money is still "gone" and this, well, i would call him "cold-hearted psychopath" seems to live a good life, planning new businesses ...

He just plays the game big players in our world, the rich and powerful out there always did and still do ... if it's about tax evasion, political corruption or this kind of fraud... it makes no difference. People who can't get enough, who wanna own more and more, if its money, power, control... are the same kind of misleaded individuals, who just dont get, what life is about.

I wouldnt wonder, if he felt good about this documentary and whats even worse, if quite a few young people out there find this way of life, full of manipulation, lies and betrayal attractive.

I loved the honesty from Ray - other's may despise him but without his honesty, the public wouldn't be able to learn how these types of frauds with ALT Coins happen. The title Bitconned may be a little deceiving imo, since what he was selling was an alt coin (78% of those fail due to different reasons such as fraud, pump and dumps, bad mgmt, etc). BIT and ETH aren't in the same class as alt coins and the title may give some the wrong impression imo. He isn't the only one out there who has done such a thing - but he got caught. He was the first to have such a great idea that has taken off since, which means he has talents, but took the wrong path. He just wanted it now and couldn't wait.

We learn lessons not only on alt coin fraud but identity theft (such as the fake lawyer that they had no idea they hired) which brings me to why I didn't give this a 10 star rating because Netflix just couldn't help themselves but to throw in a Presidential candidate's picture and name and associate it with fraud when he had nothing to do with it. So had to deduct 1 star.

As far as the house issue at the end, I have heard yrs ago (not sure if it still stands today) that FL has some kind of law that your home is protected from being able to be taken in any kind of bankruptcy, monetary claims, lawsuits including civil and it is a way of protecting your money.

All in all, informative.

So a man who says that his greatest ambition when he was a child was to become a criminal, starts a crypto company with a few friends, and they raise eye-popping amounts of money because they actually do have a good idea, gets charged with a crime and gets parole because he cooperated with the authorities. It's a very strange because it seems like he was clearly viewing this as a scam and as a way to milk money from people, and the person who got the longest jail term seemed like he was at least trying to turn this idea into reality. What I don't understand though is why not just be honest with people. Say we have this idea, it doesn't work yet, ask your money, and we'll be able to come up with something that works. I think while we do hear from other characters in this drama, there is too much focus on the main scammer and there's also no pushback for any of the information that he says. It would be good if they had him say something, and then someone else involved could say their opinion. The end of this review on a philosophical note, crypto was attractive to people because it would avoid all the complications of banking. But banking is complicated because people have been trying to rob and defraud people for centuries, so we have enacted rules surrounding banking to make it safer. Crypto doesn't have that and if it will, there's not much difference then between it and the normal banking system.

The story itself is pretty interesting, but I'm giving this two stars because as a documentary it kinda sucked. First of all, it could have been an hour. And then, I didn't like the focus on Ray just because he probably was in it to not only burnish his reputation but also make a buck from Netflix. The doc starts with a bait and switch... an early focus on the NYT journalist Nathaniel Popper lends an air of credibility and I thought we were going to get into a serious story about cryptocurrency (I tuned in thinking I might understand it a little better), and then it quickly switches over to the biography of Ray and his enthusiastic life of crime, focusing on the astonishing crypto scam. Journalist Popper was the most reliable narrator here, and I don't think they used him enough.