Inside the Making of RUIN: Bloomberg's FTX Documentary

In a revealing conversation on the Midcurve podcast, director Shern Sharma discusses the creation of RUIN, Bloomberg's documentary on the collapse of FTX and the broader cryptocurrency ecosystem. This in-depth exploration offers unique insights into the film's production process, the personalities involved, and the complex dynamics of the crypto industry.

The Genesis of RUIN

Sharma, primarily known for his work in commercials and branded content, found himself thrust into the world of cryptocurrency documentaries almost by chance. As the FTX scandal unfolded in late 2022, Sharma was staying with a friend in Oxford who was deeply involved in the crypto space. This firsthand exposure to the unfolding drama primed Sharma for the opportunity when Bloomberg came calling.

"I get this call from a producer friend of mine who I had done a commercial with over the summer," Sharma recounts. "And he's like, we've got this -- he's like, I've been asked by Bloomberg to help produce a film that they want to make about this."

The urgency of the project was clear from the outset. With numerous companies announcing FTX films, Bloomberg needed to move quickly. Despite not having an in-house team geared for feature film production, they recognized the importance of capturing this moment in financial history.

A Neutral Approach to a Controversial Topic

One of the most striking aspects of RUIN is its attempt to maintain neutrality in an industry often polarized by strong opinions. Sharma emphasizes that the film was not created for crypto insiders but rather for a general audience with limited knowledge of the space.

"We really wanted to make a film that was not for the heads," Sharma explains. "It wasn't necessarily for them. I think that -- I mean, my experience in speaking to the people in that community is like they're very knowledgeable. They knew this story back to front already."

This approach allowed the film to serve as a primer for those unfamiliar with cryptocurrency while still offering insights that could intrigue more knowledgeable viewers. By focusing on the human elements and the broader context of the FTX collapse, RUIN aims to provide a balanced perspective on a complex and often contentious topic.

Challenges in Production

Creating a documentary in the fast-paced and often secretive world of cryptocurrency presented numerous challenges. Access to key figures was a significant hurdle, with many potential interviewees wary of speaking on camera.

"I was very quickly disabused of any notion that I would be able to get in there and speak to these people who haven't been spoken to yet," Sharma admits. "And that just wasn't going to happen."

Despite these obstacles, the Bloomberg connection provided valuable access to reporters with established relationships in the industry. This allowed the film to include perspectives from a range of figures involved in the FTX saga.

The Characters of Crypto

One of the most fascinating aspects of RUIN is its portrayal of the personalities that shape the cryptocurrency landscape. From BitBoy to Su Zhu and Kyle Davies of Three Arrows Capital, the film offers glimpses into the minds of some of crypto's most controversial figures.

Sharma's interview with BitBoy, for instance, highlighted the spectacle surrounding certain crypto influencers. "In my mind, he was such an obvious clown," Sharma remarks. "And you see it. And anyone who's not in this world, you don't look at that and go, these are the guys I need to be paying attention to."

The director's encounters with Su Zhu and Kyle Davies of Three Arrows Capital were particularly revealing. Sharma describes Kyle as speaking in a way that was difficult to follow, using industry jargon and acronyms that exemplified the insular nature of the crypto world.

Su Zhu, on the other hand, left a different impression. "He never stumbled. I mean, he was very fluent. Anything I asked him," Sharma recalls. This composure, even in the face of challenging questions, painted a picture of a figure deeply entrenched in the crypto mindset.

The Moral Ambiguity of Crypto

A recurring theme throughout the documentary and Sharma's reflections is the moral ambiguity prevalent in the cryptocurrency space. The director grappled with questions of legality versus morality, noting that many actions in the industry fall into a grey area.

"Is it wrong in some domain of morality? Yes. Is it illegal? Unclear," Sharma observes. This ambiguity extends to the motivations of those involved in the industry, from true believers in the technology to those simply looking to profit from the latest trend.

The Role of Effective Altruism

One of the more intriguing aspects of the FTX story explored in RUIN is the connection to Effective Altruism (EA), a philosophical and social movement that aims to use evidence and reason to do the most good. Sam Bankman-Fried's involvement with EA added an additional layer of complexity to the narrative.

"Effective altruism becomes this like, essentially a community of people that mostly develops online, and it's about giving as much money as a person," Sharma explains. The documentary touches on how this ideology intersected with the crypto world and potentially influenced decision-making at FTX.

The Use of AI in Filmmaking

In an innovative approach to visual storytelling, RUIN incorporates AI-generated imagery to represent abstract concepts and emotions related to the cryptocurrency world. Sharma's background interest in AI technologies like midjourney and stable diffusion informed this decision.

"We had to generate things that made you feel like you were in this. We had to generate things that made it, made you feel some sense of like emotion or some sense of like currency or like a crewing," Sharma explains. This use of AI not only solved practical problems of visual representation but also served as a metaphor for the often opaque and rapidly evolving nature of cryptocurrency technology.

The Impact of RUIN

While the documentary has received mixed reactions from within the crypto community, Sharma hopes that it will serve as an entry point for those unfamiliar with the space. "My main takeaway or like what I would hope people finish this feeling is like, this isn't going anywhere," he states, referring to the cryptocurrency industry as a whole.

The director emphasizes that the goal was not to pass judgment on the industry but to present a compelling story that could engage viewers and potentially spark further interest in the subject. "Sometimes it takes something like this to get someone through the door in the first place," Sharma notes.

Lessons for the Solana Community

While RUIN focuses primarily on the FTX scandal, its themes and insights offer valuable lessons for the broader cryptocurrency community, including those involved with Solana. The documentary's exploration of the risks and ethical considerations in the crypto space serves as a reminder of the importance of due diligence and ethical practices.

For Solana, which has positioned itself as a high-performance blockchain platform, the lessons from the FTX collapse underscore the need for transparency, robust governance, and a focus on building sustainable, value-driven ecosystems. The Solana community can take inspiration from the documentary's neutral approach to complex issues, fostering open discussions about both the potential and pitfalls of blockchain technology.

The Future of Crypto Documentaries

RUIN sets a new standard for cryptocurrency documentaries, blending traditional filmmaking techniques with innovative approaches like AI-generated imagery. As the crypto industry continues to evolve and face new challenges, there will likely be more demand for nuanced, in-depth explorations of its key events and figures.

For filmmakers and content creators in the Solana ecosystem, RUIN offers a blueprint for how to approach complex topics with balance and creativity. By focusing on the human stories behind the technology and market movements, future documentaries can help bridge the gap between the crypto community and the general public.

Conclusion

Shern Sharma's RUIN offers a compelling look into one of the most significant events in cryptocurrency history. By approaching the subject with a neutral stance and focusing on the human elements of the story, the documentary provides valuable insights for both newcomers and seasoned crypto enthusiasts alike.

For the Solana community and the broader blockchain space, RUIN serves as both a cautionary tale and a call to action. It highlights the need for responsible innovation, ethical leadership, and transparent practices as the industry continues to grow and evolve.

As cryptocurrency and blockchain technology become increasingly mainstream, documentaries like RUIN play a crucial role in shaping public perception and understanding. By presenting complex topics in an accessible and engaging manner, they contribute to a more informed and nuanced discussion about the future of finance and technology.

Facts + Figures

• RUIN was produced by Bloomberg and directed by Shern Sharma, who primarily had a background in commercials and branded content.
• The documentary was created in approximately 11 months from hiring to delivery, an unusually short timeframe for a feature film.
• Sharma conducted interviews with several key figures in the crypto industry, including BitBoy, Su Zhu, and Kyle Davies of Three Arrows Capital.
• The film incorporates AI-generated imagery using technologies like midjourney and stable diffusion to represent abstract concepts related to cryptocurrency.
• RUIN aims to provide a neutral perspective on the FTX collapse and the broader cryptocurrency ecosystem, targeting a general audience rather than crypto insiders.
• The documentary explores the connection between Sam Bankman-Fried and the Effective Altruism movement.
• Sharma faced challenges in accessing key figures in the crypto industry, with many potential interviewees wary of speaking on camera.
• The film touches on the moral ambiguity present in the cryptocurrency space, exploring the line between legality and morality.
• RUIN uses analog devices like Polaroid cameras to create a tactile representation of the digital cryptocurrency world.
• The documentary was created with the support of Bloomberg's journalists, who provided valuable access and insights into the industry.

Questions Answered

What is the main focus of the Bloomberg documentary RUIN?

RUIN focuses on the collapse of FTX and its impact on the broader cryptocurrency ecosystem. The documentary aims to provide a neutral perspective on the events leading up to the scandal, exploring the personalities involved and the complex dynamics of the crypto industry. It serves as a primer for those unfamiliar with cryptocurrency while offering insights that could intrigue more knowledgeable viewers.

How did director Shern Sharma approach the topic of cryptocurrency in RUIN?

Sharma approached the topic of cryptocurrency with a neutral stance, aiming to create a documentary that would be accessible to a general audience rather than crypto insiders. He focused on the human elements of the story and the broader context of the FTX collapse, incorporating innovative techniques like AI-generated imagery to represent abstract concepts. Sharma also sought to explore the moral ambiguity present in the crypto space, examining the line between legality and morality.

What challenges did the filmmakers face in creating RUIN?

The main challenges in creating RUIN included the short production timeline of approximately 11 months and difficulties in accessing key figures in the crypto industry. Many potential interviewees were wary of speaking on camera, given the controversial nature of the subject. Additionally, the filmmakers had to navigate the complex and often technical aspects of cryptocurrency, translating them into a format that would be engaging and understandable for a general audience.

How does RUIN portray the personalities involved in the FTX scandal?

RUIN offers glimpses into the minds of some of crypto's most controversial figures, including BitBoy, Su Zhu, and Kyle Davies of Three Arrows Capital. The documentary presents these personalities without passing judgment, allowing viewers to form their own opinions. Sharma's interviews reveal the varying levels of composure, fluency, and self-awareness among these figures, providing insight into the different types of individuals who shape the cryptocurrency landscape.

What role does Effective Altruism play in the RUIN documentary?

Effective Altruism (EA) is explored in RUIN as an important element of Sam Bankman-Fried's background and motivations. The documentary touches on how this philosophical and social movement, which aims to use evidence and reason to do the most good, intersected with the crypto world and potentially influenced decision-making at FTX. This exploration adds an additional layer of complexity to the narrative, highlighting the unique ideological backdrop against which the FTX scandal unfolded.

How does RUIN incorporate innovative filmmaking techniques?

RUIN incorporates AI-generated imagery using technologies like midjourney and stable diffusion to represent abstract concepts and emotions related to the cryptocurrency world. This innovative approach not only solved practical problems of visual representation but also served as a metaphor for the often opaque and rapidly evolving nature of cryptocurrency technology. Additionally, the film uses analog devices like Polaroid cameras to create a tactile representation of the digital cryptocurrency world, blending old and new technologies to tell its story.

What impact does Sharma hope RUIN will have on viewers?

Sharma hopes that RUIN will serve as an entry point for those unfamiliar with the cryptocurrency space, providing a balanced and engaging perspective on a complex topic. He aims to present a compelling story that could potentially spark further interest in the subject, rather than passing judgment on the industry. Ultimately, Sharma wants viewers to understand that cryptocurrency is not a passing trend but a significant and evolving part of the financial landscape.

How does RUIN address the moral and ethical considerations in the crypto industry?

RUIN explores the moral ambiguity prevalent in the cryptocurrency space, grappling with questions of legality versus morality. The documentary highlights that many actions in the industry fall into a grey area, where they may be legally permissible but ethically questionable. By presenting these dilemmas without offering clear-cut answers, RUIN encourages viewers to think critically about the ethical implications of cryptocurrency and blockchain technology.

What lessons can the Solana community and other blockchain projects take from RUIN?

While RUIN focuses primarily on the FTX scandal, its themes and insights offer valuable lessons for the broader cryptocurrency community, including those involved with Solana. The documentary underscores the need for transparency, robust governance, and a focus on building sustainable, value-driven ecosystems. It serves as a reminder of the importance of due diligence and ethical practices in the rapidly evolving blockchain space. The Solana community can take inspiration from the documentary's neutral approach to complex issues, fostering open discussions about both the potential and pitfalls of blockchain technology.