Bitcoin 102: the second instalment, sold by the copy

Full memo

Posted Aug 22, 2026

Terms

Coupon

12.50%

Term

20 months

Drawn in

BSV

Coupon paid in

MNEE

Payments

monthly

Structure

amortising

Seniority

senior

Term start

On drawdown

Maturity

Projected

Minimum position

0.50 BSV

Next due

Dec 7, 2026 · 38.00 BSV + 342.00 MNEE

Schedule

Bitcoin 101 Media

Bitcoin 101 Media LLC · Publishing · United States · founded 2024

Full profile

The studio behind Bitcoin 101, a 1hr44m narrative history presented by Darryl Cooper with Ardian Tola and published on Canonic in May 2025. It sells for 5 BSV a copy, paid to the page rather than to a platform, which is the whole reason the series exists in that form.

Loans taken

0

Repaid in full

0

Instalments on time

–

Borrowed to date

–

This is their first loan on BitBacker. There is no repayment history to show, which is a fact about the risk rather than a gap in the page.

Who runs it

• Darryl Cooper

  Presenter

• Ardian Tola

  Presenter

• Rosalind Aitchison

  Producer

What could go wrong

• The audience is one film old

  high risk

  One title that sold well is a promising sample and it is a sample of one. There is no series history to extrapolate from.

• Priced in BSV, spent in dollars

  medium risk

  The currency match protects the schedule, not the budget. Licensing and crew are invoiced in dollars, so a fall in BSV lengthens the production, and the coupon is a stablecoin coupon regardless.

• Presenters are contracted, not owners

  medium risk

  Neither presenter guarantees the loan and neither is bound to a third instalment. The credit rests on the studio and on 102 specifically.

• Archival clearances can slip

  low risk

  Rights holders answer on their own schedule. A refused clearance is a re-edit, not a write-off, but it moves the delivery date.

What secures it

Collateral

Charge over the sale receipts of both instalments, collected at the publishing address.

Collateral coverage

1.71×

$21,700 of security against $12,681 still outstanding. The line is one times.

How it was marked. Sale receipts of both instalments at 12 months of the first title's trailing average, discounted 40%. There is no stock and no tool: a film has nothing to repossess. Marked Aug 27, 2026 by Abhi Sridharan.

A mark on a date, not a valuation and not a promise. Nothing here can be sold at 3am: enforcing a charge over stock or receivables takes months, costs money, and recovers less than the figure above.

This loan is drawn in BSV. Move the price.

Bitcoin 101 Media owes BSV and earns in ordinary money. You hold a claim on BSV and think in dollars. The same move helps one of you and hurts the other.

Change in the price of BSV

−60%0% BSV+100%

Your principal

$12,681

unchanged from today

What it costs them to repay

as agreed

the schedule as written

The coupon is not on either side of this: it was fixed in dollars at drawdown and a move in the price does not touch it. Arithmetic on a figure you chose, not a forecast.

Recourse

Full recourse to Bitcoin 101 Media LLC. No personal guarantee from the presenters, who are contracted talent and not shareholders.

1. Aug 26, 2026

   Script locked at 118 pages

   Longer than 101 by about twenty minutes of finished runtime. The structural change is that 102 is not one continuous narration: three of the six chapters are built around interviews recorded on location, which is where most of the budget difference comes from.

   
2. Aug 14, 2026

   Why we are borrowing instead of pre-selling

   We could open pre-orders tomorrow and we would probably clear the budget. We would also owe a film to several thousand people on a date we cannot yet promise, and every one of those obligations would be a different conversation. A loan is one obligation, with a number and a date on it, to people who have read the terms. That is a better thing to owe.

Some updates on this loan are visible only to lenders holding a position. They are withheld on the server, not hidden in your browser.

What the borrower answered before the listing went up, and everything asked since. Anyone can read this; anyone with a wallet connected can ask.

Answered in advance

Do I get a copy of Bitcoin 102?

No. This is a loan and it pays a coupon. Both instalments are sold to anyone at the same price on the publishing page, lenders included.

Why is this one drawn in BSV when most of the book is in MNEE?

Because the series is sold in BSV at a fixed price, so the receipts arrive in BSV. Drawing the principal in the same unit removes a currency mismatch rather than adding one. The coupon is still paid in MNEE, as every coupon on the platform is.

What happens if there is no Bitcoin 103?

Nothing to this loan. It is written against 101 and 102 only, and neither the schedule nor the charge assumes a third instalment exists.

Asked on this page