The Peter McCormack Show

Marty Bent is a Venture Partner at Ten31 and founder of the Bitcoin-focused media company TFTC.io, Thomas Pacchia is a Bitcoin entrepreneur and co-owner of the NY Bitcoin bar Pubkey, and James McAvity is the founder and CEO of the Bitcoin Mining company Cormint. In this interview, we discuss Bitcoin’s potential future, its interaction with financial institutions, the challenges and risks of the Bitcoin mining industry, and why Texas is favourable for Bitcoin. - - - - It is no surprise that a podcast with three eminent Bitcoiners will cover a lot of ground, and yet, the discussions on this show cover a myriad of fascinating topics that are the subject of fervent debate within the community. The initial debate focused on whether users will continue to pay high fees, the operational constraints and cash flow concerns of a growing network, and the issues affecting the adoption of Lightning and Liquid. We talked about the profitability and health of the mining ecosystem, exploring the idea of miners cooperating to reduce electricity consumption while maintaining the same revenue. We also touched on the possibility of chip manufacturers restricting supply and the potential commodification of ASICs. Our speakers provided their opinions on the future of Bitcoin and its scalability. We explored the concept of self-sovereignty with Bitcoin, the potential need for multi-institution custody solutions, the importance of maintaining the 21 million supply cap and ensuring mining is sufficiently distributed. We discussed the potential future of Bitcoin and its interaction with financial institutions, speculating that the institutions offering the best monetary utility, such as fast settlement and low costs, will likely win the battle for user trust. The conversation raised the prospect that Bitcoin exchanges will need exposure to mining in order to provide liquidity to their users. The impact of the Chinese hashrate and the centralised market for mining hardware and software on the mining industry was covered. Our guests explained the challenges and risks associated with entering the mining industry, specifically, the effect of the upcoming Bitcoin halving, volatile power prices and weather conditions upon Bitcoin mining. We also discussed why Texas is viewed as a favourable environment for the Bitcoin industry.  - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-game-theory This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Bob Burnett is the Chairman and CEO of Barefoot Mining. In this interview, we discuss his transition from the PC industry to Bitcoin and his passion for Bitcoin mining. Bob explains the complexities of mining, its potential future and the role of fees in sustaining the industry. We also talk about the scarcity of block space in the Bitcoin network, the importance of the Lightning Network, the early years of Bitcoin and the public’s current perception of Bitcoin. - - - - Bob Burnett shared his fascinating journey, from his work on developing one of the world's first laptop computers to his current involvement in the Bitcoin industry. Bob drew parallels between the personal computer and Bitcoin, emphasizing the role of technologists like Satoshi Nakamoto in pushing society forward and ushering in new eras, and the different motivations of technologists and capitalists. Bob initially designed Ethereum mining servers but eventually pivoted towards Bitcoin due to his dissatisfaction with Ethereum. He expressed his admiration for the technological brilliance of Bitcoin and the ongoing process of uncovering its layers. Bob shared his passion for Bitcoin mining, and his mission as a technologist and systems “guy” who wants to contribute to building a monetary system that will last for a thousand years. We discussed the intricacies of the Bitcoin mining industry. Bob explained the mining trilemma, i.e. the challenge of combining the three fundamental factors that need to come together to build a mining site: a consistent and competitive source of energy, mining equipment, and money. We also discussed the impact of changes to Bitcoin’s price on the mining industry, the importance of collaboration, the need for diversity and the dangers of monopolies. The podcast delved into the scarcity of block space in the Bitcoin network and its implications. Current block space is limited and cannot accommodate everyone who wants to transact on the base layer. This poses a challenge for individuals who want to store their Bitcoin securely and be self-sovereign. We covered the importance of Lightning Network as a solution to allow more people to access and use Bitcoin. Finally, we reflected on the early years of Bitcoin and the upcoming changes in fees. We also talked about the perception of Bitcoin among those who are unfamiliar with it, and the challenge of bridging the gap between what people think about Bitcoin and the reality. However, in terms of the famous saying “show, don’t tell”, it’s the efforts of people like Bob, working to serve people around the world, that will go a long way to enlightening people on the value of Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-mining-trilemma This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Gary Leland is the founder of the BitBlockBoom Bitcoin conference. In this interview, we discuss the importance of Bitcoin conferences, how to organise, market and run Bitcoin events, and Gary’s path to Bitcoin. We also talk about approaches to Bitcoin investment and spending, our entrepreneurial journeys, travel experiences and approaches to parenting. The conversation concludes with a discussion about football and the offside rule! - - - - Gary Leland is a seasoned entrepreneur, Bitcoin enthusiast and podcaster with whom I have a lot in common: we have shared experiences, insights, and lessons learned, and we are now both Bitcoin conference organisers! Albeit, I have a long way to go to match Gary’s impact, given the BitBlockBoom event in Texas next year will be his 7th consecutive conference. The positive influence such conferences have on the Bitcoin community can not be understated. Gary's journey into Bitcoin began at the Texas Bitcoin Conference, which sparked his interest in the concept of Bitcoin as an internet protocol for money. This led him to invest in Bitcoin and become a staunch advocate. We discussed the importance of Bitcoin in relation to our upcoming events. While the price of Bitcoin can influence ticket sales, we agreed that it alone won't determine the success of the conference. We shared our experiences of selling tickets with Bitcoin and how it has impacted our sales. Gary mentioned that he had more Bitcoin sales for his previous conference, even when the price was down. Concerning Bitcoin investment and spending, Gary compared his approach to holding onto his Bitcoin to being like a "crack addict," not wanting to dip into his stack unless absolutely necessary! He believes in using Bitcoin for things he couldn't afford otherwise, like gifts for others or a house for himself. Gary shared his entrepreneurial journey to where he is now, which is a testament to resilience and learning from failures. Gary reflected on how running his Bitcoin event, BitBlockBoom, has given him a different perspective on Bitcoin. He believes that being involved with the event has allowed him to connect with a larger network of people than the average person. It has also connected him to me and allowed me to explain football’s offside rule, so, every silver lining… - Show notes: https://www.whatbitcoindid.com/podcast/driving-bitcoin-forward This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

John Carvalho is CEO of Synonym, a Bitcoin and Lightning Network service provider. In this interview, we discuss the potential impact of ETFs, the culture of Bitcoin developers, and the risks associated with AI technology. We also talk about the importance of understanding and investing in the Bitcoin protocol, the inefficiency in how relays are handled in the Bitcoin community, and the vision of Synonym for a post-Bitcoin digital economy. - - - - John Carvalho is one of the Bitcoin industry’s best advocates because of his unwavering commitment to its ideology and his high standards regarding its treatment and development. The last time I interviewed him was over three and a half years ago, so it was an honour to have him back on the podcast to ask him about a variety of current issues important to the Bitcoin community. The first topic of discussion was Bitcoin ETFs, which John sees this as a corrupting force within the Bitcoin community; he criticises Bitcoiners who only support things they think will increase the value of their holdings. John also fears ETFs could be used by the state or major banks to manipulate the price of Bitcoin. Instead of buying ETFs, he believes people should educate themselves about holding the underlying asset themselves. John also raises concerns about the increasing fragmentation within the Bitcoin community and how it may be dangerous for the base ethos of Bitcoin. He mentions that the culture of the Bitcoin mailing list has changed, with newer members constantly pushing for complexity and change. He explains that engineers are focused on solving their own problems rather than addressing the needs of Bitcoin users. We discuss the cultural issues among Bitcoin developers. John suggests some experienced developers may be tired after years of battling and facing criticism. Also, younger developers may be trying to make a name for themselves and leave their mark on Bitcoin, which could contribute to the cultural problem. John acknowledges that not all core developers exhibit this behaviour, but he has had private conversations with some who confirm his observations. John then brings up his interest in AI development, particularly in using ChatGPT and Midjourney. He mentions seeing both opportunities and fears in the fast-moving AI field. John also explains the concept of the atomic economy, which is Synonym's vision for a post-Bitcoin digital economy. He emphasises that it's not just about hyper-bitcoinization, but about creating a mental model for what replaces big tech, big banks, and big state. - Show notes: https://www.whatbitcoindid.com/podcast/the-road-to-digital-serfdom This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Caitlin Long is the Founder and CEO of Custodia bank. In this interview, we discuss the financial system's instability, the impact of COVID-19, and the role of the Federal Reserve. We talk about the different types of banks, the stability of the banking system, the history of debt reduction by US presidents and the role of interest rates. The podcast also covers the power of federal bank regulators, the divide among Americans on various social issues and the potential of Bitcoin. - - - - The COVID-19 pandemic has undeniably shaken the financial world. The Federal Reserve played a crucial role in stabilizing the banking system during this period. As with many other central banks, the Fed printed large amounts of money. However, we are still dealing with the serious consequences of the measures taken: high inflation has been generated, long-term treasuries have seen historic sell-offs, and there are concerns over the impact on the US Dollar. In this podcast with the Wall Street veteran Caitlin Long, we discuss the banking system in the wake of the unprecedented economic events that occurred as a result of the pandemic. We cover the significance of the separation of banking and commerce, and the differentiation between community banks, regional banks, and global systemically important banks. Caitlin explains the interplay between counterparty credit risk, bank runs and banking insolvency. We discuss the price of borrowing money, which Caitlin views as being the most important price in the economy. It determines how capital is allocated across time and industries. However, A good price of capital is hard to determine, and this price is often manipulated. Further, there has been a recent shift in focus from making money to wealth preservation in light of the devastating effects of inflation on people's lives, which materially affects capital markets. We also cover Caitlin’s firm Custodia Bank and their Bitcoin custody platform. Despite concerns about the banking system, Caitlin explains that she is building a bank because she believes traditional finance and Bitcoin need to coexist. She discusses the need for a bridge between the two systems to ensure they don't harm each other, whilst marrying their respective attributes: the strong customer protections that come from being a bank with the best form of money. - Show notes: https://www.whatbitcoindid.com/podcast/the-debt-tsunami This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Steve Barbour is the president of the Bitcoin mining infrastructure company Upstream Data. In this interview, we discuss the intricacies of Bitcoin mining, the potential of off-grid Bitcoin mining for oil companies and the growing economic importance of Bitcoin mining. We also talk about the potential of integrating Bitcoin mining with power generation, the geopolitical implications of the shift in Bitcoin mining dominance from China to the US and the future of this sector. - - - - As the President of Upstream Data, Steve Barbour’s company specialises in building off-grid Bitcoin mining operations for the oil and gas industry looking to utilise otherwise flared or vented methane emissions. The company started by mining Bitcoin itself, but they have now shifted its focus to selling equipment and services to other companies and individuals interested in self-mining. The podcast covers a wide range of topics, beginning with the intricacies of Bitcoin mining economics. Steve explains the importance of the swings in hash rate and the hash price and the importance of forecasting for making sound business decisions. We also delve into the ongoing battle between two subsets of the Bitcoin economy: merchants and miners. While merchants prefer low fees to avoid congestion, miners favour high fees for increased revenue. The role of custodians in the Bitcoin ecosystem is also a critical topic: the importance of self-custody and holding your own keys is clear, but it is also recognized that not everyone will be able to achieve this. We discussed the importance of building a good reputation in the international mining industry. Upstream Data is also concerned about domestic issues as a Canadian company. We therefore talked about the challenges and frustrations faced by Canada, a resource-rich country that should be wealthy but isn't due to various factors. Steve set out his thoughts on the potential for change within the country. Finally, Steve set out his view on the future of Bitcoin mining and the important voice miners have in the Bitcoin community. There are potential technology advancements that could impact Bitcoin mining, including material science improvements for semiconductors, which could lead to improved efficiency and new applications. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-economics This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Robert F. Kennedy Jr. is a 2024 US presidential candidate. In this interview, we discuss his decision to run independently, his plans to unify the country, and his concerns about the media's role in fueling division. Kennedy discusses the fairness doctrine, the chronic disease epidemic, and the state of the country. We also talk about concerns regarding CBDCs and the potential dangers of AI technologies. - - - - The Kennedy’s are one of the most significant political families in the history of the United States. Robert F. Kennedy Jr. is the latest in a long line of influential public figures coming from this unique dynasty. Following in the footsteps of his father and uncles, RFK Jr. aspires to run for high office. The podcast starts by discussing his decision to run as an independent presidential candidate, which he feels has enabled him to engage with a broader range of constituents. RFK Jr. set out his plans to unify the country by addressing the pervasive dishonesty by institutions that were once trustworthy. RFK Jr. shares the concerns of his father that the country has become a military-industrial complex, eroding democracy and leading to a corrupt merger of state and corporate power. RFK Jr. evokes his father's success in uniting people during a similarly divided time in the late 1960s by focusing on common values. Our conversation also covers the influence of the media, particularly in the context of the repeal of the fairness doctrine in the late 1980’s. RKF Jr. believes that this event had a detrimental impact on the state of the country and the media's role in it: the doctrine was put in place to ensure a well-educated public and prevent the control of media by a single entity; its repeal led to media consolidation and the loss of impartial news reporting. This conversation with RFK Jr. was a deep dive into the mind of a man who is not afraid to challenge the status quo and speak his truth. His commitment to honesty, unity, and the preservation of freedom is a refreshing perspective in today's political landscape. - Show notes: https://www.whatbitcoindid.com/podcast/rfk-jr-on-media-us-debt-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Vivek Ramaswamy is a 2024 US presidential candidate. In this interview, we discuss Vivek’s decision to run for president, his experiences in the corporate world and his belief in American ideals like free speech and meritocracy. Vivek outlines his plans to reduce government size, address national debt and protect individual wealth. We also talk about the importance of constitutional principles and why he may be the most pro-Bitcoin candidate in American history. - - - - Vivek Ramaswamy has had a massive impact on the Republican primaries. A relative novice in a field of candidates dominated by Republican big hitters like DeSantis, Haley, Christie and Pence, Vivek has rapidly taken his place amongst the leading contenders for the Republican presidential nomination with a largely self-funded campaign. In some polls, Vivek has placed second behind Trump. A former biotech CEO, Vivek has decided to enter politics as a means to drive change. He states this decision came after witnessing a suffocating environment in corporate America. Vivek's journey into politics is not a conventional one. He is not a career politician, nor does he come from a high-profile business background. Instead, he believes he is an outsider with a unique set of attributes who can offer a viable alternative to the status quo. We discuss his belief that a strand of progressivism has been weaponized as a deflection tool by those in power to avoid accountability for their failures. Vivek emphasises that his critique of “woke” ideology is not specifically directed at the left, but is based on a reaction to the dangers posed by the merger of state, corporate, and institutional power. All the while, the critical issues being faced by the country, such as drug addiction and the neglect of cities, continue to exacerbate. Vivek outlines his plan to reduce the size of the federal government by 75% and suggests that the US president has the power to do so on day one. He believes in zero-based budgeting and illustrates the need to reassess the necessity of each budget item from the ground up. He also criticises the trillions of dollars spent on foreign wars and proposes a policy of not providing foreign aid to countries with lower national debt per capita than the United States. We also discuss the importance of protecting individual wealth and Vivek’s advocacy for Bitcoin. His comprehensive crypto policy includes restoring constitutional principles such as protecting the freedom to code, financial self-reliance and the freedom to innovate. And, for a community where signal is everything, it’s important to note that he’s the first Republican politician to enable Bitcoin lightning donations, and he could also be the first-ever presidential candidate to own Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-on-the-ballot This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Stephan Livera is the host of the Stephan Livera Podcast, and head of education at Swan Bitcoin. In this interview, we discuss Argentina’s newly elected Libertarian President, Javier Milei. We talk about his policies, dollarisation, abolition of the central bank and whether he can truly tame Argentina's inflation problem. - - - - A few days ago Javier Milei became the world's first anarcho-capitalist leader after his success in Argentina's recent elections. The win signals a big shift in the country's political ideology and economic ambition. His campaign promised to bring libertarian principles for a nation tired of economic troubles & ready for change. Milei ran his campaign on defunding and dismantling government bureaucracies, abolition of the central bank, and a mass privatisation of state enterprises and dollarization, in an attempt to stabilise Argentina's chronic high-inflation. While these are radical changes, radical may be exactly what Argentina needs and he struck a chord with voters desperate for a departure from perpetual economic crises. As perhaps the most well-known libertarian politician since Ron Paul, all eyes will be on Milei over the next four years. Can he bring economic stability to Argentina? Will he be able to navigate the political structures without becoming corrupted? Will he really follow through on dismantling the government? And, will this usher in a new wave of Libertarian politicians across the world? - Show notes: https://www.whatbitcoindid.com/podcast/mileis-argentine-revolution This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Steven McClurg is a Co-Founder of Valkyrie Investments. In this interview, we discuss the North American Bitcoin Summit, speculation about SEC approval of Bitcoin ETFs, and the potential advantages of having the first approved ETF. The conversation also covers the US government's debt and its effect on the economy, the concept of inflation and its potential impact, the influence of BlackRock and state involvement in Bitcoin, and future Bitcoin adoption. - - - - One of the hot topics at the North American Bitcoin Summit was the speculation surrounding the approval of Bitcoin ETFs by the SEC. I was fortunate to be able to have a new interview with Valkyrie Investments CIO Steven McClurg, who provided insight into the SEC's decision-making process, how the SEC will likely batch the approval of ETFs, the role of BlackRock in changing the SEC's stance, and the impact of the speculation on Bitcoin’s price. Our conversation moved on to cover the US government's debt and its impact on the economy. The elephant in the room is the increasing pressure debt servicing applies to the US government finances, particularly in the wake of interest rate rises. Steve focused on the concern that the government seems to have little political incentives to solve the debt problem, as politicians are focused on getting reelected rather than addressing long-term issues. We discussed the compounding effect of inflation, and how even a small increase in inflation can have significant consequences over time. The rising costs of groceries, fuel, and housing, are materially affecting people's ability to invest and save. Whilst we are veterans of believing Bitcoin provides financial protection, it seems like prominent financiers such as Larry Fink, BlackRock’s CEO, are also considering Bitcoin as a solution to the current economic situation. The podcast concluded with a discussion on the potential for government investment in Bitcoin. We speculated on the amount of Bitcoin owned by El Salvador and its potential value. We touched on the seizure of Bitcoin by US police and how the government has dealt with these seizures. Finally, Steve and I talked about whether other countries are likely to be acquiring Bitcoin. It may be very soon that all countries realise that they don’t have enough! - Show notes: https://www.whatbitcoindid.com/podcast/macro-fed-pivot-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats