The Peter McCormack Show

Doomberg is an anonymous collective producing the world’s most popular financial substack. In this interview, we discuss the state of scientific research in the context of the potential game-changing implications that a room-temperature superconductor may have been developed. We talk about the framework for evaluating such claims, the importance of critical thinking, and a range of other current topics of debate. - - - - In the digital age, reducing the electrical resistance of conducting materials is one of the major problems scientists are working on; such resistance leads to energy loss in the form of heat, and thereby, the inefficient transmission of electricity and increased costs. The US energy grid loses about 5% of electricity through transmission lines due to such resistance, enough energy to power the whole of Central America 4 times over. The innovation that overcomes the resistance issue is superconductivity: the phenomenon where certain materials can conduct electric current with zero resistance so there is no energy loss due to resistance and no heat generation. Further, superconductors can carry electric current indefinitely without any degradation of the signal, making them incredibly efficient. Superconductivity’s impact on technological progress is significant. It enables the development of more efficient electrical systems beyond power transmission: it has revolutionized fields such as medical imaging, particle accelerators and quantum computing. It could also lead to breakthroughs in fields like transportation, where superconducting materials could create highly efficient electric motors or levitation systems for maglev trains. However, traditional superconductors require extremely low temperatures, often near absolute zero, making their implementation and maintenance expensive and impractical. If superconductivity could be achieved at or close to room temperature, it could herald a new technology revolution. So, when South Korean researchers recently announced the discovery of a new room-temperature superconductor material called LK 99, ‘X’ (i.e. Twitter) went crazy. However, there is a massive gap between claims of scientific breakthrough and peer-reviewed validation. Unfortunately, in this case, other researchers are struggling to replicate the original work. As such, whilst the excitement around such news is obviously merited, we need all to remain rooted in the methodical scientific method, which is predicated on scepticism. As Carl Sagan stated, “extraordinary claims require extraordinary evidence”. Show notes: https://www.whatbitcoindid.com/podcast/the-breakdown-of-trust-with-doomberg This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

In this interview with Parker Lewis, we discuss the book he is currently writing, the Bitcoin scenes in Austin and Nashville, the triggers for a significant shift in Bitcoin adoption, the potential effects of hyperinflation, and how governments may seek to regulate and tax Bitcoin. - - - - Everyone has their own Bitcoin journey. However, each journey takes a very similar route: cynical awareness, dabbling, investing, rabbit hole, awareness, getting burnt, realisation, all in, obsession. Gradually, then suddenly. The process explains the rationale behind hodling, but also, why adoption takes time. Bitcoin requires effort before the payoff can begin. Proof of work. Understanding Bitcoin also requires a fundamental change of perspective. Society long ago jettisoned the logic of adhering to a low-time preference; the modern consumerist fiat system is predicated on living for the now. The intellectual and moral hollowness of this approach is manifest in the multitude of major issues confronting our society today. We need a realignment with a more mature ideology best imagined by the famous Greek proverb ‘Society grows when men plant trees that they know they will never sit under’. This realignment may result more from necessity rather than an awakening: the seeds of hyperinflation have been sown into the economic fabric of most nations, and we’re starting to see the edifice crumble. Those who adopt Bitcoin first will be best placed to weather the coming storms. There is a flip side risk for those who hold Bitcoin. History is littered with examples of the state confiscating private wealth. This risk is obviously most acute when the state’s coffers have run dry. The fact is that global debt is now at an all-time high; further, deficits keep increasing. Now, with rising interest rates, debt levels are becoming unmanageable. A reckoning is coming. Prepare accordingly. Show notes: https://www.whatbitcoindid.com/podcast/will-blackrock-be-bitcoins-suddenly-moment  This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Tony Giorgio is the co-founder and CEO of Mutiny Wallet, a self-custodial lightning wallet. In this interview, we discuss the privacy implications of using Lightning Network, challenges faced by Mutiny, the concept of coin swaps, the web-based nature of Mutiny, the Lightning Service Provider (LSP) model, and the potential future developments of Mutiny. - - - - Just over three weeks ago Mutiny launched what it refers to as the “first self-custodial lightning wallet that runs on the web.” Being web-based means that Mutiny can innovate without the restrictions that can and are placed on wallets distributed via app stores. In this fascinating podcast, Mutiny’s co-founder and CEO Tony Giorgio sets out the background, challenges and future for Mutiny. Mutiny started as a hackathon project that the founders developed whilst working at Voltage, the Bitcoin-focused infrastructure provider. Voltage supported the founders by allowing them to develop Mutiny whilst also building the lightning service provider for Voltage, which now also powers Mutiny! Tony discusses the challenges faced with interoperability on lightning nodes, having intuitive payment functionality for non-technical users, and the difficulties of enabling automatic software updates. Tony also explains the concept of coin swaps, how Mutiny utilizes lightning as a contract layer for these transactions, and how this approach eliminates the need for a middleman and allows users to control their funds in new ways. Tony finally covers the advanced features of Mutiny wallet: integrating cold storage, social tipping, facilitating wallet connections, and other innovative features such as enabling people to manage subscriptions on top of Lightning. Then there are Mutiny’s future plans like integrating e-cash and allowing users to easily transition from a custodial to a non-custodial lightning transaction. It’s an exciting project, to say the least.   Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-mutiny This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Macro Alf is the founder of The Macro Compass, an investment strategy firm. In this interview, we discuss different types of bank money, QE, deficits, money printing, and whether a debt spiral is looming. - - - -  What constitutes ‘money printing’ is a hotly contested topic and something we have convered on the show numerous times. The debate among economists of what  "money printing" is and its impact on the ‘real economy’ revolves around two key ideas: the definition of money printing and its actual influence on the economy.  While some experts equate money printing with direct central bank action like quantitative easing, others take into account broader credit creation and the impact that has on the broader money supply and the economy. The delineation between the financial sector and the real economy is the crucial proponent and while some economists view money printing as primarily affecting asset prices and financial markets, with limited direct impact on the production of goods and services. Others stress that adding liquidity to the system is enough to create financial stability and increase confidence in the economy, therefore, affecting consumer and business decisions, and again, the ‘real economy’. In this episode, we get to the bottom of money creation, how it impacts the economy and the role of central banks in managing an economy.   Show notes: https://www.whatbitcoindid.com/podcast/money-printing-the-debt-spiral This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

American HODL is an OG Bitcoiner who has been promoting the innovation for over 8 years. In this interview, we discuss a whole range of topics from free speech, the idea of a Bitcoin citadel, scaling Bitcoin and the race to hyperbitcoinisation. - - - - Back in June, American HODL tweeted “If you’re new, you may not know that [Balaji Srinivasan] offered up the concept of voice vs exit back in ‘15. Voice = interior reform. Exit = voting with feet. Since then exit has become the rallying cry for many. Balaji and other proponents have already left. Here’s why I’m staying…” Is the concept of voting with your feet and leaving the city, state or country that is your home defeatist? Instead, should we be concentrating on staying, and reforming our own communities? The degree to which a distorted currency distorts reality is certainly underappreciated outside of Bitcoin, and the wide ranging implications of Bitcoin as a global monetary system are yet to be seen, but rather than exiting the system, by staying and cleaning it up we will see what Bitcoin can actually fix.   Show notes: https://www.whatbitcoindid.com/podcast/what-does-bitcoin-fix This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Marty Bent is a Venture Partner at Ten31, founder of the Bitcoin-focused media company TFTC.io, and Director of Cathedra Bitcoin. In this interview, we discuss the potential implementation of a global financial system based on CBDCs and the role of the Bank of International Settlements (BIS). We also talk about the potential role of Bitcoin in fighting against state actors. - - - - CBDCs are the unwanted concomitants of Satoshi’s innovation: the state’s answer to the settlement improvements offered by Bitcoin, without any of the fundamental design features predicated on protecting individuals in the digital age. They represent everything Satoshi was working against: the chance for the state to fully capture and control people’s use of money with all of the inherent dangers to democracy and individual liberty that this brings. Technological developments akin to CBDCs were always going to manifest, but, it is obviously not a coincidence that work on them accelerated in the shadow of Bitcoin. For over a century, governments, central banks and other centralising institutions have had an unfettered ability to control and manipulate money; money printing and inflation rigged the system in favour of the dealer. Bitcoin offers a chance for a new and fairer system. Whilst it is easier for those with knowledge to identify the extreme contrast between the two forms of money, it is also clear how and why people believe CBDCs are a good idea. The state has an asymmetric power in pushing narratives; promoting the benefits of having the utility of instant digital transactions that safeguards against paedophiles, terrorists and money launders, will certainly seem like an incontestable advancement. It’s just that we know this isn’t the purpose. The ring leader in this global effort to retain central authority over money is being led by the Bank of International Settlements. The BIS is behind a number of pilot projects that sound like they were devised by a megalomaniac James Bond villain (Project Rosalind, Project Polaris). Playing the role of Blofeld is Agustín Carstens. In 2022 Mr Carstens stated “the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust… central banks have been and continue to be the institutions best placed to provide trust in the digital age.” Carstens believes that technology can’t make trusted money. He is expecting us to ignore the evidence of history where institutions have repeatedly abused the trust bestowed on them. And he is asking us to ignore Bitcoin.   This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Tuur Demeester is a Bitcoin investor and economist. In this interview, we discuss the significance of Bitcoin as a sound and auditable form of money, the impact of BlackRock embracing Bitcoin, and the importance of understanding the financial system. Tuur shares his insights as an early adopter of Bitcoin and reflects on its progress over the years. We also discuss addiction treatment. - - - - Given that Bitcoin is now being promoted by the world’s largest asset manager, it is easy to forget how nascent the innovation still is. In the early days of Bitcoin, just over a decade ago, understanding Bitcoin was a challenge. And yet, despite the uncertainties, such as how Bitcoin would scale and the potential attack vectors, the signal was clear - Bitcoin was driven by engineers, not money. The role of cypherpunks should not be underestimated: it was their diligent work in seeking to protect privacy and human rights in the digital space that provided the solid basis for Bitcoin. Fast forward to today, and we see increased adoption and improved understanding of Bitcoin's vulnerabilities. It's exciting to witness this combination of increased adoption and improved understanding. In this podcast, Tuur Demeester discusses the resistance and challenges that Bitcoin faces, especially from those who have built wealth and status within traditional financial systems. Further, we discuss Bitcoin’s evolving narrative, particularly in relation to environmental concerns, and how the changing narrative will be assisted by BlackRock’s endorsement of Bitcoin which could force mainstream media outlets to reconsider their negative stance. Tuur outlines the importance of asking simple questions to understand the financial system, such as where money comes from and what determines the price of money. Through this lens, one is better able to appreciate Bitcoin’s role as an insurance policy. Tuur also discusses the threats to Bitcoin's expansion, highlighting the importance of not losing track of the principles and values that got us here. We also have a fascinating discussion about addiction treatment.   This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Marty Bent is a Venture Partner at Ten31, founder of the Bitcoin-focused media company TFTC.io, and Director of Cathedra Bitcoin, and Grant Gilliam is a co-founder and Managing Partner at Ten31. In this interview, we discuss investing in Bitcoin and Bitcoin-associated ventures, including the specifics of investing in Bitcoin mining. - - - - VC funds within the crypto space have developed a bad reputation over recent years. However, Ten31 is an investment fund with a major difference: it was formed by Bitcoiners dedicated to supporting Bitcoiners. Whilst obviously being business driven, it is also mission-driven in supporting companies that are building infrastructure and bringing utility to the Bitcoin network. It is therefore a unique source of investment for entrepreneurs as both sides of the table share the same vision i.e. Bitcoin is a paradigm-shifting technology that will be the basis of future economic value. The Bitcoin focus is an explicit feature of the company: the fund is named after the date of Satoshi’s whitepaper, whilst the logo is a hat tip to the proof of work diagram within it. Since the fund's inception, Ten31 has directed more than $100 million in equity to companies building on Bitcoin and the Lightning Network. Grant Gilliam and Marty Bent set out their experience of investing in Bitcoin companies: the challenges, the benefit of valuing such companies in Bitcoin, and the importance of having Bitcoin on the balance sheet. The discussion also focuses on the investment opportunities within the Bitcoin mining industry. Mining has a low barrier to entry, making it an attractive business for many. Further opportunities are developing through the convergence of the energy sector and the bitcoin mining industry, which is happening in real-time. Ten31 believe that those Bitcoin mining companies with the right calibre of people will accrue significant value.   This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Car González is the co-founder of Pleb Lab, a Bitcoin accelerator in Austin. In this interview, we discuss the Bitcoin community in Austin, why he decided to start Pleb Lab, how to grow Bitcoin development and the importance of third spaces for Bitcoiners. - - - - Building businesses is hard. Many brilliant ideas often don’t make it through the first year - it’s not their concept or even their people that’s the problem, they’re just not robust enough to survive. This is where accelerators come in - providing support when companies often need it most. They play an important role for startups by providing expertise & resources to early-stage companies. These programs offer an environment where startups receive mentorship, gaining invaluable insights and guidance to navigate the challenges of business development. Businesses in Bitcoin are no different. The need for Bitcoin-specific spaces is critical, and in 2021, Pleb Lab was founded to address this market. They created a hacker space and accelerator that supports early-stage Bitcoin startups and developers.   This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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

Jeff Ross is the Founder & CEO of Vailshire Capital Management. In this interview, we discuss Jeff’s twin expertise in finance and medicine, the impact of AI, and the importance of personal responsibility. We also talk about the state of the global economy, liquidity in the Bitcoin market, the benefits of the state having Bitcoin as a reserve asset, and the changing narrative around Bitcoin. - - - - One of the powerful libertarian ideas aligned with Bitcoin is personal sovereignty: the rights of the individual including the protection of property rights. Advocates of this belief espouse it has a vital corollary where sovereign individuals also accept personal responsibility, in showing agency to better themselves and being accountable for their actions. In modern society, there does seem to be an increasing problem of people relinquishing themselves of such responsibility, manifested in poor financial and health choices. Whilst it is true that a significant number of citizens can find themselves facing difficult life choices through no fault of their own, there equally needs to be an acceptance that too many are willing to throw caution to the wind and the states can’t be expected to automatically pick up the pieces. The problem for society today is that the state could quite quickly become unable to provide the support citizens have until now taken for granted. Governments are struggling to manage their debt obligations with rampant inflation leading to rising interest rates. At the same time, we are in the midst of a global manufacturing crisis. One strategy Jeff Ross thinks governments could apply is the adoption of Bitcoin as a reserve asset. This could both strengthen economies, whilst also creating an honest unit of account. It is a rare option that provides a potential path to growth, the reduction of debt and protects future generations. But, such a transition is far from certain. Those unprepared therefore face significant risks. If governments can’t be responsible, then it’s the role of the individual to protect themselves.   This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers 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