The Peter McCormack Show

Latest Episodes:

Why Mainstream Media is Failing Us with Izabella Kaminska - WBD638 Mar 29, 2023

Show notes

Izabella Kaminska is a journalist and founder and editor of The Blind Spot. In this interview, we discuss the failure of current mainstream journalism to cover subjects properly, why the destruction of the middle class is dangerous for democracy, the endemic problem of corruption in politics, and the need for an honest economic orthodoxy.

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In a lot of ways, we are in a gold age of media. There have never been so many different ways to consume news and opinion. This has been triggered by many factors: deregulation, technology and the atomisation of modern society. But, this also creates a significant number of problems. Principally, whilst there is more freely accessible information, it is now harder to discern fact from fake.

The commercialisation of news has resulted in a race for clickbait: polarising reporting, increasing sensationalism, and relegating in-depth examination. Conversely, those organisations seeking to remain impartial such as the BBC, end up getting lost in a sea of conflicting missions. This has resulted in the BBC failing in its main mission to inform, educate and entertain.

This is why new media brands are becoming important promulgators of information, increasingly at the expense of traditional media organisations. Amongst all the noise, people are looking for honest and relatable brokers of news. Further, people are craving more intellectually curious, nuanced and detailed analysis. This is the demand Izabella Kaminska's The Blind Spot media venture is seeking to fill. A demand that mainstream media is unwilling or unable to satisfy.

It's hard: building a new brand takes time. But, without such content, groups on both the left and right will continue to mischaracterize issues that require understanding, trade-offs and proportionality. This will exacerbate the problems of polarisation and the veiled promotion of corporate interests. We need more journalists like Isabella willing to report the truth.

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A Bitcoin Reality Check with Sergej Kotliar - WBD637 Mar 27, 2023

Show notes

Sergej Kotliar is the founder and CEO of Bitrefill. In this interview, we discuss enabling Bitcoin circular economies, the mission of Bitrefill to be a financial empowerment company, the risks and rewards of using zero-confs for processing transactions, and the many different cultures and communities Bitcoin has spawned.

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Bitrefill is the largest crypto e-commerce platform in the world. It aims to facilitate the development of crypto circular economies. Whilst Bitcoin makes up a significant portion of their business, they are not a Bitcoin-only company. The mission is aimed at empowering people to undertake transactions on the internet that would otherwise not be possible for them. To that end, they pragmatically enable the use of Bitcoin, stablecoins, and a limited number of altcoins.

The argument in favour of their strategy is compelling. Not everyone will respond to ideological arguments in favour of Bitcoin. Whilst there are many who will get drawn in by Bitcoin's compelling theoretical roots, there are many others who are more concerned with prosaic day-to-day concerns. To maximise efforts to increase adoption we, therefore, need to appeal to a range of visions for Bitcoin. One important vision is focused on Bitcoin's dry technical utilities.

In our discussion, Sergej refers to the increase in the use of the internet and other technologies such as VPN. The widespread growth in the use of such technologies occurs as a result of a practical benefit being provided to users, not because adopters are seeking to mitigate a certain political or ethical concern. That's not to say that selling Bitcoin as freedom money isn't critical. Rather, we need to augment it with other strategies.

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The Economics of Privacy with Max Hillebrand - WBD636 Mar 24, 2023

Show notes

Max Hillebrand is an economist and open-source entrepreneur who runs Agora Towards Liberty. In this interview, we discuss fiat money's fundamental weaknesses, the teachings of Austrian Economics, the importance of privacy, and how nano cameras mean privacy technology will need to keep evolving.

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Whilst the Bitcoin innovation was primarily predicated on the technical needs for enabling permissionless and uncensorable digital peer-to-peer transactions, its development was heavily influenced by the Austrian school of economics. At its root, Bitcoin is tied to the ethics of money production, where money production should be decentralized and not subject to the whims of a central authority.

The long-held fear of Austrian economists was that centralized control of money production would result in monetary inflation: governments would be unable to resist the temptation to print money as quick fixes to crises. This obviously impacts the value of the money being inflated, violating one of the core principles of money to be a reliable store of value. The problem for governments, as we're seeing, is that the power to print money becomes an uncontrollable force.

Despite the inevitable fragility of fiat currencies, an alternative sound monetary system can hasten the collapse of fiat currencies during periods of loose monetary policy. This incentivises governments to constrain or ban access to such alternatives. See Executive Order 6102. This means that privacy for such alternatives is paramount. This is why Bitcoin privacy is vital. Because, when fiat currencies collapse, governments will come for people's Bitcoin.

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Why Progressives Need Bitcoin with Trey Walsh - WBD635 Mar 22, 2023

Show notes

Trey Walsh is a nonprofit director and progressive Bitcoiner. In this interview, we discuss the problems facing Gen Z: climate change, high education and housing costs, wider economic problems constraining opportunities, the erosion of democracy, and social media-induced mental health challenges. We talk about why Bitcoin could provide hope to this hopeless generation.

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Gen Z is suffering. They have been excluded from the growth in asset prices over the past few decades, but are facing the dire consequences of spiralling debt on the provision of public services. They are being excluded from discussions about climate change, yet they will be expected to front the response in the coming decades.

They are being told they are too woke, ignorant and lazy by those under whose watch democracy has been allowed to crumble. And whilst there is a dearth of ethical and inspiring leaders charting a path for this disillusioned generation, there is a significant amount of vitriolic noise in the media, exploiting the fear in return for eyeballs, clicks and likes.

Gen Z's hopelessness is manifesting itself in a mental health crisis: compared to other generations Gen Z has lower feelings of emotional well-being. The response of older generations is that Gen Z-ers are snowflakes - they need to toughen up. This is cruelly counterproductive as Gen Z is least likely to seek help: they are 3 times more likely to consider suicide than other generations.

Into this void of despair comes Bitcoin. There has been a timely reappraisal of the "Bitcoin fixes this" meme over the past year. Obviously, Bitcoin is not a panacea for all of the world's ills. But, it is a technology that is providing hope to those developing material mitigations to some of the most deep-rooted problems in our society.

Trey Walsh strongly believes that Bitcoin provides hope for the environment, for a more socially-just economic system and for democracy. It offers this as politicians and decision-makers continue to peddle obvious self-serving fantasies. As Trey asserts, "Gen Z deserves the opportunity to be presented with the stories of hope in Bitcoin." This is why we should be working for Bitcoin: it provides "hope for a generation found hopeless."

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Bitcoin's Operation Chokepoint with Doomberg - WBD634 Mar 20, 2023

Show notes

Doomberg is an anonymous collective producing the world's most popular financial substack. In this interview, we discuss coordinated action against the crypto industry being undertaken with limited congressional approval or oversight. We talk about historical precedents, what this could mean for Bitcoin and Bitcoiners, and why we need a financial bill of rights.

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Mark Twain once said that "History never repeats itself, but it does often rhyme." Therefore, Bitcoiners should be extremely wary of the recent precedents of a ruling US administration being willing to de-bank business verticals antithetical to certain political beliefs. In 2011, the Obama administration targeted selected online poker businesses. In 2013, the same administration used the DoJ to lean on banks doing business with firearm dealers and payday lenders.

The problem is simple: a legitimate business and/or technology is kneecapped by a ruling body for subjective political reasons. Public-private institutions, such as banks, are lent on to hamper the functioning of businesses earmarked as being problematic. The fundamental issue is the methods applied are anti-democratic. There is no open debate or examination. A decision is made behind closed doors, and people, institutions and businesses are pressured to comply.

We are currently witnessing coordinated illiberal action against crypto-aligned companies. The intent is clear. Yet, there has been no debate. And whilst Bitcoiners may gain comfort from the actions being taken against crypto, the problem is politicians haven't revealed their full intentions yet. It is highly likely that Bitcoin is also in their crosshairs. As Doomberg asserts "eventually they'll come for your Bitcoin too."

What this lays bare is the willingness of those in control to de-bank perceived enemies. De-banking at face value may seem like an annoyance, but it actually strips an individual of agency. A person without access to the financial system is effectively neutered. It is a malevolent, silent and effective means of control. And, the methods applied a decade ago are being reapplied to control first crypto, and then Bitcoin. Be aware, be prepared, and raise hell.

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Bank Runs, Bailouts & Bitcoin with Caitlin Long - WBD633 Mar 17, 2023

Show notes

Caitlin Long is the Founder and CEO of Custodia bank. In this interview, we discuss the events that have led to three banking failures within a week, one of which saw the biggest bank run on record. We talk about anti-crypto coordination involving the US government, the inherent instability of the traditional finance system and how this is another signal that the game is up.

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As the saying goes, to lose one bank may be regarded as a misfortune, to lose two banks looks like carelessness. How should we regard the loss of three banks within a week? To the uninitiated, this may look like a contagion, but it's the impacts of two different systemic problems affecting two different markets: crypto and fiat. What it lays bare is the hypocrisy and instability of the traditional financial system.

The failures of Silvergate and Signature are rooted in the 2022 implosion in crypto. Precipitated by the collapse of Luna, we all know what followed: a nest of over-leveraged, hypothecated and fraudulent investments that fell like a house of cards. Who knows when it will end. Regardless, more recent failures seem to have been expedited by coordinated government action.

The obvious signal from the levers of power is that crypto is bad, and traditional finance is good. But what should have been an opportunity for the government to present the perceived weaknesses within digital asset markets, was significantly undercut by the biggest bank run in history: Silicon Valley Bank's customers were withdrawing more than $1 million per second for 10 hours straight a little over a week ago.

The sorry mess is actually a clear vindication of Bitcoiners' assertions that both crypto and fiat are both fundamentally unstable. The search for yield is endemic. The management of risk is too often criminally deficient. The argument is that narrow banking (full reserve banking) will suck deposits from risky banks, making risky banks even riskier, increasing systemic risk.

However, the system is becoming increasingly dysfunctional. Moral hazard seems endemic. Increasingly large bailouts are being used to keep the game going. The aim is to maintain the illusion that the financial system is stable. It is anything but, and everyone knows it. We're entering a period on unknown risks. The time to change the rules of the game has long passed.

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Beginners Guide Part 3/3 - How to Buy & Hold Bitcoin with Dan Held - WBD632 Mar 15, 2023

Show notes

Dan Held is a Bitcoin educator and marketing advisor at Trust Machines. In this interview, we discuss how to get involved with Bitcoin: how to buy and store Bitcoin, how to spend Bitcoin, how to avoid scams, how to engage with the community, and the best Bitcoin-related books, podcasts and Twitter feeds to follow.

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This is the third in a series of special What Bitcoin Did shows aimed at opening people up to Bitcoin. In the first episode, we learnt that Bitcoin is a new form of money. In the second episode, were learnt what Bitcoin is and its technical features. In this episode, we discuss how to buy and hold Bitcoin.

To those new to Bitcoin it can feel overwhelming. Its ideological and technical basis can seem impenetrable. Actually acquiring Bitcoin is another hurdle that requires an appreciation of new concepts and implementing disciplines distinct from other types of investment. But, the technical skills and behaviours required are actually well within the capabilities of the majority of people.

To invest one must first learn about changing your time preference. Bitcoin is about discipline over a longer time frame. Volatility exists, but Bitcoin is volatile to the upside. In contrast, other over-hyped digital assets advertised as offering better returns hide extreme downside risks. Those who stay humble, hold (referred to as hodl) Bitcoin and avoid the human desire for quick returns, are best placed to benefit over the long term.

Then one must appreciate the risks associated with custody. Most people are overly confident in third parties keeping their assets. But, in both traditional finance and cryptocurrencies, there are many examples of such trust being broken. There is a famous Bitcoin mantra: "not your keys, not your coins". In essence, if you don't hold your Bitcoin, you don't own the Bitcoin.

Taking ownership of your Bitcoin means having to be disciplined in how you secure that Bitcoin. But again, these are new behaviours to attain, not difficult skills to learn. And they are reinforcing. Self-reliance is what Bitcoin ideology is predicated on. It is part and parcel of becoming a good Bitcoiner. Further, these habits will naturally bleed into other aspects of your life. Becoming a better Bitcoiner is synonymous with becoming a better person.

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Beginners Guide Part 2/3 - What is Bitcoin? With Harry Sudock - WBD631 Mar 14, 2023

Show notes

Harry Sudock is Chief Strategy Officer at Griid. In this interview, we discuss what Bitcoin is: specifically, on what ideological foundation was it developed, what problem was it designed to solve, how it solves that problem, and why is it the best technical solution for solving that problem. It's a tl;dr of the basic technical features underpinning Bitcoin.

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This is the second in a series of special What Bitcoin Did shows aimed at opening people up to Bitcoin. In the first episode, we learnt that Bitcoin is a new form of money. In this episode, we discuss what functions Bitcoin performs, which differentiates it from other forms of money. We then discuss the technical innovations that enable it to achieve these functions. In essence, this show focuses on what Bitcoin is.

Bitcoin is rooted in the cypherpunk movement that developed in the late 1980s centred on the US. As digital technology started to proliferate, its capacity to track and record digital activity became readily apparent. Concerned computer scientists, mathematicians and cryptographers acted to develop systems aimed at protecting individual privacy, despite a concerted government that sought to control the development of privacy-providing technology.

The cypherpunks movement included extensive work by many to develop anonymous digital cash. But, despite some incredible breakthroughs, none of these efforts had any material success. It was not until the pseudonymous Satoshi Nakamoto brought numerous strands of all this work together that a viable anonymous and uncensorable digital currency was born.

The innovation centres on four key pillars: a clear and immutable monetary policy ensuing both scarcity and transparency; a proof of work consensus mechanism that provides decentralised security to the system; a difficulty adjustment, which ensures the issuance rate is highly predictable; and finally, its design considerations aimed at prioritising decentralisation.

To the uninitiated, these four key pillars may seem as merely interesting innovations. But, once comprehended, the effectiveness and elegance of Bitcoin's design is truly breathtaking. The software has worked, day in and day out, for over 14 years, without being hacked. And, it's all without a leader, or a clearing house, or a central committee dictating policy. Quick, uncensorable and private global settlement. By open-source code. Satoshi Nakamoto is the genius of our times.

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Beginners Guide Part 1/3 - Why Bitcoin? With American HODL - WBD630 Mar 13, 2023

Show notes

American HODL is a Bitcoiner who has been promoting the innovation for over 8 years. In this interview, we discuss why is Bitcoin important: what makes it an improved version of money, why society needs it, how it improves inclusion and thereby the world, the proof we have that Bitcoin can work, and how the world will look in the future with and without Bitcoin.

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This is the first in a series of special What Bitcoin Did shows aimed at opening people to the basic principles that underpin Satoshi Nakamoto's innovation. Bitcoin has been in existence for 14 years. Whilst the adoption rate is tracking other paradigm-shifting technologies like the internet, we are still very early. Most people still don't own Bitcoin. And, for those that do, a lot are still to fully properly grasp its properties and potential, and therefore understand why it's important.

The majority of people are yet to comprehend Bitcoin's capacity to better individuals and the world for a number of reasons. It is an innovation rivalling the disruptive power of any technology that has come before it. Those who grasp it are still in awe of its elegant and revolutionary design. But, because it risks upending the balance of power between individuals and the state, it rarely gets a fair representation in the mainstream media.

Further, Bitcoin touches on many fundamental tenets of modern society. Firstly, it is a new form of money, purposefully outside of the scope of centralized control. So, to understand Bitcoin, one must understand the principles of money and trade. Secondly, it has been developed to account for the manifest risks of increased surveillance of individuals in the electronic age. So, to understand Bitcoin, one must understand why privacy is the bedrock of democracy.

Bitcoin also requires an appreciation of cryptography, the internet, game theory, economics, politics, philosophy, and energy. It's the analogy of peeling an onion, where awareness at one level enables the next layer to be peeled away revealing hidden characteristics. Someone on this journey of discovery is said to be going down the Bitcoin rabbit hole. It takes time and effort.

Those embedded within the Bitcoin community know that understanding Bitcoin is a process. But further, they know the profound awakening that comes to those who open themselves to it. The period of time before you properly understood Bitcoin will be manifestly distinct from the period of time after. This is when the hyperbole from those advocating for Bitcoin suddenly seems understated. Asking why Bitcoin is important is the start of that journey.

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Building a Bitcoin Community with Thomas Pacchia - WBD629 Mar 10, 2023

Show notes

Thomas Pacchia is a Bitcoin entrepreneur and the co-owner of Pubkey, a Bitcoin bar in New York City. In this interview, we discuss how a desire to revive a local bar after Covid inspired the establishment of Pubkey, its importance as a focal point for Bitcoin in New York City, and how its success could inspire more Pubkeys in more cities.

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The leisure industry has taken a battering during Covid, and many businesses have fallen by the wayside. These places are hugely undervalued: bars in particular are relaxed locations that can cement neighbourhoods, providing spaces for people to interact outside of the pressures of work and family. And once they're gone, that's usually it.

However, bars don't only work for localised communities, they can act as a haven for disparate communities bonded by a shared passion, heritage or sexual orientation. Heavy metal bars, sports bars, Irish bars, gay bars: these can be vital meeting places for those seeking like-minded people, particularly in an atomised international city. Well, now you can add Bitcoin bar to the list.

Whilst many of us were slowly trying to make sense of the post-Covid world, Thomas and his wife decided to be the change they wanted to see. They saw a chance to take on a local dive bar and create a haven for Bitcoiners in New York. In a few short months, they have turned that pipe dream into a reality. It is now the go-to venue for Bitcoiners in the Big Apple.

Built from the principle that it must first and foremost win its reputation for service, food and ambience, it has also forged a strong and unique Bitcoin-centred character. It hosts regular BitDevs, mining and Lightning meetups. It also hosts events such as live podcast shows! As a result, it has become a very popular haunt. And there are plans for other Pubkeys in other cities.

So, what's the secret sauce? As a regular punter put it in a recent Bloomberg article about Pubkey "I like drinking and I like Bitcoin". Simples.

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