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The Peter McCormack Show — Business
The Peter McCormack Show

The Peter McCormack Show – politics, macro, Bitcoin and AI, long-form interviews. Twice-weekly conversations about money, power, and the shifts reshaping the next decade.

Peter McCormack interviews politicians, economists, investors, journalists, founders and Bitcoiners. Past guests include Liz Truss, Lyn Alden, Curtis Yarvin, Matt Goodwin, Mike Green, Balaji Srinivasan, Rupert Lowe, Firas Modad, Scott Horton, Jeff Booth, Connor Leahy, Andrea Miotti, Neema Parvini, Dr Tim Gregory and Simon Dixon.

Recurring threads: the debt and inflation endgame, UK political collapse and what comes after, Reform and the populist wave, the Middle East and the American war machine, AI safety and the race for superintelligence, energy and net zero, Bitcoin adoption and policy, and the slow-motion decline of Western institutions.

Long-form – most episodes run 60 to 120 minutes. New episodes 2 to 3 times per week. Video on YouTube and Spotify.

Host: Peter McCormack, a retired rapper from Bedford, UK, trying to understand this crazy world.

Hosted on Acast. See acast.com/privacy for more information.

Latest Episodes:

I Was in a Cult with Tuur Demeester - WBD498 May 06, 2022

Show notes

Tuur Demeester is a Bitcoin investor and economist. In this interview, we discuss how he was drawn into a toxic online cult, his awakening and leaving, Twitter enabling cultist behaviours within Bitcoin and why it's key to give air to all voices within Bitcoin.

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Wisdom is developed through experience: an individual's interaction with other people and events, and their personal reflections on the outcomes, enhance understanding of both the self and the world. Knowledge isn't endowed genetically, and education provides limited direction. Perspective on exposure to our environment is what drives tangible learning and growth.

People can easily find themselves developing beliefs, and engaging in actions, with the benefit of hindsight they later deem antithetical to an evolved worldview. Submission to a cult, that is adherence to common belief systems and behaviours advocated by a charismatic leader, is an extreme example of this.

People will largely dismiss the idea that they could be susceptible to becoming a cultist. And yet, even the most infamous cults are full of highly educated, principled, and engaging people. People who have then made life decisions that are hard to objectively comprehend. The truth is that we're all susceptible.

Commonly cults are cast as people in white robes; collectives holed up in fortified buildings; empty-eyed automatons following a messianic figure. But cults are less obvious and more pervasive than we'd imagine. Today, with easy access to powerful and toxic social media tools, building and energising and channelling an audience is available to anyone with a voice.

It's never been easier to develop a cult.

So, where are the dividing lines? What's the difference between impassioned rhetoric and dangerous invective? Should we try and conduct reasoned debate using tools that are structurally deficient for such tasks? How open can we be to divergent opinions in a world full of noise and pressure? Could we sleepwalk into a cult, or worse, become a corrupted cult leader?

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The Anarchist Lens with Michael Malice - WBD497 May 04, 2022

Show notes

Michael Malice is an anarchist, author, and podcaster. In this interview, we discuss declining versus flourishing US cities, transitioning away from the state, Ukraine and Putin, conspiracies to cancel, challenges to free speech, and the enfeeblement of the media and education system.

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Anarchism has quickly evolved from being an extreme ideology, which was at best a interesting thought experiment, to a political vision whose merits are being given increasingly serious consideration. Even those who believe in the power of collectivism are questioning the effectiveness of our current institutions.

But with power comes responsibility. Do anarchists truly believe that tearing down the state and its associated power structures will result in a better world? Or is there a more nuanced and pragmatic approach? Is retention of some collective organisation desirable? Would decreased centralization and dominance of the state be a sufficient victory for anarchists?

Whatever the end state envisioned by advocates of scholars such as Bakunin, Goldman, Berkman and Rothbard, there are plenty of power structures that anarchists believe require radical reconstruction. Mainstream media, universities, schools, and rent seeking businesses: they are all targets.

Even if some anarchists are changing to think that a better and fairer world does not mean starting again from the ground up, don't think that their objective is anything short of an extensive reordering of society.

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Why Bitcoin is the Best Money with Lyn Alden - WBD496 May 02, 2022

Show notes

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss currency crises, the history of money, the properties of good money, and whether Bitcoin can usher in a new era of programmable, commodity money.

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What is money? We are taught to critically question and evaluate the world around us. Yet, most people never query the essence of what is perhaps civilisation's most important tool. We readily accept the money we have and use it without examining its history, characteristics, or whether it could be improved and changed.

We are living through extraordinary times. The world around us is in flux: established norms are being upended. Yet, the most extraordinary change is occurring without, arguably, the fanfare it deserves. Money is changing. A viable alternative to fiat currency has taken hold. An open and free, censorship-resistant currency available to anyone with qualities that surpass previous forms of money is carving out its place as the future of money.

Coins and notes are examples of money we are all familiar with. Yet, shares, property, or in fact, any tradable item are also forms of money. We interact with various forms of money, and implicity utilise their attributes without proper examination. So, what are the qualities and features of money? Why do we use different forms of money? What is money?

It is only through proper consideration of these questions that the unique and revolutionary properties of Bitcoin become apparent. Bitcoin is much more than just a speculative digital asset. It seeks to be the best money ever invented, combining the benefits of gold, cash, and various contemporary stores of value.

More importantly, Bitcoin provides new features seeking to protect the individual in the digital age. Bitcoin may be much more than a useful tool, it could be a necessity.

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The Bitcoin Adoption Supercycle with Dan Held - WBD495 Apr 29, 2022

Show notes

Dan Held is the Growth Lead at Kraken. In this interview, we discuss the splintering and factionalization of the Bitcoin community, trying to be honest in a toxic environment, update on the Bitcoin supercycle, and Bitcoin application (selling, hodling, lending, and collateralizing).

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Bitcoin is under almost constant attack, but despite significant pressures, efforts to ensure the technology remains truly decentralised and open have been successful, in a large part, thanks to the toxicity within the bitcoin community. But those who have worked at close quarters to the Bitcoin ecosystem have witnessed a rapid evolution and segmentation of beliefs, business proposals, and market for what is still a nascent innovation.

The original libertarian community that nurtured Bitcoin has been diluted by new groups. Conservatives and progressives have aligned themselves to Bitcoin with their own dogmas. In the wake of the maximalist victory in the Blocksize Wars new divisions have arisen based on divergent ideologies. Can we find a unifying narrative to coalesce these factions?

Equally, the industry that has developed around the unique monetary and payment characteristics of the technology has resulted in an explosion of new products and features. No longer is Bitcoin merely a static store of value: hodlers can now lend, short, and collateralize their asset. Should we fully embrace the investment opportunities this asset can provide?

Finally, the cyclical nature of the asset price has continued to evolve. Macro forces, game theory, and geo-political events are potentially aligning to create a supercycle: a new phase of adoption that could propel Bitcoin into becoming a global reserve currency to rival gold. Will those who have prevised such a future be proven right?

Are we finally about to enter a phase when Bitcoin matures and becomes money for all?

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Bitcoin, The Greatest Money System with Darin Feinstein - WBD494 Apr 27, 2022

Show notes

Darin Feinstein, an early investor in Bitcoin, co-founded Core Scientific, one of the largest Bitcoin mining operations. In this interview, we discuss the revolution of triple-entry accounting, providing 8 billion people property rights and banking, combating FUD, and rapid advances in mining chips.

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Bitcoin is causing tectonic shifts in global financial and political systems that have companies, authorities, and nations reeling. This creates a lot of noise. But, has this resulted in the community easing off on extolling Bitcoin's principal revolutionary characteristic - the consensus protocol? And, does that open it up to attack?

Triple entry accounting, the trustless verification of peer to peer transactions, is an innovation that is arguably in the same league as the wheel or printing press. For Bitcoiners, this understanding is implicit; discussions have moved on to other more immediate concerns. However, because we're still so early there is widespread ignorance of why Bitcoin has such transformative power.

Has this created a space for those wanting to undermine Bitcoin? The industry has had to contend with FUD since the early days. The constant risk is that those in positions of great power don't have the necessary knowledge to separate fact from fiction. Is this why there are serious considerations being given at the highest levels to banning proof of work consensus?

The unavoidable issue is that challenging the status quo is hard. And, the status quo will always exploit weakness. As such, is it possible to have a decentralized community without a centralized voice? Would we fail without the efforts of the likes of the Bitcoin Mining Council and the Bitcoin Policy Institute?

These questions are becoming increasingly important: the greater the scale of adoption, the more severe the response. China banned Bitcoin because it was a great idea that threatened their top-down ideology. The US benefited from this, but there are still voices who would see a ban on this side of the Pacific. New York is already considering its own ban on mining.

Our enduring advantage is that we have truth on our side - Bitcoin is the greatest money system invented. Will that be enough?

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Is There a Moral Case for Fossil Fuels? with Alex Epstein - WBD493 Apr 25, 2022

Show notes

Alex Epstein is a philosopher and author of 'The Moral Case for Fossil Fuels' and 'Fossil Future'. In this interview, we discuss how energy abundance has enabled humans to flourish, whether climate mastery has made us unnaturally safe, and the need for more low-cost reliable energy.

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According to a recent survey for the UN, 64% of people believe that climate change is a global emergency. News reports are dominated by stories of floods, heatwaves, droughts, hurricanes and other events, highlighted as potential signs of a warming world. The implicit assumption is that urgent reductions in the use of fossil fuels are required to minimise the potential impacts.

But increasingly, a growing collective is questioning these opinions. Exploitation of fossil fuels is linked to civilisations' rapid development in the 250 years since the industrial revolution. Yet, billions still lack access to adequate levels of energy. The concern is alternative energy sources won't be able to meet current demands, let alone demands that aren't currently being met.

Furthermore, there is scepticism regarding climate change projections and forecast impacts on societies. Those who hold such views are labelled as climate change 'deniers', a pejorative term meant to imply resistance to science and facts. This is emblematic of how combative and polarised the two sides of the debate have become. Some are now refusing to engage.

Perhaps, such division is understandable given the stakes. If global warming has the capacity to be an existential threat this century, then delays in curtailing fossil fuels could be catastrophic. Equally, if such warnings turn out to be wrong then we could be constraining the empowerment of billions of people. In our view, this is why we should remain engaged in the debate.

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Bitcoin Energy Markets with Shaun Connell - WBD492 Apr 22, 2022

Show notes

Shaun Connell is Executive VP of Power at Lancium and an energy trading expert focused on incorporating Bitcoin mining into energy transition services. In this interview, we discuss the fundamentals of energy trading, the need to balance energy supply with demand, and the symbiotic relationship between Bitcoin mining, renewables and the energy grid.

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If climate change forecasts are to be believed, the implications for society are profound. Many believe that the sources of energy that enabled our society to thrive and prosper over the past 250 years need to be replaced by alternative types of energy deemed to be more sustainable. Others fear that such a transition risks millennia of civilisational advancement.

The debate around climate change and energy is therefore highly charged. And yet, there is a significant deficit in our general understanding of how the energy system works.

Wind and solar are now the cheapest sources of energy, so why aren't we rapidly progressing to 100% renewable energy grids? If we need to decarbonise the grid, why do wind and solar producers have to curtail energy production? If Bitcoin mining is becoming an increasingly more significant user of energy, why are grid managers increasingly seeking to assimilate it?

Whatever the reasons for the ignorance of the energy system, and whether or not it has been or will be exploited by special interests, the obvious concern is that it will lead to bad policy being formulated at a critical time. Knowledge is power.

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The Power of Decentralisation with Adam Curry - WBD491 Apr 20, 2022

Show notes

Adam Curry is a DJ, internet entrepreneur, and, along with Dave Winer, the creator of podcasting. In this interview, we discuss Texas and guns, how Bitcoin features in world events, food intelligence and smarter education, as well as the origins, ethos, and future of podcasting.

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The ubiquity of podcasts has masked how innovative and ground breaking the technology is. In only 2 decades an idea about using RSS feeds to distribute audio blogs has now arguably become the most effective media channel rivalling both main stream media and increasingly social media.

It is estimated that more than a third of Americans regularly listen to podcasts. Market forecasts suggest the industry will be worth over $2 billion in the next few years. The relative ease of production, lack of editing constraints, and its long form character, has resulted in an explosion of content.

At a time when trust is in short supply, clickbait is employed over honest reportage, and toxicity is increasingly infecting discussions, podcasting is providing a desirable alternative for those seeking truth and facts. As a result, podcasting has been important to disseminating knowledge across a range of subjects.

And yet, there are risks that podcasters could make the same mistakes of other media: audience capture and reliance on centralised distribution channels could undermine the effectiveness of the industry to continue to provide a valuable source of truth.

Adam Curry had a critical and central role in the genesis of podcastings. Yet, his passion for the medium is as fervent as ever. He's at the forefront of both Podcasting 2.0 technical developments, whilst also being one of the industry's most industrious contributors. He was orange-pilled via podcasts, now he's using his knowledge of Bitcoin to strengthen podcasting.

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Freedom Technologies & Civil Disobedience with Austin Hill - WBD490 Apr 18, 2022

Show notes

Austin Hill is a cypherpunk & former Blockstream CEO. In this interview, we discuss the dangers of absolutism within Bitcoin's community, building consensus in promoting freedom money, and advancing the human condition.

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The development and adoption of Bitcoin is predicated upon a reaction to the manifest failures of current economic and political structures. The associated need to defend Bitcoin from multiple attack vectors resulted in a protective maximalist ideology. The end result is that the current Bitcoin community is dominated by big personalities with firm and unyielding convictions.

Yet, maintaining an adoption curve mirroring that of the internet means proving the benefits of this innovative technology to everyone: the wider public, companies, and state-level institutions. This will require building consensus: coalescing around positive characteristics of the technology whilst working to ensure divergent opinions don't overwhelm the debate.

As Bitcoin enters a more nuanced phase of maturation, a pragmatic approach to furthering its adoption and effective development may be required. Do battle-hardened Bitcoiners now need to become more politically flexible? Is it possible to find agreement with those who hold contradictory views? Is compromise possible whilst protecting Bitcoin's unique innovation?

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The Distortion of Money with Jeff Booth - WBD489 Apr 15, 2022

Show notes

Jeff Booth is Entrepreneur and Author of 'The Price of Tomorrow'. In this interview, we discuss the distortion of money, how Bitcoin can herald in a fairer system based on truth and a free market of ideas, and the transition from scarcity to abundance.

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Bitcoin is revolutionary. More than its cryptographic protocol, monetary policy, and decentralised technology, Bitcoin is built on promulgating truth. It is feasible that a new economic paradigm is being built that democratises knowledge and information.

The old ways of spin, exaggeration, false equivalence, hustle, denial, and outright lies served the fiat system well during the 20th century. Being 'economical with the truth' became a necessary tactic of the game, employed by leaders of companies, institutions, and countries alike.

The corrosive effects of increasingly systematic subterfuge were inevitably going to counter balance any fallacious societal benefits. This has become increasingly clear since the beginning of the new millennium: events and shocks have chipped away at the current economic edifice.

It's not that a new system would be beneficial to society, it's rather a new system is required to enable the major issues of today to be resolved. Can Bitcoin be the basis of this new system?

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