The Peter McCormack Show – Details, episodes & analysis

That’s a wrap! What Bitcoin Did is over, and what better way to close out the podcast than an episode with three of our favourite Bitcoiners, Jack Mallers, Matt Odell and Harry Sudock. In this one we did a little bit of reminiscing, discussed Bitcoin as hope, how the space is evolving and why we decided to end the podcast.

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Show notes: https://www.whatbitcoindid.com/podcast/what-bitcoin-did

This episode’s sponsors: 
IREN - Bitcoin Mining. Done Sustainably.
Swan Bitcoin - Invest in Bitcoin with Swan
Ledger - State of the art Bitcoin hardware wallet
Bitcasino - The Future of Gaming is here
Casa - Take control of your digital wealth
CheatCode - Sydney, Australia Oct 25–26
XAPO Bank - The only way to bank your Bitcoin
Ledn - Save. Borrow. Trade.

Troy Cross is a Professor of Philosophy and Humanities at Reed College & Chief Editor at The Nakamoto Project. In this interview, we discuss Democratic corruption & conspiracy, how Bitcoin transcends politics, Bitcoin’s morality & perception, and how we reach the next level of adoption.

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Show notes:  https://www.whatbitcoindid.com/podcast/who-owns-bitcoin

This episode’s sponsors:
IREN - Bitcoin Mining. Done Sustainably.
Swan Bitcoin - Invest in Bitcoin with Swan
Ledger - State of the art Bitcoin hardware wallet
Bitcasino - The Future of Gaming is here
Casa - Take control of your digital wealth
CheatCode - Sydney, Australia Oct 25–26
XAPO Bank - The only way to bank your Bitcoin
Ledn - Save. Borrow. Trade.

Lyn Alden is a macroeconomist, investment strategist and General Partner at Ego Death Capital. In this interview, we discuss the unwinding of the Japan carry trade, the Fed cutting interest rates, how broken money leads to social unrest and what all of this means for Bitcoin.

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Show notes: https://www.whatbitcoindid.com/podcast/lyn-alden-on-japans-unwinding-us-recession-social-unrest

This episode’s sponsors:
IREN - Bitcoin Mining. Done Sustainably.
Swan Bitcoin - Invest in Bitcoin with Swan
Ledger - State of the art Bitcoin hardware wallet
Bitcasino - The Future of Gaming is here
Casa - Take control of your digital wealth
CheatCode - Sydney, Australia Oct 25–26
XAPO Bank - The only way to bank your Bitcoin

Aaron Van Wirdum is a Bitcoin journalist and author of ‘The Genesis Book’. In this interview, we discuss the history of Bitcoin, including the importance of consensus algorithms and public key cryptography, early scepticism towards Bitcoin from cypherpunks, Satoshi's decision to remain anonymous, and its fixed monetary policy. We also talk about the influence of Austrian economics on Bitcoin's foundation, and the significance of privacy in digital transactions.

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The esteemed journalist Aaron Van Wirdum has authored a new book on the origins of Bitcoin called ‘The Genesis Book’. Our discussion naturally focuses on the influence of Austrian economics: Aaron explains how Hayek's ideas about money supply were instrumental in shaping Bitcoin’s principles, and how the cypherpunk movement of the 90s aspired to create technologies beyond government control - echoing Hayek's vision of market-driven money.

We examine the reasons behind the failure of early digital cash projects and the lessons learned that paved the way for Bitcoin's success. Hashcash and its Proof of Work (PoW) concept, developed by Adam Back, was a key innovation contributing to the creation of Bitcoin. Equally important was the role of cypherpunks in exploring electronic scarcity and the transferability of digital cash, particularly Nick Szabo’s efforts in addressing the double spend problem.

Aaron explains how Bitcoin emerged, and the significance of its white paper in introducing a novel approach that integrated currency creation technology and consensus algorithms through PoW. Reflecting on the early days of Bitcoin, we discussed the initial reaction towards Bitcoin's proposal from the cypherpunk movement and the importance of the mailing list. We also touch upon the significance of Satoshi’s anonymity and the timing of Bitcoin's launch.

This episode is a deep dive into the confluence of history, economics, and cryptography that has shaped the world of Bitcoin and digital currency. As we explored the origins, challenges, and innovations that have led us to this point, including the critical Blocksize wars. The journey of Bitcoin is as much about the past as it is about the future. And, it's a narrative that continues to unfold.

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Show notes: https://www.whatbitcoindid.com/podcast/the-genesis-of-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
Bitcoin Atlantis - A Bitcoin conference in the Atlantic
SwanBitcoin - Invest in Bitcoin with Swan

Giacomo Zucco is a Bitcoin educator, John Carvalho is CEO of Synonym, and Matt Corallo is a Bitcoin Core developer and open-source engineer at Block/Spiral. In this interview, we discuss how to scale Bitcoin while maintaining self-sovereignty.

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The best way to scale Bitcoin has been a hot topic since its inception. Whether it be through Bitcoin-backed banks as Hal Finney suggested back in 2010, increasing the throughput on the Bitcoin blockchain, layer 2 solutions like the Lightning Network, or federated custodian options like Fedimints.

Over the past year, the surge in Bitcoin transaction fees, largely attributed to the emergence of BRC20 tokens, ordinals, and inscriptions, has once again brought the topic of scaling Bitcoin to the forefront of conversation. High fees have priced smaller transactions out of the market, and the Lightning Network, hailed as a potential solution to scalability challenges, has faced some initial hurdles.

The different scaling solutions all have different trade-offs. Trustlessness and trust minimization are key tenets of Bitcoin, ensuring that users do not need to trust any central authority or third party. The Lightning Network aligns with these principles as it enables trustless, peer-to-peer transactions, reducing the need for custodial services and enhancing individual control over funds.

While Bitcoin's primary focus is on decentralization and self-sovereignty, some developments, such as the concept of the "Wallet of Satoshi" or Bitcoin ETFs, aim to make Bitcoin more accessible and user-friendly to a broader audience. Wallet of Satoshi is a custodial Lightning wallet designed to simplify the user experience, while Bitcoin ETFs provide a means for traditional investors to gain exposure to Bitcoin without directly holding the asset. These developments have the potential to expand Bitcoin's adoption, but may raise concerns about centralization and counterparty risk.

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Show notes: https://www.whatbitcoindid.com/podcast/scaling-bitcoin-with-zucco-carvalho-corallo

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
Bitcoin Atlantis - A Bitcoin conference in the Atlantic
SwanBitcoin - Invest in Bitcoin with Swan

Rachel Geyer is Head of Education at Terahash, co-founder of Les Femmes Orange and Vice-Chair of the European Bitcoin Energy Association. In this interview, we delve into Bitcoin's role in addressing energy challenges and fostering sustainable mining practices in Europe. We also discuss the formation of the EBEA, the importance of engaging with policymakers to prevent the banning of PoW and the growth of Bitcoin communities in Europe.

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Rachel Geyer’s story is a testament to the transformative power of Bitcoin. Initially sceptical, her son's enthusiasm for the digital currency in 2017 piqued her interest. Rachel's growing fascination with Bitcoin spurred her to seek opportunities within the industry in her homeland of Germany. Her conviction that individuals should invest their talents domestically, especially in the context of Bitcoin, resonates with the idea that innovation can flourish anywhere.

We discussed the intricacies of Bitcoin within the energy sector. Rachel stressed how individuals within companies could influence decision-makers by showcasing the benefits of Bitcoin mining. She shared Terahash’s approach to showing how Bitcoin mining tackles energy challenges, including working with landfill companies and miners to create long-term, eco-friendly projects; a strategy that could have far-reaching implications for Europe's energy landscape.

Contrary to the perception that Europe lags behind the US in Bitcoin adoption, Rachel provided a compelling argument for Europe's burgeoning Bitcoin scene. She pointed to the growth of meetups and projects in Germany, Austria, and Switzerland, and the development of Bitcoin innovations across the continent. These innovations are crucial for driving adoption and showcasing Europe's unique contributions to the Bitcoin ecosystem.

Rachel also explained how Terahash is building a hash rate market for European investors, and the details behind them helping to establish the European Bitcoin Energy Association to promote the benefits of Bitcoin mining and defend Proof of Work. Collaboration is key, and Rachel emphasised the importance of engaging with policymakers, miners, and energy institutions to develop sustainable solutions.

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Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-in-europe

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
Bitcoin Atlantis - A Bitcoin conference in the Atlantic
SwanBitcoin - Invest in Bitcoin with Swan

Allen Farrington is the co-author of ‘Bitcoin Is Venice’ and Eric Yakes is the author of ‘The 7th Property’. In this interview, we do a deep dive into the future of the Bitcoin-centric financial system, focusing on self-sovereignty, scalability, and the future of banking. We also explore the potential of Bitcoin to serve as a superior form of money addressing issues of custody and sovereignty, and the separation of money from state influence.

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The development of Bitcoin’s ecosystem is a balancing act: making Bitcoin scale whilst ensuring it maintains its offer as a medium for self-sovereignty. In this podcast, we discuss the current trade offs being debated within the community, focusing on the impact of high transaction costs, whether the Lightning Network equates to true self-sovereignty, a growing concern that UTXO ownership might become a privilege, and the role of covenants.

The underlying issue is the potential for the community to develop a neutral financial system directed by market participants. We discuss the potential for Bitcoin to serve as a better form of money, particularly in terms of its scarcity, its speed and cost of movement benefits, and the potential for shared custody models. We address the risks and trade-offs associated with moving into a Bitcoin-centric financial system, particularly in terms of custody and sovereignty.

Eric and Alan explore the idea of reducing information asymmetry and constraints within economies, and the implications for fractional reserve systems. They emphasize the importance of creating systems that increase information transparency and reduce the likelihood of fraudulent activities. The guests also discuss the proposal for “Ark”, its prospective role in a Bitcoin financial system and its potential to address Lightning liquidity issues.

As we move forward, it's clear that the Bitcoin ecosystem is at a crossroads, with emerging technologies offering both solutions and new challenges. The path to a Bitcoin-centric financial system is fraught with technical, economic, and philosophical questions that require our collective attention and ingenuity. This podcast is a chance to hear how two of the community’s leading thinkers are collaborating to consider these complex issues.

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Show notes: https://www.whatbitcoindid.com/podcast/banking-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
Bitcoin Atlantis - A Bitcoin conference in the Atlantic
SwanBitcoin - Invest in Bitcoin with Swan

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the success of Lyn's book before delving into the complexities of the current economic landscape, including the correlation between global liquidity and asset prices, notably Bitcoin. The conversation covers the bond market, inflation measures, bank insolvency issues, and the impact of fiscal policies on the economy. Lyn also shares insights on Bitcoin's price cycles.

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Lyn Alden provides a comprehensive overview of the fiscal and monetary forces shaping 2023 in this podcast. She details how the Federal Reserve's tightening measures were counterbalanced by the Treasury's actions, leading to a stabilization in global liquidity measures. This balance is crucial for understanding asset price movements, with Bitcoin's sensitivity to liquidity dynamics serving as a prime example.

We evaluated the Federal Reserve's performance, monetized fiscal deficits and the state of the bond market. Lyn acknowledged the central bank's challenges and the limitations of their tools in addressing fiscal deficits, a primary inflation driver. Despite relying on potentially outdated models and theories, the Fed has shown adaptability in adjusting policies to the economic climate. Albeit, the level of public debt and deficits may limit the central bank's control.

Lyn posits that inflation, driven by unresolved fiscal issues and energy dynamics, could define the next decade. She discussed the historical context of high inflation and the role of gold and Bitcoin as hedges against currency crises, noting the increasing institutional interest in these alternative assets.

We covered the outlook for Bitcoin in 2024, with Lyn underscoring the importance of viewing its price in logarithmic form, revealing a pattern of resilience and potential normalization among institutions. We also discussed the need for scaling solutions in Bitcoin to make interactions with the asset easier, cheaper, and more efficient. Lyn mentioned the possibility of soft forks and covenants, aiming to empower hubs in the Bitcoin network and improve the user experience.

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Show notes: https://www.whatbitcoindid.com/podcast/2024-the-year-of-the-bitcoin-bull

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
Bitcoin Atlantis - A Bitcoin conference in the Atlantic
SwanBitcoin - Invest in Bitcoin with Swan

Fran Finney is the widow of the legendary Hal Finney, who received the first Bitcoin transaction. In this interview, we discuss her husband's impact, their life together, and his battle with ALS. We also talk about the importance of Bitcoin, the challenges Hal and her faced due to harassment, and the concept of cryopreservation. The conversation also touches on the significance of fundraising for ALS research and how the Bitcoin community can contribute to this cause.

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Hal Finney was not only the first person to receive a Bitcoin transaction (Satoshi sent him 10 Bitcoins in January 2009 as a test), he was also the first person after Satoshi to download and run Bitcoin software. Hal came across the Bitcoin whitepaper through a Cypherpunks mailing list. As a champion of personal privacy, he saw the potential for Bitcoin to provide for censorship-resistant transactions.

Driven by his concerns about government overreach in the digital age, Hal became a pioneer in the world of cryptography, gaining recognition for his part in the development of PGP. He was also part of a band of cypherpunks trying to develop a new form of money providing personal sovereignty. Hal co-authored the first paper detailing the concept of reusable cryptographic proofs of work, which would later be adapted in Bitcoin.

Hal famously walked away from Bitcoin for a full year. During that time he was diagnosed with amyotrophic lateral sclerosis (ALS). Despite the debilitating nature of the disease, Finney continued to work tirelessly on Bitcoin's development until his passing on August 28, 2014. His untimely death left behind a legacy of innovation and a lasting impact on the foundation of the digital currency landscape.

Despite his personal struggles, Hal Finney's intellect and relentless pursuit of knowledge cemented his place as a legendary figure in the world of cryptography and Bitcoin. In this podcast, I talk to Fran Finney, who is tirelessly committed to honouring his memory by raising funds for ALS victims and advocating for increased understanding of the disease.

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ALS Golden West Running Bitcoin Challenge

Join the WBD Team - ALS Golden West Running Bitcoin Challenge

Show notes: https://www.whatbitcoindid.com/podcast/running-bitcoin-with-fran-finney

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

Peter Van Valkenburgh is director of research at Coin Center. In this interview, we discuss Coin Center's role in educating lawmakers, analysing policy proposals, and advocating for reasonable regulations. Peter talks about their current lawsuits against the US Treasury and IRS, challenging the misapplication of tax and sanctions regulations. We also cover the changing dynamics of political support for Bitcoin and the challenges posed by figures like Senator Elizabeth Warren.

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Coin Center has been at the forefront of cryptocurrency policy issues since it launched in 2014. Initially, their work was focused on educating lawmakers about Bitcoin and blockchain technology. They addressed concerns about money laundering, emphasised the importance of privacy and speech rights, and explained the technology's potential. However, over time, Coin Center's work has expanded to include policy research and analysis.

The non-profit group now examines how existing laws apply to crypto, and they promote reasonable regulations that protect innovation and constitutional rights. They also engage in lobbying efforts, presenting Congress with preferred solutions to policy problems. When these efforts are unsuccessful, they resort to lawsuits. Currently, they have two lawsuits against the US Treasury and IRS, challenging tax regulations and sanctions that harm privacy rights.

In this podcast, we discussed the split opinions regarding crypto in US politics. Peter explained that the narrative around digital assets has shifted, partly due to influential figures like Senator Elizabeth Warren taking an anti-crypto stance, and partly due to the reputation damage caused by various actors in the space. We also discussed the emerging regulatory threats such as the use of the Bank Secrecy Act to impose strict regulations on core infrastructure providers.

All of this work obviously has to be paid for. While Coin Center is financially stable, donations are still crucial as there will be more lawsuits and lobbying efforts in the future: for example, Coin Center may raise a future lawsuit challenging legislation that classifies Bitcoin miners as regulated entities. And, you can sign up for Coin Center’s newsletter to find out the other ways you can help them play a crucial role in shaping a robust future for digital assets.

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Show notes: https://www.whatbitcoindid.com/podcast/the-unconstitutional-attack-on-privacy-with-peter-van-valkenburgh

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