Explore every episode of the podcast The Peter McCormack Show
| Title | Pub. Date | Duration | |
|---|---|---|---|
| What Bitcoin Did with Jack Mallers, Matt Odell, & Harry Sudock - WBD859 | 30 Aug 2024 | 02:54:06 | |
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. – Show notes: https://www.whatbitcoindid.com/podcast/what-bitcoin-did This episode’s sponsors: | |||
| Who Owns Bitcoin with Troy Cross - WBD858 | 28 Aug 2024 | 01:26:54 | |
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. – Show notes: https://www.whatbitcoindid.com/podcast/who-owns-bitcoin This episode’s sponsors: | |||
| Lyn Alden on Japan's Unwinding, US Recession & Social Unrest - WBD849 | 07 Aug 2024 | 01:05:46 | |
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. – Show notes: https://www.whatbitcoindid.com/podcast/lyn-alden-on-japans-unwinding-us-recession-social-unrest This episode’s sponsors: | |||
| The Genesis of Bitcoin with Aaron Van Wirdum - WBD759 | 11 Jan 2024 | 01:58:23 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/the-genesis-of-bitcoin This episode’s sponsors: | |||
| Scaling Bitcoin with Giacomo Zucco, John Carvalho & Matt Corallo - WBD758 | 09 Jan 2024 | 01:46:40 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/scaling-bitcoin-with-zucco-carvalho-corallo This episode’s sponsors: | |||
| Bitcoin in Europe with Rachel Geyer - WBD757 | 05 Jan 2024 | 01:16:35 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-in-europe This episode’s sponsors: | |||
| Banking Bitcoin with Allen Farrington & Eric Yakes - WBD756 | 03 Jan 2024 | 01:30:54 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/banking-bitcoin This episode’s sponsors: | |||
| 2024, the Year of the Bitcoin Bull with Lyn Alden - WBD755 | 01 Jan 2024 | 01:09:48 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/2024-the-year-of-the-bitcoin-bull This episode’s sponsors: | |||
| Running Bitcoin with Fran Finney - WBD754 | 29 Dec 2023 | 01:12:30 | |
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. - - - - 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. - 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: | |||
| The Unconstitutional Attack on Privacy with Peter Van Valkenburgh - WBD753 | 27 Dec 2023 | 01:11:31 | |
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. - - - - 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. - Show notes: https://www.whatbitcoindid.com/podcast/the-unconstitutional-attack-on-privacy-with-peter-van-valkenburgh This episode’s sponsors: | |||
| The End of the World as We Know It with Whitney Webb - WBD752 | 22 Dec 2023 | 01:32:16 | |
Whitney Webb is an independent investigative journalist who founded Unlimited Hangout, which covers intelligence, tech, surveillance and civil liberties. In this interview, we discuss the importance of independent journalism, the challenges of media manipulation and the rise of tyranny. We also talk about the risks of AI, the influence of powerful figures like Elon Musk and the need for public scrutiny, and the potential co-opting of Bitcoin by powerful institutions. - - - - Whitney Webb left mainstream media to pursue independent investigative journalism, a decision driven by her commitment to sharing accurate information and encouraging readers to do their own research. In this interview, she highlighted the lack of coverage on certain topics by both mainstream and independent media. Whitney also emphasized the need to question the actions of those in power who have never been held accountable. We discussed the current state of the world, including the potential for global conflict and the rise of tyranny. Many people questioned the motives behind certain decisions made during the pandemic and raised concerns about the manipulation of information and the control exerted by those in power. We delved into the potential dangers of AI controlling and curating online content, as well as the cognitive impact of relying too heavily on AI. Our conversation shifted to the topic of Elon Musk and his mixed reputation. We questioned his true motivations and the extent of his influence, raising concerns about his ties to the government and his involvement in censorship on Twitter. Whitney highlighted the need to scrutinize the actions of powerful figures like Musk and not blindly trust their words. Finally, we talked about the potential co-opting of Bitcoin by powerful institutions and the need for people in the Bitcoin space to be aware of this. Whitney focused on the importance of personal responsibility and being aware of the push to regulate the internet and the destruction of the existing financial system. Powerful interests take advantage of events to grab more power, but their power grab can only succeed if we consent and give in to fear and panic. - Show notes: https://www.whatbitcoindid.com/podcast/the-end-of-the-world-as-we-know-it This episode’s sponsors: | |||
| Bitcoin, a 30,000ft View with Jeff Booth & Alex Gladstein - WBD751 | 20 Dec 2023 | 01:11:47 | |
Jeff Booth is the Author of The Price of Tomorrow & General Partner at Ego Death Capital and Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the devastating effects of currency devaluation, the systemic issues of exploitation, debt, and inequality, and the potential of Bitcoin to provide economic hope and empowerment. - - - - In mid-November, the Malawian government announced a sharp devaluation of its currency, which resulted in instant price increases for commodities such as fuel and electricity of 40%. This has devastating effects on people already struggling to make ends meet. To add further insult, there is a serious lack of transparency in the process. The injustice of the situation is glaring, with no one held accountable for the harm caused by the devaluation. Our conversation touched on the hidden nature of modern-day slavery disguised as economics. We highlighted how the West's living standards are based on stealing resources and exploiting cheap labour from countries like Malawi. The International Monetary Fund (IMF) plays a role in ensuring cheap goods for the West, but their public statements focus on stabilising the world and reducing poverty. We also discussed the issue of wages in sub-Saharan African countries, which have not recovered from their peak in the 1970s. The impact of debt and interest payments on these countries' budgets is ruinous, with a significant percentage of their annual budget going towards paying off debt. The entire global economic system is based on theft, and the uncomfortable truth is that the rate of theft influences economic conditions in the West. Bitcoin, as a decentralised system, reveals the truth about what is happening in the world. Bitcoin allows individuals to protect themselves from devaluation and move into a system that doesn't constantly steal their wages. We were fortunate to see how Bitcoin can bring positive change to countries like Malawi, where Bitcoin mining is enabling a remote village to utilise hydro energy to power the village and generate income. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-a-30000ft-view This episode’s sponsors: | |||
| Elizabeth Warren’s Anti-Bitcoin Agenda with Perianne Boring - WBD750 | 18 Dec 2023 | 01:08:53 | |
Perianne Boring is the Founder and CEO of the Chamber of Digital Commerce. In this interview, we discuss Senator Elizabeth Warren's stance on crypto, her proposed anti-crypto legislation and the status of Bitcoin ETFs. We talk about the political system, the influence of special interest groups and the need for reform. Perinanne explains why engagement with policymakers is critical, and how she is fighting for the future of Bitcoin and the digital asset industry. - - - - Senator Warren has made a name for herself as a progressive Democrat who champions consumer protection. Following the Great Financial Crisis, but before entering the Senate, Warren proposed and established the Consumer Financial Protection Bureau, and then served as President Obama’s special advisor for the Bureau. Since being elected as a Senator for Massachusetts, she has been a prominent critic of the banking sector. More recently, Warren has arguably become the staunchest anti-crypto politician, a shift that has left many confused. In this podcast, Perianne Boring uses her knowledge of the system in DC to try and understand Warren’s stance. The working assumption is that some of her motivation is driven by the incentive to generate news coverage, attention and political donations. The result is retrograde proposals such as the ‘Digital Asset Anti-Money Laundering Legislation’. Organisations such as the Chamber of Digital Commerce, have made great efforts to educate Warren and her office about the industry's efforts to combat illicit finance. However, Senator Warren seemingly lacks an understanding of the technology behind Bitcoin and crypto. The organisations involved are left with the impression that there hasn't been a good-faith effort on Warren’s part to understand the facts and technology. My discussion with Perianne covered the more fundamental issue of a broken political system and the subsequent negative impact on voter trust in the political process. We discussed the challenges faced by third-party candidates in the current system and the emergence of new political groups. We also cover the mechanisms, such as impeachment or recall, to hold politicians accountable for their actions, and why these aren’t seen as being effective. Finally, we discussed the vital work being undertaken on the ground in Washington. They are fighting for the future of Bitcoin and the digital asset industry in part by lobbying against policies that could hinder the growth of Bitcoin and blockchain technology in the US. Perianne emphasized the importance of the Bitcoin community having a voice in Washington, as the industry is still relatively small compared to more established legacy industries. - Show notes: https://www.whatbitcoindid.com/podcast/elizabeth-warrens-anti-bitcoin-agenda This episode’s sponsors: | |||
| Resistance Money with Andrew Bailey, Bradley Rettler, & Craig Warmke - WBD848 | 05 Aug 2024 | 01:21:43 | |
Andrew Bailey, is a Professor of Philosophy at Yale-NUS College, Bradley Rettler is a Professor of Philosophy at the University of Wyoming and Craig Warmke is a Professor of Philosophy at Northern Illinois University. In this episode we discuss their book Resistance Money and the global net-benefits of Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/resistance-money This episode’s sponsors: | |||
| Bitcoin vs Economic Imperialism with Erik Hersman - WBD749 | 15 Dec 2023 | 01:04:47 | |
Erik Hersman is a co-founder of Gridless. In this interview, we discuss Africa, focusing on economic issues like inflation, devaluation and people’s struggles to make a living. We talk about Bitcoin’s potential to create economic opportunities in Africa, the importance of building products that meet the needs of people and provide real value, and the use of mobile money. Finally, we cover Bitcoin mining in Africa and its impact on energy infrastructure. - - - - On previous podcasts, we’ve had the pleasure of interviewing Erik Hersman to better understand how his company, Gridless, is partnering with East African communities in need of energy to provide subsidised power using Bitcoin mining. Last week we had the incredible honour of being invited to visit one of Gridless’s operational sites in Malawi. This will be included in a forthcoming film we will release in 2024. But, we used the opportunity to record another interview with Erik. Being here, in person, allowed us to gain a better understanding of the context and ask relevant questions. We were not just discussing abstract concepts; we were seeing them first-hand and interviewing people on the ground. As per our previous podcast with Femi Longe, this interview has provided us with valuable insights into the Bitcoin story in Africa. We delved into the challenges and complexities of addressing the historical and current inequalities between Western countries and Africa, and why such inequalities are being allowed to perpetuate. Erik and I talk about why there is a belief in the potential of Bitcoin to create economic opportunities in Africa. We covered the challenges of implementing Bitcoin-focused initiatives, the need for a comprehensive plan and how Bitcoin adoption in Africa. Erik emphasized the importance of building products that meet the needs of people and provide value in their lives, rather than creating products based on assumptions or fantasies. We consider some of the plenty of examples of unique innovations utilising Bitcoin across Africa that address real needs. We also cover the concerns of government surveillance of mobile money that Bitcoin could help address. Finally, Erik explained how Gridless has helped communities in Kenya and Malawi increase their usage of hydropower. This has led to financial and energy sustainability for such communities, but more fundamentally, it has also provided families with electricity for the first time. Erik emphasised the amazing potential for Bitcoin mining to bootstrap renewable energy infrastructure in Africa. As he stated “There's nothing to fight against here. It's good for everyone.” - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-vs-economic-imperialism This episode’s sponsors: | |||
| Bitcoin in Africa with Femi Longe - WBD748 | 13 Dec 2023 | 01:04:54 | |
Femi Longe is program director for Btrust Builders, which educates developers in Africa about Bitcoin. In this interview, we discuss societal issues faced by people in different parts of the world, the economic imperialism hampering emerging economies, and the challenges Africans face in accessing the global financial system. We also talk about the impact of external powers on Africa and the potential of Bitcoin to change the global financial conversation. - - - - Femi Longe has extensive experience in promoting transformative innovation across Africa to drive social change. It was perhaps inevitable that he would end up working within the Bitcoin ecosystem. Currently, through his work for Btrust Builders, Femi is helping to build a critical mass of Bitcoin and Lightning engineers from the Global South starting with Africa. This podcast explores how the global system is designed in a way that prevents emerging economies from thriving. The conversation shines a light on the damaging effects of economic imperialism upon the Global South, best expressed in Alex Gladstein's work. External powers, such as the World Bank and IMF, often prioritise their interests over the well-being of African people. Femi and I also discussed the numerous practical challenges faced by Africans in accessing global commerce. Companies like Western Union and MoneyGram take a significant cut from remittance transactions (with the US government even requesting information on transactions from these platforms), and there are significant limitations placed on Africans trying to access financial services such as PayPal across borders. Africa’s problems are compounded by the influence of outside powers: the historical fragmentation of Africa by European powers has made it difficult for African countries to come together and collaborate effectively; latterly, international aid to Africa has distorted local markets and influenced government spending, often to benefit Western businesses at the expense of African countries. Femi sees Bitcoin as an opportunity for Africans to change the conversation and have a stake in the global financial system, as it cannot be controlled by external powers. He aims to empower Africans to engage with Bitcoin as producers, rather than just consumers, by training developers and connecting them to open-source projects. That way Bitcoin can be integrated into real-life scenarios that are important to people. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-in-africa This episode’s sponsors: | |||
| Bitcoin Mining Game Theory with Marty Bent, Thomas Pacchia & James McAvity - WBD747 | 11 Dec 2023 | 01:31:51 | |
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: | |||
| The Bitcoin Mining Trilemma with Bob Burnett - WBD746 | 08 Dec 2023 | 01:18:12 | |
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: | |||
| Driving Bitcoin Forward with Gary Leland - WBD745 | 06 Dec 2023 | 01:32:46 | |
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: | |||
| The Road to Digital Serfdom with John Carvalho - WBD744 | 04 Dec 2023 | 01:36:40 | |
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: | |||
| The Debt Tsunami with Caitlin Long - WBD743 | 01 Dec 2023 | 01:23:58 | |
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: | |||
| Bitcoin Mining Economics with Steve Barbour - WBD742 | 29 Nov 2023 | 01:46:30 | |
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: | |||
| RFK Jr on Media, US Debt & Bitcoin - WBD741 | 27 Nov 2023 | 00:49:00 | |
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: | |||
| Bitcoin on the Ballot with Vivek Ramaswamy - WBD740 | 24 Nov 2023 | 00:58:45 | |
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: | |||
| Bitcoin Marginalism with Eric Yakes - WBD847 | 02 Aug 2024 | 01:00:24 | |
Eric Yakes is the Managing Partner at Epoch and the Author of The 7th Property: Bitcoin and the Monetary Revolution. In this interview, we discuss the economic theory of marginalism, how this translates to Bitcoin, Bitcoin adoption cycles and the challenges of investing in Bitcoin companies. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-marginalism This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. | |||
| Milei's Argentine Revolution? With Stephan Livera - WBD739 | 22 Nov 2023 | 01:12:49 | |
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: | |||
| Macro, Fed Pivot & Bitcoin with Steven McClurg - WBD738 | 20 Nov 2023 | 01:03:16 | |
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: | |||
| Bitcoin for Banking Failures with Parker Lewis - WBD737 | 18 Nov 2023 | 01:36:15 | |
Parker Lewis is a Bitcoin writer and educator and Head of Business Development at Zaprite. In this interview, we discuss the 2023 North American Blockchain Summit in Fort Worth, the benefits and challenges of Bitcoin payments, and the potential of Bitcoin becoming a critical rail for global payments. We also talk about the risks of the traditional banking system, the urgency needed to fix the current monetary system, and how Bitcoin's fixed supply could potentially help. - - - - This is another podcast I have made in the shadow of the impressive North American Blockchain Summit 2023 in Fort Worth, Texas. It’s a great opportunity to catch up with some of the best minds within Bitcoin such as the amazing Parker Lewis! We got quickly into the weeds of Bitcoin payments and the challenges of managing multiple lightning wallets for different purposes. Parker set out how the product he’s helping develop, Zaprite, aims to resolve this problem by providing a seamless payment experience, allowing funds to be directed to different lightning wallets or accounts. We also touched on the importance of creating a unified experience between fiat and Bitcoin payments to encourage adoption. Our discussion delved into the risks and challenges associated with traditional banking systems and the importance of Bitcoin as a solution. The system needs resilience, which Bitcoin provides. Further, the speed and simplicity of Bitcoin stands in stark contrast to the inefficiencies and delays involved in traditional banking. Parker explained that Bitcoin also serves as insurance at an individual level for currency failure and as an insurance policy for businesses. We explored the concept of the 21 million fixed supply of Bitcoin, and that by understanding why Bitcoin solves the problem of purchasing power, people can then understand how it can also solve other problems, such as the risk of banks failing, the fragility of the legacy payment system and providing an actual solution to inflation. Parker believes there is an urgent need to fix the current monetary system, comparing it to a flood requiring immediate attention. He believes that those who understand Bitcoin should prioritise working on it rather than other projects. This podcast is therefore a call to arms for those who value the importance of Bitcoin in today's digital age. Bitcoin has the potential to not only revolutionise traditional banking but to save the monetary system as a whole. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-for-banking-failures This episode’s sponsors: | |||
| Ensuring Bitcoin Wins with Lee Bratcher - WBD736 | 16 Nov 2023 | 01:08:19 | |
Lee Bratcher is the President of the Texas Blockchain Council. In this interview, we discuss Bitcoin mining in Texas, the North American Blockchain Summit 2023 and the regulatory challenges miners face. We also talk about the potential impact of politicians embracing Bitcoin, the importance of mainstream media presence at the upcoming conference, and efforts to attract professionals to Bitcoin events. - - - - This podcast was made before the start of the Texas Bitcoin Summit in Fort Worth, which started yesterday and runs through until Friday. The summit is expected to be the biggest one yet, with over a thousand attendees and a focus on mining. And this year the Texas Blockchain Council has excelled at attracting some major political figures, including RFK, Vivek Ramaswamy, Ted Cruz, Cynthia Lummis, Andrew Yang and Warren Davidson. Texas seems to understand Bitcoin better than other states, which is attributable in part to the independent thinking and educational efforts in the state. The Texas Bitcoin mining industry is a catalyst for Bitcoin mining across the world, leading the way in developing use cases such as demand response grid balancing services and the incentivisation for the build-out of renewable energy. However, the path to wider acceptance of mining in Texas has not been foregone, and the future is still uncertain. The challenges the industry has faced have been significant. For example, Senate Bill 1751 in Texas sought to ban miners from the very same ancillary services that have benefitted ERCOT’s grid balancing objectives. These efforts have been pushed by traditional legacy industries in Texas aided by their strategy of regulatory capture. Traditional industries such as steel mills and petrochemical refineries have been frustrated by Bitcoin miners bidding down the price for demand response services (which in turn has benefits consumers). The bill passed unanimously in the Senate. The fact the bill was ultimately killed in the House was thanks in large part to the efforts of the Texas Blockchain Council under Lee Bratcher’s presidency. The issue highlights the problem of getting a political consensus on Bitcoin. Elizabeth Warren, for one, makes it difficult for Democrats to openly support Bitcoin. However, a few Democrats are showing a more practical and nuanced understanding. And, being anti-Bitcoin will become a risky position to take in the future due to generational-led shifts in opinions. Until then, it’s up to bodies like the Texas Blockchain Council to continue to fight for Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/ensuring-bitcoin-wins This episode’s sponsors: | |||
| Life Liberty & the Pursuit of Bitcoin with Robert Breedlove - WBD735 | 14 Nov 2023 | 01:06:22 | |
Robert Breedlove is a philosopher and podcaster within the Bitcoin space. In this interview, we discuss the Alliance for Responsible Citizenship (ARC) conference, the anti-woke movement, cultural Marxism, and the origins of certain ideologies. We also delve into the impact of COVID-19, the role of politics in societal change, the influence of taxation and inflation on the economy, and the potential of Bitcoin as a solution to many of these issues. - - - - Normative behaviour in society at any one time may be codified such that it appears to be a natural law: behaviour, dress, language, and demeanour are perceived to be as fixed as biological traits. However, culture is merely a template for expectations in a social group. Acceptable conduct is malleable. The history of civilisation is full of profound shifts in cultural social behaviour and societal norms. It is not uncommon for marginal groups within society to test the paradigm. However, we do appear to be at a rare inflection point. Society is split between two equally powerful ideologies, both of which lay claim to the cultural elite mantle. Wokeism, whilst being criticised by some as being a lazy pejorative for a wide range of progressive liberal opinions, does have roots in an understandable backlash against the promotion of identity politics and cancel culture. Robert Breedlove however views wokeism as another form of cultural Marxism funded by the state. In this podcast, he suggested that it is a divide-and-conquer strategy to create a demand for stronger governance. We discussed whether the development of these ideologies is organic or intentional. Robert leaned towards the latter, comparing it to the romantic lies told throughout history to justify theft. Robert explained his perspective on the influence of Marxism on the social institutions of the West. He believes that Marxism seeks to abolish private property, which he sees as the foundation of civilization and justice. He also connects the rise of cultural Marxism with the increasing violation of private property rights. When asked about the solution to these issues, Robert proposed that making property harder to violate is crucial. He sees Bitcoin as a potential solution, as it provides inviolable private property rights. With a Bitcoin standard, the state's ability to print money would be limited, reducing their revenue source and potentially leading to a more peaceful and prosperous world by creating less incentive for people to politic and more incentive for them to produce. - Show notes: https://www.whatbitcoindid.com/podcast/life-liberty-the-pursuit-of-bitcoin This episode’s sponsors: | |||
| Is the Bull Market Back? With Alex Thorn - WBD734 | 10 Nov 2023 | 01:10:09 | |
Alex Thorn is the Head of Firmwide Research at Galaxy. In this interview, we discuss a range of topics including Galaxy’s sponsorship of Real Bedford FC, the growing trend of Bitcoin sponsorship in sports and the current state of the hip-hop music industry. We also talk about Bitcoin, including factors influencing its price, the potential approval of a Bitcoin spot price ETF(s), the importance of Bitcoin ownership and its role as a medium of exchange. - - - - Full disclosure, Galaxy became the first official sponsor of Real Bedford Ladies FC in the summer, allowing them to have professional coaching and for players to get paid for the first time. This has boosted the team: they are currently top of their league having won all their matches, and this Sunday they play in the first round of the world-famous FA Cup. I talked about this and the growing trend of Bitcoin sponsorship in sports with Alex Thorn. We also talked about Bitcoin and the potential factors influencing its price action: for example, there is a correlation between Bitcoin price and US economic policy. We discussed the impact of the upcoming halving event, for which there is growing anticipation. And we pondered the question of when to sell Bitcoin in the context of other investment opportunities; now might not be the right time to sell Bitcoin due to its potential for growth. The podcast covered the recent SEC amendments regarding Bitcoin spot price ETFs, involving additional risk disclosures for investors, possibly indicating a shift in SEC behaviour towards Bitcoin. We touched on the potential impact of a Bitcoin spot price ETF, with increased adoption and price growth tempered by concerns about institutionalization. We also considered the impact on Grayscale's business model, noting that lower fees in ETFs could affect their profitability. Finally, the discussion emphasized the importance of educating others about Bitcoin's value and fundamental features. Widespread understanding and adoption of the underlying principles of Bitcoin are crucial for its long-term success. Alex encourages Bitcoin enthusiasts to continue spreading awareness and discussing its values with friends, family, and potential investors. - Show notes: https://www.whatbitcoindid.com/podcast/is-the-bull-market-back This episode’s sponsors: | |||
| Bitcoin’s Full Potential Value with Jesse Myers - WBD733 | 08 Nov 2023 | 01:09:22 | |
Jesse Myers is co-founder and COO of Onramp Bitcoin. In this interview, we discuss Bitcoin’s potential growth, adoption and valuation, and the implications of Bitcoin’s price accelerating. We also talk about the risks associated with bonds, the concept of money, and the hurdle of convincing people to buy Bitcoin. Jesse also introduces ‘Onramp’, a Bitcoin asset management platform built on multi-institution custody. - - - - Many investors are still bullish on Bitcoin's transparent and rigid monetary policy: its increasing scarcity will attract more value to it, potentially making it a better store of value than gold. Some are expecting a transfer of wealth out of bonds into Bitcoin, as Bitcoin slowly becomes considered a lower-risk asset; this is in the context of bonds continuing to show significant signs of stress due to burgeoning sovereign debt and inflationary headwinds. It is in the context of this expected inflow of capital into Bitcoin by individuals and organisations that aren’t prepared or willing to secure private keys, that Jesse Myers co-founded Onramp Bitcoin, a trust-minimized form of custody. Their multi-institution custody eliminates counterparty risk without requiring individuals to hold their own keys. In the podcast, Jesse explained the multiplier effect of capital inflows into Bitcoin and how it could impact its valuation, whilst emphasizing the importance of remaining grounded in the total global asset landscape and not assuming unrealistic valuations for Bitcoin. We also discussed how Bitcoin can shift value back to ‘good money’, and further how it starts to become a dominant form of currency. We discussed how the path of Bitcoin adoption will manifest i.e. whether its growth is likely to be gradual or exponential. We discussed the implications in the interim period of governments continuing to print money to pay off debt, and the potential redistribution of wealth to Bitcoiners who have planned differently. We also considered the possibility and implications of fiat currencies failing and the world finally turning to Bitcoin as a solution. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-full-potential-value This episode’s sponsors: | |||
| Bitcoin vs the Infinite Money Printer with Luke Gromen - WBD732 | 06 Nov 2023 | 01:08:44 | |
Luke Gromen is the Founder and President of Forest for the Trees (FFTT). In this interview, we discuss the state of the economy, government borrowing and the bond market. We explore the implications of increased US government borrowing and spending on debt and taxes. We also talk about cycles of quantitative easing, a comparison of the economies of Argentina and the US, the impacts of inflation on different groups and investment strategies during a recession. - - - - Luke Gromen has been praised by former clients and colleagues as having a "unique ability to connect the dots". Well, there are lots of dots at the moment, and none of them are static. The economy still seems like it’s in a perilous state with debt levels seemingly out of control. We discussed whether there is a limit to how much money the Treasury can borrow, and how the bond market might be signalling that the Fed needs to restrict borrowing. We talked about how debt has ballooned as a result of the reliance on quantitative easing (QE) as a means to bring down interest rates. As Luke explained, this tool results in inflation, the need to raise interest rates again, then rinse and repeat. This cycle has been ongoing since 2014 when global central banks stopped growing their holdings of reserves. The issue is who will buy the US’s burgeoning debt? Many expect the US to follow Japan’s model if the Fed starts buying bonds. However, Luke stated that the US risks mirroring Argentina’s economic situation as US government debt is financed mostly by foreign entities. This significantly hinders the US government's flexibility: it constrains money printing, adds upside risk to bond rates and makes containing a spiralling debt burden much more difficult. The economic system's evolution over the past 30 years has contributed to growing wealth inequality and unrest. We discussed how these issues are manifesting in the US, suggesting that it is likely to be due to the hollowing out of the middle and working classes by successive governments from both sides of the aisle. The result is a more comprehensive welfare budget, which increases the tax burden. But, given that GDP growth lags behind inflation and consumer spending is down, increased government spending requires more debt. Money printing for entitlements only adds more fuel to the inflationary fire. It is little surprise that Luke remains bullish on Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-vs-the-infinite-money-printer This episode’s sponsors: | |||
| The Fight for Bitcoin Against CBDCs with Mark Moss - WBD731 | 03 Nov 2023 | 01:37:07 | |
Mark Moss is a serial entrepreneur, author, speaker and host of The Mark Moss Show. In this interview, we discuss Bitcoin, the challenges of building in a bear market, the convergence of political, financial, and tech cycles, the concept of generational theory, the current political landscape, and the influence of tech on society. We also talk about the impact of AI on business and jobs, the relationship between religion and morality, and the future of global currencies. - - - - Mark Moss is a regular and popular guest, and we had an engaging conversation that spanned a variety of topics. We started by discussing a subject Mark is well known for focusing on - the concept of cycles. Political, financial, and technological revolutions have converged at pivotal moments in human history. Mark believes that we’re living through such a convergence now and that by understanding these cycles we can better comprehend the state of the world. We discussed the concept of generational theory and how it relates to human nature, referencing a book called "The Pendulum" that explores the idea of swings between centralization and decentralization through history. We also delved into the current political climate and the potential for a material ‘regime change’, in the context of a continuing growth in scale and capacity of the administrative state where non-elected officials hold significant power. The discussion covered how technology has changed the way people communicate and organize. We mentioned that the current form of government is no longer compatible with the world we are entering, as it was designed to manage large corporations and treat people as collectives rather than as individuals. Today, information is being liberated through technology; this resultant access to information is problematic for authority figures. Mark explained his perspective on the impact of technology, specifically AI, on business, industry, and jobs. He mentioned his experience in internet businesses in witnessing the evolution of technology. Mark believes that AI is a continuation of the technological revolution that started with the internet, which democratized and commoditized technical workers, leading to the availability of skilled workers from different countries at lower costs. Finally, we discussed the potential future of global currencies. In particular, the growing influence of BRICS nations and the expectation they will launch a new gold-backed currency. And, we discussed the potential impact of CBDCs on global trade and control. On the flip side, stablecoins are growing in popularity and allow countries like Argentina to access the dollar market. We discussed stablecoins' potential impact and the control that comes with them. - Show notes: https://www.whatbitcoindid.com/podcast/the-fight-for-bitcoin-against-cbdcs This episode’s sponsors: | |||
| How Bitcoin Fights Tyranny with Erik Cason - WBD730 | 01 Nov 2023 | 01:34:13 | |
Erik Cason is a cypherpunk and author of Cryptosovereignty: The Encrypted Political Philosophy of Bitcoin. In this interview, we discuss his book, philosophy, censorship in academia, and Erik's personal journey from socialism to anarchism. We also talk about technology’s use for state control and violence, the potential of Bitcoin to decentralize power, the philosophical implications of Bitcoin, the potential of living in a virtual world and the nature of consciousness. - - - - Erik Cason is a philosopher, cypherpunk, crypto-anarchist, educator and author. He has just published a book exploring the intersection of Bitcoin, sovereignty, and cryptography in the 21st century. The book’s basis was a series of essays Eric has produced over the years that have focused on the philosophical and sociological aspects of cryptography and Bitcoin. Eric shared his journey from the Occupy Wall Street movement to discovering Bitcoin and embracing anarchism. His experience of being beaten by the police during a protest led to his realization that the state cannot be relied upon for help. We also discussed the accountability of police officers when they use their firearms, comparing the UK to the US. Our discussion touched on the dangers of a monopoly on violence by the state, mentioning historical genocides and the efficiency of the current Chinese Uighur genocide in eradicating a people's culture. We talked about the normalization of weapons of mass destruction and the potential for a nuclear holocaust. We debated whether Bitcoin can end wars versus the concept of an "infinity war" perpetuated by the state. Eric suggested that Bitcoin represents a return to truth in a world that has become nihilistic and devoid of values. He talked about how through advanced mathematics and cryptography, Bitcoin allows for a monetary system that enables true accountability. Bitcoin is a radical way of regaining control over money and limiting the overbearing nature of governments, allowing individuals to make ethical choices even in the face of destruction. Eric fundamentally believes that Satoshi Nakamoto opened up a new frontier for warfare on the internet and provided a space for rebellion movements to operate against oppressive states. That tool still relies on humans who believe in freedom, taking agency: it is vitally important for everyone to take responsibility for addressing societal issues to ensure a better future for our children. - Show notes: https://www.whatbitcoindid.com/podcast/how-bitcoin-fights-tyranny This episode’s sponsors: | |||
| Will Trump be the First Bitcoin President? With Vivek Ramaswamy - WBD846 | 31 Jul 2024 | 00:48:23 | |
Vivek Ramaswamy is an American entrepreneur. In this interview, we discuss fears about America’s current path, burgeoning state power, regulatory capture, dismantling the administrative state, restoring America's prosperity, and why American ideals are fundamentally aligned with Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/will-trump-be-the-first-bitcoin-president This episode’s sponsors: | |||
| The Economics of AI & Bitcoin Mining with Daniel Roberts - WBD729 | 30 Oct 2023 | 01:17:45 | |
Daniel Roberts is the co-founder of Iris Energy. In this interview, we discuss misconceptions about energy consumption in Bitcoin mining and the resultant impact on the value and perception of Bitcoin. We also talk about Iris Energy's commitment to using 100% renewable energy, Bitcoin mining stabilizing the energy grid in Texas, the downside protection of low-cost Bitcoin mining, the challenges of scaling Bitcoin mining, and the correlation between Bitcoin mining and AI. - - - - Iris Energy is Australia’s largest homegrown Bitcoin miner, and full disclosure, the lead sponsor of What Bitcoin Did. It is an unabashed advocate of decarbonisation, with a commitment to power its operations using 100% renewable energy. It is one of the market leaders in targeting under-utilised renewable energy sources. And, whilst its core business is Bitcoin mining, the company is expanding its next-generation data centres to target the generative AI market. Despite the proven positive contribution to supporting energy grids, mitigating climate change and supporting communities with well-paying professional jobs, Bitcoin mining FUD is still affecting the perception of the industry within influential groups. With Iris Energy’s co-founder Daniel Roberts, we discuss the common misconceptions of Bitcoin mining’s energy consumption, and why these misunderstandings still gain traction in the media. We talked about the challenges of scaling Bitcoin mining: mining companies like Iris have to manage the physical limitations of increasing power consumption and the difficulty of developing large-scale energy infrastructure. They also have to hedge against price volatility. However, Daniel explains how low-cost miners have a unique downside protection that further incentivises the drive to exploit cheap energy sources. The podcast also covers Iris’s expansion into supporting demand for AI computation. Daniel explains the correlation between the needs for Bitcoin mining and AI, and how their approach is not solely focused on Bitcoin mining but rather on building power-dense data centres optimized for various digital demand drivers. This means the competitive advantage in the industry has shifted from chip manufacturers to those who can build large-scale infrastructure businesses. - Show notes: https://www.whatbitcoindid.com/podcast/the-economics-of-ai-bitcoin-mining This episode’s sponsors: | |||
| The Economic Impact of AI with Matthew Pines & Chester Ney - WBD728 | 27 Oct 2023 | 01:54:18 | |
Matthew Pines is the Director of Intelligence at Krebs Stamos Group and a Fellow at Bitcoin Policy Institute. Chester Ney is IT Director for environmental consulting firm ALL4. In this interview, we discuss the disruptive impact of AI technology on various industries, the potential risks it poses and the geopolitical implications of AI development. We also talk about the use of AI in cybersecurity and its potential use as a tool to communicate with non-human intelligence. - - - - ChatGPT, the AI chatbot built on top of OpenAI's developing large language models (LLMs), was launched in November 2022. It was a realisation of a theoretical advancement that some had imagined would forever remain elusively out of reach. The software was debatedly the most explicit illustration of Arthur C Clarke’s famous quote that “Any sufficiently advanced technology is indistinguishable from magic.” The response to the launch went inevitably viral. However, the awe and wonder were quickly replaced by concerns about the real-world impacts. In terms of coding, ChatGPT could automate and improve on numerous human-based coding tasks. With the upcoming release of the GPT-5 LLM, and competitor products, there is the potential that human software developers could be replaced entirely. And this is just the impact on coding. In reality, AI is and will increasingly have massively disruptive impacts on all jobs. Job roles in the future may still have the same titles, but the day-to-day tasks involved in their fulfilment are likely to be radically different. AI will enable a tighter feedback loop between ideation, testing, and generation, such that development cycles will see rapid acceleration with huge resultant gains in productivity. Jobs may shift towards designing products and user interfaces. Plus, there will be new jobs involved in curating and securing AI systems. The jury is out on whether AI may not pose a world-ending risk. It is more probable that AI will lead to problematic socioeconomic and cybersecurity issues. It will undoubtedly increase volatility in the labour market, and, improve tools for malign actors in the digital space. Nevertheless, it is hard to predict the impact of the expected advance of AI systems becoming capable of self-improvement. This could lead to a utopian takeoff or an existential crisis. Then there are the known unknowns: it is inevitable that AI will enable civilisation to do incredible things in the future and at increasingly rapid speed. This will then lead to the unknown unknowns: the unimaginable impacts of the race towards a singularity. What will the impact be on society? Will AI intersect with a disclosure of non-human intelligence? Will AI enable us to communicate with such entities? Will AI fundamentally change what it is to be human? Sleep well!!! - Show notes: https://www.whatbitcoindid.com/podcast/the-economic-impact-of-ai This episode’s sponsors: | |||
| Bitcoin Financial Advice with Pierre & Morgen Rochard - WBD727 | 25 Oct 2023 | 01:30:04 | |
Pierre Rochard is a VP of Research at Riot Platforms and Morgen Rochard is the founder and lead financial planner of Origin Wealth Advisers LLC. In this interview, we discuss the potential of Bitcoin, its growing legitimacy, the importance of using it responsibly and the misconceptions surrounding it. We also discuss the potential impact of a Bitcoin ETF, the role of stablecoins, and the state of the global economy. - - - - Pierre & Morgen Rochard have expertise across both the technical and financial aspects of Bitcoin. It was therefore an opportune moment to take a deep dive into where we currently are in relation to Bitcoin’s purpose, its security and susceptibility to attack, its role as part of an investment portfolio, and its fundamental role as a new form of money. We discussed Pierre’s evolved perspective on the interaction of transaction fees, energy use and security. Fundamentally, does the brilliance of Bitcoin’s original design and the game theory behind a 51% attack, mean that it is unlikely to be attacked? Therefore, is the effort in trying to ensure transaction fees are high enough to increase security becomes moot? Further, we talk about the importance of using Bitcoin responsibly and in a way that can make the world a better place. Should the freedom provided by Bitcoin be used to make positive choices and improve the world, rather than for non-essential purposes like putting jpegs on the blockchain? If blockspace is a scarce and valuable commodity, should there be a moral consensus on how it is used? Morgan shared her perspective on investing in Bitcoin and the general advice to consider it as a long-term savings asset. Morgan advises against using leverage and suggests a 30-50% allocation as being appropriate for most people. We also discussed the topic of adoption and whether it needs to be at a slow pace to enable the rebalancing of portfolios. This is important as people realize that Bitcoin is a backup plan in case the fiat economy fails. We discussed the growing legitimacy of Bitcoin within important groups. This reinforces the importance of investing in education and public policy to fight misconceptions and ensure that the truth about Bitcoin is being shared. We also touched on the potential impact of a Bitcoin ETF, highlighting the limitations of ETFs, and the importance of encouraging individuals to own Bitcoin outright and holding their own keys. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-financial-advice This episode’s sponsors: | |||
| Scaling Bitcoin with Christian Decker - WBD726 | 23 Oct 2023 | 01:11:20 | |
Christian Decker is a researcher and developer at Blockstream. In this interview, we discuss the evolution of the Lightning Network and the challenges of making it more user-friendly. Decker introduces Blockstream’s new service, Greenlight, which simplifies the management and security of running a Lightning node. We also discuss the concept of covenants in Bitcoin and how they can be used to restrict the spending of funds. - - - - I first interviewed Christian Decker about the Lightning Network in April 2019. Over the past four and a half years, the Lightning Network has made significant strides in terms of its technical development, to the satisfaction of many of those working on it. However, the challenge of making the Lightning Network more accessible to non-technical users remains as the potential means to accelerate wider adoption. The current situation is that users require a deep understanding of Bitcoin and Lightning, which can obviously be off-putting for many. This led to the development by Christian of Blockstream’s new product, Greenlight, which aims to simplify the management and security burdens of running a Lightning node. It aims to provide a non-custodial Lightning-as-a-service, predicated on Blockstream's commitment to transparency and user empowerment. Greenlight was born out of the need to bridge the gap between custodial and non-custodial solutions. It provides a user-friendly onboarding experience, allowing users to have their own Lightning node while Blockstream's servers handle the operational processes. The keys remain on the user's device, ensuring security. It has been designed as a tool for all users: from end users who need assistance with managing their funds and channels on the Lightning Network, to app developers who struggle with integrating Lightning into their applications. However, whilst Greenlight makes the Lightning Network more accessible, it doesn't necessarily make it more decentralized. There is still a level of centralisation in infrastructure and traffic monitoring. The goal is to educate users and empower them to run their own nodes, thus increasing their self-sovereignty on the Lightning Network. Our conversation was a deep dive into the evolution of Bitcoin and the Lightning Network and the exciting future that lies ahead with services like Greenlight. As the community continues to explore and innovate, the goal remains the same: to make these technologies more accessible and empower users to take control of their financial future. - Show notes: https://www.whatbitcoindid.com/podcast/scaling-bitcoin This episode’s sponsors: | |||
| Are Central Banks Losing Control? With Lyn Alden & Natalie Smolenski - WBD725 | 21 Oct 2023 | 01:05:57 | |
Lyn Alden is a macroeconomist and investment strategist, and Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, we discuss the impact of digital currencies on government control, the breakdown of the US system of checks and balances, and the increasing influence of central governments. We also talk about the complexity of the monetary system, the current state of the financial system, and the future of Bitcoin. - - - - Lyn Alden and Natalue Smolenski are both acclaimed as peer leaders within their respective fields. I feel this is because they can provide engaging clarity to complex issues. However, I also feel that it is their ability to be authoritative, honest and calm, within an industry full of noise, miss truths and hidden agendas, that has led to them developing loyal followings. It was an honour to have these two heavyweights of the community coming together on the show. Our conversation began with a discussion on the concept called the "narrow corridor of liberty," which Natalie explained as a theory describing the balance between the state and society in terms of technological advancements, and the race for liberty to stay ahead of tyranny. We then talked about how this applies to the race between Bitcoin and Central Bank Digital Currencies (CBDCs). The conversation took a turn towards the challenges of explaining the upcoming financial challenges to friends and family, in the context of the need to rethink governance in a digital world to prevent excessive government control. The system of checks and balances in the United States has broken down, with laws now being made through federal agencies instead of Congress. These agencies are often not accountable to the American people. Lyn talked about the correlation between the breakdown of the financial system and Increased government control. She emphasized the complexity and opacity of the money system, which fuels political polarization and distracts people from focusing on the real issues. Those in power may want to divert attention from the money system, whilst corporate interests have an undue influence on government decisions. The need for reforms is readily apparent e.g. lobbyists' influence, Congress members trading stocks and the lack of term limits. But, the fundamental issue is the risks resulting from a concentration of power. Decentralisation is a bedrock of Bitcoin’s development, so there is real excitement that those pushing for change finally have a powerful tool with which to enact real and meaningful change. That is why Bitcoin has people of the calibre of Lyn and Natalie. - Show notes: https://www.whatbitcoindid.com/podcast/are-central-banks-losing-control This episode’s sponsors: | |||
| Here Comes Bitcoin with Steve Lee & Haley Berkoe - WBD724 | 19 Oct 2023 | 01:03:00 | |
In this episode, we are joined by Steve Lee, the Lead at Spiral, Haley Berkoe, PM at Spiral and… Bitcoin. We discuss whether Bitcoin has a branding issue, and how we can step outside of our little bubble and reach the next wave of bitcoiners. - - - - Understanding Bitcoin takes proof-of-work. It's a paradigm shift in conceptualizing money - a fundamental rethinking of what constitutes value, security, and freedom. It challenges the status quo, urging a questioning of the trust we place in institutions and the way we perceive economic power structures. Bitcoiners can be an intimidating group of people. They represent a necessary defense mechanism; guarding the sanctity of the protocol, protecting it from dilution or corruption. This resilience forms a crucible that forges steadfastness against external pressures, preserving the revolutionary aspects of Bitcoin against all attempts to co-opt or unduly influence them. However, while the guardianship of this culture is paramount, there lies an equally crucial need to open the gates to broader understanding and adoption. To truly realize its revolutionary potential, Bitcoin must be demystified and made accessible to the masses. This is exactly what Spiral's "Who Is Bitcoin," aims to achieve. They have adopted a lighter, more humorous approach to educational content. By meeting people where they are at and, hopefully, ushering in a new wave of bitcoiners. - Show notes: https://www.whatbitcoindid.com/podcast/here-comes-bitcoin This episode’s sponsors: | |||
| Bitcoin Mining: Adapt or Die with Nick Hansen & Matthew Williams - WBD723 | 17 Oct 2023 | 01:41:27 | |
Today we have two representatives of the Bitcoin mining firm Luxor Technologies: Nick Hansen, CEO, and Matthew Williams, Head of Derivatives. In this interview, we discuss derivative trading, the potential impact of the BlackRock ETF on the market, the challenges Bitcoin miners face, the political and economic situation in Argentina, and the importance of hedging in business operations. - - - - Bitcoin’s price has been relatively stable for well over a year. Whilst prices have recovered from the cycle lows seen in November 2022, the rapid price swings, which have been a feature of the market since its launch, have subsided. Nevertheless, a series of events are aligning that raise the prospect of a renewed period of volatility in the near future: the approval of a spot ETF, the Bitcoin halving, and further macro shocks. The issue for capital investment in the Bitcoin mining space is that such volatility distorts and stresses normal business management practices. There have been numerous mining companies that have suffered existential crises because they have over-extended at the wrong time, or, they have had ineffective hedging strategies. Luxor aims to help improve the cost of capital for Bitcoin miners through the introduction of new derivative products. Luxor’s strategy is predicated on hashrate being treated as an asset class; miners are able to sell their hashrate forward, guaranteeing a return. The contracts are determined by an agreed hashprice, which is a function of various variables: the block subsidy, transaction fees, network difficulty, and bitcoin price. These contracts are then tradable as derivatives, which enables investors to gain exposure to Bitcoin mining without needing to be physically involved. Luxor is also working on additional financial products, including what will be a controversial yield instrument. There is still significant hesitancy in the community around such markets, and it will take time to build liquidity. Perhaps a new approach can renew demand for lending. And, if anyone can pull this off, who better than a diversified company that weathered a brutal bear market that aggressively showed who was naked when the tide went out? - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-adapt-or-die This episode’s sponsors: | |||
| The Debt Spiral with Preston Pysh & James Lavish - WBD722 | 13 Oct 2023 | 01:09:19 | |
Preston Pysh is a co-founder of The Investor Podcast Network and James Lavish is a macro analyst. In this interview, we discuss the US’s increasing debt and its impact on the economy, as well as the cycle of debt and inflation that many people find themselves trapped in. We also talk about the challenges of promoting Bitcoin adoption in economically unstable countries and the need for stable currencies in those countries. - - - - US national debt has increased over 80 times in the last 100 years, rising from $404bn in 1923 to $33.17tn in 2023. In the 1920’s the US was paying off debt used to finance the country’s involvement in WW1 that had resulted in its debt to GDP ratio surging to 33% by 1919; by 1923 this ratio had been reduced to around 25%. Today, debt to GDP is over 120%, higher than after WW2. The current issue is a result of two main structural economic problems that have manifested since the 1970s. Firstly, debt increased rapidly, from just under $3tn in 1971, to over $10tn in 2000, and to $20tn in 2010. However, GDP grew at a much slower rate over this period. Central Banks have therefore had to let inflation rise to cover the gap, with interest rates being the tool they use to control inflationary pressures. Inflation is effectively a tax that disproportionately affects the poorest people in society. As vining costs rise, personal debt climbs: people struggle to keep up with their expenses due to inflation and resort to using credit cards. Increasing interest rates only worsens their financial situation. As their credit deteriorates, they are offered even higher interest rates, creating a vicious cycle that often leads to bankruptcy. Many people are trapped. The real problem is that the national debt, believed by many to have reached unsustainable levels, doesn’t look set to be reduced anytime soon. For example, there has been a staggering increase in the national debt over the past two weeks amounting to $500bn. This debt is used to pay for government activities and funding numerous programs. But increasingly, it is needed to also pay the interest on that debt that is expected to be $663bn this year and $1.4tn by 2033. Credible people on Wall Street are discussing the debt spiral. Corporate earnings are expected to decrease due to the lagging effect of the Fed raising rates. Private investors are also starting to wake up to the fact that debt and inflation will have an increasingly erosive impact on wealth. Owning assets like gold, silver, and Bitcoin can help protect against it. It is more important than ever to understand the situation that is evolving. - Show notes: https://www.whatbitcoindid.com/podcast/the-debt-spiral This episode’s sponsors: | |||
| Building the Global Financial System with David Marcus - WBD721 | 11 Oct 2023 | 01:25:36 | |
David Marcus is CEO & co-founder of Lightspark, a Lightning Network payments protocol. In this interview, we discuss his career in the payments industry and former role as head of Facebook's Libra project, his frustration with the current financial system, how Lightspark is focusing on addressing the challenges of the Lightning Network, the potential impact of real-time payment systems and the scalability of Bitcoin. - - - - David Marcus' journey into the payments industry began at the age of 23 when he started his first company after working at a bank. He built a successful telco company in Switzerland and later started another company focused on mobile payments. His journey took him to Silicon Valley, where his company was eventually acquired by PayPal. Despite his success, Marcus feels frustrated with the state of payments and the lack of an open and interoperable protocol for money on the internet. He believes that money is an important aspect of people's lives and how they measure success. He sees a lot of injustice in the current financial system and feels passionate about improving it. Our conversation covers David’s role in heading Facebook's involvement in the payments space, particularly with the development of Libra, a payment system designed to reach billions of people. We talked about the challenges and pushback the project faced, and how the Libra project was a significant part of Marcus' journey in building his current company, Lightspark. David has come to the conviction that Bitcoin is the only form of neutral internet money, which stems from his experience trying to build a technology that could scale and provide a stable form of digital money. He believes that a real-time global payment systems, similar to sending an email or text message, combined with the decentralization and liquidity of Bitcoin, can unleash a significant increase in global GDP. Scaling issues will be a major challenge as adoption increases. Lightspark seeks to help address these limitations by focusing on the usability and operational challenges of the Lightning network, such as liquidity management and route finding. They have developed technology to simplify Lightning's channel-based system, making it easier to spin up and maintain Lightning Network nodes, allowing for faster and cheaper bitcoin movement. There are also other potential innovations that could greatly enhance Bitcoin’s use as a payments rail. - Show notes: https://www.whatbitcoindid.com/podcast/building-the-global-financial-system This episode’s sponsors: | |||
| How the Federal Reserve Works with Joseph Wang - WBD720 | 09 Oct 2023 | 01:09:02 | |
Joseph Wang is a former senior treasury trader at the Fed who now runs Fedguy.com, a research blog on financial markets. In this interview, we discuss his experience working on the Fed's treasury trading desk, the role of central banks and how this has expanded over time, the relationship between the Fed and the Treasury, quantitative easing, deficit spending, the growing national debt, and the benefits of decentralisation. - - - - The Federal Reserve is the United States Central Bank. Established in 1913 after a series of banking panics, its primary purpose was to provide a more stable and reliable banking system by regulating financial institutions, providing banking services to the government, and promoting financial stability. However, the Fed’s role has expanded over time to encompass market interventions in response to economic fluctuations and financial crises. One crucial aspect of the Fed's remit is the implementation of monetary policy. Through tools such as open market operations, reserve requirements, and interest rate adjustments, the Fed seeks to control inflation, stabilise prices, and promote maximum employment. As the economy has become more complex, so has the Fed’s toolkit to address emerging challenges to include extreme actions such as becoming the lender of last resort and quantitative easing. A popular criticism is that the Fed’s actions have materially affected the state’s increasing and unsustainable deficit and debt growth. Whilst the Fed does not have the power to directly increase or decrease deficits, it can indirectly contribute to deficits through its monetary policy actions. Regarding the national debt, the Fed currently owns significant amounts of U.S. government bonds, resulting from its efforts to stabilise the economy during times of crisis. A more fundamental issue is the Fed’s potential role as the centralised authority in the control of money. CBDCs provide for the complete digitisation of money and the disintermediation of retail banks, which would provide the Fed with even more capacity to affect monetary policy. Despite the risks to personal sovereignty, such power would be too tempting for central bankers to forgo. Essentially, decentralisation is needed to keep the Fed in check. All roads lead to Bitcoin! - Show notes: https://www.whatbitcoindid.com/podcast/how-the-federal-reserve-works This episode’s sponsors: | |||
| The US Government Needs Bitcoin with Luke Gromen & Preston Pysh - WBD845 | 29 Jul 2024 | 01:14:48 | |
Luke Gromen is the Founder and President of Forest for the Trees and Preston Pysh is a founder of The Investor Podcast Network. In this interview, we discuss the desperate global debt problem, American decline & global monetary strategies, Bitcoin vs dollar milkshake scenarios, and how the US could back treasuries with Bitcoin to alleviate its looming debt burden. – Show notes: https://www.whatbitcoindid.com/podcast/the-us-government-needs-bitcoin This episode’s sponsors: | |||
| Decentralise Everything with William Casarin - WBD719 | 07 Oct 2023 | 01:29:01 | |
William Casarin is a Bitcoin Core, Lightning Network and Nostr developer. In this wide-ranging interview, we discuss the current debate over Canadian state control over media and the disillusionment of its citizens, the advantages of using Bitcoin in the context of current banking constraints, the potential of decentralized social media platforms such as Nostr, and the benefits and challenges of AI. - - - - William Casarin is one of the band of amazing developers within our community who ensure the cogs of Bitcoin-related machines keep working. Our conversation began with a discussion about the current situation in Canada amid concerns about state control of the media. We also touched on the decline of Canada and the disillusionment of its citizens, especially after a trucker protest revealed the true nature of the politicians. We then shifted our conversation to our experiences with banks, which can be invasive and unreliable, and the advantages of using Bitcoin. Banks today restrict financial liberty: there are serious questions regarding their overreach in implementing KYC and AML checks. Whilst running businesses on a Bitcoin standard has advantages, there are real challenges as most businesses still require access to fiat currency and associated payment channels. William then shared his vision of creating a level playing field for free speech online and mentioned the progress being made in decentralised social media platforms such as Nostr. He highlighted the complementarity between Bitcoin and free speech, as both are protocols that promote freedom and autonomy. We also discussed the use of AI in various fields. AI can be used to accelerate intelligence and make tasks more efficient, such as generating assets for video games. However, there are serious concerns about overreliance on AI and the potential dangers it may pose. Cryptography will be an important tool in dealing with the security risks associated with AI, despite states such as the UK seeking to ban end-to-end encryption. - Show notes: https://www.whatbitcoindid.com/podcast/decentralise-everything This episode’s sponsors: | |||
| Bitcoin’s Cultural Revolution with Steve Lubka - WBD718 | 05 Oct 2023 | 01:17:22 | |
Steven Lubka is Managing Director of Private Client Services at Swan Bitcoin. In this interview, they discuss recent developments in the legal disputes between Peter and Craig Wright. Then, in the build-up to the Pacific Bitcoin Festival, they talk about various topics such as Bitcoin’s community, the importance of financial stability, the cultural revolution brought about by Bitcoin, and the need for a positive vision of the future. - - - - Ahead of the Pacific Bitcoin Festival, the podcast was a great opportunity to catch up with one of the show’s favourite guests, the peripatetic Bitcoiner Steven Lubka! In light of recent developments, the conversation kicked off with an update on Peter’s ongoing litigation involving Craig Wright. This litigation is still live, and in time Peter will be able to tell the full story, but, it seems like we’re definitely a lot closer to the end given the events of the past week. The conversation then shifted to our experiences within the Bitcoin community. We have both felt a strong sense of unity and passion within this community, a stark contrast to other industries. Bitcoiners tend to have multiple interests and go deep into various fields. Further, the community remained unfazed by the volatility, focusing more on the cultural revolution brought about by Bitcoin rather than its monetary value. As we delved deeper into the conversation, we reflected on the concept of time and its scarcity. We also discussed the importance of financial stability and its impact on one's ability to make meaningful choices in life. Financial constraints can limit one's ability to reevaluate their life and make different choices. We acknowledged the devastating effects of financial instability, citing examples from countries like Argentina and Lebanon. Towards the end of our conversation, we touched on how the mechanics and structure of a monetary system can shape human culture and emphasized the need for meaning and hope in society and the dangers of nihilism. We also discussed the possibility and impact of Bitcoin ending and our confidence that the community assembled around Bitcoin will continue to change the world regardless of the outcome of Bitcoin itself. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-cultural-revolution This episode’s sponsors: | |||
| Hyperbitcoinisation Can’t Happen with Mike Brock - WBD717 | 03 Oct 2023 | 01:42:07 | |
Mike Brock is the lead at TBD, the Bitcoin-focused subsidiary of Block. In this interview, we discuss Bitcoin’s limitations in solving complex societal problems, counter-arguments to the narrative that monetary flexibility leads to falling living standards and wasteful investments, the complexities and risks of Bitcoin’s widespread adoption, and why, despite certain limitations, Bitcoin still has the potential to be the most important monetary asset in human history. - - - - The Bitcoin community has had to harden itself against attacks from outside, by those either too ignorant or too invested in the incumbent system to allow themselves to understand the brilliance of the innovation. However, not all of those who raise issues counter to mainstream Bitcoin opinion are either attacking the innovation or the community. Some opinions are manifestly good faith attempts to sharpen the arguments needed to help wider Bitcoin adoption. Mike Brock is someone who sits in this camp: he is an unapologetic advocate for Bitcoin but doesn’t necessarily agree with what could be framed as Bitcoin orthodoxy. In this podcast, we discuss in more detail the concerns around groupthink on certain issues, which is in turn leading to a branding issue that seems to be affecting wider adoption. Specifically, is there a misconception in the Bitcoin community that Bitcoin has already won and will replace the US dollar? Has loose monetary policy since 1971 actually resulted in reduced living standards and significantly poor corporate investment behaviour? Are inflationary metrics providing a real understanding of consumer experiences? And, will a strict monetary policy have a net positive or negative influence on economies and societies? Consideration of the arguments for and against deflationary or inflationary currencies enables Bitcoin’s true potential to be honed. However, even if Bitcoin has a long way to go before challenging the dominance of the US dollar, it has the potential to immediately help lift millions of people out of poverty by providing open, effective and cheap financial infrastructure. This means Bitcoin has a compelling narrative even within mainstream economic and political assumptions. - Show notes: https://www.whatbitcoindid.com/podcast/hyperbitcoinisation-cant-happen This episode’s sponsors: | |||