What Bitcoin Did with Peter McCormack Peter McCormack

“The Eurodollar system is total bullshit… but the reason we need to focus still on that is because you need to know your enemy, you need to know who is going to resist changing a structural monetary framework. And the Eurodollar is not central banks, it’s the large cartel of banks; and they’re the ones that are the most vocal critics nowadays of cryptocurrencies, digital currencies and Bitcoin…they’re going to fight tooth and nail to preserve their own monetary privilege.”— Jeff Snider
Jeff Snider is Head of Global Research at Atlas Financial Advisors and Lyn Alden is a macroeconomist and investment strategist. In this interview, they debate whether QE is money printing, if the Treasury market broke in early 2020, dollar shortages, whether there’s an ideal form of money, the importance of Bitcoin, and the problems with central and commercial banks.
- - - -
Lyn Alden and Jeff Snyder are two of the popular economic experts in the Bitcoin space at the moment. They bring much-needed clarity to discussions on economic and financial systems that are lacking in mainstream media. They do, however, disagree on some fundamental issues. This show is a fascinating discourse between two heavyweights who are at the top of their game.
The discussion starts with a debate on the mechanics and implications of quantitative easing (QE), and the role of central banks and commercial banks in money circulation. Lyn and Jeff explore whether QE constitutes money printing, the impact of fiscal deficits on inflation, and the liquidity problems in the treasury market.
The discussion then focuses on the emergence and acceptance of different currencies in the global market (including Bitcoin), the role of central banks, the importance of a currency's availability and infrastructure in its acceptance, and the challenges of achieving a self-contained monetary system without central banks or authorities.
Lyn and Jeff cover the relationship between debt and economic growth, the concept of a "bail-in," and the need for a sensical monetary structure with the right rules and parameters. They also consider whether there is an ideal money, or, whether the monetary system needs to be dynamic such that it can evolve and adapt to a changing world where new demands arise.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD669 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“It’s really exciting for me to see the transfer from… what the best we could do was plugging in 800 FPGAs to our father-in-law’s warehouse, to today where we’re signing some of the largest energy contracts in America, we’re building the backbone of our electric systems day by day, we’re integrating across core human infrastructure. So, getting to build a business at the intersection of energy and money, it’s the dream of a lifetime.”— Harry Sudock
Troy Cross is a Professor of Philosopher and Fellow at BPI, and Harry Sudock is Chief Strategy Officer at Griid. This interview was a live recording made at the Bitcoin 2023 Conference in Miami, where we discussed Bitcoin mining: the industry’s rapid evolution, how it’s optimising other markets, and why its relentless search for cheap energy will facilitate human flourishing.
- - - -
Bitcoin mining has been the subject of much controversy and debate in mainstream media. The infamous New York Times (NYT) article in April still casts a shadow over the industry: the piece characterised Bitcoin mining as an exploitative parasite feeding off cheap energy at the expense of local users and the environment. And yet, Bitcoin mining is the exact opposite.
As Troy Cross states in this live interview, when people get to hear the truth about Bitcoin mining's impact on energy systems it “blows their minds!” Harry Sudock adds more colour by explaining how Bitcoin mining is a black hole that sucks in economic utility and spits it out in its most efficient form, making it a revolutionary tool for human flourishing.
Both speakers criticize the media for pushing a biased agenda and cherry-picking data to fit a preconceived narrative. They argue that the truth about Bitcoin mining's impact on energy systems is more complex than the media portrays, but, this doesn’t provide the clickbait media outlets are after. The irony is that the NYT’s mission is “to seek the truth and help people understand the world.”
However, we are optimistic that the tide will soon turn. With this show, both Harry and Troy have been on What Bitcoin Did now a combined 13 times (lucky for us!), and they continue to blow our minds with their tales of the possible worlds opened up by the race for cheap and abundant energy. The other side just doesn’t have the calibre of persuasive, authentic and enthusiastic voices we have.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD668 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“If the book is successful, then it’s not needed in the future, because we don’t need a progressives case for Bitcoin in a perfect world. People feel comfortable learning and understanding and welcomed into a community without needing this resource. So that’s the goal.”— Jason Maier
Jason Maier is a teacher and the author of ‘A Progressive’s Case for Bitcoin’. In this interview, we discuss the importance of teaching money and Bitcoin in schools, the future of education in the shadow of AI, and the challenges of having a public persona. We also talk about the feedback Jason has received since publishing his book and Bitcoin’s potential to bring people together.
- - - -
It is a common feature of any orange pilling exercise that most people are blissfully ignorant of the inherent weakness and structurally unjust nature of the monetary system. And yet, school curriculums are shockingly devoid of requiring schools to provide even rudimentary information on how economies, money and individuals interact. We are a financially illiterate generation.
Then there is the impact of technological changes on students. AI is rapidly changing the world in ways forecasters are struggling to predict. It is obvious that most schools aren’t equipping students to enter a world of constant technological revolution. A world in which Bitcoin may play a significant role.
Therefore, as the world continues to evolve, the need for education that prepares students for the future is becoming increasingly essential. Students are generally receptive to new ideas and have the agility in being able to develop the skills required to exploit new opportunities opened up by technology. The issue is with the conservative nature of the education system, which in turn is heavily influenced by biases and misconceptions.
In this podcast, Jason Maeir shares his experiences in educating students about Bitcoin, and the influence of the emerging properties of AI upon education. There is a fundamental need to change educational principles away from rote learning (i.e. knowing stuff) to developing more holistic skills such as critical thinking, problem-solving and creativity. These have been traditionally seen as ‘soft skills’, but they are in fact the bridge between technology and humans.
The goal is to improve productivity and intelligence in a society that is more equal and fair. And it all starts with improving our education.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD667 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“In the US, we know it’s coordinated. We absolutely know that. It’s certain officials in the Biden administration that are working together with specific regulators, in particular the bank regulators, to marginalise the Bitcoin and crypto industry.”— Nic Carter
Nic Carter is a Partner at Castle Island Ventures and co-founder and Chairman of Coin Metrics. In this interview, we discuss Real Bedford, ordinals, the Bitcoin fee market, Bitcoin culture wars, layer 2 innovations, Chokepoint 2.0 and the 2022 banking crisis, and how people can stand up for Bitcoin against the current US administration.
- - - -
In categorising a covert attempt by the executive branch to restrict access to Bitcoin and crypto as a modern iteration of Operation Chokepoint, Nic Carter has brought much-needed attention to an otherwise nebulous sense of unease. Nic has clarified the meaning behind a series of different events, tying together inconsistent messages and suspicious decisions. His explicit analysis has even garnered the attention of a presidential candidate, Robert F Kennedy Jnr.
At face value, Chokepoint 2.0 is about the government's hostility towards the crypto industry in the wake of FTX. That Bitcoin will be ensnared in this dragnet is of obvious concern. An innovation that could revolutionise and democratise money and energy could be restricted within the world's leading economy. However, there is a bigger issue here: the circumvention of democratic norms. These restrictions are occurring without debate or scrutiny.
Then, to add import on top of import, there is the underlying rationale for these restrictions. In a week when the debt ceiling is again the subject of political horse-trading to allow sovereign debt to continue to grow to evermore eye-watering levels, these restrictions are an implicit imposition of soft capital controls on the American people. So, we have unprecedented restrictions on people’s freedoms to protect stores of value being done behind closed doors.
Put bluntly, the US government's attempts to restrict the growth of the crypto industry by leaning on private banks are unconstitutional and violate due process. The social contract is being broken. Nic has suggested that injured parties should join efforts to sue the government to enable legal oversight of these decisions. In his opinion, this is a lawsuit that can be won.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD666 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“Action begets action. Bodies at rest tend to stay at rest. Bodies in motion tend to stay in motion… Make something happen, anything.”— John D'Agostino
John D'Agostino is the Institutional Lead for Advisory and Strategic Partnerships at Coinbase. In this interview, we discuss his background working for the New York Mercantile Exchange, seeking out enjoyment, and the flip side of getting kidnapped. We also talk about the maturity of the Bitcoin market, covering both the regulatory threats and institutional appetite. 
- - - - 
John D'Agostino is certainly a unique character. He was the subject of a best-selling book back in 2007 after he set out to open up the first oil exchange in the Middle East, which acted as a catalyst for capital markets in the region. However, his life has produced enough for more than a single book: he is the first person I have spoken to who has been kidnapped.   
As someone who seeks out new exciting opportunities, it’s not a surprise that John landed a prominent position within the digital assets industry. As a senior advisor to Coinbase, he’s well-positioned to reflect on the state of the industry as it navigates a period of uncertainty. Post FTX, what is the direction of government regulation in the US and abroad? Furthermore, what are institutional investors waiting to do?
John sets out what he sees as a huge gap between the US and the rest of the world in terms of digital asset regulation. And yet, not least because of the popular support for digital assets among the electorate, he views this as being a temporary situation which provides international players with a headstart over the US. 
John is strongly optimistic about the future of Bitcoin and other digital assets, particularly because of the potential to unlock value through programmable and immutable instruments. He’s also seeing the backed-up demand from institutional investors, just waiting for regulatory clarity. He’s been part of shaping change in the financial world once already. Who’d bet against him doing it again?- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD665 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“The judges might issue a ruling that says, “You violated the APA. You did not treat situations alike.” And then say, “Go back to the drawing board.” And then the SEC could then just deny for other reasons... So Grayscale might win the case and then still not be able to convert to an ETF.”— James Seyffart
James Seyffart is an analyst for Bloomberg Intelligence covering ETFs. In this interview, we discuss the how and why of ETFs, Grayscale’s legal battle with the SEC over the approval of a Bitcoin ETF, and the complexities of Grayscale implementing a redemption program for GBTC. We also talk about the role of the SEC in regulating Bitcoin and Gary Gensler’s political ambitions.
- - - - 
In two months' time, it will be the 10-year anniversary of the Winklevoss Twins making the first submission to the SEC for a Bitcoin spot ETF. When the SEC rejected this in 2017, it seemed as though it was a temporary blip, and that a US Bitcoin spot ETF would inevitably be approved. And yet, the SEC has rejected a raft of subsequent applications, and many more sit in Gary Gensler’s inbox awaiting a decision. 
Grayscale has decided to test the SEC's stance in court. Whilst there are various opinions as to the underlying motivation for Grayscale taking on this case, there is no doubt that this is the best test of the SEC's current intransigence in relation to a Bitcoin spot ETF. 
Bloomberg Intelligence’s James Seyffart, an ETF expert, provides his informed opinion on the current status of Grayscale’s case, the likelihood of the SEC losing the case, and whether this will affect the SEC's position of a Bitcoin spot ETF. He also sets out why the SEC is so reluctant to approve what many in the community believe would open up Bitcoin to a new massive wave of adoption.
- - - -
This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidence-----
WBD664 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.