The Peter McCormack Show

Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation & Natalie Smolenski is an Executive Director of the Texas Bitcoin Foundation. In this interview, we discuss Alex's new book: 'Hidden Repression: How the IMF and World Bank Sell Exploitation as Development'. We talk about debt traps, western support for dictators, US and UK culpability, and what freedom means. - - - - The IMF and World Bank were originally created to stabilize exchange rates and fund infrastructure in war-torn countries. Alex Gladstein's work found that there was a pivot in this mission in the late 1960s. The new mission was to target and exploit poor countries for the benefit of the West, neocolonialism replacing colonialism, debt replacing the sword. These institutions have been incredibly harmful to poor countries, but also incredibly beneficial for the West through interest payments, extraction of resources and labour, and control of markets. This has been done with only a limited need for military intervention and subjugation through physical means. The wheels of this process have been oiled by the co-option of dictactors in on the steal. Bitcoin is a way out and may bring some justice. However, there must also be a reckoning with the damage done to poor countries by these exploitative policies. The IMF and World Bank have repeatedly prevented free markets from working normally in such countries forcing them deeper into debt. And when the country has inevitably defaulted, damaging structural adjustments have been imposed limiting government expenditure and hurting the most vulnerable. As Alex Gladstein asserts, changing the monetary paradigm, with the growth of Bitcoin, could break the current system and give hope for a more sustainable future. But in that process, we have to be clear about what we need to repair. As Natalie Smolenski states, without a programme of debt cancellation then we could enter a period of significant geopolitical stress. Hosted on Acast. See acast.com/privacy for more information.

Allen Farrington is a professional investor and the co-author of Bitcoin Is Venice. In this interview, we discuss the problems with fiat, or as Allen characterizes it "fiat fuckery". We talk about how money printing leads to inflation and a misallocation of capital, the complexity of the fiat system hiding the resultant theft of capital, the slow demise of pension funds, and the confusion around what growth is and isn't. - - - - Fiat currency experiments started centuries ago often resulting in catastrophic failure; since fiat has been ubiquitously assimilated into national economies. Whilst Bitcoiners are well versed in the inherent weaknesses of fiat currencies, there is a general ignorance of the long-lasting consequences for economies and citizens of maintaining an unbending faith in fiat money. Reducing this ignorance is perhaps the best way to grow Bitcoin's adoption. The obvious problem with fiat currency is the tendency for governments to print money to tackle economic exigencies. The impact of this money printing is often inflation, in which prices rise faster than wages and the purchasing power of money is reduced. Eventually, the currency can be debased, causing individuals to lose money without even realising it. There is cruelty at the heart of this process: the complex nature of the fiat economic system means individuals can easily lose money without even knowing it. Many investors make decisions that are far too complicated for them to understand, and so it is easy to get caught up in financial schemes that value money to the detriment of the individual. But, it is the second-order effect of this inflationary impact that is most pernicious. Businesses and investors are seeking to add value, and the inflation rate is the baseline for any return. When inflation increases, this puts pressure on those seeking investments to match or exceed it. The result is investments made in increasingly more speculative projects. This is the misallocation of capital, which starves more productive uses of capital. The obvious topic of conversation following this is how Bitcoin mitigates these problems. This is a question to be debated with Allen Farrington for a future episode. However, understanding what Allen calls "fiat fuckery" is a sound basis for building the why of Bitcoin. Hosted on Acast. See acast.com/privacy for more information.

The Rational Root is a Bitcoin on-chain & cycle analyst. In this interview, 9 months on from our last interview, we look into the various Bitcoin price models Root has developed. We again review his Bitcoin Spiral Models, Bitcoin Hodl price models and Bitcoin halving & cycle charts. We discuss the growing evidence of Bitcoin scarcity, and bullish cases as we approach the next halving. - - - - In his first interview on What Bitcoin Did last August, the Rational Root made prescient predictions about Bitcoin bear market lows that occurred a few months later. The caveat is that he also stated "You always have to be a bit sceptical about models that predict the future, they can be wrong." Nevertheless, the models Rational Root has developed have some conspicuous patterns that are worth consideration. The Bitcoin Spiral chart Rational Root uses is incredibly powerful. It clearly shows a correlation between Bitcoin's price and the halving events. Extrapolating this pattern forward suggests we could be on the cusp of a new bullish price triggered by next year's halving. This phase is predicted to see a material price appreciation between $100,000 and $1 million in the next cycle. We also debate whether Bitcoin is now correlated with other more significant asset markets, in particular the S&P 500. In essence, is there a correlation between Bitcoin's price and risk appetite in the investment market? If such a link has been established, and a rescission occurs, this could lead to a deviation from the Bitcoin halving cycle patterns. But perhaps the most bullish analysis Rational Root has undertaken involves the assessment of demand and supply indicators, such as his "Hodl Model", which predicts the growth rate of illiquid supply in Bitcoin. It's simple economics that price is affected by the relationship between demand and supply, and, as Rational Root states "Bitcoin is becoming more scarce, and this data is not being paid attention to by many people." Hosted on Acast. See acast.com/privacy for more information.

Matt Corallo is a Bitcoin Core developer and open-source engineer at Block/Spiral. In this interview, we discuss the nexus of ordinals, mining rewards & decentralisation risks. We also talk about the impact of a permanent high fee environment on digital transactions, the challenges faced by Bitcoin wallet developers, and the new wave of talent working on Bitcoin Core. - - - - Bitcoin has come a long way since its inception, but it continues to evolve. The past few months have seen significant discussion regarding the recent development of ordinals, mining rewards, and the challenges of maintaining mining decentralization. In essence, there is a continual battle to ensure Bitcoin's infrastructure is fit for purpose in enabling an uncensorable, trustless settlement of transactions. These challenges are an inevitable part of the development of innovation. Each issue requires a solution, which in turn, leads to new issues. For example, the impact of a high fee environment has been to highlight limitations and risks with the Lightning Network. Then there are the UX issues associated with wallets and issues in relation to compatibility across different protocols. Whilst each of these technical issues requires discussion and understanding, the wider perspective is that there is a perpetual need to improve Bitcoin's infrastructure and continue to maintain its security and decentralisation. Therefore, we need the right environment for developers to learn, collaborate and deliver. And, the wider community needs to be supportive and nurture this talent, protecting them from toxic attacks and iniquitous litigation. There are certainly a number of big organizations out there who understand this and are modestly and diligently working to support people like Matt and others, to allow them in turn to support Bitcoin and the needs of the whole community. And it is certainly encouraging to hear that there is a new wave of developing talent being brought into the Bitcoin Core "team". Whilst this interview reinforces the fact that we can never take the huge efforts being applied for granted, it is still amazing to see the strides being made in the world's most successful open-source project. That we can collaborate voluntarily across the internet to change the world of money, in the face of massive challenges, should leave us all in awe. Hosted on Acast. See acast.com/privacy for more information.

Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute. In this interview, we discuss the differences between Keynesian and Austrian economics, the role of marketing in shaping public opinion, and the potential of Bitcoin to displace central banks and cut off one of the main channels that governments use to seize people's resources. - - - - Keynesian economics developed in the wake of the Great Depression of the 1930s. Its aim was to stabilise the volatility caused by market forces through the application of government and central bank resources. Its critics state it has opened up a range of tools that governments have exploited for short-term gain, whilst building up ever greater problems for future generations. Keynes was mocked by major contemporary figures. Winston Churchill, who didn't believe that state borrowing and expenditure could provide permanent additional employment, famously once said "If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions." And yet, governments, on both sides of the political debate, seem to be currently addicted to greater monetary and fiscal interventions in the economy than at any time since the 1930s. Such actions started in 2008, but have continued apace since. They are a major factor in why global debt now stands at an eye-watering $305 trillion. Hayek, the famous Austrian economist, foresaw the coming crisis, concluding that monetary policy only does harm to an economy. In 1976 he called for the denationalisation of money. In a famous 1984 interview, he stated "I don't believe that we should ever have a good money again before we take the thing out of the hands of government… all we can do is by some sly or roundabout way introduce something they can't stop." Hayek essentially foresaw Bitcoin. Unsurprisingly, Bitcoin's trajectory, as an incorruptible digital hard money, started as the deflated global economy was patched up with Keynesian policies in 2009. Over 14 years later, as these policies become ever more unsustainable, it seems like we're on the cusp of a swing of mainstream opinion away from Keynesian policies, to policies predicated on Austrian economic principles. And Bitcoin could be the centre of this new paradigm. Hosted on Acast. See acast.com/privacy for more information.

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

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

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

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

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