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What Bitcoin Did with Peter McCormack

by Peter McCormack

With What Bitcoin Did, host Peter McCormack talks to experts in the world of Bitcoin, economics and politics. From developers to investors, journalists to authors, you will learn about everything in the world of Bitcoin.

Copyright: Satoshi Nakamoto (Not Craig Wright)

Episodes

Elizabeth Warren’s Anti-Bitcoin Agenda with Perianne Boring

1h 8m · Published 18 Dec 15:04

“The entire global financial and monetary system are going to be impacted by this technology, and by just saying… ‘we don’t think it has any value, we don’t care, we don’t want it here,’ it gives that technological advantage to our adversaries and to everybody else.”
— Perianne Boring

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD750 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

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Leave a review on iTunes

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If 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.

Bitcoin vs Economic Imperialism with Erik Hersman

1h 4m · Published 15 Dec 15:31

“We really have to look at what people need and what people will use, and go to them and do real things that matter in their lives instead of having some fantasy of what we think people will want.”
— Erik Hersman

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.”

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD749 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

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Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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.

Bitcoin in Africa with Femi Longe

1h 4m · Published 13 Dec 14:11

“I do think that there’s a world where this “I think the rest of the Bitcoin world needs to be humble and be open to learn…there’s always this feeling: ‘let’s go help the Africans, let’s go teach the Africans,’ when sometimes, just shut up, and listen.”
— Femi Longe

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD748 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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.

Bitcoin Mining Game Theory with Marty Bent, Thomas Pacchia & James McAvity

1h 31m · Published 11 Dec 13:39

“I do think that there’s a world where this materialises and Bitcoin is incredibly valuable, but a lot of the other promise and utility and hope that early bitcoiners had is kind of negated. ”
— Thomas Pacchia

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD747 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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 Bitcoin Mining Trilemma with Bob Burnett

1h 18m · Published 08 Dec 12:39

“We could think of the first 15 years of Bitcoin as an introductory period…in the next epoch, in this next halving cycle I think it will be over and I think the fees will start skyrocketing.”
— Bob Burnett

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD746 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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.

Driving Bitcoin Forward with Gary Leland

1h 32m · Published 06 Dec 14:52

“Some people don’t see it until it’s there…there’ll be a point I guess when anyone who bought under $10,000 is going to look like a rocket scientist because they’re going to be so early compared to the price it is in the future.”
— Gary Leland

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…

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD745 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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 Road to Digital Serfdom with John Carvalho

1h 36m · Published 04 Dec 15:28

“You should never accept a Bitcoin change if it doesn’t fix a problem that you have, there’s just no reason; if that new softfork doesn’t contain something you need, why would you support it?”
— John Carvalho

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD744 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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 Debt Tsunami with Caitlin Long

1h 23m · Published 01 Dec 17:15

“We will hit an insolvency in the US at some point…we’re nowhere near as the naysayers think we are, now that said, it could happen tomorrow because the financial system is that unstable.”
— Caitlin Long

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats
Swan Bitcoin - Invest in Bitcoin with Swan

-----

WBD743 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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.

Bitcoin Mining Economics with Steve Barbour

1h 46m · Published 29 Nov 16:39

“There’s so much more to happen in Bitcoin mining tech that we’re only really starting to scratch the surface I think.”
— Steve Barbour

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.

- - - -

This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence
Orange Pill App - Stack friends who stack sats

-----

WBD742 - 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 contribute

Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you

Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family

Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube

If 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.

RFK Jr on Media, US Debt & Bitcoin

48m · Published 27 Nov 14:33

“We have freedom of expression, but if the government then can punish you by shutting down your bank accounts without even charging you with a crime, they have the ultimate power to turn us into slaves.”
— Robert F. Kennedy Jr.

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.

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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.

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This episode’s sponsors:
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Orange Pill App - Stack friends who stack sats

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WBD741 - Show Notes

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What Bitcoin Did with Peter McCormack has 537 episodes in total of non- explicit content. Total playtime is 766:13:36. The language of the podcast is English. This podcast has been added on November 23rd 2022. It might contain more episodes than the ones shown here. It was last updated on June 2nd, 2024 10:40.

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