Peter McCormack of the WhatBitcoinDid podcast fame, was on the hot seat as a guest on Brock Pierce’s podcast. The podcast touched upon a host of topics, including how Peter McCormack came to enter the crypto business, his career as a crypto-podcaster, and his opinion of Mt. Gox’s Mark Karpeles.
When asked about how Peter McCormack came to be introduced to the world of cryptocurrency, McCormack stated that he discovered cryptos through Silk Road, the darknet marketplace that was shut down over charges of alleged drug trafficking and arms smuggling. However, McCormack conceded that he didn’t fully get into crypto until late 2016, when he bought Bitcoins to arrange CBD (Cannabidiol) for his sick mother. The popular podcaster also admitted to having earned and lost a lot of Bitcoin over the period.
McCormack elaborated on his introduction to the world of crypto, stating that he started by writing articles and blogging about Bitcoin, before a friend convinced him to go ahead with a podcast. Citing the host of crypto-proponents he interviewed via his podcast, including the likes of Luke Martin, Charles Hoskinson, Charlie Lee, Jameson Lopp, Adam Back, and Hester Pierce, Peter McCormack had a piece of advice to give to fellow podcasters:
“Get very good guests.”
McCormack and Brock Pierce also discussed other subjects pertinent to the world of cryptocurrency. The host of WhatBitcoinDid podcast agreed with Pierce who felt that the sentencing of Ross Ulbricht, the man behind Silk Road, was harsh and severe. Pierce had cited the argument that Ulbricht was neither buying or selling on the darknet marketplace and the fact that the world’s most dangerous drug lord, ‘El Chapo’, received a comparatively reduced sentence.
The podcaster also provided some interesting insights into the character of Mark Karpeles, the former CEO of Mt. Gox, once the world’s largest Bitcoin exchange. Talking about the time he met Karpeles in Japan, McCormack said,
“Karpeles did a lot of stupid things, but I have a lot of sympathy for him.”
McCormack also spoke about Karpeles as a “nice guy”, stating that on a person-to-person level, the podcaster liked him and felt sorry for him since he seemed like “he had been through a lot”. With respect to the allegations leveled against Mark Karpeles, McCormack said,
“He was the wrong guy in the wrong place and got trapped in a situation, and I don’t think he’s entirely at fault.”
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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