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What Bitcoin Did with Peter McCormack

Jun 22, 2022

In this interview with American HODL, we discuss escaping from social media echo chambers, stablecoins and altcoins, whether free speech has limits, Bitcoin’s current price activity, the need for reasoned thinkers in Bitcoin, and the protocol being a perfect machine.

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Bitcoin’s volatility remains a persistent feature: all-time highs are followed by precipitous falls and statements of its imminent demise. And yet, many Bitcoiners unwaveringly advocate for people to continue to hodl through these cycles. Whilst their advice has been proven right many times, it’s appropriate to be testing such convictions during a bearish period for Bitcoin.

Many see the current price fluctuations as a positive sign that the asset is maturing, and it is now subject to the same macro headwinds as other globally significant investment vehicles. Hodlers faith is rooted in a maximalist sentiment: Bitcoin was a “zero to one” moment. Other versions don’t and won’t match its elegant design, clarity of purpose and first-to-market network effects.

The issues emanating from algo stablecoins and projects offering wild returns have vindicated and hardened these positions. But does that mean it’s Bitcoin or bust? Stablecoins do have utility for those living in countries suffering currency debasements. So, can stablecoins support people as a short-term fix to economic crises, whilst Bitcoin is the longer-term solution?

What about the current state of Bitcoin Twitter and the wider discussions about freedom of speech? Toxicity and unoriginal talking points cast Bitcoin’s community in a poor light; can a new wave make a compelling case with an authentic voice? Further, whilst freedom of expression is a pillar of Americanism and a bulwark against the rise of China, should all speech be free?

Irrespective of these issues, American HODL is holding the line. He believes Bitcoin will transcend other assets and innovations. He believes it is an unstoppable perfect machine.