Bitcoin is the Answer with Preston Pysh - WBD581
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 16 November 2022
⏱️ 75 minutes
🧾️ Download transcript
Summary
Preston Pysh is a co-founder of The Investor Podcast Network. In this interview, we discuss the ongoing trauma following FTX's unprecedented fall from grace, the implications for Bitcoin, and the ever-worsening macro situation where central banks are losing the battle to protect society from excessive government spending.
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The FTX drama is still being played out, and it will continue to do so for the weeks, months and years ahead. It feels as though we're still in the shock stage, trying to wrap our heads around not only what happened, but how such a seemingly fragile situation was allowed to get so out of control. Fingers are being pointed, defences prepared, and, even whilst we're still very early in this process, histories are already being rewritten.
And yet, the broader economic picture remains the same: a conveyer belt of crises continue to buffet the global economy. Stagnation, growing inflation, mountainous debt, extreme stress in the bond markets, globalisation, and currencies under strain; there is a wall of mounting issues that are building into what seems to be an existential situation for the fiat system.
The fundamental issue at hand is that nobody can tell what is up or down in relation to our economy. Price and value have been artificially inflated that they lack any purposeful meaning. Cheap money has enabled massive consolidation making the business environment top-heavy. And inflation has directed citizens to engage in rampant consumption, which results in a myriad of adverse downstream consequences.
Both situations, i.e. the imploding of cryptocurrency and the mess of the global economy, have the same mitigation. Reaffirmation of the Bitcoin ideology will enable those with true convictions to begin repairing the damage caused by FTX. Bitcoin will also help the economies to align with reality, thereby facilitating better decisions. Whilst Bitcoin doesn't necessarily fix everything, it is the path to creating a better world.
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Transcript
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| 0:00.0 | When you look at prices as they're trying to destroy demand, the thing that people aren't talking about is are they destroying supply faster? |
| 0:17.0 | And if they are, prices aren't coming down. |
| 0:22.0 | They might actually keep going up. |
| 0:24.0 | Hello there, how are you all? You're having a good week? |
| 0:27.0 | I know it's been pretty crazy out there with everything that's happened with FTX and it is easy to kind of focus on the negative, |
| 0:32.0 | but I do want to talk about a positive this week. |
| 0:34.6 | I was at the Pacific Bitcoin Conference and I think Corey and the whole Swan team did an amazing job and it was great to hang out with |
| 0:41.2 | Bitcoin as with this whole world of crypto burning down. |
| 0:45.6 | Most of the time I spent talking about Bitcoin and what we can do with it. So yes, that's been a really |
| 0:50.3 | interesting thing and I look forward to going to the conference again next year. |
| 0:53.7 | Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I'm using |
| 0:58.7 | for buying Bitcoin. |
| 1:00.0 | And on today's show I've got my good buddy, you've got Preston Pishback. Now I feel very lucky to be working in this space. I feel like I've got the best job in the world sometimes. I just get to hang out with really super smart people and put all the questions I have to them and see what I can learn from them and with Preston |
| 1:14.4 | I not only get to talk to him about Bitcoin and Macro but I also get to pick his brain on running a |
| 1:19.1 | podcast he's built this incredible podcast business but it's like a media business now and he's got so much |
| 1:24.8 | experience he's been doing this longer than me so it's really great to pick his brain on that. |
| 1:28.0 | But as we were in the same city at the same time as we were in LA together I picked him I said come on |
| 1:34.3 | Preston come back on the show and so yeah I got into a bunch of macro stuff |
| 1:37.5 | with him but also got to pick his brain on all this crazy stuff with FTX and yeah as ever |
| 1:41.8 | with Preston it was a great rip now if if you got any questions about this or anything else, please feel free to get in touch. My email address is, hello, what Bitcoin did. |
| 1:48.7 | I know some of you have had a tough week. I've received some emails. If you got any questions any questions if I can help you please do get in touch |
| 1:54.8 | Okay, over to Preston. I hope you enjoy this |
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