Few people in the public Bitcoin space have made more of an impact than Peter McCormack, a veteran of crypto markets and host of the popular podcast “What Did Bitcoin Do”. The lure of BTC began when Peter McCormack, like most early crypto users, discovered that the asset could be used to exchange goods and services on the Dark Web, and hasn’t looked back since. Peter McCormack, who became a millionaire in 2017 with his investment in Bitcoin and Ethereum in 2016, later lost everything.

In the second episode of the podcast by Alex Fazel of the crypto education channel Cryptonites and Peter McCormack, Bitcoin maximalist discusses further critique of Ethereum, ‘shitcoins’ and BTC, the world’s second largest cryptocurrency by market capitalization, and with Nayib Bukele, president of El Salvador. voiced his conversation. The episode is one you won’t want to miss. we too Cryptocoin. com we bring you some fascinating excerpts from the second part of this show.

Former BTC millionaire prefers Monero, but no Ethereum?

Peter McCormack begins with the words “I am kind of Bitcoin maxi” and continues by saying “I mean, my life’s work is dedicated to Bitcoin, that’s all I do.” The former Bitcoin millionaire states that he does not care about Monero (XMR), he can see scenarios where he will use Monero because he is not that technically proficient, and therefore it is quite difficult for him to get privacy with Bitcoin right now, he says that if he wanted to buy some things, he would prefer to use Monero. Peter McCormack continues:

As some people know, I don’t like Ethereum. If you want to run a stablecoin, I see some benefits of these other Blockchains, I get it. And stablecoins can be useful. Some people in some countries want the dollar, not just Bitcoin.

What is the former millionaire’s problem with Ethereum?

“My problem with Ethereum is when it tries to compete with Bitcoin, I have a fundamental problem with it for a number of reasons,” says Peter McCormack.

If you want to have the best money in the world ever. The country wants to make it legal currency and countries want to add it as a reserve asset. You know, people all over the world want to keep it. It is very, very important that you trust that money will be hard money. So what do we mean by that? So monetary policy (for Bitcoin) will not change. It hasn’t changed at all. 21 million tokens.

Bitcoin maximalist, “We know that with Ethereum, monetary policy has changed several times. If you want the best money in the world, don’t want this change”. Peter McCormack explains his second problem with Ethereum as follows:

Second, you want to be maximally decentralized to achieve this. It should be simple. You need to be able to run a node, anyone can run a node. And I know there has been some discussion about that. But let’s be honest, full archive or node. I will not do this. So ETH is not a solid coin compared to BTC. It just isn’t.

“Bitcoin is the strongest, most intact asset in the world”

The former BTC millionaire points to Bitcoin, stating that he does not deal with Shitcoins:

Like what does it mean? Bitcoin is the strongest, most intact asset in the world, give me as much as you can. It’s as if the best investment, the hardest money, the most important technology for the world all come together.

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Michael Lewis


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