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Peter McCormack, a well-regarded Bitcoin investor and advocate, has announced the purchase of local Englishfootball club Bedford FC, divulging ambitions in a fourteen-tweet thread to fuel the club’s prosperous aspirations through the leading cryptocurrency asset, Bitcoin.
McCormack said he intends to architecture the club with “Bitcoin at its heart”, introducing everything from merchandise and sponsorship endorsements, an education training program for fans and community members, as well as facilitating open-source development opportunities.
By pledging to utilize his social audience, which currently totals over 430,000 on Twitter, as well as the global consortium of 150 million Bitcoin holders and companies, McCormack argues that these factors place the club in an advantageous position with enhanced leverage in comparison to local competitors, stating:
“Where local teams can only tap into a local community of fans/companies to drive revenue, we have a global army of #bitcoin holders and companies who can get behind this.”
McCormack also evidenced the sponsorship deals he has already secured, in addition to heightened social interest to the club’s merchandise to conclude that “our year 1 revenue could match a small league 1 club”, and that capital could attract players and managers from higher divisions to join to the club and therefore accelerate growth.
10/ The second phase is attacking the higher divisions, specifically the Championship & the Premier League. Here we need capital as well as a sustainable commercial model.
I will be raising funds to hold in a #bitcoin treasury. If #bitcoin does its things… pic.twitter.com/YrTlytosrO
— Peter McLasso (@PeterMcCormack) December 16, 2021
Inspired by actor Jason Sudeikis portrayal of fictional television character, Ted Lasso in the hit show of the same name, the entrepreneur changed his Twitter name to Peter McLasso, and concluded his tweet thread with the infamous image of the on-screen character touching a self-made “Believe” sign above his office.
Sporting the name McLasso, the new club Chairman feels this symbolic image clearly epitomises Bedford FC’s lofty aspirations to ascend the footballing pyramid from their current standing in the South Midlands League Division 1, to the multi-billion dollar promise land that is the Premier League.
“One day we will smash Tottenham!” says the club’s official Twitter account.
The three compared and contrasted the merits of gold versus bitcoin in an interesting debate.
Podcaster Peter McCormack hosted a debate on September 10, 2021, between gold bug Peter Schiff and bitcoin strategist Greg Foss, discussing the value of bitcoin and gold, economic history, the importance of market prices, risk management and portfolio allocations. This informative and robust debate came from a clash between highly-knowledgeable combatants in the field of investing. The debate fell off the rails in areas that got technical and related to game theory. As mentioned in the debate, gold bugs and Bitcoiners likely agree on many economic issues. The clash however often comes down to the merits of gold versus bitcoin, but also the role of assets in portfolio construction.
The debate began to deteriorate once it was revealed that Peter Schiff didn’t know about the Bitcoin network difficulty adjustment, nor how it regulates mining activity. Schiff claimed that if the price of bitcoin was to double, the amount of bitcoin mined would increase because miners would devote more energy to mining bitcoin. After Peter McCormack informed him of the difficulty adjustment, Schiff pivoted to questioning what would happen if the price of bitcoin crashed. Again, Peter Schiff discovered the difficulty adjustment would stabilize any drops in hash power and mining rate.
Shortly after this revelation, he stumbled again on the supply cap discussion incorrectly claiming that miners can collude to increase the overall supply cap (addressed here). Additionally, Schiff claimed that miners tax bitcoin users, a false claim he has used in other debates and has been publicly corrected on before. After his bold proclamations crashed into the wall of reality, the pace of interruptions and ad hominem attacks accelerated. Honest debaters engage each other for the pursuit of truth. But instead of acknowledging his flawed comments, Schiff pivoted to attack elsewhere.
The liveliest part of the debate centered around portfolio construction. As a professional portfolio manager this was informative, entertaining, and filled with shocking comments. Greg Foss fired a shot across the bow claiming Peter Schiff was a horrible risk manager based on his record, to which Peter Schiff replied he “doesn’t care.” As a fiduciary, Schiff has a duty to properly manage risk, and could have also countered Foss’s claims if he had a successful track record of risk-adjusted returns. See for yourself at his website.
Often debates stall out because the definitions of terms are not predetermined, and individuals talk past each other. An example would be a commodity, which, as defined by Peter Schiff only includes analogues or raw materials. Bitcoin is dismissed by Schiff as a form of money because it is not a commodity. However, the U.S. Commodity Futures Trading Commission defines Bitcoin as a commodity.
Peter Schiff’s view is that a successful cryptocurrency can only be backed by gold or another asset. He claims this by saying that because these other assets are not volatile, don’t swing around, and aren’t dependent on someone else buying it, which means it isn’t a Ponzi scheme. Peter Schiff fails to mention that gold is highly volatile, prone to drawdowns and decade-long and more secular bear markets. Between January, 1980, and April, 2001, gold suffered a nearly 66% drawdown from its peak to trough. It took almost 30 years for investors to break even during that secular bear market. In light of the discussion of a physical asset backing a digital currency, please see the Oracle problem.
Ultimately, debaters often walk away believing they have won. In this case I believe those listening from the gold side won this debate. Why? Gold bugs may have finally caught onto the fact that Peter Schiff has a severe lack of technical knowledge on the asset he is so against!
For those scoring at home, I tracked five ad hominem attacks by Peter Schiff, and none for either Greg Foss or Peter McCormack. I counted 17 interruptions by Schiff during others’ designated talking time, but only two interruptions by Greg Foss, and five by Peter McCormack. As I noted above there was a notable shift in demeanor and respectfulness after Peter Schiff’s multiple technical blunders.
My Proof of Work is linked here, with detailed notes and summaries on the exchanges.
This is a guest post by Bitcoin&Bald. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Amid the ongoing bullish rally of Dogecoin (DOGE), Bitcoin bulls, Mike Novogratz and Peter McCormack have warned against the crypto’s unprecedented price rally which according to Novogratz is bound to “end poorly.”
The statement was necessitated after the second massive rally of Dogecoin in weeks, sending the cryptocurrency’s price to $0.0721 per CoinMarketCap’s data.
Per Novogratz words:
“I actually think the $DOGE frenzy is gonna end poorly. Same reason $GME did. Greed and Gravity. $DOGE doesn’t have a purpose. Stay with $BTC, $ETH, defi coins. Plenty of smarter ways to play this crypto rally.”
Peter McCormack also believed that the ongoing bull run as fueled by Tesla CEO, Elon Musk will end badly for many people.
“Financially, this will end badly for some people,” He said, in direct response to one of Musk’s tweets promoting the coin.
The comments from both Novogratz and McCormack comes amid the plans by many in the cryptospace with the aim to turn Dogecoin to be the GameStop of the cryptospace. The target for the pump is usually $1, but the ultimate concern of the critics to the pump is whether Dogecoin creates enough value to warrant that type of valuation.
Will This Bull Run Also End as a Pump and Dump Scheme?
The current bullish run of Dogecoin will have been well applauded if the cryptocurrency had not been tagged with previous pump and dump schemes. The coin which was forked from Litecoin in 2013 has no basic underlying addressable market than to serve as a fun cryptocurrency.
The bull run has often been fueled by promotional tweets from Elon Musk with one of his recent tweets stating;
“Who let the Doge out.”
Many who look up to Elon’s social media comments sees it as an endorsement and act accordingly. The billionaire CEO also sent the price of Bitcoin soaring when he updated his Twitter status with the word Bitcoin.
Just as the price of Dogecoin crashed back to $0.03 some days back after soaring over 800%, profit-takers may also end this ongoing bull run. An occurrence that will not come announced and catch many who bought the coin at the peak off guard, lending credence to McCormack’s warnings.
Image source: Shutterstock
Bitcoin bull Peter McCormack has slammed the narratives of Andrew Bailey, the Governor of the Bank of England (BOE), regarding Bitcoin and cryptocurrencies.
As reported earlier by Blockchain.News, the BOE Chief spoke at a World Economic Forum panel and made a series of comments including the fact that Bitcoin and other digital currencies will fail as businesses as they will not stand the test of time.
The Governor’s opinion about Bitcoin may have been flawed as McCormack noted that the financial veteran “did not understand why Bitcoin is so successful.” Defending Bitcoin, McCormack noted that the digital currency was stable, safe, well-defined and that Bitcoin’s monetary policies were in direct response to those set in place by Central Banks like the Bank of England.
While most Central Banks rely on the printing of money in an unlimited way, the supply of Bitcoin is capped at 21 million, eliminating the possibility of an inflationary spike, contrary to what government-controlled fiat currencies could experience.
Additionally, McCormack noted that the technical design of Bitcoin is superior to the Central Bank Digital Currencies (CBDC) currently contemplated by banks. This was in response to Bailey’s comments where he said “Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet.”
The Continuous Power Struggle Between Bitcoin Bulls and Bears
As Bitcoin continues on its disruptive agenda of the current financial system, there is bound to be a continuous disagreement between Bitcoin proponents, including those who have invested in the cryptocurrency either on a retail or institutional level. Undoubtedly, it will continue to face criticism particularly from Central Banks who are constantly in pursuit of fiat currency sovereignty.
Based on this, the position of the Bank of England governor may come to be more common of a perspective as apex monetary authorities will attempt all they can through legislation to ensure that CBDCs will meet as little competition as possible when they eventually get it launched.
Image source: Shutterstock