Proof of Work - An interview with Tom Mckerrow (The Trust Protocol)

## Proof of Work Podcast Interview with Tom Mckerrow: A Summary

1. Narrative Summary:

The Proof of Work podcast interview with Tom Mckerrow, of Dog and Bird.IO and "The Trust Protocol" documentary fame, offers a fascinating look at his journey into the Bitcoin space and the challenges and opportunities surrounding its adoption. Mckerrow's path began with early computing experiences and a background in IT sales and recruiting, but his interest was ignited by a friend's work on open ledger. He quickly grasped Bitcoin’s significance due to his understanding of global economics and politics. The interview highlights the evolution of the Bitcoin ecosystem, from its early days of coder dominance to the current landscape of conventions and businesses, and the initial resistance from established financial institutions. Mckerrow and his team are currently producing a documentary, "The Trust Protocol," and a YouTube show, "Cryptonites," aiming to educate and engage a wider audience. The discussion then delves into the practicalities of merchant adoption, emphasizing the potential cost savings for businesses and drawing parallels to the adoption cycle of MP3 technology. Finally, McKerrow predicts that banks will be the biggest hurdle to widespread adoption, but also sees potential onboarding ramps through initiatives like Facebook Coin, believing it will ultimately drive users towards Bitcoin.

2. Main Topics Discussed:

• Tom Mckerrow's Background & Entry into Bitcoin: Early computing experiences, career path, and the spark that ignited his interest in Bitcoin.
• The Trust Protocol Documentary & Cryptonites YouTube Show: Details about the upcoming documentary and YouTube series.
• Evolution of the Bitcoin Ecosystem: Growth from a coder-dominated space to a more diverse and business-oriented environment.
• Merchant Adoption Challenges & Incentives: Discussing the hurdles and benefits of businesses accepting Bitcoin, including cost savings and grassroots promotion.
• Bitcoin Adoption Cycle: Drawing parallels to the adoption of MP3 technology.
• Obstacles to Adoption: Resistance from traditional banking institutions and consumer hesitancy.
• The Role of Banks: Predicting banks will either adapt to cryptocurrency or be left behind.
• Facebook Coin & Onboarding: Viewing Facebook's cryptocurrency as a potential entry point for new users to Bitcoin.
• Importance of Diverse Skillsets: Recognizing the need for technical, political, and business expertise within the Bitcoin community.

3. Key Quotes:

• "It's been a few years on that. Yeah, so like obviously like I'm not going to start in that. Like that's going to be a whole like different career, but it's just extensive, isn't it?" (Reflecting on the scope of work involved in Bitcoin projects)
• "People want to talk about getting a Lambo, this is how you get a Lambo." (Highlighting the financial benefits for businesses accepting Bitcoin)
• "We need all these different disciplines. And to really understand it all, you have to have a mixture of those disciplines." (Emphasizing the need for diverse expertise in the Bitcoin space)
• "So there has to be kind of a fervor about cryptocurrency, even bigger than the last fervor." (Describing the conditions needed for widespread merchant adoption)

4. People Mentioned:

• Tom Mckerrow: Interviewee, involved in Dog and Bird.IO and "The Trust Protocol" documentary.
• Thomas Hunt: Podcast host.
• James Fletcher: Friend who introduced Mckerrow to Bitcoin.
• Tom Lee: Featured on the "Cryptonites" YouTube show.
• Glenn Goodman: Featured on the "Cryptonites" YouTube show.
• Roger Ver: Bitcoin advocate.
• Eric Voorhees: Bitcoin entrepreneur.
• Benjamin Losky: Creator of Bitlicens.
• Dogon Bird/Liam: Mckerrow's business partner.
• Cameron and Tyler Winklevoss: Known for their involvement in cryptocurrency.
• CEO of American Express: Unnamed, representing resistance from traditional financial institutions.

5. Bitcoin Prices:

• No specific Bitcoin prices were mentioned throughout the interview.