Originally published on Forbes Digital Assets, now republished worldwide under the copyright of Infinity Advisory LLC.
Step into PubKey at 85 Washington Pl. in Greenwich Village, New York City, and you will immediately sense that this is more than your average neighborhood pub. Run by a team of dedicated partners — Thomas Pacchia, Greg Minasian, Marshall Mintz, Greg Proechel, Peter Richardson, and Andrew Newman — PubKey is more than a place to enjoy beverages and pub comfort food. It’s also an immersive Bitcoin community, fostering dialogue between locals and tourists interested in digital assets, educational content creation, and community-building meetups.
Taking an inclusive approach, the team aims to attract a broad range of patrons to PubKey. Hanging from one end of the bar is a framed “Buy Bitcoin” sign, serving as a subtle hint of PubKey’s unique identity. But, as Pacchia told me in an interview, “This is a Bitcoin bar, but you don’t have to like Bitcoin — the bar is for everyone.” Surprisingly, a majority of the clientele are pre-coiners, no-coiners, oblivious to Bitcoin, or antagonistic. But, that’s the point. Testing assumptions and creating a more diverse social fabric for the ecosystem is the first part of the secret sauce here. (The second part? Let’s just say it involves a certain prestigious star in the culinary world. More on Michelin later.)
The ethos of PubKey, as its owners describe it, revolves around the concept of “community.” Born from the isolation prompted by the COVID-19 pandemic, co-owner Pacchia delved into American Revolution history, recognizing the important role pubs, social interactions, and alcohol played in nurturing community. He discerned that social media platforms often fall short of effectively discussing complex subjects like Bitcoin due to inherent limitations. In contrast, a pub environment offers a more favorable setting for such dialogues, circumventing the exclusivity and intimidation newcomers might feel at expensive Bitcoin conferences. Pacchia emphasizes that the pub’s traditional history showcases its role as a vital communication medium. Before the advent of the internet, pamphlets and newsletters fulfilled this role, yet the most inclusive and unfiltered forum was found within the walls of pubs and taverns. These venues, embodying a sort of controlled chaos, resembled a Roman forum. Like the Romans who used to scribble their thoughts on communal and private buildings’ walls, Pacchia envisions PubKey as a form of “graffiti in the Roman forum.” Similar to Bitcoin, pubs can be understood as physical nodes.
Before delving deeper into the unique offerings of PubKey, it’s important to understand the underlying concept that inspired its name: public key encryption. This is a cryptographic system that underpins the secure functioning of Bitcoin. Public key encryption, also known as asymmetric cryptography, involves two keys: a public key, which is freely available and used to encrypt data, and a private key, which is kept secret by the user and used to decrypt the data.
The beauty of public key encryption lies in its ability to enable secure, pseudonymous transactions over an open network. It’s a nod to this fundamental encryption technique that PubKey gets its name, seeking to build a space where such disruptive concepts can be discussed and explored over a beer and a hot dog.
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Upon entering PubKey, you’re welcomed by a comfortable but unapologetic and deliberate dive-bar culture. “Bitcoin culture is dive bar culture,” boasts Pacchia. PubKey’s decor seems equally designed to entertain and make patrons feel at home. The real magic, however, unravels during their weekly meetups, events that have quickly become the lifeblood of PubKey’s operation. And, PubKey is Bitcoin only. As Pacchia describes it, he is not a Bitcoin “maxi” but a “Bitcoin fatalist.” He holds tight to the notion that “everything goes away if Bitcoin dies.” He recognizes that this lens is not perfect, but that such a viewpoint protects the larger ecosystem as he emphasizes that “no crypto would exist without Bitcoin.” PubKey meetups typically revolve around several key themes. Lightning and Bitcoin Mining are popular topics, the latter often attracting executives from the private equity and energy sectors. The “Coin Based” discussions delve into protocol-level issues, examining the technical trade-offs, privacy concerns, and security aspects. Finally, the “Mystery Bag” segment often covers policy, regulatory and macroeconomic issues, as well as topics related to arts, culture, and community engagement.
The goal of PubKey’s meetups is to facilitate dialogue, enhance learning, and foster the growth of the Bitcoin community in New York City. Iconic moments in the Bitcoin space come to life at PubKey, such as when the Bitcoin Sign Guy, Christian Langalis, attended an Urbit meetup. Known for holding a “Buy Bitcoin” sign behind then-Federal Reserve Chair Janet Yellen, Bitcoin Sign Guy has become a celebrated personality in the Bitcoin space. His sign, now proudly displayed at PubKey, stands as a testament to the pub’s inclusive and progressive ethos. It’s PubKey’s shrine. And, it’s proudly subversive.
Beyond providing a physical space for Bitcoin-related discussions, PubKey has also ventured into live podcasting from their onsite recording studio. With this move, they aim to serve as a holistic hub for Bitcoin-related discourse, furthering a commitment to advancing a vibrant and diverse community. And, the recording studio is the content platform connectivity to different “PubKeys” in different cities. Since PubKey is a vessel for conversation, the owners want to facilitate an onboarding mechanism for those looking to learn.
Despite its deep technological roots in Bitcoin, PubKey never loses sight of its fundamental pub ambiance. Their menu, filled with American pub classics, reflects a commitment to traditional comfort food. This forms the second element of their secret sauce. At the kitchen’s helm is Head Chef Greg Proechel, who trained at the acclaimed Eleven Madison Park. He was the sous chef at Blanca, where Proechel helped the restaurant earn its second Michelin star. He masterfully complements this unique environment with an inviting menu, served in a laid-back, convivial atmosphere. And, at times, he hosts private dinners at PubKey. As fall approaches, they are considering hosting various summits and events, including additional private dinners, to expand their community outreach.
PubKey’s menu is an eclectic mix of American pub classics, crafted with an unmistakable gourmet touch. The lineup is led by an array of flavorful, 100% beef hot dogs, each with its own unique blend of toppings that take inspiration from various culinary corners of the country. They also offer a hearty selection of sandwiches, including everything from a take on the classic Grilled Cheese, to a signature Chop Cheese, all accompanied by a tangy pickle. Burger enthusiasts can delight in what might be the best burger in New York City, crafted with Wagyu beef and layered with mouthwatering toppings.
The Hot Wings add a little heat to the menu, available in an assortment of flavors to cater to all palates. A selection of indulgent snacks, including Fried Mozzarella and crispy Chicharrones are available. Their “Kegs N' Eggs” section features a collection of satisfying egg-based dishes and enticing beverages, ideal for a leisurely brunch.
Though the menu is broad, the philosophy is clear: PubKey takes familiar favorites, treats them with respect for tradition, and adds a dash of culinary creativity.
As part of the new American Revolution at PubKey, the establishment has taken a significant step to combat what Pacchia describes as the biggest threat to Bitcoin - general apathy, non-usage, and invisibility. PubKey has integrated bitcoin payments using the Lightning Network, a secondary layer that sits atop the Bitcoin blockchain, enabling near-instant, low-cost transactions. This transformative technology allows users to send and receive bitcoin without the prolonged wait for confirmations on the blockchain.
Since patrons are now able to pay their bar tabs with bitcoin via the Lightning Network, the solution is real. PubKey may eventually accept on-chain bitcoin payments but there may not be a need given the versatility and speed of the Lightning Network.
When asked to share a few words about what he wants patrons to take away from their PubKey experience, Pacchia laughs and with the most genuine “sky’s the limit” smile, says, “Just have a good time, meet some friends. Whatever makes you happy. You don’t have to like Bitcoin to like this bar.” But, get ready Bitcoiners. PubKey would like to be in 5 locations globally. At the end of the day, it’s a hospitality business, and it’s impressive how much this group has accomplished in a “move-fast-and-break-things” phase before the official September 2023 launch.
In the meantime, if you find yourself in New York City, whether you’re intrigued by the Bitcoin community, drawn in by the food, or simply curious about this unique blend of technology and tradition, know this: you don’t have to be a Bitcoin enthusiast to enjoy PubKey. The bar’s inclusive approach ensures that all are welcome, and regardless of your knowledge or interest in Bitcoin, you’re in for a treat at PubKey.
Disclaimer: The views and opinions expressed in this article are those of Infinity Advisory LLC and do not necessarily reflect any official policy or position of any organization. This article is for informational purposes only. It is not legal or financial advice.
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