Technically, this GIF uses an apple, but it beautifully explains the method better than a thousand words. Here’s the gist of it. Stab your potato/apple/whatever into a drill. Turn on your drill. Apply a peeling knife as your potato turns. Voila!
The video above uses another method, though it works best with several potatoes. The ingenuity of it could only be matched by MacGyver. Know more.