You can order it from Amazon as well as pretty much anywhere where books are sold. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. Dr. Ammous book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. Join as member+ and also attend Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Benji Block: Well, thanks for doing that for me man. Thats when I really thought, Theres a lot of red flags here, things dont really make a lot of sense the way that they are laid out, and I think the fascinating thing was to just watch how at Columbia and in the media and with my university professors, the only kind of perspective that you see is just rationalizing the decisions of the federal reserve, you know? Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. Deflation and the End of Fiat. A really really good book. Honestly you raise a valid point, I might consider taking free courses on it, Best is to Join Dr Saifedean Ammous online University @ saifedean.com , he is the author of book The Bitcoin Standard , best guy to teach about bitcoin , who taught this world same through his book. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Saifedean Ammous: Yeah, absolutely. Ammous specifically cited how fiat inflation is used primarily for the needs of the government, saying that The cost of fiat is currently 3.5% of all global wealth, and is used to finance government parasites, wars, and monopoly banksters. Now his online academy gives students access to the man himself, an opportunity to learn economics as it should be taught: at market prices, online, with no wasted time or material. Saifedean Ammouss Wikipedia page has not been featured on any The mechanism certainly holds. to join us. People had better things to do than spend their money on fighting pointless wars in Europe. I dont want to have anything to do with it and I am going to buy gold because gold is nobodys liability, it holds its value and its better to just be in gold. But it turns out that has not worked out. He teaches economics and hosts a podcast through his website, saifedean.com. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Theres no Fiat mine, there is no dollar mine where you go and get it. #sustainability Saifedean Ammous: Yeah, I think one of my favorite topics is food and I think in the 20th century, weve moved toward eating all of these substances that we think of as food and that are promoted by food, and that governments have subsidized and promoted heavily and told us to eat, but really, theyre not really healthy foods. The book was a pioneer in explaining bitcoins value proposition as the hardest money ever discovered, and the only working alternative to national central banks for international payments. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. Nothing written in this website should be considered advice related to that decision. He is also author of The Fiat Standard and an upcoming Its capricious dynamics and exuberance largely shroud Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? On the other hand, fiat (government) money ruins the concept of opportunity cost Here is why: Money is cheap, interest rates are low, its easy to borrow, In addition: holding on to money means it loses value, Suddenly you care about the future, even beyond your own lifespan, Children are only concerned with the present moment, growing older involves becoming aware of the future and understanding actions have consequences (In essence lowering of time preference). All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Only about a third of them were sold. Save that money and buy more bitcoin. Furthermore, he was born in Palestine and grew up in the city of Ramallah. As an academic, I was studying it and looking into it. Lets talk about maybe how this system was born and what gave it some level of sticking power, because now its been around for a hundred years. "This book blew my mind; it is a work of genius. Then, once you start becoming more familiar with it, you start understanding why its not very popular because it kind of flows against the conclusions of the idea the entire idea that you need to have a monopoly central bank managing the currency, that you need to have a government institution, that is in charge of the money supply that is in charge of the banking system; that all of these things need to be regulated with a monopoly entity. The other two can be read when users subscribe to Saifedeans membership. A similar mechanism is the store-of-value argument the monetization of assets like Treasuries, stocks, and real estate when we live under a bad monetary regime. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Finally, he targets the development industry, which he claims is filled with miseducated economists with degrees from what he describes as Keynesian and socialist fiat universities. Going further, he claims these economists have access to a line of credit from the Federal Reserve [which] grants them immunity from market failure.. (https://youtu.be/c8K994iVosQ). That is why it makes sense to get into debt. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Near the start of guide Ammous talks about:. But what do you see as far as Bitcoin scaling? Rating: 5 out of 5 stars. Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. This is a key analytical point or the key analytical focus of The Bitcoin Standard is to argue that money is inevitably going to be whatever is the hardest to produce. My first book, The Bitcoin Standard, was a study of the economic system around Bitcoin, and then as a follow-up, I decided to basically do the sequel studying the Fiat economic system, which is the dominant economic system that we have today, looking at it from the perspective of an engineer and an economist looking at a monetary system. WebBitcoin was created to be a store of value (yes, perceived value, just like fiat, gold, etc., yet as long as it has perceived value then it is worth having). It is featured in his YouTube channel, which only started in 2021. Theyre from The Bank of England and they were only released in 2017 and 2019. Podcast Notes is a Signal From the Noise LLC Production, All Right Reserved, Berkshire Hathaway Annual Shareholders Meeting, Christopher Lockhead's Follow Your Different, Everyday Espionage Podcast with Andrew Bustamante, Feel Better, Live More With Dr. Rangan Chatterjee, Moonshots and Mindsets with Peter Diamandis, Network State Podcast with Balaji Srinivasan, Spearhead with Naval Ravikant and Babak Nivi, The Unraveling Podcast with Jocko Willink and Darryl Cooper, This Week in Startups with Jason Calacanis, Where It Happens with Sahil Bloom and Greg Isenberg, If Bitcoin succeeds, it will be like the sewage system or electricity: its one of the best things of our civilization but nobody will talk about it. , Every moment of your life you make decisions that make your life better or worse. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. I explained why In this video I made if you want to know more. WebSaifedean Ammous Wife And Family. Hosted by Marty Bent. Ought to you come out of reading this book presuming that the bitcoin cash is something worth owning, your really first monetary investment should not remain in getting bitcoins, yet in time invested comprehending precisely how to acquire, store, and likewise own bitcoins securely.. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. We'd love for you During certain periods in the pandemic the Feds purchases on the open market amounted to a large share of the bonds newly issued by the US government, leading to indignant calls that the Fed is now clearly monetizing government spending. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Saifedean and Cedric sit down to discuss The result is massive insecurity across society, and it makes peoples time horizon much shorter. That money goes out of this money supply, so the way that the supply in Fiat works is that its created with debt creation and then its destroyed with debt when debt is wiped out, and that helps us understand why debt is so pervasive in the modern economy. One of them is the fact that nobody is secure, you know? Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. His accumulated knowledge was valid for the university professor track. His work has been featured in the Financial Times, FT Alphaville, Neue Zrcher Zeitung, Svenska Dagbladet, Zero Hedge, The Property Chronicle and many other outlets. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Because then you can just get to work on yourself, and yourself is one thing you CAN change. But where does fiat money really come from? Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Would you talk a little bit about that and maybe a new way of approaching it once our eyes are opened to the fact that debt is such a crucial part of our economy? Saifedean Ammous: Yeah, absolutely. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Press question mark to learn the rest of the keyboard shortcuts. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. Saifedean Ammous ( @saifedean) is a Bitcoin economist and author of The Bitcoin Standard Check out his website Read the Podcast Notes from Stephan Livera Podcast, where Saifedean explains Bitcoin as a Savings Technology Host Daniel Prince ( @princey1976) Why Saifedean wrote The Bitcoin Standard To the extent that this description is accurate, the parties to this money creation process have this in common: Their purchasing power isnt the governments to spend. For those that want to stay connected to you, what are good places maybe online to follow your work and how could people reach out? This is basically the old human industry. It has all the nutrients that your body could eat. Saifedean Ammous Wikipedia. It is the monetization of a hard asset that does not have anybodys liability in order to make it it does not need anybodys liability in order to make its value constant, in order to hold its value. It really only started to make sense for me towards the end of my Ph.D. when I started coming across the work of what is known as the Austrian School of Economics, which is different really from the mainstream views on economics, but I find it a far more powerful tool and mechanism for understanding the world. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. They self-selected via Saifedeans twitter feed. He also started The Bitcoin Standard Podcast. Trump's Economy: Boom Times or Dangerous Bubble? modern fiat money is not conjured out of thin air through government fiat. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). Thats just taking away from people the ability to plan for the future. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. We discuss the history of the Fed, In the sense of salability across space, being able to move money across space, Fiat is better than gold and thats what has allowed it to survive for a hundred years even though its much more inflationary than gold. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Saifedean Ammous: Yeah. The Bitcoin Standard is an incredible book! He holds a masters degree from the University of Oxford and has been a visiting scholar at the American Institute for Economic Research in 2018 and 2019. When you read the economic textbooks today, this is presented as if it was a better engineering design that somebody figured out, Hey, we dont need to have gold there if we just have government credit function as money, then we can have faster, better, easier payments or whatever. What is the Austrian School of Economics? 10. He is also host of the Economics for Business podcast. You can read the red line as the increase in new money stemming from the Fed as a flow rather than a stock indicator, becoming directly comparable to the governments annual expenditures. New comments cannot be posted and votes cannot be cast. He holds a PhD in Sustainable Development from Columbia University (2011). A fairly basic website (i.e., not requiring any technological expertise or gear that is not available to everyone) is the platform for the new level of knowledge entrepreneurship. WebDr. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? I know this book is going to be another great resource for so many. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in You can find Hunters writings on entrepreneurship at hunterhastings.com. In The Bitcoin Standard, Saifedean looks back to the nineteenth and early twentieth century as a period of technological innovation by entrepreneurs under the gold standard, bringing us indoor plumbing, electricity, the internal combustion engine, airplanes and elevators, among many more. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. So, government money can travel much faster than gold because it has the license of government. For me, the importance of Bitcoin, its the hardest money ever because its going to become harder than gold over the next few years and that its annual supply growth rate is going to drop below this annual supply growth rate of gold. But the His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. But by how much? He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Listen to the weekly academy.saifedean.com discussion seminar, where a group of learners from all over the world discuss the websites online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion. It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. Create an account to follow your favorite communities and start taking part in conversations. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. 156 835. Then on the flip side, you know, the other side of it is that as the government is constantly devaluing the currency in order to finance its spending, thats leading to a rise of the price of the valuable kinds of food, the scarce foods that are difficult to produce. Two very interesting sets of historical documents that explain what was going on in the period of World War I when The Bank of England effectively went off the gold standard even though this isnt really. Laguna Beach CA 92651 His Press J to jump to the feed. Its incredible. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. Why waste money on something you can learn about openly on the internet? This just comes across as the decisions Ive taken from above and then these academics are trying hard to rationalize and explain why these decisions are correct and it doesnt quite cut it. Governments do not just print currencies and hand them out to societies that accept them as good money.. Contributions are tax-deductible to the full extent the law allows. In The Fiat Standard, world-renowned economist, Saifedean Ammous applies his unique analytical lens to the Fiat Monetary System, explaining it as a feat of engineering and technology, just as he did for bitcoin and his global bestseller, The Bitcoin Standard. Then his spontaneous knowledge accumulation efforts took him to Austrian economics and a new perspective: that the economics he had learned to date didnt make any sense, and that regime higher education was best understood as just another malinvestment. Though he has three books, only The Bitcoin Standard is for sale publicly. He is a bestselling author, cryptocurrency advocate, professor and podcaster. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Thank you so much for having me. It is an ever-growing bubble of debt that just keeps growing and growing and growing and the currency continues to devalue and decline in value over time, thats just how the system works. Further, everyone, according to Saif, is on the Federal Reserves payroll, or is somehow a beneficiary of its infinite credit line. Even the International Monetary Fund is not safe, which seems strange given that it runs its own unit-of-account currency (Special Drawing Rights).*. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Started in 2017, Techiegamers is now home to over 500,000 visitors every month and has been featured on websites such as the LA Times, Yahoo, MSN and many more. Ammous holds a Ph.D. in Sustainable Development from Columbia University. This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. Its kind of weird to think about it and write about it this way because this is the economic system in which we live, so its kind of like asking a fish to describe water, but if you take the fish out of water or maybe thats a bad metaphor if you take the fish out of water, itll suffocate. Then, after I wrote it, a year or two later, I had a whole bunch of ideas that I was writing about how Bitcoins progress and growth will continue and how I would expect it to grow in the modern world and then I decided that the best way to frame this study would be to study the Fiat system in order to then be able to synthesize the two books together and figure out how Bitcoin evolves in the Fiat standard. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Saifedean blames this on government financing ruining incentives, Instead of a meritocracy, you have to play by the rules to be let in and be given the funding, Result: academia has optimized away from usefulness and towards playing the game. Because, if they did, there was a lot more pound notes than there was gold backing them. Saifedean, we were so privileged to have you here on Author Hour today. Posted by 1 year ago. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Even still, the US government manages to raise tax revenue to the tune of $4 trillion a year, almost the full extent of the Feds balance sheet increase from August 2019 until February 2022. His exact birthdate is undisclosed. He has a keen interest in Austrian He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. "I think bitcoin (blorkchang) is amazing and I'm really smart so I must be right", ironically, that type of thinking is the antithesis of what bitcoin stands for. Become a parent (Suddenly you care about the future, even beyond your own lifespan), In raising children, Saifedean emphasizes tying rewards to actions We cant do what we want to do until we do what we have to do first, The Internet allows you to learn things directly from anywhere, Saifedean utilizes this by teaching economics courses outside of mainstream academia, Bitcoin is a complicated animal, you could argue no one understands it completely , The book puts together all his ideas and views on Bitcoin. Ask yourself, are you delaying your long-term goals because you are busy with day to day activities rather than investing in things that matter to you in the long run? Benji Block: I love that your curiosity led you to continue down that path because for many, when something doesnt make sense, they stop there. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. Benji Block: Yeah. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up.

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