Press J to jump to the feed. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean Ammous: In the first chapter, I dig into some of the history and interestingly enough, theres a couple of very important historical events that only became well-known in the last couple of years. It has all the nutrients that your body could eat. Theres plenty wrong with central banking, no doubt, but showering broken institutions with infinite credit lines and opportunity-cost free funding isnt one of them. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Importantly, that money does not accrue to the government: While its misleading to say that the Feds open-market purchases finance the governments spending outright, the Fed is adding buying pressure to the bond market that does. The Microstrategy CEO regularly advocates publicly for Bitcoin, and according to public record, he and his billion-dollar business intelligence firm have invested just shy of $1 Billion dollars into the worlds first and original triple-entry accounting system Bitcoin. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. 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. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Show us the smoking gun, please. "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. 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. 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? Genuinely think Blockchain is going to change the world. We'd love for you WebAuthor Saifedean Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. You are making trade-offs with your future self, Be conscious of this, it helps you make better decisions, you start considering the consequences in the short-run and the long-run. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. Best is to Join Dr Saifedean Ammous online A Critique of Saifedean Ammous The Bitcoin Standard. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. What makes it tick and whats some of the history there? You see it in architecture, we build buildings that fall apart in 30 years whereas, in the 19th century, they built buildings that last 300 years. You know, individuals are in debt and it makes sense. 5/5. In his new home, he went to the American University of Beirut and studied mechanical engineering. Saifedean Ammous is a knowledge entrepreneur. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. They self-selected via Saifedeans twitter feed. The first step was writing and publishing a book called the Bitcoin Standard (conventionally published by Wiley) and then leaving academia for the joys of hard money. How Much Saifedean Ammous Worth? BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. The Republic awealthofcommonsense.com The latest central-bank data shows that the top 1% of Americans have seen their net worth surge by 29.8% in the pandemic, says Ben Carlson. It almost seems in some ways like you went backwards, but you did it on purpose. Free shipping for many products! Historically, gold ended up being money because it is the hardest money, because it is the hardest metal, because its very hard to increase the quantity of gold that is available on the market. This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? However, YouTube is not his main income source. House of Cards: Has the US Economy Recovered? 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. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. Saifedeans first customers were students in his university classes. Ammous said that even though altcoins have emerged that may have possessed superior technology than Bitcoin, they have all failed to dethrone the worlds largest cryptocurrency and drive the price lower. This raises the following question: Wheres the government benefit that it can so freely dispose of, all those infinite credit lines and fiat money that fuel the worlds stupidity? Join as member+ and also attend Show this thread. WebThere is still gold but most peoples net worth is still in local currency. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. Saifedean Ammous: Yeah, absolutely. Thank you so much for having me. 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. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. Saifedean Ammous is a knowledge entrepreneur. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in-depth analysis of both gold & bitcoin, drawing on his extensive knowledge as a professor of Austrian economics. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Saifedean, we were so privileged to have you here on Author Hour today. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. Easy money is the local currency, which the Central Bank is printing in ever-increasing quantities to pay off its bills and the governments bills. Those efforts have evolved into the financial system we know today, predating the internet by decades and only slowly realizing the benefits of digital technology. How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? 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. 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? This content is reserved for the thousands of visionaries supporting the financial revolution. He and his family relocated to Lebanon when he was an adolescent. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now. Like what you said, its kicking the can further down the road. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Saifedean Ammous: Exactly, the GDP number go up. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. 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. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. The Bitcoin Standard is an incredible book! Will the American Economy Survive in 2018? Similar to what I did with The Bitcoin Standard, but this time with The Fiat Standard. Moving onto the Saifedean Ammous wife, he is a married man. The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. They e WebJust dumped half of my entire net worth into Bitcoin after researching the technology. Web$8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial 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 in his global best seller The Bitcoin Standard. Now, families become less and less valuable for people because its one of these long-term things that is difficult to provide for them when you dont have a form of money that holds onto its value very well. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. 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. As a result, they develop the mind-set of spending on useful things, Economical and personal decision making shifts towards building for the future and people cooperating with one another, Bitcoin lowers peoples time preference as they start to appreciate the opportunity cost of giving away something that is scarce, even if it is volatile, People share stories of quitting addictive behaviors like smoking or drinking and putting the money into Bitcoin instead , A hangover is Satoshis way of reminding you that you couldve been buying Bitcoin instead with the money that you spent on alcohol.. Rating: 5 out of 5 stars. Dr. Saifedean Ammous (Arabic: . Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. All of this gives him a net worth of $2 million. Free shipping for many products! If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. 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. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. Its incredible. As you have access to hard money, you are able to plan better for the future. But, of course, that meant that the Bank of England effectively printed a whole bunch of money to buy those bonds, it was like quantitative easing what we see today. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Saifedean Ammous is an economist and author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the definitive and best-selling book on bitcoin, translated to 30 languages. 156 835. You can find Hunters writings on entrepreneurship at hunterhastings.com. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. And are all these institutions and their bureaucrats really funded by their central banks? WebCEO & Co-Founder of Fedimint, Obi Nwosu, joins me for an in-depth conversation on how his protocol "Fedi" is helping Bitcoin fight against regulatory capture by creating a new pro 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. Is Bitcoin Worth It? Contra Krugman: Demolishing the Economic Myths of the 2016 Election. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. 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. Benji Block: Wow. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. How Much Saifedean Ammous Worth? Saifedean Ammous is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. 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. modern fiat money is not conjured out of thin air through government fiat. Saifedean Ammous Wikipedia. You can order it from Amazon as well as pretty much anywhere where books are sold. He innovates in channels and distribution. Ive left my job at university and now Im an author and an independent educator. It is part of the process of a rising time preference that people can indulge in this stuff because they think more about the present rather than the future. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. On the other hand, if you just pay for that house by debt, not only are you not having to save and therefore not having to suffer from inflation, youre actually benefiting from the inflation, because when the bank is giving you those million dollars, the bank has effectively made a million dollars out of thin air. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. What's the point of telling us (twice) about your doctorate? A really really good book. I mean, I wrote The Bitcoin Standard without considering, without having thought about writing The Fiat Standard so it was just writing a book on Bitcoin. His 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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Benji Block: Many are going to be familiar with your work but for listeners who may be new and need an introduction, could you tell us a little bit about yourself and your background? Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. 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). 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. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. Thats what allows us to invest capital for the future and accumulate more and more capital, and that results in an increase in our productivity. But how large is that effect? 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. WebAbout Bitcoin Quotes This is a curated list of quotes that highlight key ideas in Bitcoin and related areas. 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. 304. 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 Saifedean Ammous: Yeah. Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. Please allow a few minutes for this process to complete. Saifedean Ammous: Yeah, thats what a lot of people tell me that, once you see Fiat somewhere, you cant just see it you cant unsee it. So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. Saifedean Ammous. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. Detailed podcast notes can be found here. 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. 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. Right off the bat, then, theres a problem with thinking that the Federal Reserves money printer finances the governments expenditures; their vast numbers dont add up. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? I did that for my masters and for my Ph.D. at Columbia University and it was just a topic that really drew me in because it was just not making a lot of sense. The book is being peer reviewed while in writing here is how: The draft is posted online while its progressing, people can see it and provide feedback as it goes along, The benefit is changes and modifying structure dont require much editing compared to if it was done after completing the draft, The Internet obsoletes the traditional writing process of writing then sending drafts and getting feedback, If Saifedean was to pick one person to spread the message of bitcoin to their audience, it would be Lionel Messi (because of his popularity), But he encourages fans of Ronaldo and Messi to send them copies of his book, Daniel jokes: Maybe they will shill something of more worth than hair gel. He earned his bachelors degree in 2003. As an academic, I was studying it and looking into it. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. It doesnt need central banks in order for it to travel. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. What actually happened was governments were practically insolvent and they covered up their insolvency by figuring out ways of basically kicking the can down the road and trying to get their people to accept their credit as a substitute for gold. If we wish to know more about his career and work, we can go through his site. Please note: 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. Posted by 1 year ago. If you look at the prices of real foods, they are going up. He and his family relocated to Lebanon when They kept kicking the can down the road and trying to prevent people from redeeming their gold and eventually, they gave up on the gold standard in 1931, and this is the kind of perverse part here, which is they blamed the gold standard for their failures for all of the economic problems that were caused by abandoning the gold standard.

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