In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. Dr. 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. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. Please allow a few minutes for this process to complete. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Coffee Meets Bagel Net Worth 2023 Is the, The Baby Toon Net Worth 2023 What Happened, Numilk Net Worth 2023 What Happened After, Diana and Roma Net Worth 2023: How Rich are the, RokBlok Net Worth 2023 What Happened After. 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. This is basically the old human industry. I think the really powerful thing thats happening with Bitcoin and I think a lot of people might be tempted to just dismiss Bitcoin as just another TikTok or another Twitter or social network or something like that I think it is a far more significant thing because its really allowing us to upgrade our monetary operating system from an easy money to a harder money. It was always very interesting, and a lot of things didnt make sense. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. Dr. Saifedean Ammous (Arabic: . Filmed on October 9, 2019 in New York. Benji Block: It may be important here to just have you explain a little bit of the difference between hard money and soft money because it seems like were going to end up going in that direction a little bit. Saifedean Ammous. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. 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? What makes it tick and whats some of the history there? 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. You know, we have more apples, more oranges, more houses, more cars, more everything, more than 2% of all those things but only 2% more of money, so money ends up having more value over time. 10. I was interested in Bitcoin pretty early on. 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. You can find Hunters writings on entrepreneurship at hunterhastings.com. Rating: 5 out of 5 stars. Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! Join as member+ and also attend weekly seminars discussing the course & hosting special guests for WebIt is also worth remembering, no-coiners cannot all be Michael Saylors, and are not all lucky enough to have close personal friends (thanks Eric Weiss) willing to take the time to clearly explain the concept to us, or the personal motivation to spend thousands of hours educating ourselves. What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. With money, with a hard money that can hold onto value, you have a reliable way of providing for yourself tomorrow, so you can put your money, you can put your wealth, you can put the value that you produce in the hard money. WebSaifedean Ammous's Biography. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. Software Bugs 317. 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. Subscribe now to receive the chapters biweekly! 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. If a doctor is a vegan, which do they tell you about first? In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. When students engage and say thank you, its a signal of value. Because, if they did, there was a lot more pound notes than there was gold backing them. It helps you understand why bitcoin is so special and so real. You said, Anyone who finds a way to get other people into debt, profits not only from a positive interest rate return but also bringing new money into existence. 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. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. Although Saifedean Ammous has But this doesnt make for ideal development How to get them to do other things? Its capricious dynamics and exuberance largely shroud Nothing written in this website should be considered advice related to that decision. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. (https://youtu.be/c8K994iVosQ). 4. 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? WebDr. 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. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). So, he may have earned a good amount of money from his long-term professional career. 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. Contributions are tax-deductible to the full extent the law allows. 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. If you weigh that by the value of the currency so that we dont give equal weight to the Venezuelan bolivar and the US dollar we measure it in terms of weight, so that the dollar is more represented in that calculation because a lot more value is stored in the dollar than there is in the Venezuelan Bolivar we still get an average of 14%. 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. Please note: I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. The result is massive insecurity across society, and it makes peoples time horizon much shorter. Saifedean and Cedric sit down to discuss Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. Economically and historically speaking and ironically, MMT-speaking hes not entirely wrong: Every episode of hyperinflation has seen fiscal powers subdue whatever level of independence the monetary powers may have once had or resistance they might have put up. Saifedean Ammous: I think, not to ruin the book, well, I will ruin the book for people, but basically Bitcoin fixes all of this. It wasnt like that. Why waste money on something you can learn about openly on the internet? The Essential Conversation is the world's premier financial-market-focused conversation series. This website is intended to showcase Dr. Ammous research in studying the economics of bitcoin, and nothing in it should be construed as investment advice. I have to say, one of the disheartening learnings in your book for me, because Im not an economist, I was unaware of the reality of the Fiat system really just being built on debt but it explains a lot and so I am going to quote you here and then Ill have you expand on this a little bit. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . They self-selected via Saifedeans twitter feed. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Close. He upgraded to the Bitcoin Standard by exiting academic teaching and switching to entrepreneurial knowledge sharing. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. WebDr. New comments cannot be posted and votes cannot be cast. 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. How can the government keep CPI statistics down? No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. It was the most impactful on our way of thinking in Microstrategy and it made us want to invert our balance sheet to base it on a bitcoin standard.". It doesnt need central banks in order for it to travel. If we wish to know more about his career and work, we can go through his site. 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. Find many great new & used options and get the best deals for The Bitcoin Standard: The Decentralized Alternative to Central Banking at the best online prices at eBay! His exact birthdate is undisclosed. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. We discuss the history of the Fed, He also started The Bitcoin Standard Podcast. Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. This unfolding timeline is an excellent example of the entrepreneurial method at work. Because it is less uncertain, you start thinking about next year. Laguna Beach CA 92651 It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. 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 isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Saifedean Ammous: Yeah, absolutely. The IMF does report emergency credit lines, but from the US Treasury and not the Fed and the largest provider is Japan, with the US share of IMFs credit line commitment only 16 percent of the total (and the US is entirely absent from the bilateral government/central bank guarantees). WebJust dumped half of my entire net worth into Bitcoin after researching the technology. They would run out of gold if they were to offer redemption. Saifedean Ammous is a knowledge entrepreneur. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Show us the smoking gun, please. 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. Understanding you are your own worst enemy and best ally is liberating Why? It leads to the third part of the book is about Bitcoin and about how Bitcoin rises within Fiat, informed by the first two parts. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. 156 835. Benji Block: Well, thanks for doing that for me man. What is the Austrian School of Economics? Detailed podcast notes can be found here. But his followers are always curious about his personal life. Benji Block: Amazing, the book is The Fiat Standard. This content is reserved for the thousands of visionaries supporting the financial revolution. I mean, how else do you expect him to flex on poors? Think about it globally. He joinsthe Economics For Business podcast to share some of his learnings and experiences. 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. Free shipping for many products! Its incredible. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Well, thanks so much for taking the time to be with us here on Author Hour today. WebSaifedean Ammous Wife And Family. Thank you so much for having me. The mechanism certainly holds. I explained why In this video I made if you want to know more. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. The Bitcoin Standard is a great book.
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