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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Saifedean Ammous. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Its capricious dynamics and exuberance largely shroud 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? From money that is hard to move around to a money that is very quick in moving around, so I think its absolutely fascinating to witness this and Bitcoins continued rise, you know, its price just keeps going up over time, suggests that, in my opinion, this is a superior technology that is replacing an inferior technology. The way they do that is by promoting all of these cheap food substitutes rather than food. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. So then next year becomes less uncertain. He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. You can order it from Amazon as well as pretty much anywhere where books are sold. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Saifedeans first customers were students in his university classes. Benji Block: Well, thanks for doing that for me man. He and his family relocated to Lebanon when he was an adolescent. But where does fiat money really come from? (https://youtu.be/c8K994iVosQ). Benji Block: Amazing, the book is The Fiat Standard. 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. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu Saifedean emphasizes tying rewards to actions Life isnt just all of the wonderful treats coming to you at the press of a button, He constantly vocalizes the idea of We cant do what we want to do until we do what we have to do first, Be careful to not express parent love by satisfying all of their needs because someday they will have to provide for themselves. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for 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. 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%. Press Esc to cancel. But how large is that effect? This action will also remove this member from your connections and send a report to the site admin. Filmed on October 9, 2019 in New York. But it is looking at it from the lens of somebody who has moved on to Bitcoin using the analytic lens of Bitcoin and how Bitcoin works, applying the same framework for understanding the Fiat system and how the Fiat systems works. 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? Saifedean and Cedric sit down to discuss 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 time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. 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. 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. Again, the mechanism is correct and has been a source of controversy at least since the Exorbitant privilege accusation from a French finance minister in the 1960s. When students engage and say thank you, its a signal of value. One of them is the fact that nobody is secure, you know? He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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. 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 Laguna Beach CA 92651 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 Break that down for me a little bit and how it kind of disrupts the natural order. Also, he has not announced anything about their children. It doesnt need central banks in order for it to travel. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. The Bitcoin Standard is an iconic book that thoroughly explains the value of Bitcoin, and the one who wrote it is economics expert Saifedean Ammous. People had better things to do than spend their money on fighting pointless wars in Europe. A really really good book. he's trying to appeal to authority. 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. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. 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. I mean, how else do you expect him to flex on poors? 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). WebSaifedean Ammous is a world-renowned economist and author of The Fiat Standard: The Debt Slavery Alternative to Human Civilization, The Bitcoin Standard: The Decentralized Alternative to Central Banking and the forthcoming textbook Principles of Economics. I was interested in Bitcoin pretty early on. 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. Should the Fed, as one of the largest buyers on the secondary bond market, suddenly disappear, the effect would be market rates on US Treasuries rising. I want to close with just this question. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? Indeed, Saifedean has added an enormous fortune to his account with his multiple works. 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. Following Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? It is featured in his YouTube channel, which only started in 2021. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 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. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Saifedean Ammous Wikipedia. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. He equates Fiat with centralized Big-Government control and a runaway belief that lots of Nice Things can be had by flick of a wand (considering some characters in governments, thats not entirely unbelievable). The monetary authority may decide the base money supply, but the public decides its real value. Tax ID# 52-1263436, Saifedean Ammous on Knowledge Entrepreneurship, Economic Calculation In The Socialist Commonwealth, An Austrian Perspective on the History of Economic Thought, 2 Volumes, Economic Depressions: Their Cause and Cure, A History of Money and Banking in the United States Before the Twentieth Century, Man, Economy, and State, with Power and Market, The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions, Bourbon for Breakfast: Living Outside the Statist Quo, Busting Myths about the State and the Libertarian Alternative, Chaos Theory: Two Essays On Market Anarchy, Cronyism: Liberty versus Power in Early America, 16071849, Free Private Cities: Making Governments Compete For You, From Aristocracy to Monarchy to Democracy, It's a Jetsons World: Private Miracles and Public Crimes, Left, Right, and the Prospects for Liberty, Mises and Austrian Economics: A Personal View, The Myth of National Defense: Essays on the Theory and History of Security Production, No Treason: The Constitution of No Authority, Organized Crime: The Unvarnished Truth About Government, Pearl Harbor: The Seeds and Fruits of Infamy, The Politics of Obedience: The Discourse of Voluntary Servitude, A Short History of Man: Progress and Decline, Vices Are Not Crimes: A Vindication of Moral Liberty, Reclamation of Liberties: Revisiting the War on Drugs, Inflation: Causes, Consequences, and Cure, Taxes Are What We Pay for an Impoverished Society, Why Austrian Economics Matters (Chicago 2011), The Truth About American History: An Austro-Jeffersonian Perspective, The Rosetta Stone to the US Code: A New History of Taxation, The Economic History of the United States, The Politically Incorrect Guide to American History, The American Economy and the End of Laissez-Faire: 1870 to World War II, Crisis and Liberty: The Expansion of Government Power in American History, Radical Austrianism, Radical Libertarianism, The History of Political Philosophy: From Plato to Rothbard, Microeconomics From an Austrian Viewpoint, The History of Economic Thought: From Marx to Hayek, The Life, Times, and Work of Ludwig von Mises, The Austrian School of Economics: An Introduction, Introduction to Economics: A Private Seminar with Murray N. Rothbard, Introduction to Austrian Economic Analysis, Fundamentals of Economic Analysis: A Causal-Realist Approach, Austrian Economics: An Introductory Course, Austrian School of Economics: Revisionist History and Contemporary Theory, After the Revolution: Economics of De-Socialization, The Federal Reserve: History, Theory and Practice, The Twentieth Century: An Austrian Critique, The Truth About War: A Revisionist Approach, The Economic Recovery: Washington's Big Lie, The 25th Anniversary Celebration in New York, How to Think about the Economy: Mises Seminar in Tampa, The Ron Paul Revolution: A Ten-Year Retrospective, Against PC: The Fight for Free Expression. 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. So, as an individual you do it. To Saifedean, or Saif as his followers call him, Fiat means something more than a monetary system backed by nothing but a nation states promise to steward it well. WebSaifedean Ammous Wife And Family. 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. "This book blew my mind; it is a work of genius. What makes it tick and whats some of the history there? 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. 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. Adam Mastroianni discusses why peer review, the greatest scientific experiment in history, has failed and why that is a great Johnathan Bi and Russ Roberts discuss Mimetic Theory, Rene Girard, physical desires vs metaphysical desires, authenticity, positive vs C Stanley Druckenmiller is an American investor, hedge fund manager, and philanthropist. He believes that the emerging Bitcoin Standard era will precipitate a new entrepreneurial flourishing, further accelerated by free software, network access, blockchain and hard money savings. Press question mark to learn the rest of the keyboard shortcuts. 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. Ammous holds a Ph.D. in Sustainable Development from Columbia University. 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. Saifedean teaches outside of mainstream academia Here is why: Its demoralizing to realize you could have spent your time producing stuff that people value and pay for, Being out in the market, getting feedback from consumers, is at the heart of entrepreneurship Academia deprives you of that, The Internet allows you to learn things directly from anywhere, people will find ways to explore these efficiencies, Ultimately, education is not about grades or certificates, education is about learning things that are useful , Saifedean is working on a new Austrian Economics textbook: Principles of Economics, The goal is making the work of Austrian economists like.