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? Nothing written in this website should be considered advice related to that decision. 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. But what do you see as far as Bitcoin scaling? 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. Dr. Saifedean is known for his engaging approach to educating, with an aim to enlighten students and listeners to the truth about money, value, and its direct correlation Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. 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. Being conscious of this helps you make better decisions. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Understanding you are your own worst enemy and best ally is liberating Why? He was able to generate value for his students by teaching them the economics they wanted to learn, along with giving them the optionality of seeing the knowledge through his distinctive perspective. He claims schools are broken because they have an infinite supply of fiat money at their disposal and teachers on fiat salaries destroy education; higher education and scientific research are broken because they rely on an endless supply of government grants, enabled by fiat money, which results in botched research. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. A really really good book. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. You should spend only the money that you have, but it turns out grandma was wrong. This episode was recorded on September 8th 2021.Saifedean Ammous is an expert on Bitcoin with a PhD from Columbia University. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. 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). 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. It currently has 16,600 subscribers and is growing rapidly. How Much Saifedean Ammous Worth? 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. Suggestions are welcome via an issue or PR on GitHub. " Agricultural Subsidies: Down on the D.C. Farm, Austrian Economics and the Financial Markets (2010), Austrian Economics and the Financial Markets (1999), Central Banking, Deposit Insurance, and Economic Decline, Choice in Currency: A Path to Sound Money, Depression, Monetary Destruction, and the Path to Sound Money, Despots Left and Right: The Tyrannies of Our Times, The Current Crisis: an Austrian Perspective, Strategies for Changing Minds Toward Liberty, The Coming Currency Crisis and the Downfall of the Dollar, Review of Austrian Economics, Volumes 1-10, Individualism in the Age of the Smart Machine, Lipton Matthews: una perspectiva global de 5 vas sobre innovacin y emprendimiento en los EUA, History of the Austrian School of Economics. Thank you so much for having me. 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! House of Cards: Has the US Economy Recovered? Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. The Real Economy: What Hillary and Trump Cant and Wont Address. 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. So, government money can travel much faster than gold because it has the license of government. However, he hasnt revealed her name and likes to keep his family life private. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. I teach economics on my own website, saifedean.com. 5/5. It is very reckless and this is why, I think, the second part of my book is just discussing the social and broader societal implications of this. He joinsthe Economics For Business podcast to share some of his learnings and experiences. 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 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. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. 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. 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. 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.. I explained why In this video I made if you want to know more. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. WebAbout Bitcoin Quotes This is a curated list of quotes that highlight key ideas in Bitcoin and related areas. Thats just taking away from people the ability to plan for the future. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. Laguna Beach CA 92651 Ask yourself, are you delaying your long-term goals because you are busy with daily activities, rather than investing in things that matter to you in the long run? 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. 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. The Bitcoin Standard is an incredible book! 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 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 Show this thread. I was interested in Bitcoin pretty early on. 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. 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. In 2016, he was chosen to be visiting scholar at Columbia University again. WebDr. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. Office location: He teaches economics and hosts a podcast through his website, saifedean.com. 156 835. You would expect that this would mean that the value of Bitcoins going to rise while the value of the other currencies of each unit of the other currencys going to decline. WebThere is still gold but most peoples net worth is still in local currency. Saifedean Ammous. Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. His Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. modern fiat money is not conjured out of thin air through government fiat. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Instead: rewards are assigned centrally by an institution, by the academics, who read each others work and decide on promotions and research grants. 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? 4. This is basically the old human industry. Im going to continue to go down this black hole of information and try to figure out economics. Was there one or two issues that really stood out to you that go, Man, I really want to do more research on this because it doesnt make sense?. WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. I know this book is going to be another great resource for so many. He innovates in channels and distribution. Benji Block: Well, thanks for doing that for me man. 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. 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. Because then you can just get to work on yourself, and yourself is one thing you CAN change. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? 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. As such, it is more resistant to wild inflation and corrupt banks. Archived. 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. This, of course, led to rises in prices. Press Esc to cancel. His exact birthdate is undisclosed. People had better things to do than spend their money on fighting pointless wars in Europe. 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. Its incredible. 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.