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. Saifedeans first customers were students in his university classes. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. 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. Saifedean Ammous: Thank you very much for having me, its a pleasure. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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). * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). 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%. 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. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. 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. The Real Economy: What Hillary and Trump Cant and Wont Address. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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. Press Esc to cancel. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. I would rate a tiny fraction of the books I have read about any one of these topics as excellent. Contributions are tax-deductible to the full extent the law allows. Understanding you are your own worst enemy and best ally is liberating Why? That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. As I took one course of economics in my undergraduate but then I decided for my graduate studies, I wanted to study economics more in-depth. 4. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. to join us. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. 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, he moved to the UK to attend The London School of Economics and Political Science (LSE). The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. 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.". And are all these institutions and their bureaucrats really funded by their central banks? That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. Think about it globally. 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). If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. He teaches economics and hosts a podcast through his website, saifedean.com. So, as an individual you do it. In that, okay, it was more now the government default, but it does have some redeeming quality, which is that what allowed it to survive for a century, which is the fact that it allows for quick payments as supposed to gold. He also started The Bitcoin Standard Podcast. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. However, YouTube is not his main income source. Feb 23, 2023 @saifedean. The Bitcoin Standard is an incredible book! You know, we all grew up being told by our grandmothers that you shouldnt get into debt. 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! 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. Thats what allows us to save for the future. Interested. Ive left my job at university and now Im an author and an independent educator. 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? You do a great job throughout the book of highlighting so many different ways that ityou talk about schools and universities, you talk about diet. Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. We discuss the history of the Fed, People always have a positive time preference (aka: Value the present over the future) The question is by how much? You would expect that your money would hold on to its value pretty well next year because everything else is increasing at a rate higher than 2% every year. 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? 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 Essential Conversation is the world's premier financial-market-focused conversation series. Thats really the best way to navigate it because when you do that, you are benefiting from the decline in the value of the Fiat money over time. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Jimmy Hodlr He creates new knowledge thats valued by his customers, because it helps them to think better and better informs He has a keen interest in Austrian 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? 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. Receive and read book chapters as they are written; Access video and audio online courses in Austrian economics; Subscribe to podcasts (which he runs like a seminar); Find a complete central bank replacement pack. Archived. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. 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. Low time preference willingness to save/sacrifice in the short terms for benefit in the longer term is an essential part of the entrepreneurial method. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. 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. I teach economics on my own website, saifedean.com. Connect with Saifedean at saifedean.com and on Twitter at@saifedean. When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. This action will also remove this member from your connections and send a report to the site admin. Saifedean Ammous: I think the traditional way that most people think about the Fiat System, most people who are critical of it would say, Well, this is all a big giant debt bubble and it is all going to collapse. You should spend only the money that you have, but it turns out grandma was wrong. 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. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. Being conscious of this helps you make better decisions. The Bitcoin Standard is a great book. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. Benji Block: Lets dive into The Fiat Standard. How Much Saifedean Ammous Worth? Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. With a strong libertarian voice, this provides a good overview of cryptocurrencies and their potential to change our global economy and our lives in the future. [B]ut the public determines the real demand for money.. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Trump's Economy: Boom Times or Dangerous Bubble? 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. 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. The other two can be read when users subscribe to Saifedeans membership. 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. don't trust anyone, verify everything for yourself. It almost seems in some ways like you went backwards, but you did it on purpose. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. 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. 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? 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 Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Chapter 18 Can Bitcoin Fix This 307. Saifedean Ammous: Yeah, no. And further details of his early life are unknown. 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. This is why everybody is in debt. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been Jeff Deist and Saifedean Ammous discuss the crypto technology revolution and private money. 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. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. He earned his bachelors degree in 2003. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. 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. He is also author of The Fiat Standard and an upcoming Books will be written about the world before the invention of financial plumbing, Fact: Every moment of your life you are making decisions that will make your life better or worse. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. One of the entrepreneurs bird-in-the-hand resources is their individual utilization and allocation of their personal time and effort. Save my name, email, and website in this browser for the next time I comment. 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. So, he may have earned a good amount of money from his long-term professional career. The next step was and that The Bank of England effectively started confiscating the gold from people in England and it was a systematic process over five years from 1914 to 1919 where post offices and banks were told to take payment in gold and only give payment in banknotes in order to try and reduce the amount of gold in peoples hands and take the gold for the Bank of England to allow the Bank of England to keep the exchange rate between the banknotes and gold fixed and have to finance the war effort. Please confirm you want to block this member. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Where exactly is this endless limitless pool of funds with which fiat provides government? Create an account to follow your favorite communities and start taking part in conversations. If we wish to know more about his career and work, we can go through his site. 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?. 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. 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. Ammous said that even though altcoins have emerged that may have possessed superior technology
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