They e Our friend Saifedean Ammous joins Jeff and Bob Murphy for a demolition of the pseudo-economics behind Green energy Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. 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. I was interested in Bitcoin pretty early on. 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. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. 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. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Find motivation in what you are passionate about. This is why everybody is in debt. 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. He is a bestselling author, cryptocurrency advocate, professor and podcaster. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Saifedean H. Ammous | Mises Institute He held the position from 2005 to 2008 and was promoted to Instructor in 2009. If we wish to know more about his career and work, we can go through his site. He develops effective memes and ideas. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. 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. People had better things to do than spend their money on fighting pointless wars in Europe. Over $100 billion in direct funding is not nothing, obviously, but its far from the free-for-all money spree that Fed critics like Saif sometimes imagine. 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. Ammous said that even though altcoins have emerged that may have possessed superior technology WebRead Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Money and Payments by with a free trial. Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. 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. And you have a pretty good chance of having it there for you next year. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. The podcast also includes the most interesting interviews conducted with Saifedean on other shows. 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. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Benji Block: Yeah. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. 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. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Is Bitcoin Worth It? From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. This is the term thats more commonly known today in third-world countries and countries that have inflation problems than it is in the US or in Europe. 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? Or, if you default your loan, you cant pay your bank back. Saifedean Ammous Speaker | Expert Keynote Speaker | Chartwell The Fiat Standard: The Debt Slavery Alternative to Human Civilization This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . When students engage and say thank you, its a signal of value. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. Saifedean Ammous Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? It explains why its interesting and why it matters, The book is dedicated to his daughter, to immortalize his thoughts in writing for her, to have forever, Looking to the future, 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. , It will be like the plumbing system, vital but unseen. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. 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. I explained why In this video I made if you want to know more. 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. Its capricious dynamics and exuberance largely shroud If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. In fact, the majority of dollars are not physical dollars that get printed. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. BlockBurn @agoldenliger , Twitter Profile - instalker.org New comments cannot be posted and votes cannot be cast. 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. He also started The Bitcoin Standard Podcast. Contributions are tax-deductible to the full extent the law allows. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. Saifedean Ammous Is there a path for bitcoin to become the new gold standard? 156 835. Preference: The most Important Economics Lesson | Saifedean Ammous The Bitcoin Standard is an incredible book! Saifedean Ammous is an assistant professor of economics at the Adnan Kassar School of Business at the Lebanese American University and a member of the Center on Capitalism and Society at Columbia University. trade-offs with your future self) precedes learning about money or capital or how economy works, Austrian Economics perspective: Time preference determines how much people will be consuming vs saving, it sets the interest rates, The fact that humans choose to consume at all shows they arent indifferent between consumption today and tomorrow, Many factors shape a persons success, but in the long run time preference plays a big role, This is evident in success stories of people working their way up against all odds and terrible circumstances. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Saifedeans first customers were students in his university classes. 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. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. We can see the toll its taken as we use debt basically as money. Software Bugs 317. 0 3. 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. Sponsor the work of leading economists and academics as they advance the study of the economic principles that underwrite human prosperity and progress via AIER.org. So, you know, they want you to do that and so theyre going to cut you in on some of the profits of making that bank. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. So, government money can travel much faster than gold because it has the license of government. Bitcoin is the solution for this because its a form of money that is debt-free. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. worth Saifedean Ammous: It was just something that I found very interesting early on. 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. 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. 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. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. WebSaifedean Ammous Wife And Family. The Bitcoin Standard : r/Bitcoin All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Where Does Saifedean Think Money Comes From? | AIER This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. Joseph (@bruhh_austin) / Twitter WebAmerican Economist and Director of the Cato Institute, George Selgin, joins me for a conversation about his book, Money: Free and Unfree. What's the point of telling us (twice) about your doctorate? This is basically the old human industry. His exact birthdate is undisclosed. Saifedean Ammous: Yeah, no. He innovates in channels and distribution. Save that money and buy more bitcoin. They self-selected via Saifedeans twitter feed. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. But by how much? Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Interested. 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. A really really good book. Soybean oil is industrial waste and these things have been repackaged and sold as food and theyve been combined with highly addictive sugary substances and highly addictive substances to make these very palatable foods that become highly addictive. The mechanism certainly holds. As an academic, I was studying it and looking into it. Office location: Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Is Bitcoin worth $100k or $0? Debate with Saifedean Ammous, 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. Join as member+ and also attend He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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 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. WebJust dumped half of my entire net worth into Bitcoin after researching the technology. 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.". 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. 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. The question remains: Where is all the supposed money coming from? But his followers are always curious about his personal life. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. New money is always being created every time a new loan comes into existence, and it is also money is being destroyed when loans are being paid off. Get notified of new articles from Joakim Book and AIER. Saifedean Ammous Wikipedia: Heres All About The Author and setting up in Montenegro and they have a company called Bitcoin Reserves, which is going to service high net worth individuals within European countries. House of Cards: Has the US Economy Recovered? But how large is that effect? WebDr. 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. How can the government make you think that inflation isnt very high? 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. Government Attacks 311. And are all these institutions and their bureaucrats really funded by their central banks? Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. Finally, he targets the development industry, which he claims is filled with miseducated economists with degrees from what he describes as Keynesian and socialist fiat universities. Going further, he claims these economists have access to a line of credit from the Federal Reserve [which] grants them immunity from market failure.. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. 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! I teach economics on my own website, saifedean.com. He teaches economics and hosts a podcast through his website, saifedean.com. Ive left my job at university and now Im an author and an independent educator. So, theres clear consequences and this idea of time is one of them. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. He is also author of The Fiat Standard and an upcoming Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Saifedean Ammous: Yeah, absolutely. Even though the Fed backstops government debt markets, implicitly and explicitly, its overwhelmingly clear that government spending is much, much larger than that. Webby Saifedean Ammous. 0 3. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 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. The Bitcoin Standard: The Decentralized Alternative to Central Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. 4. Understanding you are your own worst enemy and best ally is liberating Why? You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Dr. Ammous holds a All of this gives him a net worth of $2 million. But then, with The Fiat System, and I ran the numbers over the last 60 years, on average, the average Fiat currency has increased in supply at around 30% per year. Being conscious of this helps you make better decisions. Best-Selling Author Saifedean Ammous To Speak At Bitcoin 2022 Put in context, over a longer time frame (and not specific markets like TIPS), that looks less compelling: This is the federal governments expenditures (in millions) and the yearly increases in the Feds balance sheet (also in millions). Joakim Book is a writer, researcher and editor on all things money, finance and financial history. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Laguna Beach CA 92651 Saifedean Ammouss Wikipedia page has not been featured on any When I heard Saifedean was preparing a book about bitcoin I had high hopes. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. 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. Saifedean Ammous | Capitalism and Society - Columbia University But where does fiat money really come from? Free shipping for many products! It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. WHY ARE 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Email: [emailprotected] 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. But the 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. Show us the smoking gun, please. Saifedean Ammous is a knowledge entrepreneur. It currently has 16,600 subscribers and is growing rapidly. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. I think you see this reflected across all aspects of life in the 20th century. If a doctor is a vegan, which do they tell you about first? 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. 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. Saifedean Ammous: Thank you very much for having me, its a pleasure. 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.