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He and his family relocated to Lebanon when he was an adolescent. It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. 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. I did that for my masters and for my Ph.D. at Columbia University and it was just a topic that really drew me in because it was just not making a lot of sense. We'd love for you And you have a pretty good chance of having it there for you next year. 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 used to finance government parasites, wars, and monopoly banksters. He teaches economics and hosts a podcast through his website, saifedean.com. This content is reserved for the thousands of visionaries supporting the financial revolution. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. How can the government keep CPI statistics down? 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. Saifedean Ammous. Check out The Once BITten Podcast Episode Page & Show Notes. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. It currently has 16,600 subscribers and is growing rapidly. As seen in the remittance that the Fed sends to the Treasury every year ($54.9 billion in 2019, $88.5 billion in 2020, $107.4 billion in 2021), the Feds operations do directly cover some government expenditures in the range of around 1 percent of outlays: Until 2019, the US public sector spent some 39 percent of GDP putting it in the lower half of OECD countries. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. 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. A Critique of Saifedean Ammous The Bitcoin Standard. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. It wasnt like that. WebDr. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. At saifedean.com, customers have been able to: Saifedean told us he is just getting started, and there are more knowledge innovations in the pipeline. 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. 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. 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. You see it in architecture, we build buildings that fall apart in 30 years whereas, in the 19th century, they built buildings that last 300 years. 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?. Because it is less uncertain, you start thinking about next year. I explained why In this video I made if you want to know more. Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. Even if all the Feds balance-sheet increase were at the disposal of the government which its not it wouldnt explain the many recipients that Saif believes are on the fiat-government payroll. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. 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. 0 3. 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. You cant just be rich; you cant just be financially secure. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. 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? 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. to join us. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. He held the position from 2005 to 2008 and was promoted to Instructor in 2009. 4. Then hard money is the dollar or the Euro, which the local central bank cannot print. 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. People always have a positive time preference (aka: Value the present over the future) The question is by how much? 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. Published in 35 languages with more than 5000 Amazon reviews, and widely considered the most important book for understanding the economics of bitcoin. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). WebThe 20th century saw economic booms and shocks that caused governments worldwide to develop new systems for managing systemic risk while encouraging growth of the private sector. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. 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. The Real Economy: What Hillary and Trump Cant and Wont Address. 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. 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? New comments cannot be posted and votes cannot be cast. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. Contributions are tax-deductible to the full extent the law allows. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. It was always very interesting, and a lot of things didnt make sense. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Software Bugs 317. He creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Saifedean and Cedric sit down to discuss Please allow a few minutes for this process to complete. And they kept on kicking the can down the road and its survived for a century. His creation, The Bitcoin Standard, is published in 21 different languages with more than 800 Amazon reviews and is widely considered an essential book for understanding bitcoin economics. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. The Gold Standard 320. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. 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. Saifedean Ammous is a knowledge entrepreneur. This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. 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. Laguna Beach CA 92651 Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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? Save that money and buy more bitcoin. WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. 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? WebJust dumped half of my entire net worth into Bitcoin after researching the technology. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. Saifedean took degrees in economics and engineering, at bachelors, masters and Ph.D. levels. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. WebSaifedean Ammous's Biography. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. He is a regular contributor and co-founder of the Swedish liberty siteCospaia.se, and a frequent writer atCapX,NotesOnLiberty, andHumanProgress.org. 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). Press question mark to learn the rest of the keyboard shortcuts. This is basically the old human industry. Understanding you are your own worst enemy and best ally is liberating Why? 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. (949) 799-2165. He is also host of the Economics for Business podcast. I know this book is going to be another great resource for so many. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. Subscribe now to receive the chapters biweekly! But this doesnt make for ideal development How to get them to do other things? The problem emerges again and again, as Saif isnt bothered by pesky distinctions between various parts of government, and therefore thinks of the central banks money-printing ability as the same as the Treasurys spending ability. Connect with Saifedean at saifedean.com and on Twitter at@saifedean. How Much Saifedean Ammous Worth? 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. Let collaborators and customers self-select in. With Bitcoin, you can be your own bank. Think about it globally. 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. For a Fair and Efficient Tax Policy, Restore the SALT Deduction, Proponents of Fiscal Stimulus Need to Stop Using World War II as an Example, Responsible Budgeting Corrects Bipartisan Overspending Crisis, Creative Commons Attribution 4.0 International License. If you look at the prices of real foods, they are going up. It was critically acclaimed, gaining positive reviews from the likes of Michael Saylor and Russell Okung. 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. 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. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? That is why it makes sense to get into debt. Archived. Because of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. Grandma was right throughout all of human history, but it doesnt work in this kind of monetary system because in this monetary system, if you buy a house from your savings, the time it takes you to save money as you are saving that money, that money is losing value because other people are being able to mine new money and so theyre devaluing your existing savings. 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. Saifedeans first customers were students in his university classes. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. Well, thanks so much for taking the time to be with us here on Author Hour today. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. 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. The other two can be read when users subscribe to Saifedeans membership. They kept kicking the can down the road and trying to prevent people from redeeming their gold and eventually, they gave up on the gold standard in 1931, and this is the kind of perverse part here, which is they blamed the gold standard for their failures for all of the economic problems that were caused by abandoning the gold standard. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. 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. 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. WebDr. Rating: 5 out of 5 stars. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Saifedean is an experienced guy and has worked in different companies. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. WebDr. The Bitcoin Standard is a great book. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. ) is Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University . Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. Saifedean Ammous: This is really, I think, the powerful realization that allowed me to understand how this monetary system works after studying it for quite a while, which is that by analogizing it to Bitcoin or gold, you know with gold and Bitcoin, there is a mining process where new Bitcoins are produced according to a schedule or with gold, people dig and they find gold and they put it on the market but with Fiat, theres no mining. 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. His 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. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. Benji Block: Well, thanks for doing that for me man. Dr. Ammous holds a Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Press Esc to cancel. Possibly, but in comparison it would be quite limited. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. Governments do not just print currencies and hand them out to societies that accept them as good money.. Thats why it makes sense for you to take out the loan for a million dollars to buy a million-dollar house because, over time, the value of the loan is going to decline in real terms, because the value of the money declines, and because the bank is making money. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. Feb 23, 2023 @saifedean. One answer could be a hypothetical argument from nowhere, that is that absent soft money, the US government would pay much more on its debt, which would make deficits costly, thus forcing the state to become smaller (and a smaller one wouldnt, somehow, distort schooling or science or architecture etc). 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. Close. 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. Will the American Economy Survive in 2018? We went from, in the late 19th century, we had a form of money that was gold whose supplied globally increased by around 2% per year. 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. Since the value of the local fiat money will most definitely decrease with time, people have no solid future to rely on by saving their money. 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.. He creates new knowledge thats valued by his customers, because it helps them to think better and better informs 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. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. 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. 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. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). The Republic awealthofcommonsense.com The latest central-bank data shows that the top 1% of Americans have seen their net worth surge by 29.8% in the pandemic, says Ben Carlson. 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. You see it in how our art, you know, people spend a lot less time working on their art or on their music as they did in the 19th century. 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. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. Its incredible. Free shipping for many products! So, as an individual you do it. Where exactly is this endless limitless pool of funds with which fiat provides government? Academic Vice President & Editor, Quarterly Journal of Austrian Economics Mises Institute, Chairman and Founder, 13D Global Strategy & Research, Chief Executive Officer at S&P Dow Jones Indices, Contains spam, fake content or potential malware. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. 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%. 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. 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.". Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. Is Bitcoin Worth It? Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? Theres no Fiat mine, there is no dollar mine where you go and get it. So, he may have earned a good amount of money from his long-term professional career. 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. Detailed podcast notes can be found here. Save The Fiat Standard: The Debt Slavery Alternative to Human Civilization for later. Ammous holds a Ph.D. in Sustainable Development from Columbia University. 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. If a doctor is a vegan, which do they tell you about first? 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. Benji Block: Amazing, the book is The Fiat Standard. 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. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. 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. 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.