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. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the 0 3. Save my name, email, and website in this browser for the next time I comment. Instead, today, people dont eat as much meat and instead they eat, effectively, a lot of industrial products or industrial byproducts. The other two can be read when users subscribe to Saifedeans membership. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. 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. This action will also remove this member from your connections and send a report to the site admin. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Archived. Dr. Ammous holds a I wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. Its capricious dynamics and exuberance largely shroud 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. 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. Where exactly is this endless limitless pool of funds with which fiat provides government? Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? Then hard money is the dollar or the Euro, which the local central bank cannot print. Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. So, prices had practically doubled by the end of World War I, which was a massive problem for the British economy and that inflation, that price inflation, that happened was a big problem for Britain after the war because Britain wanted to go back on the gold standard, but they couldnt go back from the old exchange rate. 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 what allows us to invest capital for the future and accumulate more and more capital, and that results in an increase in our productivity. Saifedean Ammous The Fiat Standard: The Debt Slavery Alternative to Human Civilization I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. He is also author of The Fiat Standard and an upcoming However, he hasnt revealed her name and likes to keep his family life private. Ammous is a well-educated person and an Assistant Professor of economics at the Adnan Kassar School of Business at Lebanese American University. Web$8.99 Read with Our Free App Audiobook $0.00 Free with your Audible trial 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 in his global best seller The Bitcoin Standard. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 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. In 2016, he was chosen to be visiting scholar at Columbia University again. 25 year old doctor. Just dumped half of my entire net worth into As Scott Sumner writes, and many other monetary economists have pointed out, The Fed controls the nominal quantity of money in the US economy. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. So, as an individual you do it. WebSaifedean Ammous is a professor of economics at the Lebanese American University, a member of the Center on Capitalism and Society at Columbia University and writer & author of the book, The Bitcoin Standard. Because no matter how much money you have, if you have money its constantly losing value so you cant just have money. 0 3. 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. 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. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. Think about it globally. Saifedean, we were so privileged to have you here on Author Hour today. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean Ammous You should spend only the money that you have, but it turns out grandma was wrong. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Theres no Fiat mine, there is no dollar mine where you go and get it. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. If we wish to know more about his career and work, we can go through his site. Are We on the Edge of the Economic Abyss? Episode 2: A Safe Haven - Insane Risk, The Chicago Plan and Safer Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. It currently has 16,600 subscribers and is growing rapidly. Joseph (@bruhh_austin) / Twitter This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. But what do you see as far as Bitcoin scaling? Why waste money on something you can learn about openly on the internet? Saifedean blames this on government financing ruining incentives, Instead of a meritocracy, you have to play by the rules to be let in and be given the funding, Result: academia has optimized away from usefulness and towards playing the game. No matter how much money you have, you will expect that money to lose value over time and the only way that you can hedge against that, the only way that you can protect yourself against that is to leverage, get into debt and therefore, be on the edge. Check out The Once BITten Podcast Episode Page & Show Notes. 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? If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. 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 2018, he became an Associate Professor at the Lebanese American University. man under the stairs #2 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). The benefits to the people involved are clear: the home buyer doesnt have to save up before purchase; the homeowner can sell to a larger range of people and get a higher price; and the buyer pays the bank interest for decades to come. Is Bitcoin Worth It? Saifedean Ammous: Yeah, this is a key point in my first book, The Bitcoin Standard. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Saifedean Ammous: Yeah, absolutely. 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. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. [B]ut the public determines the real demand for money.. don't trust anyone, verify everything for yourself. And like, and, [00:05:40] and really think about it not so wouldnt you rather have the Hashemites in Lybia? 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. 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.. Save that money and buy more bitcoin. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. A really really good book. Saifedean Ammous: Exactly, the GDP number go up. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. Feb 23, 2023 @saifedean. What The Bank of England did was that it got two high ranking officials in The Bank of England to buy the other two-thirds of those bonds in their own name, with money from The Bank of England and then got the financial press, particularly The Financial Times, to publish an article saying that the bond issue was oversubscribed and thats how they financed the war. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. You will either get robbed of the value that you store over time, or you need to take on risks and constantly be on the edge and constantly have to manage your payments, and making all your monthly payments and then, if you have a couple of bad months, you can get wiped out. But, of course, that meant that the Bank of England effectively printed a whole bunch of money to buy those bonds, it was like quantitative easing what we see today. Get notified of new articles from Joakim Book and AIER. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. 55. Is easy money good for exports? | Dr. Saifedean Ammous 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. 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. Saifedean Ammous Wikipedia. modern fiat money is not conjured out of thin air through government fiat. The Bitcoin Standard: The Decentralized Alternative to Central Saifedean Saifedean Ammous Speaker | Expert Keynote Speaker | Chartwell You know, individuals are in debt and it makes sense. You see it in peoples commitment to family; people were far more committed to their families in the 19th century. WebDr. "This book blew my mind; it is a work of genius. 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. Please confirm you want to block this member. When you go to a bank, say you want to take out a loan for a million dollars in order to buy a house, the bank is not going to take the million dollars from somebody elses deposits or from its own capital and give you those million dollars so that you can go and buy the house. Bitcoin is the solution for this because its a form of money that is debt-free. 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. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Saifedean Ammous: Thank you. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming Morgen Rochard - Ammous is a married man and shares a number of pictures of his loving wife on social media. Golds value doesnt rise as much as the inflation. 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. If you go to Lebanon or Turkey or Brazil today, everybody knows the difference between easy money and hard money. Please note: But the Indeed, Saifedean has added an enormous fortune to his account with his multiple works. He is a bestselling author, cryptocurrency advocate, professor and podcaster. 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). He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. 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. It almost seems in some ways like you went backwards, but you did it on purpose. It is featured in his YouTube channel, which only started in 2021. 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.