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. He is also author of The Fiat Standard and an upcoming Golds value doesnt rise as much as the inflation. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. With money, with a hard money that can hold onto value, you have a reliable way of providing for yourself tomorrow, so you can put your money, you can put your wealth, you can put the value that you produce in the hard money. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. 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. 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. 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? Press question mark to learn the rest of the keyboard shortcuts. Show this thread. When I heard Saifedean was preparing a book about bitcoin I had high hopes. It leads to the third part of the book is about Bitcoin and about how Bitcoin rises within Fiat, informed by the first two parts. Hosted by Marty Bent. Because it is less uncertain, you start thinking about next year. 304. 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?. This is kind of the big misconception that people have today that the Great Depression happened because of the gold standard. Saifedean Ammous: Yeah, no. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. what are your guy's opinions on Bitcoin this year? You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. 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. Software Bugs 317. The Microstrategy CEO regularly advocates publicly for Bitcoin, and according to public record, he and his billion-dollar business intelligence firm have invested just shy of $1 Billion dollars into the worlds first and original triple-entry accounting system Bitcoin. 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. 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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. This time, Ammous delves into the worlds earlier shift from the gold standard to todays system of government-backed Fiat money. to join us. Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? 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. 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. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Nothing written in this website should be considered advice related to that decision. 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. Saifedean is an experienced guy and has worked in different companies. 308. Why waste money on something you can learn about openly on the internet? It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Throughout the 350-page rant that is The Fiat Standard, Saif repeatedly comes back to the recipients of government-money-from-nowhere. 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. Jimmy Hodlr WebDr. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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. 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. In his new home, he went to the American University of Beirut and studied mechanical engineering. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. 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. Theres no Fiat mine, there is no dollar mine where you go and get it. The IMF does report emergency credit lines, but from the US Treasury and not the Fed and the largest provider is Japan, with the US share of IMFs credit line commitment only 16 percent of the total (and the US is entirely absent from the bilateral government/central bank guarantees). I actually studied engineering in my university. The Essential Conversation is the world's premier financial-market-focused conversation series. His exact birthdate is undisclosed. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. WebSaifedean Ammous is a world-renowned economist and author of The Fiat Standard: The Debt Slavery Alternative to Human Civilization, The Bitcoin Standard: The Decentralized Alternative to Central Banking and the forthcoming textbook Principles of Economics. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Benji Block: Yeah. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. Free shipping for many products! Ammous said that even though altcoins have emerged that may have possessed superior technology 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. But by how much? 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. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. Save my name, email, and website in this browser for the next time I comment. Is Bitcoin Worth It? 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. The Gold Standard 320. Joakim Book is a writer, researcher and editor on all things money, finance and financial history. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. We discuss the history of the Fed, WebThere is still gold but most peoples net worth is still in local currency. Saifedean Ammous: Thank you. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Before deciding whether to invest in bitcoin, you should do your own extensive research into the financial and technical aspects involved. WebJust dumped half of my entire net worth into Bitcoin after researching the technology. 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 hard money is money whose supply is hard to produce and so you cant just make more of it. why was waylon jennings buried in mesa az; chop pediatric residency 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. 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. All notes are independently created and do not imply any sponsorship or endorsement by the source podcast. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. 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. Find motivation in what you are passionate about. 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. Because, if they did, there was a lot more pound notes than there was gold backing them. He joinsthe Economics For Business podcast to share some of his learnings and experiences. The Bitcoin Standard is a great book. 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? Create an account to follow your favorite communities and start taking part in conversations. 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 creates new knowledge thats valued by his customers, because it helps them to think betterand better informs their actions. Then hard money is the dollar or the Euro, which the local central bank cannot print. 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. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. [B]ut the public determines the real demand for money.. He innovates in channels and distribution. Please note: As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. What's the point of telling us (twice) about your doctorate? 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. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. But it is looking at it from the lens of somebody who has moved on to Bitcoin using the analytic lens of Bitcoin and how Bitcoin works, applying the same framework for understanding the Fiat system and how the Fiat systems works. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. WebBitcoin was created to be a store of value (yes, perceived value, just like fiat, gold, etc., yet as long as it has perceived value then it is worth having). Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). If a doctor is a vegan, which do they tell you about first? 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. How Much Saifedean Ammous Worth? Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Rescue California Educational Foundation. 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. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. 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? 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. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. This is where my attempt to study this as an engineer have given me some appreciation of this kind of system, which I didnt really have when I wrote The Bitcoin Standard. This unfolding timeline is an excellent example of the entrepreneurial method at work. Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. However, YouTube is not his main income source. 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 his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). But his followers are always curious about his personal life. 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. I was interested in Bitcoin pretty early on. You know, gold doesnt keep up with inflation. Rating: 5 out of 5 stars. Its very far from the scientific way of looking at things. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. In the absence of hard money, Treasuries have become the second-best safe asset. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. So, everybody in the country is trying to get their hands on as many dollars as they can and trying to get rid of their local lira or riyal or whatever its called, or peso, as quickly as they can because they know that this is easy, and the central bank is making more of it. 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. Laguna Beach CA 92651 We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Its capricious dynamics and exuberance largely shroud Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 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? You should spend only the money that you have, but it turns out grandma was wrong. Saifedean Ammous (@saifedean) / Twitter Saifedean Ammous @saifedean Author of The Bitcoin Standard, out in 36 languages, The Fiat Standard & the forthcoming 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. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. 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. But this doesnt make for ideal development How to get them to do other things? I mean, I wrote The Bitcoin Standard without considering, without having thought about writing The Fiat Standard so it was just writing a book on Bitcoin. 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. He and his family relocated to Lebanon when He demonstrates how knowledge entrepreneurship can work in the 21st Century's globally-connected and digitally-connected economy. When you joinacademy.saifedean.com you gain access to all five online economics courses, as well as chapters from both books and forum membership!