Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. 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. So, government money can travel much faster than gold because it has the license of government. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. Saifedean Ammous joins Real Vision for an in-depth analysis of both gold & bitcoin. Government Attacks 311. It helps you understand why bitcoin is so special and so real. When students engage and say thank you, its a signal of value. To say that fiat printing is the reason the government spends so much misses the taxation elephant in the room. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. And engineering gives you this kind of very no-nonsense way of looking at the world, which I would apply to thinking about economic questions. Joakim Book is a writer, researcher and editor on all things money, finance and financial history. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. Its incredible. 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. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. Saifedean Ammous: Yeah, thats what a lot of people tell me that, once you see Fiat somewhere, you cant just see it you cant unsee it. In 2016, he was chosen to be visiting scholar at Columbia University again. Two very interesting sets of historical documents that explain what was going on in the period of World War I when The Bank of England effectively went off the gold standard even though this isnt really. 156 835. Saifedean Ammous: Thank you very much for having me, its a pleasure. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Ammous teaches economics to thousands of students worldwide on his online learning platform Saifedean.com, and hosts The Bitcoin Standard Podcast. 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. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. 4. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. 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. Thats just taking away from people the ability to plan for the future. He innovates in channels and distribution. Please allow a few minutes for this process to complete. 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. * It is well supplied by the member governments of the world (not, as Saif claims, their central banks). Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. How can the government keep CPI statistics down? If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. You can find Hunters writings on entrepreneurship at hunterhastings.com. 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. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. Laguna Beach CA 92651 His exact birthdate is undisclosed. This action will also remove this member from your connections and send a report to the site admin. Near the start of guide Ammous talks about:. 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. Also, he has not announced anything about their children. 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! Because then you can just get to work on yourself, and yourself is one thing you CAN change. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Free shipping for many products! We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). Moving onto the Saifedean Ammous wife, he is a married man. Suggestions are welcome via an issue or PR on GitHub. " 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. 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. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. 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 and his global bestseller, The Bitcoin Standard. Let collaborators and customers self-select in. 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? Think about it globally. This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. 308. Benji Block: Wow, thats a great explanation. Theres no Fiat mine, there is no dollar mine where you go and get it. And further details of his early life are unknown. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. WebCEO & Co-Founder of Fedimint, Obi Nwosu, joins me for an in-depth conversation on how his protocol "Fedi" is helping Bitcoin fight against regulatory capture by creating a new pro Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. Feb 23, 2023 @saifedean. It is the monetization of a hard asset that does not have anybodys liability in order to make it it does not need anybodys liability in order to make its value constant, in order to hold its value. As a result, they develop the mind-set of spending on useful things, Economical and personal decision making shifts towards building for the future and people cooperating with one another, Bitcoin lowers peoples time preference as they start to appreciate the opportunity cost of giving away something that is scarce, even if it is volatile, People share stories of quitting addictive behaviors like smoking or drinking and putting the money into Bitcoin instead , A hangover is Satoshis way of reminding you that you couldve been buying Bitcoin instead with the money that you spent on alcohol.. We are constantly moving to harder monies, were constantly accumulating more capital, were constantly investing more and increasing our productivity. 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. 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. Saifedean Ammous: Yeah, absolutely. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. If a doctor is a vegan, which do they tell you about first? Interested. I want to close with just this question. How do you see Bitcoin scaling into the future as you just look maybe in the next five to ten years and any fears around that, as far as like government stepping in or anything there? You can order it from Amazon as well as pretty much anywhere where books are sold. He is also host of the Economics for Business podcast. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. WebAuthor Saifedean Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. 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. But what every episode of hyperinflation also shows is that theres a limit to how many real resources the government can extract through inflation. Why waste money on something you can learn about openly on the internet? This unfolding timeline is an excellent example of the entrepreneurial method at work. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. 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? The hard money is money whose supply is hard to produce and so you cant just make more of it. 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.