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Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. Preference: The most Important Economics Lesson | Saifedean Ammous When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. 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. 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. In fact, it turns out that the best way to navigate the Fiat system is to be short Fiat, which is effectively to borrow Fiat, to have your liabilities denominated in Fiat. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. He teaches economics and hosts a podcast through his website, saifedean.com. WebDr. Right off the bat, then, theres a problem with thinking that the Federal Reserves money printer finances the governments expenditures; their vast numbers dont add up. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. 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. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). modern fiat money is not conjured out of thin air through government fiat. WebSaifedean Ammous Wife And Family. 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. One of them is the fact that nobody is secure, you know? When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. You know, we have more apples, more oranges, more houses, more cars, more everything, more than 2% of all those things but only 2% more of money, so money ends up having more value over time. It almost seems in some ways like you went backwards, but you did it on purpose. 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. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. 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. 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. They e Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. But his followers are always curious about his personal life. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. 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. I actually studied engineering in my university. (949) 799-2165. 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. 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.". Specifically, everything wrong in American life stems from the money-printing that is under the governments control. How Much Saifedean Ammous Worth? A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. Saifedean Ammous: It was just something that I found very interesting early on. Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle Its very far from the scientific way of looking at things. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. "Knowledge Entrepreneurship" our E4B Process Map (PDF): Mises.org/E4B_132_PDF, The Bitcoin Standard (in over 20 language translations):Mises.org/E4B_132_Book1, Principles of Economics:Mises.org/E4B_132_Book2, The Fiat Standard:Mises.org/E4B_132_Book3, Twitter for Saifedean Ammous: @SaifedeanAmmou6. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. 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. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the Where Does Saifedean Think Money Comes From? | AIER He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. Dr. Saifedean Ammous (Arabic: . Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. 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. 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! But what do you see as far as Bitcoin scaling? (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). 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. 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 is a knowledge entrepreneur. Feb 23, 2023 @saifedean. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. Where exactly is this endless limitless pool of funds with which fiat provides government? 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. Show this thread. Saifedean, we were so privileged to have you here on Author Hour today. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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. 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. What happened was that The Bank of England, the British Government, issued bonds to finance its participation in World War I, and then these bonds were undersubscribed. Show us the smoking gun, please. Standard: The Debt Slavery Alternative to Human Civilization Saifedean Ammous 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. It wasnt like that. Joseph (@bruhh_austin) / Twitter 304. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in His accumulated knowledge was valid for the university professor track. Because it is less uncertain, you start thinking about next year. Dont Trust, Verify: Fixing The Problems With Academic Research The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. 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. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Saifedean Ammous: Yeah, no. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. If it wants to increase the money supply, theres nothing the public can do about it. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. 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. They are actually going to just make a new one million dollars out of thin air, thats where the money creation happens. Is there a path for bitcoin to become the new gold standard? If a doctor is a vegan, which do they tell you about first? don't trust anyone, verify everything for yourself. His exact birthdate is undisclosed. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. 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. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. Rating: 5 out of 5 stars. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. Heres my conversation with Saifedean Ammous. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean Ammous Though he has three books, only The Bitcoin Standard is for sale publicly. 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. He earned his bachelors degree in 2003. I mean, how else do you expect him to flex on poors? Webby Saifedean Ammous. We'd love for you Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? Benji Block: Wow, thats a great explanation. 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. Navien Tankless Water Heater Condensate Drain, Michigan Ground Beetle, Articles S
Everybody wins in this story except the current money-holders whose holding gets diluted by the new money. Preference: The most Important Economics Lesson | Saifedean Ammous When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. 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. 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. In fact, it turns out that the best way to navigate the Fiat system is to be short Fiat, which is effectively to borrow Fiat, to have your liabilities denominated in Fiat. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. He teaches economics and hosts a podcast through his website, saifedean.com. WebDr. Right off the bat, then, theres a problem with thinking that the Federal Reserves money printer finances the governments expenditures; their vast numbers dont add up. You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. 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. Monetary economists and historians sometimes speak of Seigniorage, the spread between the cost of producing new money and the purchasing power that the money has. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). modern fiat money is not conjured out of thin air through government fiat. WebSaifedean Ammous Wife And Family. 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. One of them is the fact that nobody is secure, you know? When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. Because we still have to operate within some level of this system while also, thinking to like what youre talking about with Bitcoin. You know, we have more apples, more oranges, more houses, more cars, more everything, more than 2% of all those things but only 2% more of money, so money ends up having more value over time. It almost seems in some ways like you went backwards, but you did it on purpose. 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. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. 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. 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. They e Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? And would it be enough to turn the trillion-dollar taxation leviathan into whatever size that the Saifedeans of the world no longer think is sufficiently small to avoid ruining the sciences or public morals? Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. But his followers are always curious about his personal life. Lowering ones time preference means thinking longer term (Valuing the future over the present), Whats the lowest time preference act you can do? 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. Under digital fiat regimes, we usually think of this revenue as the interest income on assets corresponding to the portion of the central banks liabilities that it doesnt have to pay interest on. 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. I actually studied engineering in my university. (949) 799-2165. 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. 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.". Specifically, everything wrong in American life stems from the money-printing that is under the governments control. How Much Saifedean Ammous Worth? A university-level textbook explaining the most important concepts in economics in the Austrian school tradition, coming in late 2022. Saifedean Ammous: It was just something that I found very interesting early on. Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle Its very far from the scientific way of looking at things. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. "Knowledge Entrepreneurship" our E4B Process Map (PDF): Mises.org/E4B_132_PDF, The Bitcoin Standard (in over 20 language translations):Mises.org/E4B_132_Book1, Principles of Economics:Mises.org/E4B_132_Book2, The Fiat Standard:Mises.org/E4B_132_Book3, Twitter for Saifedean Ammous: @SaifedeanAmmou6. Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. 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. Use networking and influencers rather than conventional advertising and marketing to drive expansion. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. He was an early investor in Bitcoin so its assumed he holds a big portion of his wealth in BTC. Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the Where Does Saifedean Think Money Comes From? | AIER He carefully appraises the knowledge provided by great thinkers of the past, and re-presents in a newly compelling fashion. Dr. Saifedean Ammous (Arabic: . Man, once you start to have the curtain pulled back, I can see how you probably just obsess over this because you see it everywhere. 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. 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! But what do you see as far as Bitcoin scaling? (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). 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. 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 is a knowledge entrepreneur. Feb 23, 2023 @saifedean. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. Where exactly is this endless limitless pool of funds with which fiat provides government? 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. Show this thread. Saifedean, we were so privileged to have you here on Author Hour today. Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. 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. 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. What happened was that The Bank of England, the British Government, issued bonds to finance its participation in World War I, and then these bonds were undersubscribed. Show us the smoking gun, please. Standard: The Debt Slavery Alternative to Human Civilization Saifedean Ammous 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. It wasnt like that. Joseph (@bruhh_austin) / Twitter 304. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in His accumulated knowledge was valid for the university professor track. Because it is less uncertain, you start thinking about next year. Dont Trust, Verify: Fixing The Problems With Academic Research The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. 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. Thats really the process of human civilization, the ability of us to think further into the future to provide for our future more and more and to discount the future less and less. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. Saifedean Ammous: Yeah, no. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick. If it wants to increase the money supply, theres nothing the public can do about it. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. 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. They are actually going to just make a new one million dollars out of thin air, thats where the money creation happens. Is there a path for bitcoin to become the new gold standard? If a doctor is a vegan, which do they tell you about first? don't trust anyone, verify everything for yourself. His exact birthdate is undisclosed. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. 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. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. Rating: 5 out of 5 stars. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. Heres my conversation with Saifedean Ammous. Saifedean Ammous: That then left The Bank of England with a problem, which is that it had a lot more notes outstanding than it had gold to back them up. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Saifedean Ammous Though he has three books, only The Bitcoin Standard is for sale publicly. 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. He earned his bachelors degree in 2003. I mean, how else do you expect him to flex on poors? Webby Saifedean Ammous. We'd love for you Getting others into debt is the Fiat Standards version of gold prospecting. How does that play such a key role in the system? Benji Block: Wow, thats a great explanation. 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.

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