WebDr. 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? Then, he moved to the UK to attend The London School of Economics and Political Science (LSE). He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. Unless people want to burn the new money in their fireplaces, they must hold these increased cash balances. This is basically the old human industry. Understanding you are your own worst enemy and best ally is liberating Why? 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. Get Saifedean Ammouss new book, The Fiat Standard,at Amazon.com. As an academic, I was studying it and looking into it. 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. Type above and press Enter to search. How Much Saifedean Ammous Worth? At maturity-weighted yields on its portfolio of Treasuries and mortgage-backed securities, thats somewhere north of $100 billion a year. Break that down for me a little bit and how it kind of disrupts the natural order. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. The best compliment I can give this book is that I read it and I decided to buy $425m of bitcoin. So, I found the perspective of the Austrian schools far more powerful and far more explanatory. Think about it globally. Success isnt judged in a free market of ideas where everyone puts their work out in the open where people put it to use. In fact, if you look at the 19th century, the average American used to eat something like two or three times as much meat as they do right now. 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. Saifedean Ammous: I think the traditional way that most people think about the Fiat System, most people who are critical of it would say, Well, this is all a big giant debt bubble and it is all going to collapse. Because then you can just get to work on yourself, and yourself is one thing you CAN change. to join us. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. 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. 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. Saifedean Ammous is a knowledge entrepreneur. Because it is less uncertain, you start thinking about next year. If we wish to know more about his career and work, we can go through his site. 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. But how large is that effect? WebNatalie Brunell talks with leading Bitcoin proponent Dr. Saifedean Ammous. He innovates in channels and distribution. WebSaifedean Ammous's Biography. It is an ever-growing bubble of debt that just keeps growing and growing and growing and the currency continues to devalue and decline in value over time, thats just how the system works. what are your guy's opinions on Bitcoin this year? 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. Where exactly is this endless limitless pool of funds with which fiat provides government? House of Cards: Has the US Economy Recovered? (949) 799-2165. Free shipping for many products! 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. This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. I actually studied engineering in my university. (https://youtu.be/c8K994iVosQ). You see it in peoples commitment to family; people were far more committed to their families in the 19th century. Furthermore, he was born in Palestine and grew up in the city of Ramallah. Deflation and the End of Fiat. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Reading Ammous one can imagine why Bitcoin succeeding my be the biggest leap civilization has ever taken in the democratization of money. WebSaifedean Ammous is author of the seminal book, The Bitcoin Standard, which has been translated into dozen of languages. Listen to the weekly academy.saifedean.com discussion seminar, where a group of learners from all over the world discuss the websites online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. He is also host of the Economics for Business podcast. Hoy les recomiendo EL PATRN BITCOIN, este libro es el mejor y ms importante para entender Bitcoin. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. Then, he returned to Lebanon to work as a lecturer in economics for the Lebanese American University. Saifedean, we were so privileged to have you here on Author Hour today. Only about a third of them were sold. Saifedean Ammous. 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. he's trying to appeal to authority. Hunter Hastings is a member of the Mises Institute, Business Consultant, and co-chair of the Hunter Hastings outlines how technology can help empower entrepreneurship and usher in a new age of individualism El emprendimiento y la innovacin son las claves del crecimiento econmico y de la mejora del nivel de vida. 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. Genuinely think Blockchain is going to change the world. Economist Saifedean Ammous, author of the hotly debated 'The Bitcoin Standard: The Decentralized Alternative to Central Banking,' joins Real Vision for an in In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. In 2018, he became an Associate Professor at the Lebanese American University. 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. Saifedean Ammous ( @saifedean) is a Bitcoin economist and author of The Bitcoin Standard Check out his website Read the Podcast Notes from Stephan Livera Podcast, where Saifedean explains Bitcoin as a Savings Technology Host Daniel Prince ( @princey1976) Why Saifedean wrote The Bitcoin Standard It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Our goal at Economics For Business is to be a knowledge and tools provider for this entrepreneurial surge. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. 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. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. 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 always very interesting, and a lot of things didnt make sense. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. 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). 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. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. But of course, you have to remember that this is dangerous, because debt is dangerous. 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. The hard money is money whose supply is hard to produce and so you cant just make more of it. He got a masters degree in Development Management and later received a Ph.D. in Sustainable Development at Columbia University in New York City. He explains very clearly why Bitcoin may become the world's standard of value and settlement creating a more prosperous and equitable world. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. That money goes out of this money supply, so the way that the supply in Fiat works is that its created with debt creation and then its destroyed with debt when debt is wiped out, and that helps us understand why debt is so pervasive in the modern economy. 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, the author of The Bitcoin Standard, is also the founder and CEO of. Detailed podcast notes can be found here. He is also author ofThe Fiat Standardand an upcoming book on the principles of economics. Let collaborators and customers self-select in. For you, its like, This doesnt make sense. @saifedean At a price over $1m, bitcoin is worth more than all USD M1 supply. The difference between it and gold is that Bitcoin can travel around the world much faster than gold and it doesnt need government or need permission. Saifedean Ammous: It was just something that I found very interesting early on. Thank you so much for having me. This is a key analytical point or the key analytical focus of The Bitcoin Standard is to argue that money is inevitably going to be whatever is the hardest to produce. The sequel to The Bitcoin Standard, applying its framework to analyzing the current monetary system. WebAbout Bitcoin Quotes This is a curated list of quotes that highlight key ideas in Bitcoin and related areas. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. I want to close with just this question. 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. Theyre from The Bank of England and they were only released in 2017 and 2019. Also, he has not announced anything about their children. 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. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. 0 3. Office location: Saifedean Ammous: Yeah, absolutely. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. 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. Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. Saifedean Ammous Wikipedia. I was interested in Bitcoin pretty early on. Dr. Ammous book, The Bitcoin Standard, contains an excellent treatment of all these topics in addition to one of the few enlightened and enlightening accounts of Bitcoin that I have come across. The Gold Standard 320. Laguna Beach CA 92651 Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on He holds a PhD in Sustainable Development from Columbia University (2011). 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.". 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. 0 3. Jimmy Hodlr Benji Block: Wow. 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). Subscribe now to receive the chapters biweekly! So, theres clear consequences and this idea of time is one of them. He was able to generate value for his students by teaching them the economics they wanted to learn, along with giving them the optionality of seeing the knowledge through his distinctive perspective. Even though this is named after the Fiat Standard, it is predominantly a Bitcoin book. He develops effective memes and ideas. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. 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%. This content is reserved for the thousands of visionaries supporting the financial revolution. 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. He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut. All of this gives him a net worth of $2 million. 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. 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. He is a bestselling author, cryptocurrency advocate, professor and podcaster. government fiat), and thats the base layer of our money the concept economics textbooks used to call high-powered money. The vast majority of outstanding fiat, Saif explains, is digital, created through commercial banks issuing debt. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. and setting up in Montenegro and they have a company called Bitcoin Reserves, which is going to service high net worth individuals within European countries. Benji Block: Amazing, the book is The Fiat Standard. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for But by how much? Ammous holds a Ph.D. in Sustainable Development from Columbia University. Benji Block: Wow. Saifedean Ammous: Thank you. What's the point of telling us (twice) about your doctorate? Connect with Saifedean at saifedean.com and on Twitter at@saifedean. In 2011, he was hired as a visiting scholar at the Columbia University Center on Capitalism and Society for around eight months. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. How can the government keep CPI statistics down? This unfolding timeline is an excellent example of the entrepreneurial method at work. New comments cannot be posted and votes cannot be cast. Easy money is the local currency, which the Central Bank is printing in ever-increasing quantities to pay off its bills and the governments bills. But this doesnt make for ideal development How to get them to do other things? Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. Ammous has shared various pictures of his wife on Instagram but has not mentioned her exact name. 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. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. 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. 10. There is liberation in understanding that you are your own worst enemy and your own worst ally How so? 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. Thats just taking away from people the ability to plan for the future. Its capricious dynamics and exuberance largely shroud 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? Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. As you have access to hard money, you are able to plan better for the future. Saifedean Ammous Net Worth How Rich Is the Bitcoin Advocate? Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. 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 wonder if there would be maybe one more youd want to highlight before wed start to wrap up here. You cant just be rich; you cant just be financially secure. For instance, a lot of the cooking oils that people use today as a substitute for traditional animal fats, they are effectively industrial waste. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. 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. WebJust dumped half of my entire net worth into Bitcoin after researching the technology. WebPrime Meridian Capital executive team members Don Davis (CEO) and Sean Bill (CIO) discuss the success of the firm's multiple credits funds amid difficult market conditions. To the extent that this description is accurate, the parties to this money creation process have this in common: Their purchasing power isnt the governments to spend. Then on the flip side, you know, the other side of it is that as the government is constantly devaluing the currency in order to finance its spending, thats leading to a rise of the price of the valuable kinds of food, the scarce foods that are difficult to produce. 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. 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. 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 The other two can be read when users subscribe to Saifedeans membership. Is there a path for bitcoin to become the new gold standard? When students engage and say thank you, its a signal of value. 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. Check out The Once BITten Podcast Episode Page & Show Notes. Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. That means, ultimately, supply and demand, where all other money, their supplies increase at a faster annual growth rate than Bitcoin. Because, if they did, there was a lot more pound notes than there was gold backing them. 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. Close. Following 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. Its the homeowner who receives the new money and spends it, and its the banks profiting from the interest rate they charge the borrower. He and his family relocated to Lebanon when he was an adolescent. In fact, the Great Depression happened because of the abandonment of the gold standard in the 1920s and in World War I. Benji Block: Wow, that is some history and it really does set up much of what you discuss because it seems like the Fiat Standard, you would pull back the curtain and there would be these real systems and thought-through planning, but it feels like its more been this haphazard. A similar mechanism is the store-of-value argument the monetization of assets like Treasuries, stocks, and real estate when we live under a bad monetary regime. Are We on the Edge of the Economic Abyss? Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? When people think about when the world went off the gold standard, they think 1971 but in reality, it was 1914. 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. 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. This is the term thats more commonly known today in third-world countries and countries that have inflation problems than it is in the US or in Europe. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. The Bitcoin Standard is an incredible book! If a doctor is a vegan, which do they tell you about first? Importantly, that money does not accrue to the government: While its misleading to say that the Feds open-market purchases finance the governments spending outright, the Fed is adding buying pressure to the bond market that does. Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Saifedean Ammous. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu Joakim Book is a writer, researcher and editor on all things money, finance and financial history. This website is intended to showcase Dr. Ammous research in studying the economics of bitcoin, and nothing in it should be construed as investment advice. 2021 American Institute for Economic ResearchPrivacy Policy, AIER is a 501(c)(3) Nonprofit registered in the US under EIN: 04-2121305. Rating: 5 out of 5 stars. Webacademy of western music; mucinex loss of taste and smell; william fuld ouija board worth. If you look at the prices of real foods, they are going up. 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. Is there a cascading benefit of Cantillon effects, where the first recipients of new money benefit disproportionately to latter receivers? Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. His exact birthdate is undisclosed. Dr. Ammous holds a Being conscious of this helps you make better decisions. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah.