Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of https://saifedean.com/. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. 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. Hes just released a new book, titled, The Fiat Standard and Saifedean, were so glad to have you here today. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been translated into dozen of languages. Please confirm you want to block this member. Podcast Notes isnot associated or affiliated with the source podcast (unless otherwise stated). 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. Saifedean Ammous Are We on the Edge of the Economic Abyss? Also, he has not announced anything about their children. Webby Saifedean Ammous. Saifedean and Cedric sit down to discuss Please note: 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. Close. Bitcoin is the solution for this because its a form of money that is debt-free. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? 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. Debate with Saifedean Ammous, Steve Hanke, and Hong Fang . Bitcoin is a sophisticated technology whose ownership requires an understanding of complex technologies and tools. I think you see this reflected across all aspects of life in the 20th century. People always have a positive time preference (aka: Value the present over the future) The question is by how much? Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. This content is reserved for the thousands of visionaries supporting the financial revolution. 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. Saifedean Ammous is author of the seminal book,The Bitcoin Standard, which has been Jeff Deist and Saifedean Ammous discuss the crypto technology revolution and private money. Saifedean Ammous #sustainability Get Saifedean Ammouss new book, The Fiat Standard,at Amazon.com. Posted by 1 year ago. How Much Saifedean Ammous Worth? WebAbout Bitcoin Quotes This is a curated list of quotes that highlight key ideas in Bitcoin and related areas. Filmed on October 9, 2019 in New York. 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. Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. Granting him some linguistic leeway, government money printers or access to an infinite credit printer doesnt seem to cut it either. The next step was and that The Bank of England effectively started confiscating the gold from people in England and it was a systematic process over five years from 1914 to 1919 where post offices and banks were told to take payment in gold and only give payment in banknotes in order to try and reduce the amount of gold in peoples hands and take the gold for the Bank of England to allow the Bank of England to keep the exchange rate between the banknotes and gold fixed and have to finance the war effort. 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). 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? Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Contributions are tax-deductible to the full extent the law allows. Basically, we have like 100 years now to look back on and we can analyze The Fiat Standard. 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. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. But his followers are always curious about his personal life. The Bitcoin Standard : r/Bitcoin Digital | Free Full-Text | Faux Semblants: A Critical Outlook on the Press Esc to cancel. 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 Wikipedia: Heres All About The Author Saifedean Ammous: It was just something that I found very interesting early on. I think you present some great thoughts there, but you talk about even maybe shorting the Fiat System. However, YouTube is not his main income source. Ammous touches on the far-reaching implications of various monetary systems and singles out the paradoxes of Keynesianism for an intense critique. WebDr. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. 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. He is also host of the Economics for Business podcast. How can the government keep CPI statistics down? From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. New comments cannot be posted and votes cannot be cast. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. Saifedean Ammous is a bestselling author, professor and one of the most well-respected economists in the world. Parenting challenge: Left to their own devices, kids will eat Twinkies and watch TV all day. 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 Ammous: Thank you. A couple of interesting historical tidbits, this isnt a history book, but I begin the book with a couple of interesting historical stories about how this financial system came about. Saifedean Ammous - YouTube 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. 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. Become a parent (Suddenly you care about the future, even beyond your own lifespan), In raising children, Saifedean emphasizes tying rewards to actions We cant do what we want to do until we do what we have to do first, The Internet allows you to learn things directly from anywhere, Saifedean utilizes this by teaching economics courses outside of mainstream academia, Bitcoin is a complicated animal, you could argue no one understands it completely , The book puts together all his ideas and views on Bitcoin. to join us. Coffee Meets Bagel Net Worth 2023 Is the, The Baby Toon Net Worth 2023 What Happened, Numilk Net Worth 2023 What Happened After, Diana and Roma Net Worth 2023: How Rich are the, RokBlok Net Worth 2023 What Happened After. 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. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. This is the Author Hour, Im your host Benji Block and today, were honored to have Saifedean Ammous on the Author Hour with us. 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. 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. His exact birthdate is undisclosed. Laguna Beach CA 92651 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. It wasnt like that. 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. Saifedean Ammous, the author of The Bitcoin Standard, is also the founder and CEO of. He teaches economics and hosts a podcast through his website, saifedean.com. A really really good book. 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. That is why it makes sense to get into debt. You know, we all grew up being told by our grandmothers that you shouldnt get into debt. Ep 58 | Digital Money Comes of Age with Dante Disparte of Circle 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. 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. Ammous specifically cited how fiat inflation is used primarily for the needs of the government, saying that The cost of fiat is currently 3.5% of all global wealth, and is It is essential reading for anyone interested in learning the role Bitcoin could play in a future regime of free and sound money. I dont want to have anything to do with it and I am going to buy gold because gold is nobodys liability, it holds its value and its better to just be in gold. But it turns out that has not worked out. You should spend only the money that you have, but it turns out grandma was wrong. Because it is less uncertain, you start thinking about next year. How did he know they were out there? Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. Is there a path for bitcoin to become the new gold standard? 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. 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. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. It helps you understand why bitcoin is so special and so real. Benji Block: Rewind for me for a second; what originally got you interested and intrigued about economics as a whole? Saifedean Ammous is a knowledge entrepreneur. We have a time preference because we are mortal, lowering ones time preference means thinking longer term (Valuing the future over the present). 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. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. Most countries dont maximize their seigniorage revenue, precisely because of the political backlash that accompany such extractive inflation regimes. Most importantly, regime higher education was customer-less: it did not provide value for customers, because that was not its purpose. Saifedean Ammous: Im very active on Twitter @saifedean as well as on my website, saifedean.com, and there is also a mailing list on my website you can sign up for, where you can take my courses on the website and yeah, my book should be out now. Agricultural Subsidies: Down on the D.C. Farm, Austrian Economics and the Financial Markets (2010), Austrian Economics and the Financial Markets (1999), Central Banking, Deposit Insurance, and Economic Decline, Choice in Currency: A Path to Sound Money, Depression, Monetary Destruction, and the Path to Sound Money, Despots Left and Right: The Tyrannies of Our Times, The Current Crisis: an Austrian Perspective, Strategies for Changing Minds Toward Liberty, The Coming Currency Crisis and the Downfall of the Dollar, Review of Austrian Economics, Volumes 1-10, Individualism in the Age of the Smart Machine, Lipton Matthews: una perspectiva global de 5 vas sobre innovacin y emprendimiento en los EUA, History of the Austrian School of Economics. Get notified of new articles from Joakim Book and AIER. The Fiat Standard: The Debt Slavery Alternative to Human Civilization The vast majority are digital entries on ledgers of banks that are all connected to the Central Bank and the way that these dollars come into existence is through lending. We discuss the history of the Fed, Connect with Saifedean at saifedean.com and on Twitter at@saifedean. WebDr. The question remains: Where is all the supposed money coming from? WebJust dumped half of my entire net worth into Bitcoin after researching the technology. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on You see it in how our art, you know, people spend a lot less time working on their art or on their music as they did in the 19th century. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. 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. WebBitcoin 101: Special Guest Morgen Rochard, CFA. Because, if they did, there was a lot more pound notes than there was gold backing them. Whereas the dollar is harder because nobody in the local economy can make more of it and the foreign central banks that make it are a lot more restrained in its production. Heres my conversation with Saifedean Ammous. This, of course, led to rises in prices. Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. Archived. Later that year, he was promoted to an Assistant Professor of Economics in his main job at Beirut. So then next year becomes less uncertain. Join as member+ and also attend The ability of people to plan for the future is compromised because the future is far more uncertain in this kind of world. He develops effective memes and ideas. 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. Although bitcoin can be used to purchase things in transactions, it really doesnt matter if that happens or not. He is considered one of the greatest investors in FREE when you join over 50,000 subscribers to the Podcast Notes newsletter. 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. Alexandr Govorovski on LinkedIn: #sustainability It explains why its interesting and why it matters, The book is dedicated to his daughter, to immortalize his thoughts in writing for her, to have forever, Looking to the future, 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. , It will be like the plumbing system, vital but unseen. 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? why was waylon jennings buried in mesa az; chop pediatric residency Further, everyone, according to Saif, is on the Federal Reserves payroll, or is somehow a beneficiary of its infinite credit line. Even the International Monetary Fund is not safe, which seems strange given that it runs its own unit-of-account currency (Special Drawing Rights).*. 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. 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. Benji Block: If this is the water that were swimming in, how do we maybe change our approach? So, as an individual you do it. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. 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. 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. 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. worth Regulated Bitcoin vs. Real Bitcoin with Obi Nwosu (WiM233) The Immaculate Conception: Bitcoin vs Fiat Standard | Dr. Join as member+ and also attend weekly seminars discussing the course & hosting special guests for Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. 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. 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. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. Saifedean Ammous: Yeah, absolutely. As of 2022, Saifedean Ammous has an estimated net worth of $2 million. The reason that this Fiat System didnt collapse and get replaced by gold, is that you just cant send gold around the world. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Benji Block: Yeah, Id love actually to go right there because you do talk about several things. So, you know, they want you to do that and so theyre going to cut you in on some of the profits of making that bank. 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. 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. The smartest people in markets, finance, economics, and business engage in deep-diving discussions about the global macro landscape, generating actionable takeaways that can help your decision-making process. 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. BlockBurn @agoldenliger 5 months ago @QuestioningBTC @schulzzy #Bitcoin doesnt discriminate. You said, Anyone who finds a way to get other people into debt, profits not only from a positive interest rate return but also bringing new money into existence. The Bitcoin Standard: The Decentralized Alternative to Central Joseph (@bruhh_austin) / Twitter 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. This is also one of the key points of The Bitcoin Standard, which is that as money gets harder. don't trust anyone, verify everything for yourself. 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. The Bitcoin Standard: The Decentralized Alternative to Central He is a bestselling author, cryptocurrency advocate, professor and podcaster. 250 Division Street | PO Box 1000Great Barrington, MA 01230-1000, Press and other media outlets contact888-528-1216[emailprotected]. Find motivation in what you are passionate about. The Bitcoin Standard was published in 2018, and it was known as groundbreaking research on the history of economics and Bitcoin. They used to eat more meat back in the 19th century, and meat is the most nutritious thing that you could eat. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. Saifedean Ammous: Yeah, I think one of my favorite topics is food and I think in the 20th century, weve moved toward eating all of these substances that we think of as food and that are promoted by food, and that governments have subsidized and promoted heavily and told us to eat, but really, theyre not really healthy foods. https://traffic.libsyn.com/secure/authorhour/Saifedean_Ammous_1.mp3, The Moral Case for Fossil Fuels: Alex Epstein, All the Presidents Taxes: Charles Renwick.