Tune in to peer-to-peer conversations between the brightest minds in the investing world, and tune up your portfolio. 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.". Around the time he got his masters degree, Saifedean Ammous got a job as a Teaching Assistant at Columbia University. How did he know they were out there? It almost seems in some ways like you went backwards, but you did it on purpose. I think you see this reflected across all aspects of life in the 20th century. Its very far from what a normal inquisitive brain would try and develop if theyre trying to understand things. 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. His work has been featured in the Financial Times, FT Alphaville, Neue Zrcher Zeitung, Svenska Dagbladet, Zero Hedge, The Property Chronicle and many other outlets. He and his family relocated to Lebanon when he was an adolescent. Please confirm you want to block this member. Its very far from the scientific way of looking at things. 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. Saifedean Ammous is a knowledge entrepreneur. If a doctor is a vegan, which do they tell you about first? The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. 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? 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. In 2017 and 2019, The Bank of England released some information that had been hiding in their basements for about a century. If you cant make payments for a couple of months then you get wiped out, you lose your business or you lose your house. It put together the technical, economic, motivational and related issues around Bitcoin better than anything I've seen. In the absence of hard money, Treasuries have become the second-best safe asset. Not an expert, but I think the world should have transitioned to nuclear power 30 years ago. As it started to get bigger, I wrote a book about it and then the book took off and became pretty popular. 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. 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. 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. 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 used to finance government parasites, wars, and monopoly banksters. From that point on, Saifedean followed the path of customer sovereignty and of exploring what customers identified as valuable. If we wish to know more about his career and work, we can go through his site, https://saifedean.com/. Low time preference willingness to save/sacrifice in the short terms for benefit in the longer term is an essential part of the entrepreneurial method. Saifedean Ammous is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. WebDr. To Saifedean, or Saif as his followers call him, Fiat means something more than a monetary system backed by nothing but a nation states promise to steward it well. 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. What's the point of telling us (twice) about your doctorate? But if everybody switches from eating real food to eating inferior foods, then prices arent going up all that much. 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. That is why it makes sense to get into debt. Saifedean Ammous prefers to live a private life and has not exposed his family details in the media. Type above and press Enter to search. You have to have government-approved banks and central banks and clearance mechanisms in order to allow gold to travel. Saifedean Ammous: Yeah, absolutely. 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. Dr. Ammous holds a So, as an individual you do it. (https://youtu.be/c8K994iVosQ). Thats why it makes sense for you to take out the loan for a million dollars to buy a million-dollar house because, over time, the value of the loan is going to decline in real terms, because the value of the money declines, and because the bank is making money. Hes a Bitcoin maximalist and advocate of the sound money theories of Ludwig von Mises and Austrian school economics. I mean, how else do you expect him to flex on poors? Saifedean Ammous makes Bitcoin easy to understand for everyone without getting lost in technical details. Then, the British government had a problem because how were they going to finance the war when people dont want to buy the bonds. Then Fiat money comes along and effectively reverses that process because it takes away from us the ability to provide for the future. 304. 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. He is also author of The Fiat Standard and an upcoming Web#Bitcoin will be adopted like gunpowder: if you dont own it, youll be its victim. -@saifedean. Its incredible. 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? It helps you understand why bitcoin is so special and so real. But his followers are always curious about his personal life. Now, families become less and less valuable for people because its one of these long-term things that is difficult to provide for them when you dont have a form of money that holds onto its value very well. 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. Joakim Book is a writer, researcher and editor on all things money, finance and financial history. Because his YouTube channel is new, Ammous is only estimated to make around $120 to $1,900 annually from the ad revenue. A big issue is academia has become isolated from real life How did we get here? The Bitcoin Standard is an iconic book that thoroughly explains the value of Bitcoin, and the one who wrote it is economics expert Saifedean Ammous. 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. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. As an academic, I was studying it and looking into it. 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. We'd love for you You can also join the weekly discussion seminars where we discuss bitcoin, economics, and a variety of questions and topics. And where is the compelling evidence for it that validates Saifedeans harsh words? He is a bestselling author, cryptocurrency advocate, professor and podcaster. He started a website called Saifedean.com, which features his books, courses, and membership. 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. 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. 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. In fact, the majority of dollars are not physical dollars that get printed. When I heard Saifedean was preparing a book about bitcoin I had high hopes. Specifically, everything wrong in American life stems from the money-printing that is under the governments control. Read millions of eBooks and audiobooks on the web, iPad, iPhone and Android. Though he has three books, only The Bitcoin Standard is for sale publicly. 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%. Saifedean Ammous: Yeah, no. Saifedean is an experienced guy and has worked in different companies.