Saifedeans first customers were students in his university classes. Edit: thanks for all the positive feedback, didnt mean to come off as pretentious mentioning my background my apologies. How Much Saifedean Ammous Worth? 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. Saifedean Ammous: Exactly, the GDP number go up. Saifedean Ammous: Yeah, no. The Microstrategy CEO regularly advocates publicly for Bitcoin, and according to public record, he and his billion-dollar business intelligence firm have invested just shy of $1 Billion dollars into the worlds first and original triple-entry accounting system Bitcoin. Saifedean Ammous: Yeah, absolutely. Saifedean Ammous: Yeah. 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 Archived. That additional demand, over and above what a hypothetical world of investors and savers would want to hold, lets the US government run bigger deficits at smaller costs. WebSaifedean Ammous is Assistant Professor of Economics at the Lebanese American University. 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. Entrepreneurs were able to accumulate capital in the form of wealth stored in hard money to finance their innovations. Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. modern fiat money is not conjured out of thin air through government fiat. He isnt a fan of other altcoins like Ethereum or Ripple and advises people to avoid them. Well, the Feds open-market purchases are conjured out of thin air by decree (i.e. Ammous is a brilliant and concise teacher of Austrian school economics, and I cannot recommend his courses highly enough. 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 of this, Saifedean Ammous quit his teaching job and focused his efforts on crypto advocacy. As a company, all companies are constantly borrowing, governments are constantly borrowing, everybody is in debt and thats just how the system works. Detailed podcast notes can be found here. Contra Krugman: Demolishing the Economic Myths of the 2016 Election. As a result, they develop the mind-set of spending on useful things, Economical and personal decision making shifts towards building for the future and people cooperating with one another, Bitcoin lowers peoples time preference as they start to appreciate the opportunity cost of giving away something that is scarce, even if it is volatile, People share stories of quitting addictive behaviors like smoking or drinking and putting the money into Bitcoin instead , A hangover is Satoshis way of reminding you that you couldve been buying Bitcoin instead with the money that you spent on alcohol.. Although Saifedean Ammous has not revealed his income, so his net worth remains under review. Saifedean is an experienced guy and has worked in different companies. In addition, Saifedean associates the Austrian concept of lowering time preference with entrepreneurial success. He also started The Bitcoin Standard Podcast. Saifedean Ammous. WebShout out to Matt Homewood for continuing to fight food waste - bins full of good food is absolutely insane. 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, this is a key point in my first book, The Bitcoin Standard. (Today I recommend The Bitcoin Standard, this book is the best and most important to understand Bitcoin.). The benefits to the people involved are clear: the home buyer doesnt have to save up before purchase; the homeowner can sell to a larger range of people and get a higher price; and the buyer pays the bank interest for decades to come. 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. The Bitcoin Standard is a great book. So then next year becomes less uncertain. People had better things to do than spend their money on fighting pointless wars in Europe. The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian schools perspective. Genuinely think Blockchain is going to change the world. Suggest an edit Podcast Credits The Bitcoin Standard Podcast TRIGGERnometry The Jordan B. Peterson Podcast Impact Theory with Tom Bilyeu 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. Use networking and influencers rather than conventional advertising and marketing to drive expansion. You know, you eat a corn seed, basically, because you dont know if you are going to be able to save it until tomorrow. Benji Block: Wow, its fascinating to hear you draw those conclusions and see how money is underlying all of that. However, YouTube is not his main income source. 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. Join as member+ and also attend Saifedean Ammouss age has not been disclosed on any social media platform, so his age remains a mystery. Posted by 1 year ago. Then hard money is the dollar or the Euro, which the local central bank cannot print. A big issue is academia has become isolated from real life How did we get here? 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. Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever. 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. There is a much bigger scope for conducting many, many, many more transactions across the world with Bitcoin. Get notified of new articles from Joakim Book and AIER. If youre an American doctor, your estimated net worth at age 25 is probably negative 250k. 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. Ammous holds a Ph.D. in Sustainable Development from Columbia University. Press Esc to cancel. 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 Ammouss Wikipedia page has not been featured on any 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. So, you get 10 years from now, were going to have a lot more dollars, a lot more euros, a lot more liras and pesos and all of these currencies, but were only going to have a very small amount of increase in the supply of Bitcoin. Saifedean Ammous: Yeah, I guess the big issue was really the money and in particular, after the 2008 financial crisis. Ammous said that even though altcoins have emerged that may have possessed superior technology So, government money can travel much faster than gold because it has the license of government. Tax ID# 52-1263436, Saifedean Ammous on Knowledge Entrepreneurship, Economic Calculation In The Socialist Commonwealth, An Austrian Perspective on the History of Economic Thought, 2 Volumes, Economic Depressions: Their Cause and Cure, A History of Money and Banking in the United States Before the Twentieth Century, Man, Economy, and State, with Power and Market, The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions, Bourbon for Breakfast: Living Outside the Statist Quo, Busting Myths about the State and the Libertarian Alternative, Chaos Theory: Two Essays On Market Anarchy, Cronyism: Liberty versus Power in Early America, 16071849, Free Private Cities: Making Governments Compete For You, From Aristocracy to Monarchy to Democracy, It's a Jetsons World: Private Miracles and Public Crimes, Left, Right, and the Prospects for Liberty, Mises and Austrian Economics: A Personal View, The Myth of National Defense: Essays on the Theory and History of Security Production, No Treason: The Constitution of No Authority, Organized Crime: The Unvarnished Truth About Government, Pearl Harbor: The Seeds and Fruits of Infamy, The Politics of Obedience: The Discourse of Voluntary Servitude, A Short History of Man: Progress and Decline, Vices Are Not Crimes: A Vindication of Moral Liberty, Reclamation of Liberties: Revisiting the War on Drugs, Inflation: Causes, Consequences, and Cure, Taxes Are What We Pay for an Impoverished Society, Why Austrian Economics Matters (Chicago 2011), The Truth About American History: An Austro-Jeffersonian Perspective, The Rosetta Stone to the US Code: A New History of Taxation, The Economic History of the United States, The Politically Incorrect Guide to American History, The American Economy and the End of Laissez-Faire: 1870 to World War II, Crisis and Liberty: The Expansion of Government Power in American History, Radical Austrianism, Radical Libertarianism, The History of Political Philosophy: From Plato to Rothbard, Microeconomics From an Austrian Viewpoint, The History of Economic Thought: From Marx to Hayek, The Life, Times, and Work of Ludwig von Mises, The Austrian School of Economics: An Introduction, Introduction to Economics: A Private Seminar with Murray N. Rothbard, Introduction to Austrian Economic Analysis, Fundamentals of Economic Analysis: A Causal-Realist Approach, Austrian Economics: An Introductory Course, Austrian School of Economics: Revisionist History and Contemporary Theory, After the Revolution: Economics of De-Socialization, The Federal Reserve: History, Theory and Practice, The Twentieth Century: An Austrian Critique, The Truth About War: A Revisionist Approach, The Economic Recovery: Washington's Big Lie, The 25th Anniversary Celebration in New York, How to Think about the Economy: Mises Seminar in Tampa, The Ron Paul Revolution: A Ten-Year Retrospective, Against PC: The Fight for Free Expression. In Saifedeans case, the transformative event was Bitcoin, the study of which opened up a deeper understanding of hard money and low time preference. Saifedean and Cedric sit down to discuss This work is licensed under aCreative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. When you cant save, then you cannot provide for your future so you tend to live day-to-day and moment-to-moment. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. 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. Over $100 billion in direct funding is not nothing, obviously, but its far from the free-for-all money spree that Fed critics like Saif sometimes imagine. Moving onto the Saifedean Ammous wife, he is a married man. Benji Block: I love that your curiosity led you to continue down that path because for many, when something doesnt make sense, they stop there. Saifedean Ammouss Wikipedia page has not been featured on any social media platforms despite his popularity in todays world. We went from a 2% increase per year to about a 14% increase per year in the supply of the money that we have. How can the government make you think that inflation isnt very high? 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. 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. WebSaifedean Ammous is a world-renowned economist and author of The Fiat Standard: The Debt Slavery Alternative to Human Civilization, The Bitcoin Standard: The Decentralized Alternative to Central Banking and the forthcoming textbook Principles of Economics. 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. 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.". WebThe 20th century saw economic booms and shocks that caused governments worldwide to develop new systems for managing systemic risk while encouraging growth of the private sector. Everything thats broken receives fiat money, with the implication that fiat is the reason theyre broken. He has a keen interest in Austrian You know, gold doesnt keep up with inflation. Remember, Keynesian economics is just one big giant obsession with getting GDP up and exports is positive on Background Saifedean was born in the State of Palestine and spent most of his childhood in Ramallah. We discuss the history of the Fed, 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. House of Cards: Has the US Economy Recovered? 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. In fact, the majority of dollars are not physical dollars that get printed. Is there a path for bitcoin to become the new gold standard? Prices range from $15 per month for beginners to $1,000 per year for the Institutional subscription. 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. Put in context, over a longer time frame (and not specific markets like TIPS), that looks less compelling: This is the federal governments expenditures (in millions) and the yearly increases in the Feds balance sheet (also in millions). It leads to the third part of the book is about Bitcoin and about how Bitcoin rises within Fiat, informed by the first two parts. Saifedean Ammous: I used to be a university professor in economics and then I wrote a book about Bitcoin. Sound money holds its value and lowers the time preference of society This has significant implications: People are encouraged to save and defer consumption. WebThere is still gold but most peoples net worth is still in local currency. Saifedean Ammous is an assistant professor of economics at the Adnan Kassar School of Business at the Lebanese American University and a member of the Center on Capitalism and Society at Columbia University. Saifedean Ammous Become a member of academy.saifedean.com to take the online course The Fiat Standard for $15/month or $100/year. 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. Or, if you default your loan, you cant pay your bank back. Was it a conscious decision to come out with the Bitcoin Standard first then, knowing you were going to go into the Fiat Standard? 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. So, theres clear consequences and this idea of time is one of them. 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. They self-selected via Saifedeans twitter feed. He started a website called Saifedean.com, which features his books, courses, and membership. Feb 23, 2023 @saifedean. Understanding you are your own worst enemy and best ally is liberating Why? 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. Contributions are tax-deductible to the full extent the law allows. Saifedean Ammous is a knowledge entrepreneur. In fact he believes Ethereum competes more with Amazon Web Services than Bitcoin. Saifedean Ammous: Thank you very much for having me, its a pleasure. Dr. Saifedean Ammous gave us the definitive book on digital money with The Bitcoin Standard, a must-read for anyone interested in monetary tech and worried about ruinous fiat regimes. 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. How Financial Advisers Should Think About Bitcoin with Morgen Rochard. In his new book The Fiat Standard, its clear that Saifedean Ammous thinks all bad things come from the government. Indeed, Saifedean has added an enormous fortune to his account with his multiple works. 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.