Saifedean's The Bitcoin Standard Podcast is the place to discuss Bitcoin and economics from the Austrian school's perspective.
Listen to the weekly saifedean.com discussion seminar, where a group of learners from all over the world discuss the website's online courses, as well as a wide variety of economic, political, and social issues, and occasionally host special guests for the discussion.
The podcast also includes the most interesting interviews conducted with Saifedean on other shows.
64. Fiat economic models
This seminar discusses the problems of economic modeling, using examples from environmental, energy, and macro economics. Saifedean explains how his graduate school experience trying to model energy markets led him to appreciate Mises' calculation problem and the problems of complex quantitative predictive models. What are the problems with attempting to quantify economic and environmental impacts of different fuels? Are the models being applied to bitcoin mining useful? As these absurd models bring fear-mongering to bitcoin mining, will they change bitcoin, or will their flimsy foundations be exposed by the kind of people who like to use a technology built on 100% verification and 0% trust?
The Skeptical Environmentalist by Bjorn Lomborg
Bjorn Lomborg on Twitter: @BjornLomborg
The Bitcoin Standard Podcast episode Allen Farringdon’s Adventures with Fiat Intellectuals
Dynamic stochastic general equilibrium modelling on the short-term impact of a vote to leave the European Union by HM Treasury
Article explaining forecast failures by the Spectator
63. Bitcoin efficiency and cost-benefit analysis
We often hear bitcoin is a waste, but rarely will someone present a full accounting of all the costs and the benefits associated with bitcoin. In this seminar, based on a chapter from upcoming The Fiat Standard, Saifedean attempts a full accounting of the costs that go into making bitcoin work, from electricity to infrastructure, and compares them to the benefits bitcoin provides: appreciating savings, money transfer, and most importantly, obsoleting fiat money, with its massive costs. We estimate fiat inflation costs the world around 2.5% of global wealth per year, and has incalculable costs with rising time preference, economic distortion, activist government, and conflict. We also discuss how to best think about bitcoin's efficiency, and why it can be approximated by the stock-to-flow ratio!
The Bitcoin Standard podcast episode on stock to flow: https://saifedean.com/podcast/33-stock-to-flow-a-deeper-look/
The Bitcoin Standard podcast episode on CPI: https://saifedean.com/podcast/52-what-is-cpi-good-for/
62. El Salvador on The Bitcoin Standard
In this episode Saifedean talks to regular seminar attendees about El Salvador’s recent adoption of bitcoin as legal tender. They discuss how this is a test of the importance of legal tender laws for monetary choice, and the drawbacks of legal tender laws. Will this hasten bitcoin's adoption in daily transactions? Or will it encourage hodling? What impact would wider use of bitcoin have on El Salvador’s exports? Why are governments without their own currencies more likely to adopt bitcoin? Can bitcoin inspire a populist anti-inflationist political movement in Latin America? They also touched on recent media reports about recovery of bitcoin from colonial pipeline hackers.
Jack Mallers talk at Bitcoin 2021 conference during which president Nayib Bukele announces bitcoin will become legal tender in El Salvador: https://youtu.be/_59hrgTiRJU
Jordan Schachtel article on colonial pipeline hack: https://dossier.substack.com/p/the-colonial-pipeline-hack-the-russians
61. Why bitcoin can’t be controlled by councils
In today’s seminar Saifedean talks to regular seminar attendees about the Bitcoin Mining Council: a recently formed group of North American bitcoin miners that aims to “promote energy usage transparency [and] accelerate sustainability initiatives worldwide.” They discuss why centralized attempts to alter bitcoin are unlikely to succeed without broad community consensus, what we can learn from the proposed SegWit2x software upgrade of 2017, and why the claims of some popular green energy initiatives are dubious.
Article on establishment of Bitcoin Mining Council: https://www.newsbytesapp.com/news/business/musk-s-bitcoin-mining-council-promises-sustainability/story
The Blocksize War by Jonathan Bier: https://blog.bitmex.com/the-blocksize-war-chapter-1-first-strike/
60. Bitcoin and the Rise of Central Bank Digital Currencies with Simon Dixon
In this episode Saifedean talks to Bitcoin Angel investor Simon Dixon about central bank digital currencies and Bitcoin in the context of today’s economy. They cover why CBDCs represent a radical monetary reform that would give governments unprecedented surveillance power, how the IMF is struggling to find relevance, why Bitcoin represents a lifeboat during times of uncertainty, and why we’re living in the most exciting time in financial history.
Simon’s Emergency Broadcast - IMF calls for Bretton Woods Monetary Renegotiation As Predicted https://youtu.be/enmHW4gCkAY
Simon’s website: https://app.bnktothefuture.com/about
IMF Announcement of New Bretton Woods Moment: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment
Bank of England Bank Charter Act of 1844: https://web.archive.org/web/20101203090327/http://www.bankofengland.co.uk/about/legislation/1844act.pdf
59. Bitcoin: The Most Islamic Form of Money? with Harris Irfan
In today’s episode Saifedean talks to former investment banker and author of Heaven’s Bankers, Harris Irfan. They discuss Harris’ decades of experiences in Islamic finance and what sparked his interest in bitcoin as a Muslim. Harris explains why bitcoin might be the most sharia-compatible money, why the decentralized nature of bitcoin should be appealing to Muslims, and what Islamic scholars get wrong about bitcoin. We then discuss whether a hard free market money like bitcoin would make finance more equity-based than debt-based.
Harris’ book Heaven’s Bankers: https://amzn.to/3wtxRVz
Harris’ personal blog: https://islamicmarkets.com/pages/heavens-bankers
Harris’ 2019 article, Cryptocurrency and the Future of the Islamic Economy: https://islamicmarkets.com/articles/cryptocurrency-and-the-future-of-the-islamic-economy-1
I am new to crypto as a whole, it’s weird that I’ve been hearing about it tangentially for years and never actually researched it! I really appreciated the professor debate, much different than just a hype show, great job
A bit too mean spirited
Great info on btc, but the host/author has a very one sighted and evil approach to dealing with other subjects. For example he claims electric cars are a hoax. He also mocks vegans forgetting that perhaps vegans care about animal suffering more than the environment. Good stuff when he sticks to his wheelhouse. I enjoyed his book. I wish he were nicer and more open minded.
Saife tells it like it is and has the facts to back it up. Love every episode!