36 episódios

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.

Detailed podcast notes can be found on saifedean.com/podcast
You can purchase courses on saifedean.com/academy to join the seminar discussions

The Bitcoin Standard Podcast Saifedean Ammous

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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.

Detailed podcast notes can be found on saifedean.com/podcast
You can purchase courses on saifedean.com/academy to join the seminar discussions

    The Bitcoin Standard Podcast Seminar 5 with Michael Saylor

    The Bitcoin Standard Podcast Seminar 5 with Michael Saylor

    Join the Saifedean.com seminar as we host Michael Saylor, CEO of Microstrategy, the publicly traded company that announced it was making bitcoin its primary treasure reserve asset, and purchasing 38,250 BTC (~$425m). Saylor explains how this was a deliberate decision to put the company on a bitcoin standard.


    To stay informed of progress on Saifedean's upcoming book, The Fiat Standard, sign up on saifedean.com/email


    Saifedean's paper Michael mentioned, on Bitcoin monetization scenario, and how banks are "fiat miners": https://saifedean.com/product/report-title-2/


    All of Saifedean's research papers written after The Bitcoin Standard can be found on saifedean.com/research


    Saifedean's The Bitcoin Standard, out in 21 languages: saifedean.com/book

    • 1h 43 min
    Bitcoin Fixes This #5 - Saifedean Ammous on Off Chain with Jimmy Song

    Bitcoin Fixes This #5 - Saifedean Ammous on Off Chain with Jimmy Song

    Saifedean Ammous is the author of The Bitcoin Standard. We talk about the university system, how money has made it highly inefficient and how the internet is routing around it. Saifedean also tells us about how government money has made colleges into ineffective research institutions, how PhD students are abused as cheap labor and how competition will ultimately help everyone.

    Visit Dr. Ammous' website for information on his economics courses and upcoming books.
    https://saifedean.com

    • 59 min
    The Bitcoin Standard Podcast - Seminar 4 with Dr. Ammous for September 17, 2020

    The Bitcoin Standard Podcast - Seminar 4 with Dr. Ammous for September 17, 2020

    Seminar 4 with Dr. Ammous for September 17, 2020

    Visit saifedean.com for information on Dr. Ammous' economics course offerings, and his upcoming books Principles of Economics & The Fiat Standard.

    • 51 min
    Economics, Energy, and Bitcoin w/ Alex Epstein & Saifedean Ammous

    Economics, Energy, and Bitcoin w/ Alex Epstein & Saifedean Ammous

    In this episode of Power Hour by Alex Epstein, author of The Moral Case for Fossil Fuels, interviews Dr. Saifedean Ammous, economist and author of "The Bitcoin Standard."
    Alex and Dr. Ammous discuss a wide range of topics, including:

    How Ammous got interested in energy economics.
    What Ammous learned studying the economics of biofuels.
    Why it’s crucial to think of time as the most important resource.
    How energy relates to time.
    How economists tend to undervalue energy - and what Ammous is doing to address this.
    Additionally, they discuss several foundational issues in economics, such as the nature of money, economic calculation, the nature of value, and opportunity cost.

    Visit https://saifedean.com for more information on Dr. Ammous and his upcoming books.

    • 1h 23 min
    The Bitcoin Standard Podcast - Seminar 3 with Dr Ammous for September 10, 2020

    The Bitcoin Standard Podcast - Seminar 3 with Dr Ammous for September 10, 2020

    The Bitcoin Standard Podcast Seminar 3, September 10, 2020

    Links to all the readings mentioned in this seminar can be found on saifedean.com/podcast.


    Difficulty adjustment

    Makes the productivity of mining in bitcoin terms: 

1- Part of the consensus parameters of the network
    2- Independent of demand

    Mining of coins is more similar to a sports competition than mining. The reward is like a trophy, it is fixed regardless of how many competitors take part. Whereas in mining of natural resources, the more miners participate, the more output is produced.

    Allows for the distribution of coins to happen gradually over a century. Without it, the entire mining output could be mined early if the price rises. Which would make it unlikely to spread. By slowing down the production, it allows it to remain open and competitive for a very long time.

    The irresistible monetary juggernaut that's been growing relentlessly for 11 years and consuming all that comes in its way.

    1- Hardest money ever

    Ensures bitcoin will have the lowest supply growth rate of any money ever used.

    Highest stock-to-flow of a monetary asset ever is coming around 2025. It will keep rising from then until infinity around a century later.

    2- First strictly scarce asset

    First technology for capping the supply of anything.

    The only money whose supply is completely irresponsive to demand.

    The only thing other than human time that is strictly scarce.

    3- Adapts to the correct size

    As bitcoin grows, it ensures that the reward stays the same in bitcoin terms. As the value of the bitcoin token rises, the difficulty adjustment ensures that the rise results in an increase in the cost of mining, rather than in the output of mining.

    If bitcoin declines in value it causes the reward to drop and decreases the investment into mining. It ensures bitcoin continues at the size it needs to survive.

    If governments were to crack down on bitcoin, and all the current fiat on-rails get shut down, that could cause a significant drop in the price of bitcoin. In this situation the price drops, and the difficulty follows, and more miners stop mining. More mining goes underground and larger mines get shut down by governments. Bitcoin shrinks to a size that can hide. It could survive as a much smaller underground black market monetary system, but it would likely survive, because it no longer needs very large mining facilities. Even with a very large reduction in mining capacity, and a very large reduction in price, the difficulty adjusts downward and the blocks continue to clear every ten minutes.

    Constantly self-correcting

    No mining death spiral

    4- Essential component of bitcoin security

    Protects bitcoin from attack. It's really expensive to mess with bitcoin. You can always attack bitcoin transactions, but it's always expensive.

    Decentralizes the mining of bitcoin, making it less vulnerable to attacks and centralizations.

    5- Ruthless market efficiency at all times

    How hard it is to run a successful operation without a market signal.

    In ECO11 See lecture 7 on Prices and the Market Order, and Lecture 8 on Profit and Loss. In ECO12, see Lecture 1 on economic calculation.

    You see the essential role of prices and calculation in making economic production possible.

    Without it, it's very hard to organize economic production. It is very hard to organize a bureaucracy or agency without price signals and profits and feedback from the market.

    The difference in efficiency between private and public enterprise. When you are optimizing for dollars, it's very different from optimizing for abstract nouns.

    This means it's really hard to run a hostile mining operation. At the level of...

    • 1h 25 min
    The Bitcoin Standard Podcast - Seminar 2 with Dr. Ammous September 2, 2020

    The Bitcoin Standard Podcast - Seminar 2 with Dr. Ammous September 2, 2020

    Links to all the readings mentioned in this seminar can be found on saifedean.com/podcast.

    This seminar focuses on the economics of energy. How does the economic way of thinking help us understand the energy market, and recent events like the California blackouts. I discuss the content of the economics of energy chapter in my forthcoming textbook, Principles of Economics, and how marginal analysis can help us understand the limitations of unreliable energy sources, as well as the world's continued reliance on hydrocarbons for energy.

    To purchase access the draft of my forthcoming textbook, along with a signed hardcover copy delivered to you, click here.

    Global energy production composition, 1900-2016:
    

Alex Epstein's website, based on his excellent book The Moral Case for Fossil Fuels

    Michael Schellenberger's book: Apocalypse Never

    Alex and Michael's recent interview on the California energy crisis.

    Global Warming Policy Foundation report finds UK consumers face £2-3 Billion Annual Bill To Prevent Green Energy Blackouts.

    Report on Germany's renewables threatening its grid and economy

    Ball and Lee, Energy Aftermath

    NYU Colloquium on Market Institutions and Economic Processes

    Think Markets, the blog of the NYU Colloquium

    Robert Breedlove's blog

    Robert Breedlove's interview with Stephan Livera where they discuss Mises' contribution to Bitcoin

    • 1h 24 min

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