34 episodes

Welcome to the audio podcasting home of Saifedean Ammous and The Bitcoin Standard.


When a pseudonymous programmer introduced “a new electronic cash system that's fully peer-to-peer, with no trusted third party” to a small Online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally-accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. 


While bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the listener 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. Exploring what gave these technologies their monetary role, and how most lost it, provides the listener with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied the collapse of a civilization. 


With this background in place, the book moves on to explain the operation of bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin's real competitive edge might just be as a store of value and network for final settlement of large payments - a digital form of gold with a built-in settlement infrastructure.


Ammous' firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders.


Saifedean's Research Papers available on SSRN
Saifedean's blog: The Saif House
Linkedin Linkedin profile
Twitter Twitter profile
Saifedean's Udemy course (with a 50% discount)
Email Notifications - http://saifedean.com/


'The Bitcoin Standard' on Amazon - https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central-ebook/dp/B07BPM3GZQ/ref=dp_kinw_strp_1


Follow the best podcasts from the best minds in the Bitcoin and Cryptocurrency space on twitter.
https://twitter.com/bitcoinpodcasts

The Bitcoin Standard Podcast Podcasting Partners Global

    • Business
    • 3.0 • 1 Rating

Welcome to the audio podcasting home of Saifedean Ammous and The Bitcoin Standard.


When a pseudonymous programmer introduced “a new electronic cash system that's fully peer-to-peer, with no trusted third party” to a small Online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally-accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. 


While bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the listener 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. Exploring what gave these technologies their monetary role, and how most lost it, provides the listener with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied the collapse of a civilization. 


With this background in place, the book moves on to explain the operation of bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin's real competitive edge might just be as a store of value and network for final settlement of large payments - a digital form of gold with a built-in settlement infrastructure.


Ammous' firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders.


Saifedean's Research Papers available on SSRN
Saifedean's blog: The Saif House
Linkedin Linkedin profile
Twitter Twitter profile
Saifedean's Udemy course (with a 50% discount)
Email Notifications - http://saifedean.com/


'The Bitcoin Standard' on Amazon - https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central-ebook/dp/B07BPM3GZQ/ref=dp_kinw_strp_1


Follow the best podcasts from the best minds in the Bitcoin and Cryptocurrency space on twitter.
https://twitter.com/bitcoinpodcasts

    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.

    • 1 hr 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...

    • 1 hr 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

    • 1 hr 24 min
    Why Bitcoin Now Saifedean Ammous on Why Bitcoin is the Most Advanced Form of Money - Ep.187

    Why Bitcoin Now Saifedean Ammous on Why Bitcoin is the Most Advanced Form of Money - Ep.187

    Saifedean Ammous is an economist and the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, which has been translated into 20 languages. In this episode, he discusses:
    the basic tenets of Austrian economics and why it is the only school where Bitcoin is possible
    historical examples of currencies and how they lost their monetary value
    the stock-to-flow model and how Bitcoin fits into that model
    the three functions, or descriptive properties, of money and why Bitcoin fulfills these functions
    the concept of sound money
    the idea of time preference in economics and why he believes it is so important
    the distinction between debt and money, and why they are not the same
    the significance of difficulty adjustment and why he believes it is the crowning achievement of Bitcoin
    why he views Bitcoin as the best store of value humanity has ever invented
    the metrics he watches when assessing Bitcoin
    what he thinks is in store for Bitcoin in the future, and whether he still thinks central banks will buy Bitcoin as a reserve currency
    his thoughts on Ethereum and other digital currencies
    and his predictions for Bitcoin in the next year

    Thank you to our sponsor!
    Crypto.com: https://crypto.com/

    Episode links:
    Saifedean Ammous: https://twitter.com/saifedean
    Saifedean’s website: https://saifedean.com

    The Bitcoin Standard: https://saifedean.com/book/

    Invest Like the Best episode with Saifedean: http://investorfieldguide.com/ammous/

    What Bitcoin Did episode with Saifedean: https://www.whatbitcoindid.com/podcas...

    Plan B’s stock-to-flow model applied to Bitcoin: https://medium.com/@100trillionUSD/mo...
    https://medium.com/@100trillionUSD/bi...

    Essay on why the stock-to-flow model is wrong: https://www.coindesk.com/why-the-stoc...

    • 1 hr 5 min
    Dr. Saifedean Ammous' Saifedean.com Discussion Seminar August 20, 2020

    Dr. Saifedean Ammous' Saifedean.com Discussion Seminar August 20, 2020

    Starting this week, the Bitcoin Standard podcast will be releasing a recording of the weekly saifedean.com weekly discussion seminar. The seminar is open to anyone taking courses from saifedean.com, and focuses on discussing the material of the courses, as well as more broader discussion of Bitcoin, Austrian economics, and various current affairs.

    Main points on Monarchy vs Democracy

    1.Time preference
    2.Security of property
    3.War
    4.Democracy has perverse selection
    5.Democracy legitimates government
    6.Kings don't owe anybody anything
    7.Rise of civilizations under monarchy

    Relevant quote from Hoppe: "Traditional monarchies only resemble dictatorships superficially. Instead, dictatorships are a regular outgrowth of mass democracy. Lenin, Stalin, Hitler, and Mao were distinctly democratic rulers as compared to the former Emperors of Russia, Germany, Austria, and China. Indeed, Lenin, Stalin, Hitler, and Mao (and almost all of their smaller and lesser known successors) were outspoken in their hatred of everything monarchic and aristocratic. They knew that they owed their rise to democratic mass politics, and they employed democratic politics (elections, referenda, mass rallies, mass media propaganda, etc.) throughout their reign."

    Further Readings:
    Hoppe, Democracy: The God That Failed
Hoppe, Political Economy of Monarchy and Democracy
    Hoppe, The Myth of National Defense
    Erik von Kuehnelt-Leddihn, Monarchy and War
    Leland Yeager, A Libertarian Case for Monarchy


    On MicroStrategy's purchase of Bitcoin, see my recent email to my mailing list.

    Here is the wikipedia page of the founder of Harvard's nutrition department, which contains amazing insights into his and his universty's contributions to the promotion of industrial sludge as food.

    • 1 hr 17 min

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