I found you and your podcast channel through the Lex Fridman podcast. Your thinking, ideas and communication are excellent. You are now my favorite anarchist economist.
I just listened to the your book. Fantastic!! It confirms what I have believed for decades and backs it up with real arguments. This will be very helpful as I defend these ideas to my socialist and Keynesian friends. How do you believe advances in computing technology such as quantum computing would impact Bitcoin? What happens to orphaned coins where the owners have lost control over them?
Nothing happens to them. They can never be moved or spent again. They are therefore 'lost' forever. This reduces the effective supply and increases the value of the remaining supply in proportion to the percentage of supply that has been lost. Those that have been careless and foolish enough to have lost their money will therefore have made an equitable donation of it to everyone else in the economy. Exactly as it should be in a just and equitable economic system that is not rigged in favour of anyone. Tell that to your socialist and Keynesian friends, as well!
First of all Enjoyed listening to your audio book and just wanted say , that was the reason im into bitcoin And I believe in it , but question is this . What’s wrong having different kind of networks similar ! (Similar not identical) to bitcoin to sever different area in different way and if they win and serve humanity why not ? Also do you believe , bitcoin would be able to play just rule of asset or can evolve to different usage ? With listening to your interview with dr Peterson madr be think that you haven’t been Interested to other side that night growing fast and still people don’t like even to pay attention Or Or something we don’t know bitcoin that you know and makes us more bitcoin maximalist
Your passionate advocacy for bitcoin makes 'wimpy' the desire to return to gold as money, as Hoppe's argumentation ethics made 'wimpy' Rothbard's natural law ethics. Oh!! the implications of governments even daring to fight the competition from bitcoin. Rothbard would be triumphantly smiling somewhere.
@Saifedean Ammous at apx 8:49 you say that the gov banned the ability to set-up gold-based banks and forced fiat currency - wasn't there also a problem with gold-based banks being able to lend out 10x times their reserve amount in the form of promisory notes - something which happened before the 20th century? Wasn't this also a problem in terms of the impact that was had on society?
Bitcoin is decentralized- there is nowhere to go and no one to talk to about shutting it down. It can’t be stopped. Govts could make it illegal- but if other countries adopt it and benefit from it- the country with the ban will just fall behind. It would be like a country banning the internet. There’s a lot of info out there about this very topic. Very interesting.
what mr Ammous fails to see is that money was orginally created to be a tool for power and not as means of exchange ... the first money was in the form of debt (read ancient Sumerian accounts and what economist Michael Hudson had to say about that) and not coin or any other form of solid or virtual currency .... when kings and emperors started minting coins they imposed it on their constituencies to get work and military service from them thru taxation ... Taxes were never meant to finance public works but were a mechanism to extract that kind of committment from the plebe and for creating artificial scarcity (it is politically dangerous to let the poor have too much money :D) ... Power and money go together and assuming that simple citizens may finnaly be able to free themselves from that millenial tyranical matrix is very optimistic to say the least ... but i truly hope I am wrong
I hope you are wrong too! So I am putting my money on bitcoin! I hope to see you on the moon! Will the governments stop bitcoin or not? That is the question!🤠
Bitcoin is a fictional asset. Bitcoin is currency, not money. Money is a valuable commodity (store of value), currency is a claim check on that valuable commodity that can be traded (means of exchange). People who tell you Bitcoin is money do not understand this. Bitcoin lacks the features that allow currencies to provide value, namely face and redemption. Rather, each BTC is a claim check for nothing whatsoever. It's a perfectly secure 0 dollar bill. All Bitcoins are imagined into existence as nodes solve computations. 100% of the value of the network has to be paid to these nodes because they imagine 100% of the BTC and you can only get some by buying it from them. Any mechanism where zero effort gets you insanely large rewards is probably a Ponzi. If you think spending your real assets on this fictional claim check to nothing is going to make you rich, despite nodes eating big chunks of value, where are the real resources going to come from? Who is going to manufacture your sports car in Bitcoin world? If there's a ton of BTC trillionaires won't they bid the price of lambos and champagne to the moon as well?
I found you and your podcast channel through the Lex Fridman podcast. Your thinking, ideas and communication are excellent. You are now my favorite anarchist economist.
Excellent explanation.
Thank you for great quality content on RUclips!
Saif is the Sword that will destroy this fiat system
You always bring the real deal thanks for the insight I have purchased your book for the deep dive down the rabbit hole
This also explains very well why bitcoin is rising faster in value than all other assets.
Every person should read the bitcoin standard!!!
I just listened to the your book. Fantastic!! It confirms what I have believed for decades and backs it up with real arguments. This will be very helpful as I defend these ideas to my socialist and Keynesian friends. How do you believe advances in computing technology such as quantum computing would impact Bitcoin? What happens to orphaned coins where the owners have lost control over them?
Nothing happens to them. They can never be moved or spent again. They are therefore 'lost' forever. This reduces the effective supply and increases the value of the remaining supply in proportion to the percentage of supply that has been lost. Those that have been careless and foolish enough to have lost their money will therefore have made an equitable donation of it to everyone else in the economy. Exactly as it should be in a just and equitable economic system that is not rigged in favour of anyone. Tell that to your socialist and Keynesian friends, as well!
Thank you for this informative video!
You are a great educator my friend. The enlightened salute you x
I've always been a Saif fanboy. But now im a student.
Are there really no gold based banks? Is it banned outright, or just made too onerous with taxes?
What incentive do people have to mine (verify transactions) once all the bitcoin is distributed?
wish i found you earlier. do you have free physical copies of the book you can spare? I have many friends to orange pill up still haha.
First of all Enjoyed listening to your audio book and just wanted say , that was the reason im into bitcoin
And I believe in it , but question is this . What’s wrong having different kind of networks similar ! (Similar not identical) to bitcoin to sever different area in different way and if they win and serve humanity why not ?
Also do you believe , bitcoin would be able to play just rule of asset or can evolve to different usage ?
With listening to your interview with dr Peterson madr be think that you haven’t been Interested to other side that night growing fast and still people don’t like even to pay attention Or Or something we don’t know bitcoin that you know and makes us more bitcoin maximalist
So, gold inflation is 1.5 or 2% at year.
Your passionate advocacy for bitcoin makes 'wimpy' the desire to return to gold as money, as Hoppe's argumentation ethics made 'wimpy' Rothbard's natural law ethics. Oh!! the implications
of governments even daring to fight the competition from bitcoin. Rothbard would be triumphantly smiling somewhere.
@Saifedean Ammous at apx 8:49 you say that the gov banned the ability to set-up gold-based banks and forced fiat currency - wasn't there also a problem with gold-based banks being able to lend out 10x times their reserve amount in the form of promisory notes - something which happened before the 20th century? Wasn't this also a problem in terms of the impact that was had on society?
🧡
If they banned gold-based private banks, why can they not ban BTC?
Bitcoin is decentralized- there is nowhere to go and no one to talk to about shutting it down. It can’t be stopped. Govts could make it illegal- but if other countries adopt it and benefit from it- the country with the ban will just fall behind. It would be like a country banning the internet. There’s a lot of info out there about this very topic. Very interesting.
They can ban Bitcoin but cannot stop the system. So people can still choose to use it
@@vivekteega True. Maybe taxing the crap out of it would be a better strategy from a government point of view.
what mr Ammous fails to see is that money was orginally created to be a tool for power and not as means of exchange ... the first money was in the form of debt (read ancient Sumerian accounts and what economist Michael Hudson had to say about that) and not coin or any other form of solid or virtual currency .... when kings and emperors started minting coins they imposed it on their constituencies to get work and military service from them thru taxation ... Taxes were never meant to finance public works but were a mechanism to extract that kind of committment from the plebe and for creating artificial scarcity (it is politically dangerous to let the poor have too much money :D) ... Power and money go together and assuming that simple citizens may finnaly be able to free themselves from that millenial tyranical matrix is very optimistic to say the least ... but i truly hope I am wrong
I hope you are wrong too! So I am putting my money on bitcoin! I hope to see you on the moon! Will the governments stop bitcoin or not? That is the question!🤠
2023: when this video gets some traction you will know that the next bull run is on.
Bitcoin is a fictional asset.
Bitcoin is currency, not money. Money is a valuable commodity (store of value), currency is a claim check on that valuable commodity that can be traded (means of exchange). People who tell you Bitcoin is money do not understand this.
Bitcoin lacks the features that allow currencies to provide value, namely face and redemption. Rather, each BTC is a claim check for nothing whatsoever. It's a perfectly secure 0 dollar bill.
All Bitcoins are imagined into existence as nodes solve computations. 100% of the value of the network has to be paid to these nodes because they imagine 100% of the BTC and you can only get some by buying it from them.
Any mechanism where zero effort gets you insanely large rewards is probably a Ponzi. If you think spending your real assets on this fictional claim check to nothing is going to make you rich, despite nodes eating big chunks of value, where are the real resources going to come from? Who is going to manufacture your sports car in Bitcoin world? If there's a ton of BTC trillionaires won't they bid the price of lambos and champagne to the moon as well?
@@equinox8202 Show me your money
@@equinox8202 How would I receive the Bitcoin? Do I have to open my heart and accept Satoshi Motorola as my lord and savior?