The Bitcoin Standard Podcast
Saifedean Ammous on Why Bitcoin is the Most Advanced Form of Money
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
THE BITCOIN STANDARD TOOLKIT
The Bitcoin Standard Toolkit is a selection of the Bitcoin services I recommend to readers and learners on saifedean.com, as they upgrade from The Fiat Standard to The Bitcoin Standard.
NYDIG is a leading full-service financial services firm dedicated to Bitcoin, applying institutional wisdom and ingenuity to help clients access the unrealized potential of this emerging asset class. NYDIG offers the full suite of financial solutions needed for financial institutions to access Bitcoin, from custody, execution, financing, treasury solutions, integration partnerships, and more.
Check their website here: https://nydig.com/
To secure your bitcoins, it is important to keep your seedphrase backed up safely, and for that, I highly recommend using the CypherWheel seed storage device, a gorgeous and brilliant sturdy piece of low time preference engineering from a fourth-generation machine shop in Maine.
Check their website here: https://cyphersafe.io/
Whenever someone asks me how to invest in Bitcoin, my advice is to accumulate bitcoins periodically for the long run, or dollar-cost averaging. When you buy every day, week, or month, you play bitcoin’s volatility to your advantage. In the long run, this strategy will outperform every other bitcoin investment strategy, except for dumb luck, and lying about timing the market. For dollar-cost averaging, I strongly recommend OKCoin, the exchange with the lowest fees for recurring purchases worldwide. OKCoin is also the bitcoin exchange accessible in the most countries around the world.
Check their website here: https://okcoin.com/
I believe it is really important to run a node, but I don’t recommend running it on your work or personal computer, as it can compromise the performance of your computer and, more importantly, the security and privacy of your bitcoin node. A far better solution is to buy a dedicated hardware node, and for that, I highly recommend Nodl.
Check their website here: https://www.nodl.it/
My hardware wallet of choice is the Coldcard. I strongly recommend only conducing bitcoin trades on computers that are dedicated to bitcoin and cannot connect to the internet. I like the Coldcard because it is a contained machine optimized for bitcoin and bitcoin only.
Coldcard is basically a small computer that can only do bitcoin, which makes securing it more straight-forward. Use the code BITCOINSTANDARD on coldcardwallet.com to get a 5% discount.
Check their website here: https://coldcardwallet.com/
Brought to you by Dr. Saifedean Ammous of The Bitcoin Standard Podcast