Invest Like The Best
Episode 107 The Bitcoin Standard
Invest Like The Best

Episode 107: The Bitcoin Standard

Invest Like The Best

Episode 107

The Bitcoin Standard

Saifedean Ammous is the author of the book the Bitcoin Standard. We cover the concept of hard money vs easy money, the idea of time preference, and how bitcoin is digital gold.

This episode is brought to you by:

Paxos. Paxos offers your customers crypto buying, selling, transferring, and more with easy-to-integrate APIs. Whether you’re a small fintech or a large financial institution, Paxos takes care of everything in the backend – from licensing and compliance to custody and exchange. You can start offering crypto to your customers within months. To learn more, visit paxos.com/patrick.

[00:02:10] – (First Question) – Explain Sound Money

[00:04:25] – Examples of hard vs easy money

[00:07:36] – The even money trap

[00:09:36] – The benefits of hard money vs today’s standards

[00:14:05] – Why this interests him

[00:16:17] – Correlation between time preference and people’s ability to succeed in life

[00:19:59] – How money markets worked in the late 18th century vs today

[00:27:57] – How he came across Bitcoin and how he thinks of it as a digital gold

[00:35:42] – How will the world transition to a sound money standard

[00:42:15] – The impacts of hyperinflation on cryptocurrencies

[00:45:04] – The idea of an orderly upgrade of the world currency

[00:48:20] – His thinking on alternative coins

[00:54:05] – What it takes to compete with bitcoin

[01:01:43] – How he diversifies

[01:04:35] – Stalling bitcoins demand

[01:06:11] – Does he apply his thinking of lower time preference elsewhere in his life

[01:07:09] – Kindest thing anyone has done for him

The Bitcoin Standard

Introduction

Patrick
Yes, this week is Saifedean Ammous, author of the book, The Bitcoin Standard. This was one of the most interesting conversations I've had in the world of cryptocurrency, primarily because we don't talk about Bitcoin or crypto until about 25 minutes into the talk. Instead, we focus on history, economics, sound money, low time preference and gold, all interesting topics. Saif's thinking on cryptocurrencies, other than Bitcoin, which is that they are worthless is unique and thought-provoking. His reasoning around why gold shouldn't be compared to the returns generated by assets like equities was also compelling. If you followed my hash power episodes, this is a new and differentiated interpretation of Bitcoin as a technology with a store of value use case specifically. Like the hash power documentary, this episode and other hash power singles are brought to you by Fidelity Investments, a company that is constantly researching and experimenting with emerging technologies like crypto assets and blockchain to improve the lives of their customers. Fidelity provides a comprehensive set of products and services to individual investors, employers, and financial advisory firms. For more information, please visit fidelity.com. Please enjoy our conversation.

What is Sound Money?

Access the full transcript
Sign in or register to view episode transcripts.

Contact

Get in touch at help@joincolossus.com