[Ebook] ➦ The Bitcoin Standard: The Decentralized Alternative to Central Banking By Saifedean Ammous – Tactical-player.co.uk

The Bitcoin Standard: The Decentralized Alternative to Central Banking You may agree or not with the message but this is a nice book with original content The author gives an economical backing of Bitcoin linking it to Austrian school of economics Sometimes a bit too mich bashing keynsian thinking but overall a good addition to Bitcoin literature. 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 , 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 PLEASE NOTE When You Purchase This Title, The Accompanying Reference Material Will Be Available In Your Library Section Along With The Audio Slightly biased as a 30 year old man, child of the internet age, who lost his faith in the current banking system back in 2008, watching banks getting bailouts whilst family and friends lost pensions, savings, and housing investments plummeting This book explains the worlds monetary history before going into the benefits of a blockchain, decentralised store of value If you find cryptocurrency interesting, this is for you If you find monetary systems interesting, this is for you If you re a John Keynes fanboy, this book is not for you. I d recommend this book to anyone interested in knowing what makes something a good sound kind of money and which are the terrible consequences of using unsound types of money those which supply is easy to increase , like the current fiat money.Anyone familiar with Austrian Economics will enjoy it and the author s criticism to the infamous Keynes and monetarists. Explains why Bitcoin can be a hard currency Adoption by countries is another matter Presumably this sort of currency is on the way , but control will not necessarily be privatised.Russians have a similar currency to trade between bloc members in the Stans. Bought this book based on recommendation Have little economic knowledge prior, but wow this book is amazing from start to finish History of money is explained, which gets the reader to understand the background and then Bitcoin is explained Such an important book A must read. I haven t even finished this book yet but I know that it s one of the best books I have ever read, and I read quite a lot of economics, bitcoin and finance I usually don t leave comments on but felt like I want people to read this I am now surprised that I have never before come across a condensed book of economics that resonates so much with observations I have made about the financial and economic world of today.Truly an eye opening book, especially the first half of it If you can even borrow it from a friend, I recommend you do.I got the audible version as well as paperback Will sit nicely next to Mises in my library.The book was first ordered by my friend to my address as he lives abroad and was planning to pick it up in a couple of weeks I expected a slightly boring book with some propoganda, like Dr Julian Hosp s one, but I was pleasantly surprised to be very wrong I ordered my own copy immediately. The Bitcoin Standard is an enjoyable, well written account of the economic theory and history behind Bitcoin, particularly behind the idea of Bitcoin as digital gold Most of the book is devoted to a fairly detailed account of the history of money, as seen from Ammous s distinctively Austrian School point of view Whether or not one agrees with this point of view, the historical account is vigorously and entertainingly argued Ammous is not afraid to call out what he sees as the economic crimes of past and present, particularly with regards to fiat currency, socialist governments, and Keynesian central banking Ammous argues that the gold standard was a far superior system to the fiat currency system we have today, and that the Bitcoin standard will be its digital reincarnation While this veneration of the gold standard may seem surprising or implausible to modern readers, Ammous argues his case well, citing the remarkable, indeed almost uninterrupted, economic boom that much of the West enjoyed during the years of the gold standard This long period of prosperity under the gold standard is contrasted with the depressingly familiar boom and bust cycle that has characterised the global economy since the abandonment of the gold standard in favour of the present system of fiat currencies Having established his theoretical and historical case for why we need sound money , such as gold, Ammous spends the remainder of the book arguing why Bitcoin, and Bitcoin alone, is suited to perform the function of digital sound money He argues that none of the alternative cryptocurrencies altcoins can fulfil this function, and that therefore Bitcoin itself should be the focus of any efforts to create a superior alternative to the current currency system Finally he presents an idea for how Bitcoin could scale to the point of true worldwide use for the whole human population, namely a network of banks issuing currency backed by Bitcoin, thus the Bitcoin Standard that gives the book its name.My main quibble with the book is that Ammous only gives us a cursory explanation of how his long term vision for Bitcoin as an international settlement currency would work He states that Bitcoin s current transaction capacity of approximately 350,000 transactions per day would allow each bank in a network of 850 central banks to perform one final settlement transaction with every other bank in the network per day, and that if each of these banks served 10 million customers this would allow Bitcoin or at least a central bank derived version of it to be used by the world s entire population Even putting aside the many significant problems that this approach would introduce, such as a return to semi trusted third parties and the possibility of these central banks running fractional reserve systems, Ammous never gives us any explanation of how this system would actually work, even in broad terms For that reason I would rate this book 4.5 out of 5 stars if allowed such a rating.With that aside, I would nonetheless very much recommend this book for anyone interested in the economic, monetary, and historical case for Bitcoin as digital gold If Ammous s predictions for the future of Bitcoin and the world monetary system come to pass then it will be not only a highly entertaining and interesting book but an important one too.

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