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“The Bitcoin Standard” by Saifedean Ammous is a favorite book among Bitcoiners that is consistently recommended to newcomers and veterans alike. It serves as a fantastic reference to learn about the history of money and what makes money valuable: two crucial factors that determine the importance of Bitcoin.

I have personally written a few articles of my own on these topics and find myself always coming back to “The Bitcoin Standard” to gather information for my research. It is very interesting and useful for everyone to learn the ins and outs of how money works.

But even after reading this book, I found myself wanting to know more. And if you felt the same way, you’re in luck, because I had the chance to discuss Ammous’ latest book, “The Fiat Standard”, with the author herself.

“The Fiat Standard” is the “debt-bondage alternative to human civilization,” as described on the cover, and it will take readers a deep dive into the monetary system and the underlying technologies behind fiat money to find out exactly how it works. functions.

Fiat money

In this podcast interview, Ammous and I dive into multiple topics around fiat money, such as fundamental technology, the debt standard, fiat states, and fiat banking.

Understanding how fiat works compared to Bitcoin can be a difficult task. Since Bitcoin is an open source protocol, anyone can check the code down to the smallest detail. Fiat, on the other hand, is protected by smokescreens that hide its operational methods, with an extra layer of propaganda promoted by those who benefit the most from it.

So I began distilling the workings of the fiat standard from … the resources of the promoters and the propaganda taught about it in schools, [to] just talk operationally: how does it actually work? Ammous explained in our conversation. “And I’m delighted to announce that it isn’t working that well.”

While fiat money has its problems and is not the most efficient monetary system, Ammous raised a point that some bitcoiners may not like to hear: he explained that while fiat money is a shitcoin, it has succeeded in some areas.

“If you think about it this way, you can see where the benefits lie,” he said. “It’s a shitcoin, but it’s still a shitcoin that is being massively adopted by seven and a half billion people and doing a lot of transactions every day.”

The small benefits of fiat do not mean that it is an overall positive monetary system, as fiat money has put us on the debt standard and possibly the worst debt crisis the world has ever experienced, with no end in sight.

“When fiat mining works through loans, everyone has an extra incentive to borrow,” said Ammous, building an analogy between Bitcoin and fiat. “It’s essentially a grant for loans. So anyone who wants to borrow is effectively subsidized. When you borrow, you are essentially mining a block of fiat. “

Fiat Education

If you look back at the history of civilization under healthy money, you tend to find that it helped bring humanity great times of prosperity, while easy money caused hard times, war and total chaos.

One of the most effective ways to put in place a solid fiat standard is to ‘teach’ the youth that all this nonsense is not only good, but also beneficial to them and everyone else. This has led us to fiat education.

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Fiat education plays a big part in the debt crisis, as discussed above. Universities today rely heavily on and are essentially controlled by fiat money.

“The main form of grants given to universities are low-interest student loans,” Ammous explains. “That is an enormous subsidy for the university industry. And so with this kind of grant, plus all the money that comes in for research, universities are actually run by fiat. ”

Also, people used to go to universities to get in touch with other like-minded individuals and increase their knowledge on any topic they were interested in. But nowadays we don’t see that at the ‘overpriced country club’ that is the fiat university.

“Universities are completely separate from reality, and they can afford to be completely separate from reality, because their salary does not depend on reality,” Ammous said. “Because they have to meet bureaucratic goals, they don’t have to meet the approval of people in the market.”

In my opinion, this lack of good education and questionable brainwashing that takes place in universities today has negatively affected the real world after their graduates find jobs and find positions in society. The combination of the lack of quality education and easy money has gained momentum in fiat medicine, science, fuel, families, and more.

Today we really live in the peak, fiat euphoria. Bitcoin solves this.



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