The Issue With the Legacy Financial System & How BITCOIN Fixes All of It | Saifedean Ammous (Replay)

Tom Bilyeu's Impact Theory

Impact Theory

Business, News Commentary, News

4.7 • 5.2K Ratings

🗓️ 23 May 2024

⏱️ 100 minutes

🔗️ Recording | iTunes | RSS

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Summary

The meteoric rise of Bitcoin and other cryptocurrencies over the past years just goes to show that even something as ubiquitous as money is ripe for disruption. And even though crypto is a space that many of us are just beginning to understand, its principles call into question the validity of the existing fiat monetary system. In his latest book, The Fiat Standard: The Debt Slavery Alternative to Human Civilization, Dr. Saifedean Ammous sets out to do just that. Using the first principles thinking that he used to write his bestselling book, The Bitcoin Standard, Dr. Ammous analyzes the history of fiat currency, the shift away from the gold standard, and the economic, social and political fallout that came as a result. Find out more by ordering his book here: https://amzn.to/3DRdLbf SHOW NOTES: 00:00 | Introduction 01:28 | What is Fiat Currency? 05:57 | How Types of Money are Created 14:25 | Fiat, Self-Correction, and Hyperinflation 18:10 | What is Hard Money? 23:48 | The Transition to Universal Debt Slavery 27:54 | Fiat vs. Hard Money 33:10 | Deflation vs. Inflation 43:22 | Why the Wealthy Hold the Most Debt 46:23 | Has Fiat Currency Ruined the University? 1:01:34 | Bitcoin vs. Central Planning 1:05:26 | Why Printing Money is Destructive 1:19:28 | Bitcoin vs. Gold Standard 1:24:18 | How Bitcoin Will Consume the Bond Market 1:28:06 | Transitioning to a Crypto Economy SPONSORS: Be sure to get your copy of Lisa’s book, Radical Confidence, here: https://radicalconfidence.com/ Sign up for just $1 a month with your trial period at https://shopify.com/lisa Head to https://www.beamminerals.com and enter code “NYBBS” at checkout for 20% off your first order Sign up at https://butcherbox.com/WOI and get our special deal! Butcherbox is offering our listeners a Free for a Year offer plus an additional $20 off o to https://www.heytabu.com/discount/LISA15 use code LISA15 to save 15% off your order Get 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase your first purchase by going to https://drinkAG1.com/lisa. Go to https://tryviome.com/LISA and use code LISA to get 20% off your first 3 months, and take control of your gut health today! Are You Ready for EXTRA Impact? If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. Subscription Benefits: Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more New episodes delivered ad-free Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: Legendary Mindset: Mindset & Self-Improvement Money Mindset: Business & Finance Relationship Theory: Relationships Health Theory: Mental & Physical Health Power Ups: Weekly Doses of Short Motivational Quotes Subscribe on Apple Podcasts: https://apple.co/3PCvJaz Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Any kind of money, whatever gets used is money, the fact that it's used as money will incentivize
0:05.0	anybody who can produce it to make more of it. So if there was an easy way to make gold, we'd all be
0:09.6	out there looking into gold prospecting, but then we'd flood the market with gold and then we'd
0:14.9	stop being gold. And the reason that gold was money is because it was very hard to find in
0:20.1	large quantities compared to the existing supply,
0:22.8	which I explained in more depth than the Bitcoin standard.
0:30.6	Safe at Deanna, Moose, welcome to the show.
0:33.5	Thank you for having me, Tom. It's a pleasure to be here.
0:36.1	Dude, I am super uneasy to make sure that I help get these huge ideas across.
0:44.1	You've written a book called, well, you've written multiple books, but the one we're
0:47.8	going to be talking about today is the Fiat standard.
0:50.4	You also wrote the Bitcoin standard.
0:54.9	As I have gotten more into understanding Bitcoin and cryptocurrencies in general,
1:03.1	then you begin to encounter the ideas of what money is, what Fiat is.
1:07.4	I mean, this is something I've been in my entire life, but had no idea what it was.
1:11.7	If you can, what I want to do is start with a brief description of what Fiat is. Then we're going
1:19.4	to tell people what the subtitle of your book is, which I think will set us up nicely. And then I
1:24.4	have a really interesting quote from your book that I want to get into.
1:29.0	So what is Fiat?
1:31.1	So the way that I wrote the Fiat standard was almost like an imitation of the Bitcoin
1:37.5	standard.
1:37.9	It was like a knockoff of the Bitcoin standard.
	...

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