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  • The Bitcoin Standard

  • The Decentralized Alternative to Central Banking
  • By: Saifedean Ammous
  • Narrated by: James Fouhey
  • Length: 11 hrs and 16 mins
  • 4.5 out of 5 stars (1,273 ratings)
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The Bitcoin Standard

By: Saifedean Ammous
Narrated by: James Fouhey
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Summary

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 2008, 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.

©2018 Saifedean Ammous (P)2018 Audible, Inc.

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My perspective on the world turned upside down

Want to find out why the world is the way it is today? Look no further than this book. This book is about more than just Bitcoin. It’s about what makes good hard money and the consequences on society for not choosing hard money and instead choosing easy, infinitely printed money. Wonder why it’s so much harder to get onto the property ladder today and much more? Look no further than the printing press of your central bank. This book is amazing and must be read by everyone. The only slight small thing I’m not in agreement with however is that blockchain has no use outside of digital cash. I agree that projects should not call themselves decentralised if they can alter the blockchain when events don’t go their way but I do think Bitcoin and blockchain will have a profound impact on our society for years to come. The possibilities and future events are yet to be imagined. Im so excited for what happens next in this space.

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22 people found this helpful

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Disappointing due to bias

Some interesting points made but it is clearly very biased and is providing a one sided subset of the facts which are presented in a distorted and misleading way. There is also a huge amount of repetition, strongly pushing the favoured viewpoint.

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19 people found this helpful

  • Overall
    3 out of 5 stars

Interesting but very smug

Contains quite a lot of interesting material but is rather spoilt by the many extended passages dedicated to telling us how stupid, lazy and greedy most people are.

After listening to this I invested in some bitcoin. It lost 10% of it's value in one day and is still falling. Sound money indeed.

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16 people found this helpful

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Great book for understanding the advantages of the gold standard and its relationship to bitcoin

The first few chapters of this book are not really about bitcoin but rather about the gold standard and the libertarian argument for keeping this. The book then goes on to argue that bitcoin is a modern replacement for gold, that it alone (rather than any other cryptocurrency) has particular strengths, such as immutability and being out of control (having no one in charge). These make it an ideal replacement for gold and a long-term store of value.

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5 people found this helpful

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Not very good

Arrogant writer who seems to believe he holds the absolute truth, not only in economics but also in other areas of life. He just insults those with whom he disagrees and presents his very limited and narrow views as irrefutable, with very limited or no justification. Don’t waste your time, there are plenty of good books on economics. Don’t be fooled by the title either, this is not about bitcoin, it is an apology of the free market and neocon ideology.

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5 people found this helpful

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This is one of the best books I have ever read

I highly recommend this book, not just for a great understanding of Bitcoin but for economics and money explained in an easy to follow manner.

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4 people found this helpful

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Outstanding Book

A great book on Bitcoin. Loved the history of money chapters which showed why Bitcoin is hard money. Would highly recommend. Some real lightbulb moments whilst reading.

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Saifedean is a BTC maxi and thats all you'll learn

This was a slog to get through, even on 1.5x speed. Saifedean is a BTC maxi and if you're hoping to learn about bitcoin from this book, listen to chapters 8-10 only, everything else is pointless

The first 7 chapters are just Saifedean explaining how Keynes was a pedophile, Keynesian economics is stupid, governments are corrupted and fiat is nothing more than a way to start wars and oppress the people. He is completely incapable of presenting a balanced view at any point during this book and is desperate to get you to consider BTC as the new gold, because we all kinda understand that gold is valuable.

The latter chapters are about how alt coins, specifically ETH, are crap compared to bitcoin and you'd be dumb to buy into it. At the time of this review, ETH is $3000 a coin, which suggests how blinded the author is by is own arrogance.

If you already love BTC and want to listen to 20+ hours of someone confirming your opinion, then this is the book for you.

If you want to learn about Bitcoin and crypto in general; stay away from this book

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3 people found this helpful

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Highly recommended

Very interesting. A whole history of money and where bitcoin fits into it. Great read!

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3 people found this helpful

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All you need to know about Bitcoin

This book and the book ”the internet of money” is all you need as an intoduction to Bitcoin.

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3 people found this helpful