What Ammous learned studying the economics of biofuels. Saifedean Ammous: Projects like Ethereum are Competing with “Amazon Web Services,” not Bitcoin. A non-Bitcoin Ethereum blockchain combines the worst of both worlds: the cumbersome structure of the blockchain with the cost and security risk of trusted third parties. Dex (decentralized exchange) in … What secures all these coins is the processing power behind them, and that is scarce. That's it. And how do you feel about the PoW vs. PoS debate, in particular? Please enter your email ddress. The Bitcoin maximalist doesn’t miss any chance to take shots at the whole Ethereum project and certainly wasn’t ready to take a break on Christmas. [bctt tweet=”Proof of Stake is no different than the Fed, one Bitcoin maximalist says. Saifedean Ammous: Yeah, I mean, I generally think all the other digital currencies don’t really compete with bitcoin and are in no way similar to bitcoin. The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous is among the latest top books to learn about bitcoin. Is one better than the other? 12 karma - Jimmy Song. HONG KONG. How do you feel about crypto maximalists, in general? Ammous is best known for authoring The Bitcoin Standard, a best-selling overview of the world’s foremost digital asset and the broader … The reason they are doomed, fundamentally, is that they compete with bitcoin for both the supply and demand for security. He explains why he is encouraging people to ‘pirate’ his book and why he believes central banks want nothing to do with a hard money like bitcoin. Please share your thoughts in the comments below. Saifedean Ammous, economics professor and author of The Bitcoin Standard, spoke with Bitcoinist in an exclusive interview. So all these copycats have tried to introduce features to differentiate them from bitcoin, but that is also doomed, because any useful feature will be better implemented on bitcoin, with better security. All you need is a certain number of coins that will act as an insurance policy to follow the system’s rules. Ethereum Classic 24h $ 80.08-17.08%. Anyone who believes proof of Stake can work is either:1- completely clueless at to how and why Bitcoin works at all.2- a con artist using it as a buzzword to promote a worthless scam like Ethereum. In a recent Unchained podcast, Saifedean Ammous, an economist and the author of “The Bitcoin Standard: The Decentralized Alternative to Central Banking,” placed a sharp distinction between Bitcoin … Bit2Buzz is the credible Crypto Marketing & PR firm from India. There is Bitcoin Ethereum and there are pretenders. This is why the processing power behind bitcoin is now around 400,000 times the processing power of its nearest âcompetitorâ, ethereum, which is only a competitor to bitcoin in the same way that a 7-year-oldâs piggy bank is a competitor to Fort Knox. “The Bitcoin Standard” by Saifedean Ammous is a fan-favorite book among Bitcoiners that is constantly recommended to newbies and veterans alike. Use features like bookmarks, note taking and highlighting while reading Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All. Legal. How economists tend to undervalue energy - and what Ammous is doing to address this. Ammous’ rant continued late into the night with more acidic, but not necessarily, true statements. The story of Ethereum begins with Vitalik Buterin, a supremely gifted 19-year-old autodidact who saw the promise of blockchain when the technology was in its earliest stages. Alex and Dr. Ammous discuss a wide range of topics, including: How Ammous got interested in energy economics. I just hope the customer service of Ethereum is every bit as shitty as that of banks so the lesson is learned with searing effectiveness. Before blindly following a ‘norm’ that suits us, isn’t it better to actually listen, first and foremost? Download it once and read it on your Kindle device, PC, phones or tablets. Well-known economist and a Bitcoin proponent Saifedean Ammous, has reached out to all the traders through a tweet stating that those who have not indulged in the Bitcoin rally yet, have lost the race already. He has also talked about how governments try to ban Bitcoin (BTC) but their attempts are not always effective. However, adopting the PoS algorithm doesn’t automatically mean increasing the money supply, as the Bitcoin maximalist suggests. In other words, you don’t need computing power (GPUs or ASICs) anymore, like in the Bitcoin’s Proof of Work (PoW). While they are all cryptocurrencies, Bitcoin and altcoins differ in many regards. Bitcoin deflation is based on the hard code Satoshi Nakamoto wrote ten years ago. It was typed in response to a question on twitter… and I agree with it! And so this is a little bit off topic because we’ve only been talking about bitcoin but I did want to ask your opinion of something like Ethereum. Ethereum Classic 24h $ 80.08-16.49-17.08%. He compared the Proof of Stake consensus algorithm with the current centralized banking system. I started out in print journalism in 2008 and switched to freelancing two years later. As you can see bitcoin ranks number 1 in terms of market cap, followed by ethereum, ripple, bitcoin cash, eos and litecoin. That's hard money. So all the serious money and processing power goes to bitcoin. “We already have 12 years of supposedly superior alternatives coming on and entering the market. Popular crypto analyst and economist Saifedean Ammous recently tweeted that any investor crypto investor not holding Bitcoin has already “lost the battle”. Bitcoin economist Saifedean Ammous has called the cryptocurrency market a zero-sum game in a recent tweet, stating that, “If you’re not on Bitcoin, you’ve already lost.” Ammous went on to label other cryptocurrencies “copies of Bitcoin”, and accused their developers of attempting to create money or value out of thin air. Coinbase Conundrum — COIN Stock Follows Bitcoin Price Dip, Crypto Exchanges Go Down as Crypto Prices Dip Amid Huge Selloffs, Bitcoin Reclaims $36,000 After Falling to a Low of $30,000, Terranova Picks: NFT Alley, Addressing NFT Pain Points. ... Saifedean Ammous Dec 6, 2020. The recognized economist and author of the Bitcoin Standard, Saifedean Ammous, talked with Stephen Livera’s podcast about different subjects that included government regulation, the expansion of virtual currencies and hyperbitcoinization. Afterward, I covered the poker and gambling scene for several years before getting into sports and motivational stories. It serves as a fantastic reference to learn about the history of money and what makes money valuable: … Saifedean Ammous’s The Bitcoin Standard, the New Standard for Bitcoin Books. That's it. While Ammous may have bought into Bitcoin — his book, ‘The Bitcoin Standard: The Decentralized Alternative to Central Banking,’ is the ultimate proof — he is not … It's easy money.In proof of work, new coin creation costs the same for everyone, ~= coin price. Lost or forgotten your password? If we use the same logic as his, the miners do the same thing: they are owners of bitcoins (are they not?) Help. Join our Telegram Today! Want to learn how to trade? This has been done by hundreds of copycats, from litecoin to dogecoin to ethereum… Saifedean Ammous: I think, ultimately, the most important ways in which gold is manipulated, if you want to call it manipulated, is through the fact that central banks confiscated the gold. There is no "cryptocurrency industry." While Ammous may have bought into Bitcoin — his book, ‘The Bitcoin Standard: The Decentralized Alternative to Central Banking,’ is the ultimate proof — he is not very fond of other cryptocurrencies like Ethereum. Saifedean Ammous: Bitcoin Is “The Hardest Money Ever Created” Although the crypto market has recently undergone a downturn, with the aggregate value of all digital assets falling by upwards of 12% and XRP temporarily ousting Ether , analysts have maintained their long-term belief in the Bitcoin Network. ... Saifedean Ammous is an economist and author of … You will receive mail with link to set new password. When they confiscated it, that means that they can buy and sell on the market and have an enormous amount of leverage on the market. How energy relates to time. So all the serious money will go to bitcoin. Sebastian Wurst in Coinmonks. The Importance of Defining Inputs For Crypto Asset Models, How to get widespread adoption: Improve the notoriously bad UI/UX in crypto-investing, The First Cryptocurrency Bubble Was a Disaster Created by You. PoW is a consensus protocol that organizes this giant online ledger we now call blockchain. According to Ammous, cryptocurrency is “a zero sum game, and if you’re not in Bitcoin you’ve already lost.” Furthermore, after a certain period, that hardware — ASICs in particular — becomes redundant and the user has to buy newer mining hardware. Is he right?” username=”beincrypto”]. There is Bitcoin Ethereum and there are pretenders. (BTC) Bitcoin Price Prediction 2020 / 2021 / 5 years (Updated 22 Dec. 20), Bitcoin Will Reach $400,000 After Halving, History Dictates, XRP Briefly Traded at More Than $8,300 and Nobody Noticed. Fat Pig Signals. If you are happy to have the value of your money determined by a central planning committee, you are far better off sticking to the US Dollar because at least its central planning committee is made up of people old enough to testify in court. Crypto predictions with the Best Telegram Signal with +70% accuracy! According to him, all other cryptocurrencies are a “zero sum game”. Stay tuned with daily newsletters that make reading the news simple and enjoyable. It has nothing to do with PoW. Bitcoin, having no single point of failure, reliant on the word and competence of nobody, and with an unfathomably enormous processing power arsenal protecting it will remain in a class of its own. Why it’s crucial to think of time as the most important resource. Get a beginners guide from BeInCrypto Academy! It's the problem Bitcoin solves with proof of work by making money creation hard for everyone. If you introduce an exact copy of bitcoin, there is absolutely no reason why anyone would put money on it, or waste processing power on it. 11 karma - Saifedean Ammous. Steve Hanke, professor of applied economics at Johns Hopkins University, Hong Fang, CEO of OKCoing, and Saifedean Ammous, author of ‘The Bitcoin Standard’, debate Bitcoin’s utility, history, and its “fundamental value.” Hanke argued that while cryptocurrencies will be more widely adopted in the future, Bitcoin, currently, does not qualify as a currency. With PoS, that particular user can use a mediocre laptop/server/PC and, instead of buying new hardware, he or she will invest his/her money in buying cryptocurrency to cover the stake. More importantly, anybody looking to profit from selling processing power to secure a network will want to sell it to the network that rewards them with the most secure and in-demand coins. We use cookies to improve your experience. It will die. 11 karma - Saifedean Ammous. Why Did Satoshi Nakamoto Choose 21M as Bitcoin’s Maximum Supply? EOS 24h $ 9.80-16.50%. Once a cryptocurrency is centralized, the entire point is defeated, and youâre better off relying on centralization in the hands of a government than a bunch of nobody teenagers from a basement unaccountable to anybody. The Bitcoin Standard author Saifedean Ammous made quite a statement on Christmas by calling Ethereum “a worthless scam” and comparing the Proof of Stake (PoS) consensus algorithm to the Federal Reserve banking system. He discussed the Austrian School of Economics thinking and the interrelationship between Austrian Economics and bitcoin. The Bitcoin Standard author Saifedean Ammous made quite a statement on Christmas by calling Ethereum “a worthless scam” and comparing the Proof of Stake (PoS) consensus algorithm to the Federal Reserve banking system. Saifedean Ammous: Yes. Written with the verve of such works as The Big Short, The History of the Future, and The Spider Network, here is the fascinating, true story of the rise of Ethereum, the second-biggest digital asset in the world, the growth of cryptocurrency, and the future of the internet as we know it. PoW-based cryptocurrencies are fairly centralized if we look at different factors — mining pools, hashing power relative to location. This was written by Dr. Saifedean Ammous. Market signals, studies and analysis! Follow Beautyon on Twitter: https://twitter.com/beautyon_, What Are We Measuring? In proof of stake, the owners of current coins have an incentive to reward themselves with new coins, devaluing the coins of others. and reward themselves with new bitcoins. -- Saifedean Ammous (@saifedean) September 8, 2017 Ferdous Bhai, whose team 21MIL runs Crypto Insider , is also on board: @saifedean You convinced me … Moreover, Ammous tries to differentiate the PoW ‘hard money’ to the PoS ‘easy money’ when, in fact, he is talking about the same basic mechanism: incentive. The same will happen to the PoS-based Ethereum, no doubt, in the not so distant future. If you don’t follow the rules, you will lose the coins staked. The processing power bitcoin possesses is an indomitable first-mover advantage. He has been an ardent economy enthusiast since the very beginning, and as a result has been a member of the Center for Capitalism and Society at Columbia University for quite a while now. A non-Bitcoin Ethereum blockchain combines the worst of both worlds: the cumbersome structure of the blockchain with the cost and security risk of trusted third parties. BiC Crypto Video News Show: XRP Pump and Dumps, How Will Regulators Respond? Find out everything you need to know about Tokenized Securities (tokenized stocks). Also, very few people afford to mine Bitcoin nowadays. You manufacture an artist and you then pay an art critic to say this thing is worth, you buy it for 10,000 and they’ll say that it’s worth 10 million dollars because it’s so unique, you donate it to the museum, and you could get a tax break for a … It also makes the blockchain economically viable. Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates. Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All - Kindle edition by Leising, Matthew. With PoW, any user who wants to mine has to buy expensive hardware, plus find a location with inexpensive electricity. Economist and author of The Bitcoin Standard, Saifedean Ammous, says BTC is so advanced that it is essentially the definition of “sound money”. Given the nature of the algorithm — a user would need many ethers to participate in the consensus — one could easily see a similarity between a validator/staker and a bank. He convinced a crack group of coders to join him in his quest to make a super-charged, global computer. “The Bitcoin Standard” by Saifedean Ammous is a fan-favorite book among Bitcoiners that is constantly recommended to newbies and veterans alike. Anybody with a brain who wants to store wealth in a cryptocurrency will want to store their money in the safest coin, not in one that could be easily hacked. As a Crypto and Blockchain Media Agency, Bit2Buzz offers all-inclusive crypto marketing solution. About Saifedean Ammous According to his online Bio, Saifedean Ammous is an “assistant professor of economics at Adnan Kassar School of Business”. About. Ammous said that even though altcoins have emerged that may have possessed superior technology than Bitcoin, they have all failed to dethrone the world’s largest cryptocurrency and drive the price lower. There is no "cryptocurrency industry." https://t.co/JHUXOwxZ2y, — Saifedean.com (@saifedean) December 25, 2018. Insights into the Ethereum ecosystem. The story of Ethereum begins with Vitalik Buterin, a supremely gifted 19-year-old autodidact who saw the promise of blockchain when the technology was in its earliest stages. This has been done by hundreds of copycats, from litecoin to dogecoin to ethereum. Last but not least, centralization isn’t about adopting one consensus algorithm over another. For Ammous, switching to PoS is “suicide.” PoS would make Ethereum no different than the current fiat currencies and will basically create “easy money.” Moreover, cryptocurrencies running on PoS are worthless and illiquid, as the participants aren’t incentivized to HODL. And anybody who doesnât believe that will pay a heavy price for failing to understand this, like what happened with the suckers who invested in the DAO. From the principles guiding them to the enormous differences in their market cap, supply, and market price. Who knows, we might even learn something in the process. The what, where, why, who and how's of Tokenized Securities! Saifedean Ammous, the best-selling author of The Bitcoin Standard, says Bitcoin may take away demand from multiple safe-haven assets such as gold, real estate, and bonds. Ammous may have a point with his PoS/central banking analogy. Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! So, instead of living in our own bubble and destroying what others are trying to create, isn’t it better to appreciate what the others are trying to achieve and help if we can? ... Saifedean Ammous. Publisher's Summary. [ ] Users of top Indian crypto exchange report seeing ‘0’ funds during outage Coin Telegraph [ ] Financial Guru Dave Ramsey Advises What to Do With Bitcoin Investments Bitcoin News [ ] Supply crunch incoming? In a new interview with saifedean ammous of the bitcoin standard podcast, pysh predicts the leading cryptocurrency's total market value could eventually soar above the. Crypto-wise, I first learned about Bitcoin just months after the Mt. Steve Hanke, professor of applied economics at Johns Hopkins University, Hong Fang, CEO of OKCoing, and Saifedean Ammous, author of ‘The Bitcoin Standard’, debate Bitcoin’s utility, history, and its “fundamental value.” Hanke argued that while cryptocurrencies will be more widely adopted in the future, Bitcoin, currently, does not qualify as a currency. The author offers a view of bitcoin as an emerging form of currency that can change global economics. Proof of Stake is no different than the Federal Reserve system, which is owned by its constituent banks, who have a monopoly on increasing the money supply you are forced use. Gox event. AUSTIN, Texas– ( BUSINESS WIRE )– Blockcap, Inc. (“Blockcap”), one of North America’s largest digital asset mining companies, today announced that Bitcoin luminary Saifedean Ammous will serve as a strategic advisor to the company. Ethereum plans to switch from PoW to PoS in the foreseeable future. In a recent SALT Talk video, Ammous explains how Bitcoin could emerge as the top store-of-value asset. Dr. Saifedean Ammous published “The Bitcoin Standard. The success of ethereum is quite understandable. It serves as a fantastic reference to learn about the history of money and what makes money valuable: two critical factors informing the importance of Bitcoin. Do you agree? So not only are you getting far less processing power and security than bitcoin, youâve also got yourself a central planning board that could change the rules and fuck everything up on short notice. Ethereum have launched a very sophisticated propaganda drive to detract from bitcoin, and got plenty of backing of powerful bitcoin enemies, but they could only do all that by having a central planning committee that decides everything, can change the protocol, and runs a demented Keynesian inflationary monetary policy. In a new interview with saifedean ammous of the bitcoin standard podcast, pysh predicts the leading cryptocurrency's total market value could eventually soar above the $100 trillion mark. Craig Jaquish. This was written by Dr. Saifedean Ammous. After all, one man’s gain is always another man’s loss. In broad terms, PoS is staking a certain amount of your coins to participate in the network’s consensus system (integrating blocks of transactions into the blockchain and making sure there is a single version of truth accepted by anyone in the network). What is the difference? No need to relocate for cheaper electricity. BEINNEWS ACADEMY LTD © STREET: SUITE 1701 – 02A, 17/F, 625 KING’S ROAD, NORTH POINT. I’ve been riding the bulls and the bears ever since. Not to mention that a centralized cryptocurrency can be very easily destroyed by hacking, destroying, blackmailing, and threatening the central planners. 12 karma - Jimmy Song. Ethereum (ETH) Prepares to Smash Through the $1,500 Barrier. It was typed in response to a question on twitter⦠and I agree with it!
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