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The Bitcoin Standard Podcast - 63. Bitcoin efficiency and cost-benefit analysis

63. Bitcoin efficiency and cost-benefit analysis

The Bitcoin Standard Podcast

06/16/21 • 57 min

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We often hear bitcoin is a waste, but rarely will someone present a full accounting of all the costs and the benefits associated with bitcoin. In this seminar, based on a chapter from upcoming The Fiat Standard, Saifedean attempts a full accounting of the costs that go into making bitcoin work, from electricity to infrastructure, and compares them to the benefits bitcoin provides: appreciating savings, money transfer, and most importantly, obsoleting fiat money, with its massive costs. We estimate fiat inflation costs the world around 2.5% of global wealth per year, and has incalculable costs with rising time preference, economic distortion, activist government, and conflict. We also discuss how to best think about bitcoin's efficiency, and why it can be approximated by the stock-to-flow ratio!

Links referenced:

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses and read chapters of his forthcoming books by becoming a Saifedean.com member. Find out more here.

THE BITCOIN STANDARD TOOLKIT/SPONSORS

NYDIG - https://nydig.com

Cyphersafe - https://cyphersafe.io/

OKCoin - https://okcoin.com/

Nodl - https://www.nodl.it/

Coldcard - https://coldcardwallet.com/

CoinBits App - https://coinbitsapp.com/

06/16/21 • 57 min

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The Bitcoin Standard Podcast - 63. Bitcoin efficiency and cost-benefit analysis

Transcript

[00:03:39] Saifedean Ammous: Hello, welcome to another episode of the Bitcoin standard podcast seminar. In today's seminar I wanted to discuss one of the chapters of my forthcoming book, the Fiat standard. I've just finished writing the Fiat standard and I've launched the Kickstarter where you can pre-order the book and get access to the first draft of the book. And pre-order it for delivery as soon as it is out, which should be in November or December. We're going to have it

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