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!
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THE BITCOIN STANDARD TOOLKIT/SPONSORS
Cyphersafe - https://cyphersafe.io/
06/16/21 • 57 min
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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