Property Rights, Capitalism, and Bitcoin with Saifedean Ammous

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In this episode, Nik is joined by author Saifedean Ammous for a masterclass on economics. Saifedean teaches us about the importance of property rights in a capitalistic system and why anti-capitalist rhetoric can be so dangerous. He also explains the role of bitcoin, allowing people to properly save instead of consume. Limited government, taxes, and privately-funded infrastructure are also discussed.
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Chapters:
00:00:00 - The Importance of Property Rights
00:06:24 - The Alternative to Government is Property Rights
00:12:21 - The Complicated Nature of the Potato Industry and Potential Conflicts
00:17:57 - The Importance of Capital
00:23:49 - The Productivity of Capital: From Sailing Boats to Massive Ships
00:29:21 - The Importance of Delayed Gratification and Sacrifice
00:34:45 - The Role of Private Property in a Capitalist Economy
00:40:37 - The Importance of Saving and Hard Assets
00:46:37 - The Difference between Saving and Investing and the Value of Hard Assets

Опубликовано:

2 авг 2024

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Комментарии : 60

@jksmithiii 22 дня назад

Yes! When I finally got that the new store of value is the inviolable property right itself, and not just some digital gold, I got BTC. Makes you realize how gold, real estate, anything physical is protected by the illusion of property rights as provided by any government. So as a store of value, actually gold is extremely risky. You don't even have a guarantee of the most personal property right, which is the right to be left alone.

@waynerichardson1051 16 дней назад

Love thiat fella, he's awesome! Thanks for getting him on. Cheers

@casamurphy 22 дня назад

Refreshingly logical and compassionate.

@upasfragged4113 22 дня назад

Love the Classical Econ meets Bond/Market Analysis - great minds!

@derek.seaborn 18 дней назад

Saifedean is always an instant click, instant like.

@busymikey 22 дня назад

🔥

@ivanpivan4105 21 день назад

Problem with anarchists is that they think everyone wants voluntary exchange. I’m an Austrian economics guy. We as a community need to get more pragmatic, talking about anarchy undermines our cause. There will always be people that force their will upon people. Would love if you could ask the interviewee about this.

@Richard-ki4nk 21 день назад

I think Saif prefers monarchy. IDK. But as with any group such as capitalists, anarchist...People have different ideas of what exactly they mean. I've heard some anarchist say they just don't want a huge monolithic federal gov but people will form a lot of small government type communities. I struggle with the idea that these little communities will be able to defend against a large state such as China or USA that decides at some point they want what is in the small community. If there isn't enough outside force to put up a significant defense then the large group can take what they want. There are examples of a large state taking from small...and examples of small states not being exploited. But who knows. With more free information, encryption, privacy, etc I don't think anyone can work through all theoretical scenarios

@Richard-ki4nk 21 день назад

Many have pointed this out before, but again it's important to understand that energy (which bitcoin system uses) is the basis for everything however is nothing if not put to use. Some may say energy is wasted on bitcoin. Maybe in some cases. But the energy must 1st be harnessed (investment) and then put to use (sold to the market or used by the original investors). The market will decide if this energy is demanded for goods, services, or bitcoin transactions. In a city, the market will likely direct most of this energy to goods and services. Elsewhere the energy may be better used to facilitate the bitcoin network. This is what is meant by saying bitcoin is energy. So this commodity of energy is always a ratio to other goods. And since the bitcoin network is directly tied to energy, along with the programmed rules associated, it makes for a great medium of exchange. However, just as with gold, all users must stay vigilant. All must stay knowledgeable about why society needs "hard" money otherwise even hard money gets subordinate to all sorts of creative derivatives such as fractional reserve banking and debt stacked on debt.

@Richard-ki4nk 21 день назад

47:13 Extremely important to understand!!!

@BatmanBoss 22 дня назад

Thanks

@MrTereal 22 дня назад

stay in my algorithm

@bitcoinpoemspro1406 22 дня назад

Thx

@marlotree6909 22 дня назад

Brilliant!

@huibu8987 21 день назад

So every bridge, tunnel and road will have a toll station? In this scenario we‘ll see flying taxis faster than anyone can build a bridge. I guess that would be a good result by a free market.

@user-ol7tl1vf5m 20 дней назад

I can measure the value of my bitcoin in terms of energy expenditure, similar to how I gauge the value of my employees. How do people measure the worth of paper created from thin air?

@tomekfranus8985 15 дней назад

Overproducing roads argument describes LA perfectly I guess... but wait! Is Saif actually advocating for WEF's 15 min cities? 😂

@tomekfranus8985 15 дней назад

And no - governments (at least in civilised countries) don't just confiscate lands from its owners to build roads, they pay for them. Often more than the market price. Don't get what's the point for saying stuff that everyone knows is simply not true?

@Sebreem 20 дней назад

Brillant! SA never disappoints.

@Sebreem 20 дней назад

Should be required education in early childhood and then ongoing.

@shakenbake6303 22 дня назад

Amazing info 😍

@patoripraha 21 день назад

🧡🤝

@JeremyHelm 22 дня назад

Let's see, I look forward to listening through this conversation. In the back of my mind I have my question of, how much am I going to be able to perceive that if money is to be money, the market to be the market, how much are these people clear that communication, then, has to be communication?

@JeremyHelm 22 дня назад

1:30 obviously, we always answer from our own lexicon… But I'm curious if advocacy for our property rights has a communications department? I guess actually that's where exactly we are :-)

@JeremyHelm 22 дня назад

1:49 1:55 the prevailing circumstances for which property rights are the solution, being in a jungle state? Lawless, I guess…?

@JeremyHelm 22 дня назад

Lawless, but hypercompetitive? It's a jungle of a economization ? The slowing of time preference

@JeremyHelm 22 дня назад

3:26 property rights are seen as a bulwark against the high time preference of people who would steal from you? Gives you a chance to counter premeditation, planning virtue instead of crime?

@JeremyHelm 22 дня назад

5:31 only a government that doesn't exist can completely respect property rights?

@bitcoinpoemspro1406 22 дня назад

He knows his economics.

@tomekfranus8985 15 дней назад

Also I don't see a problem the world going anti-capitalist. It's actually the other way around. Countries like China, Vietnam or Cambodia that are "communist" on paper are fully capitalist. Problem lays elsewhere. Resentment or hatred comes from extreme concentration of wealth among the richest individuals.

@samueldeveault2263 13 дней назад

Saifedean ''forget the exact number'' Ammous

@CrownPrinceFrederick 22 дня назад

26:51 love Saifedean and his work but here he says that workers are not exploited by capitalists with the exact example of why workers are exploited by capitalists. I cannot live off one fish a day to support my family so I must work. I then go to work and the capitalist pays me more than one fish but less than my productive value. So I can choose a subsistence wage lower than my marginal product or I can choose to live off one fish.

@QDogg 22 дня назад

You can work for yourself though too right? You can attempt to create a better fishing technology to catch more fish and then start your own business to compete.

@CrownPrinceFrederick 22 дня назад

@@QDogg yes but starting a business whilst earning "one fish" a day is easier said than done, particularly in a world where people already have the capital to produce "1000s of fish" per day. So you are pressured into taking a job that pays less than your marginal product. That is the "exploitation". I am not saying that "exploitation" in this sense is necessarily a bad thing (I leave that to the "Marxists") but having that dynamic shrouded certainly isn't a good thing. The situation of employment is still a win-win scenario but it does come with perverse incentives. For example, the "exploitation" scenario works better for the capitalist in the case where there is a large population of unemployed persons looking to earn a wage. This will put downward pressure on wages and upward pressure on profit. So the capital class (often also the political class) creates a situation of persistent unemployment.

@QDogg 22 дня назад

@@CrownPrinceFrederick the capital owner in the past was in the same situation as you are presenting today in that they had to make a choice to consume today or sacrifice to acquire capital for a better tomorrow. You choose to work for someone (instant gratification) or you sacrifice and come up with a better product and compete (delayed gratification). There is risk involved, yes, but the reward is better if successful.

@CrownPrinceFrederick 22 дня назад

@@QDogg yes I agree there is a trade off. And like I said in my comment, that trade off should be made knowing that working for a wage comes with "exploitation" inherently. Saifedean says there is no "exploitation" which I disagree with, hence my initial comment. I also believe he only really says this to distance his economic opinion from what is generally viewed as "the left" (specifically Marx) and dismiss such views as noise. Tok often in economics it is viewed that these ideas are contrary but here you and I are agreeing regarding the right to choose between working for a "capitalist" or doing your own thing. But we should not dismiss the economic pressures impacting how people are making that decision. Dismissing the idea that working for a wage has inherent economic exploitation is therefore a mistake arising due to a philosophical bias.

@QDogg 22 дня назад

@@CrownPrinceFrederick I would say that "exploitation" is part of the risk of working for an employer, as there is risk with going at it alone. I think it's each individuals choice to perform economic calculation and taking "exploitation" into consideration is a part of that analysis of choosing one employer vs another vs entrepreneurship. Some people trade slavery for safety /comfort of a guaranteed thing (with muted wages) vs the risk of going at it alone living the boom/bust life. Yes, I agree, there's trade offs each individual has to make for themselves.

@todmann67 22 дня назад

Anarchism is so passé.

@NappyWayz 22 дня назад

20:59 I think you missed a point if you think he’s arguing for anarchy.

@todmann67 21 день назад

@@NappyWayz no, I’m just stating that anarchism is passé. His arguments are great, and the fact that he makes them proves my point. Anarchists will always say how they believe in it then immediately talk themselves out of it. It’s funny.

@Londol1 21 день назад

safe is a BTC-O.G. 😎

@dplsurve 21 день назад

Saif forgot mention that not all capital is good or productive capital. The cantillon effect does indeed allow for capital to be made available or given to some very stupid capital allocators😹😂 Proof-of-work fixes this!👍🏿😎✅

@Richard-ki4nk 21 день назад

41:01 maybe a more exhaustive way of arguing against the keynsian way of destroying savings to incentivise investing: one cannot invest with nothing to invest, therefore there must be savings of some sort to invest. This savings, in a society that does not violate individual property rights, is created then saved and invested if deemed wise by property owner. In a collectivist society (keynsian, socialist, essentially a society that violates individual property rights) the savings from anyone may be taken (either directly or more hidden through devaluing money, ie Inflation) from so called investors that may or may not make wise decisions on this stolen savings. Being that it is stolen, the incentive is not so much a wise investment but also how can this stolen savings be redirected to the taker. Leading to malinvestment,widening wealth gaps, and civil unrest

@user-fx6vk3pp5o 21 день назад

he just said the rich are forgoing consumption. maybe until launch. then the forgoing is done by the workers. tell me profit isn't reinvested.

@avaraxxblack5918 21 день назад

Statists: if we had no govts who would protect you from other peoples govts. 🤦‍♂️🤪

@trainer0075 21 день назад

Saif says a lot of intelligent and interesting things. But he does not explain the most important topic. And that is, why do the overwhelming majority of "capitalists" like Warren Buffett, George Soros, Bill Gates, Ray Dalio, Lloyd Blankfein, ted Turner, etc, etc support the political party that most represents socialism - the Democrat Party. Until he addresses this question, he's just blowing smoke.

@Think-For-Yourself-Man 17 дней назад

What if the people you name are not capitalist since we currently do not have capitalism, we have crony, capitalism, big difference? What if these people you name are crony capitalist? Then gaining political favors would be the order of the day.