Is There a Positive Effect of Lower Time Preference?

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There's some things in life where low time preference could be a negative thing. So what can you say about potential positive effects of lower time preferences? I mean, it's a balance. Under the gold standard, the way that people finance things was predominantly with capital, with equity. When you wanted to start a business, you could use your own savings or somebody else's savings. And then you can take a risk with the stuff that is extra. You know, I have three years expenditures in gold under my mattress. Still okay to take on debt given the stuff to gold and to the mattress.

Saifedean Ammous is an Austrian economist and author of The Bitcoin Standard and The Fiat Standard. Please support this podcast by checking out our sponsors:
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OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(07:53) – Money
(20:58) – Gold standard
(34:09) – Collective hallucination
(39:59) – Austrian vs Keynesian economics
(1:12:20) – Free market
(1:28:49) – Monarchy
(1:34:23) – Fiat money
(2:21:13) – SWIFT system
(2:34:03) – Bitcoin
(2:40:20) – Satoshi Nakamoto
(2:48:04) – Criticisms of Bitcoin
(3:03:16) – Football/soccer
(3:06:58) – Criticisms of Bitcoin continued
(3:17:17) – Bitcoin Maximalism
(3:29:40) – Proof of stake
(3:46:46) – Central bank digital currency
(3:57:59) – Michael Malice
(4:00:12) – Advice for young people
(4:06:21) – Palestine
(4:18:00) – Mortality