20 Minute Books The Bitcoin Standard - Book Summary
7 snips
Oct 28, 2023 
Saifedean Ammous, the author of "The Bitcoin Standard," shares his insights on the evolution of money, from barter systems to Bitcoin. He highlights Bitcoin's unique scarcity with a cap of 21 million coins, positioning it as a strong alternative to gold. The discussion covers Bitcoin's security through its decentralized blockchain, price volatility, and future challenges. Ammous emphasizes the importance of sound monetary principles and encourages listeners to consider how Bitcoin can lead to economic stability.
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Rai Stones
- Yap Islanders used rai stones, large immobile rocks, as currency.
- This worked until Captain O'Keefe introduced many new stones, decreasing their value.
Gold Standard
- Gold's inherent properties, like indestructibility and scarcity, make it a good store of value.
- This led to the gold standard adoption, where paper money represented a claim to gold.
Currency Debasement
- Roman emperors debased currency by reducing gold content, causing inflation.
- Similarly, governments abandoned the gold standard in 1914 to fund WWI, leading to currency devaluation.
