Saifedean Ammous - The Bitcoin Standard: The Decentralized Alternative to Central Banking

1. Chapter 3
2. Chapter 4
3. Chapter 7
4. Chapter 8

1. Chapter 3
2. Chapter 4
3. Chapter 5
4. Chapter 6
5. Chapter 8
6. Chapter 9
7. Chapter 10

Saifedean Ammous

Copyright 2018 by Saifedean Ammous. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress CataloginginPublication Data is Available:

ISBN 9781119473862 (Hardcover)

ISBN 9781119473893 (ePDF)

ISBN 9781119473916 (ePub)

Cover Design: Wiley

Cover Images: REI stone Danita Delimont/Getty Images; gold bars Grassetto/Getty Images; QR code/Courtesy of Saifedean Ammous

To my wife and daughter, who give me a reason to write.

And to Satoshi Nakamoto, who gave me something worth writing about.

Saifedean Ammous is a Professor of Economics at the Lebanese American University and member of the Center on Capitalism and Society at Columbia University. He holds a PhD in Sustainable Development from Columbia University.

by Nassim Nicholas Taleb

Let us follow the logic of things from the beginning. Or, rather, from the end: modern times. We are, as I am writing these lines, witnessing a complete riot against some class of experts, in domains that are too difficult for us to understand, such as macroeconomic reality, and in which not only is the expert not an expert, but he doesn't know it. That previous Federal Reserve bosses Greenspan and Bernanke, had little grasp of empirical reality is something we only discovered too late: one can macroBS longer than microBS, which is why we need to be careful of whom to endow with centralized macro decisions.