Another Bitcoin Buffoon: Saifedean Ammous' Digital Mirage Vs Gold

EDITOR'S NOTE: In a sublime effort to articulate the glaring inadequacies of fiat currency, Saifedean Ammous, the infamous author of "The Bitcoin Standard," steps up to the plate, brandishing Bitcoin as our knight in shining, digital armor. His treatise, laced with delightful condescension, is meant to enlighten us peons about the superiority of the cryptocurrency over fiat currency. Ammous indeed scores a bullseye when he lampoons the government's notorious ability to manipulate and steal from traditional currencies. Yet, his proposed solution, switching to Bitcoin, reeks of a simplistic, half-baked idea. It's a bit like suggesting we solve world hunger by eating cake; sounds fantastic, unless you recall that cake is just a pile of fluffy sugar with no real nutritional value. In the same vein, Bitcoin, with its speculative nature and immense volatility, is practically worthless in the grand scheme of things. Investing in gold, the classic store of value, would likely be a far safer bet. So while Mr. Ammous struts around with his "Have Fun Staying Poor" mantra, remember that he's essentially selling you a shiny, digital illusion.

"For me, the dollar is over. The Fiat bargain broke down...

...Show me what you've done with your portfolio with your bonds with your stocks over the last five years and how has it outperformed Bitcoin. Have fun staying poor."

In this excellent discussion, renowned economist Saifedean Ammous, explains the superiority of Bitcoin over fiat currency...

"All currencies are in hyperinflation at slow motion. In the long run, Bitcoin is the short on all those currencies."

Specifically, the author of The Bitcoin Standard argues that that Bitcoin is a better technology for money and criticizes the government's ability to manipulate and steal from traditional currencies...

"Bitcoin is a better technology for money and your technology for money is a broken technology that is optimized for your government to steal from you. It's optimized for the government to be able to finance its operation."

Ammous portrays Bitcoin as a tool for freedom and a form of protest against predatory government and central bank policies.

"Bitcoin is a tool for Freedom that acts as a form of protests against the predatory policies of governments and central banks."

"If you don't want Bitcoin, if you don't agree with Bitcoin, if you don't like Bitcoin, yeah, you know, continue to use your local government's scam money, continue to hold government bonds, continue to get wiped out, put your money in banks that go under, and enjoy poverty."

The speaker highlights the limited supply of Bitcoin (21 million) and the inability for anyone to devalue or confiscate it.

"You don't have to worry about somebody taking it away from you... that's what ultimately comes down to."

Finally, he mentions his involvement with El Salvador's Bitcoin office and their efforts to develop Bitcoin programming skills in the country.

"The central bank is not there to help you have money. We've had money without central banks.

Bitcoin fixes all of that. That's what ultimately comes down to...

... We can have money without Monopoly central banks. It's entirely possible to have a free market monetary system on any form of money, and the free market will choose money on its own."

Watch the full discussion below:

Source: YouTube

Originally published by: Tyler Durden on ZeroHedge