The Bitcoin Standard: The Decentralized Alternative To Central Banking Hardcover – Big Book, 8 June 2018
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- ISBN-101119473861
- ISBN-13978-1119473862
- Edition1st
- PublisherJohn Wiley & Sons Inc
- Publication date8 June 2018
- LanguageEnglish
- Dimensions15.75 x 2.79 x 23.11 cm
- Print length304 pages
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Description
When a pseudonymous programmer introduced “a new electronic cash system that’s fully peer-to-peer, with no trusted third party” to a small online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally-accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications.
While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse.
About the Author
SAIFEDEAN AMMOUS, PHD, is a Professor of Economics at the Lebanese American University, and member of the Center on Capitalism and Society at Columbia University.
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From the Inside Flap
When a pseudonymous programmer introduced "a new electronic cash system that's fully peer-to-peer, with no trusted third party" to a small online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally- accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications.
While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse.
With this background in place, the book moves on to explain the operation of Bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin's real competitive edge might just be as a store of value and network for final settlement of large payments--a digital form of gold with a built-in settlement infrastructure.
Ammous' firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders.
The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knock-offs, and the many supposed applications of Bitcoin's 'blockchain technology'? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet's decentralized, apolitical, free-market alternative to national central banks.
From the Back Cover
THE ESSENTIAL GUIDE TO BITCOIN'S HISTORY, PROPERTIES, USES, AND FUTURE
In The Bitcoin Standard, economist Saifedean Ammous walks readers through the fascinating history of the technologies of money and explores what gave these technologies their monetary role, how they lost it, what that teaches us about the desirable features of money, and how Bitcoin is designed to improve on these technologies. Ammous elucidates the economic, social, cultural, and political benefits of sound money over unsound money to allow for an informed discussion of the potential role Bitcoin could play in the digital economy of the future. Rather than as a currency for criminals or a cheap mass consumer payment network, this book argues Bitcoin is emerging as a decentralized, politically neutral, free-market alternative to national central banks, with potentially enormous implications for individual freedom and prosperity. For anyone looking for a clear understanding of this new digital money, The Bitcoin Standard is the essential resource.
"The Bitcoin Standard should be required reading for everyone in modern society. It offers a concise and coherent narrative of monetary theory, the history of money, practical economics, and the impact of political policy on business, culture, and the economy. The book contains perhaps one of the best articulations of the virtues of strong money and the dangers of weak currency yet presented in modern literature. The Bitcoing Standard also masterfully debunks the myths of modern monetary theory and the broken ideas that have dominated the fiat economic school of thought since the early 20th century."
--From the Foreword by Michael Saylor, CEO of Microstrategy
"I have spent my entire career studying works about monetary theory, the gold standard, comparative monetary systems, central banks, and proposals for monetary and financial reform. I would rate a tiny fraction of the books I have read about any of these topics as excellent. Dr. Ammous' book, The Bitcoin Standard, contains an excellent treatment of these topics in addtion to one of the few enlightened and enlightening accounts of bitcoin that I have come across. It is essential reading for anyone interested in learning the role bitcoin could play in a future regime of free and sound money."
--Dr. Joseph T. Salerno, Academic Vice President of the Mises Institute & Editor of the Quarterly Journal of Austrian Economics
About the Author
SAIFEDEAN AMMOUS, PHD, is a Professor of Economics at the Lebanese American University, and member of the Center on Capitalism and Society at Columbia University.
Product details
- Publisher : John Wiley & Sons Inc; 1st edition (8 June 2018)
- Language : English
- Hardcover : 304 pages
- ISBN-10 : 1119473861
- ISBN-13 : 978-1119473862
- Dimensions : 15.75 x 2.79 x 23.11 cm
- Best Sellers Rank: #920 in Books (See Top 100 in Books)
- #1 in Banks & Banking
- #2 in Computer History & Culture
- #3 in Money & Monetary Policy
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Customer Reviews
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Top reviews
Top reviews from United Arab Emirates
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content: id recommend this book to anyone in this day and age, it talks about money's concept/history in very engaging and simplified language. most of the book doen't even mention Bitcoin in details until the last chapters.
A few weeks ago , We got the 50th anniversary of the Dollar pattern and FIAT money experiment which has failed and giving privilege only to a few people near the political circles.
The BTC has the power to give a more equalitarian access to a wealth and preserving on time.
The BTC has the power to change the World.
It already started to do it.!
I don’t know why the printing quality is so poor, is it a one off or just cheap printing services.
Top reviews from other countries
Da acquistare se si vuole approfondire la materia e , magari, iniziare ad investire nel blockchain
The author, Saifedean Ammous, does an exceptional job of breaking down complex concepts in a manner that's accessible to readers from various backgrounds. His writing style is engaging and thought-provoking, making it easy to follow and digest the information presented.
"The Bitcoin Standard" delves into the advantages of Bitcoin as a sound form of money, emphasizing its scarcity, durability, and resistance to censorship. It also provides valuable insights into the potential implications of Bitcoin adoption for economic growth and financial freedom.
One of the book's strengths is its thorough examination of historical and contemporary monetary systems. This context allows the reader to appreciate the significance of Bitcoin as a groundbreaking innovation that could reshape our understanding of money and finance.
In conclusion, I highly recommend "The Bitcoin Standard" to anyone interested in Bitcoin, whether they're a long-time enthusiast or just beginning their journey into the world of cryptocurrency. This book has earned a well-deserved 5-star rating, and I believe it should be considered essential reading for anyone passionate about the potential of Bitcoin to transform the global economy.