Episode notes
In this episode of Power Hour by Alex Epstein, author of The Moral Case for Fossil Fuels, interviews Dr. Saifedean Ammous, economist and author of "The Bitcoin Standard."
Alex and Dr. Ammous discuss a wide range of topics, including:
How Ammous got interested in energy economics.
What Ammous learned studying the economics of biofuels.
Why it’s crucial to think of time as the most important resource.
How energy relates to time.
How economists tend to undervalue energy - and what Ammous is doing to address this.
Additionally, they discuss several foundational issues in economics, such as the nature of money, economic calculation, the nature of value, and opportunity cost.
THE BITCOIN STANDARD TOOLKIT
The Bitcoin Standard Toolkit is a selection of the Bitcoin services I recommend to readers and learners on saifedean.com, as they upgrade from The Fiat Standard to The Bitcoin Standard.
NYDIG is a leading full-service financial services firm dedicated to Bitcoin, applying institutional wisdom and ingenuity to help clients access the unrealized potential of this emerging asset class. NYDIG offers the full suite of financial solutions needed for financial institutions to access Bitcoin, from custody, execution, financing, treasury solutions, integration partnerships, and more.
Check their website here: https://nydig.com/
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To secure your bitcoins, it is important to keep your seedphrase backed up safely, and for that, I highly recommend using the CypherWheel seed storage device, a gorgeous and brilliant sturdy piece of low time preference engineering from a fourth-generation machine shop in Maine.
Check their website here: https://cyphersafe.io/
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Whenever someone asks me how to invest in Bitcoin, my advice is to accumulate bitcoins periodically for the long run, or dollar-cost averaging. When you buy every day, week, or month, you play bitcoin’s volatility to your advantage. In the long run, this strategy will outperform every other bitcoin investment strategy, except for dumb luck, and lying about timing the market. For dollar-cost averaging, I strongly recommend OKCoin, the exchange with the lowest fees for recurring purchases worldwide. OKCoin is also the bitcoin exchange accessible in the most countries around the world.
Check their website here: https://okcoin.com/
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I believe it is really important to run a node, but I don’t recommend running it on your work or personal computer, as it can compromise the performance of your computer and, more importantly, the security and privacy of your bitcoin node. A far better solution is to buy a dedicated hardware node, and for that, I highly recommend Nodl.
Check their website here: https://www.nodl.it/
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My hardware wallet of choice is the Coldcard. I strongly recommend only conducing bitcoin trades on computers that are dedicated to bitcoin and cannot connect to the internet. I like the Coldcard because it is a contained machine optimized for bitcoin and bitcoin only.
Coldcard is basically a small computer that can only do bitcoin, which makes securing it more straight-forward. Use the code BITCOINSTANDARD on coldcardwallet.com to get a 5% discount.
Check their website here: https://coldcardwallet.com/
