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Matt Weller's Reviews > The Bitcoin Standard: The Decentralized Alternative to Central Banking
The Bitcoin Standard: The Decentralized Alternative to Central Banking
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As I see it, this book is made up of three distinct sections/essays:
The first 10% (5 stars):
Potentially the best explanation of the characteristics of money and how they work together to solve the "coincidence of wants" issue.
The next 50% (0 stars):
Think of the obnoxious frat bro who just read Ayn Rand for the first time and now has the world completely figured out, or the stoner who believes that the illegality of pot is the cause of all the planet's suffering: it's the sort of exaggerated, tenuously-connected rambling that occurs when someone stumbles across a decent idea and thinks that it is *THE* grand unifying idea that cures all ills.
In brief, the author asserts that our current, fiat monetary system is responsible for an increase in wars and violent crime, the decline in the quality of art and music, and the lack of major technological inventions. Quite frankly, I didn't find the author's arguments that these "trends" are actually occurring convincing, so blaming them on a monetary system seems to be putting the cart before the horse.
Apropos of nothing, he also claims John Maynard Keynes was a gay pedophile and "a failed investor." While I can't comment on the first claim beyond noting that the supporting evidence is rather circumstantial and weak, I can say definitively that Keynes was one of the *BEST* investors of all time. He nearly quintupled the value of the King's College endowment over 19 years while the UK stock market FELL 15%. These types of easily-falsifiable claims undermine any reasonable points the author attempts to make.
It's also worth noting that there was no meaningful mention of bitcoin throughout this part of the book.
The last 40% (5 stars):
When the author gets back on the actual topic of the book (and away from his conspiracy theory ramblings), the text makes a compelling case for the potential of bitcoin. While I would argue that he remains too dogmatic/pessimistic about the utility of other cryptoassets, the conversation about bitcoin (including his endorsement for second-layer solutions to the scaling issue) is balanced and convincing.
Overall rating: 2.5 stars - rounded up to 3. Just save your time and skip the middle 50%!
The first 10% (5 stars):
Potentially the best explanation of the characteristics of money and how they work together to solve the "coincidence of wants" issue.
The next 50% (0 stars):
Think of the obnoxious frat bro who just read Ayn Rand for the first time and now has the world completely figured out, or the stoner who believes that the illegality of pot is the cause of all the planet's suffering: it's the sort of exaggerated, tenuously-connected rambling that occurs when someone stumbles across a decent idea and thinks that it is *THE* grand unifying idea that cures all ills.
In brief, the author asserts that our current, fiat monetary system is responsible for an increase in wars and violent crime, the decline in the quality of art and music, and the lack of major technological inventions. Quite frankly, I didn't find the author's arguments that these "trends" are actually occurring convincing, so blaming them on a monetary system seems to be putting the cart before the horse.
Apropos of nothing, he also claims John Maynard Keynes was a gay pedophile and "a failed investor." While I can't comment on the first claim beyond noting that the supporting evidence is rather circumstantial and weak, I can say definitively that Keynes was one of the *BEST* investors of all time. He nearly quintupled the value of the King's College endowment over 19 years while the UK stock market FELL 15%. These types of easily-falsifiable claims undermine any reasonable points the author attempts to make.
It's also worth noting that there was no meaningful mention of bitcoin throughout this part of the book.
The last 40% (5 stars):
When the author gets back on the actual topic of the book (and away from his conspiracy theory ramblings), the text makes a compelling case for the potential of bitcoin. While I would argue that he remains too dogmatic/pessimistic about the utility of other cryptoassets, the conversation about bitcoin (including his endorsement for second-layer solutions to the scaling issue) is balanced and convincing.
Overall rating: 2.5 stars - rounded up to 3. Just save your time and skip the middle 50%!
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May 30, 2018
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May 30, 2018
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Aug 25, 2018 05:51PM
I agree 100%, well reviewed!
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This review speaks the truth.
35% through and am at the part where he apparently deems himself an expert on art and aesthetics... definitely agree so far on this review.
Couldn't agree more. It's such a shame about the middle - it's tainted what I've otherwise found to be a fascinating book. I couldn't quite believe it when he suddenly went off on one about the 'talentless hacks' that populate the world of contemporary art. Talk about an agenda...!
Well you saved me some time, thanks for the review
The rant he goes on about modern art.... So out of place. It made no sense.
Where would you say the middle 50% starts and ends?
I agree totally with this review.I skipped the middle part when he gives his opinion about arts.
I was about to settle down to write a review but this pretty much sums up what I would have said.
I was about to write my own review, but then I realized there's no way I can say it better than you just did, so why bother!Sorry Marcus Mumford, your music was funded by unsound money and you are therefor a talentless hack. Beyoncé, Jay-Z, sorry for the bad news but you didn't put in the effort compared to Bach, therefore your achievements are void and your fans are uncultured morons.
My advice to the author, try not to lecture the reader on pop culture, it's a bit nauseating.
5/5 review - said way better than I could’ve, 100% agree
The part on contemporary art was pure get-off-my-lawn gold.
I actually enjoyed much more the part you gave 0 stars than the rest of it
I agree with Lorenzo above. In my opinion the middle part is what gives the book its edge. Without it you could rather read Yan Pritzkers book "Inventing Bitcoin" which is more to the point on part 1 and 3 as the author of this review laid them out. Also, the short part on modern art that some commenters are riffing on here, if taken out of context may seem like an ill placed personal opinion. But in the context of what this part of the book argues I found it to be an amusing addition and the argument more 3 dimensional! The argument that, in a system of easily inflated money supply, the time horizon of any endeavour (not just artistic ones) becomes much shorter than in a system where monetary is sound and stable in value. When your Dollar isn't worth next year what it is today then you'll make sure to spend it sooner rather than later. Point in case the 6 years Michelangelo was hanging off the ceiling of the Sistine chapel to create his masterpiece rather than making a few quick smaller paintings. This does not mean that ALL modern art is bad or cannot be enjoyed which I can't remember the author saying anywhere. In my opinion the author managed to illustrate his point quite colourful and amusingly.
This review got it spot on. I gave up on the book midway through.
The current fiat monetary system does indeed perpetuate wars. Case in point: petrodollar.
This review matches my impressions perfectly
Spot on, nothing to add
I really liked your review� before I read the book. I was prepared to skip the middle third of the book, but the book is great throughout. I guess you don’t like Ayn Rand or something. The book isn’t perfect, with some occasionally cloying BTC cheerleading, but I feel that Ammous balanced that out nicely by honestly and exhaustively addressing BTC’s potential vulnerabilities in the last chapter.
This is so spot on and exactly my experience with the book. I almost tapped out in the middle section where the author goes on that weird tangent, mentioning Miley Cyrus (?!) etc. But I pushed through and am back into the Bitcoin stuff and it's incredibly interesting.
100% agree, I came here for this comment and I was not dissapointed
the us dollar is backed by us army and look at what the army been and still doing? Haven't even read the book but maybe you're just offended cause he point that out? Fascist or nah?
Good book, as long as the above advice is followed ☝�
"Apropos of nothing, he also claims John Maynard Keynes was a gay pedophile and "a failed investor." While I can't comment on the first claim beyond noting that the supporting evidence is rather circumstantial and weak, I can say definitively that Keynes was one of the *BEST* investors of all time. He nearly quintupled the value of the King's College endowment over 19 years while the UK stock market FELL 15%. These types of easily-falsifiable claims undermine any reasonable points the author attempts to make."This alone makes me not want to read it. Why up a person's sexuality in a book about money? How is this relevant unless you also have an irrelevant ideology behind the scenes. I hope someone writes a similar book that ONLY stays on topic.
Competely agree
What a great review � nothing to add
Couldn’t agree more with your review
The authors argument that fiat currency is responsible or linked to less technological innovation and worse art is nonsensical and completely lacks evidence
Ok so it wasn’t just me�
Preach! Ludicrous. Perfect review.
I agree about the first and second part. In the 3rd part he writes like a fanatic, not a rational man. Very short vision about altcoins and too confidence about not appering nothing better than BTC in the near future.
Thought the same. A great message especially the early part of the book, but very wordy and repetitive in the middle.
I feel exactly the same. The second part has a lot of unsupported claims, but still some interesting information and food for thought. Still� Keynes the failed investor??? Lmao.
Putting the cart before the horse is exactly how I would describe it. The author seems to take correlation for causality.
Your review is spot on. This book does not have much to offer past the first few chapters
Spot on review. Also, did a modern artist sleep with his wife?
This is the most precise review ever
I wish I read this review before picking up the book
Good review, except I also bristled against the long revisionist history section (by a non-historian with limited knowledge no less) full of wild claims such as the notion that the fall of the Roman Empire was due to currency manipulation When all you have is a hammer�
Sounds good, intellectual and engaging; like the book. You probably should write and publish your own.
Haha man I was also thinking “this dude really has an issue with Keynes�. I’m no economist so this was my introduction to the disagreements in the different schools of economics. Needless to say, even if I agree with some topics (modern art sucking) those parts of the book were a slog to get through.
100% agree. I’m right in the middle of the book now and it’s def very frustrating. It started as an exciting journey across monetary history and eventually became daunting task to finish the read. But I’m glad that the last part should get better again. Thanks!
