Book Review: Jimmy Song - Fiat Ruins Everything

It has been around 5 months since my last book review. I have read some books between now and then, but didn't do a review of them. However, this time I am back with a pretty great book by Jimmy Song called How Our Financial System Is Rigged and How Bitcoin Fixes It - Fiat Ruins Everything.

I was not sure what to make of this book when I ordered it, as I am already aware of the negative effects of fiat money, but was not sure what would be the effects that it has on other things in our world.

This book goes through various ways in which fiat money has infiltrated aspects of our lives and made a negative effect. The main thing is that our society is built upon a foundation of deceit and theft, which is not a very solid foundation.

On top of this I learned alot about Cantillon effects and how it affects the way people behave, including their belief systems, wants and desires. It has given me some real food for thought and need to question my own belief systems and values.

A huge theme in the book is regarding centralisation of everything and rent seeking. This purveys through many aspects of everything due to perverse incentives due to fiat money.

One of my favorite chapters where I learnt alot was for example Fiat Debases Art. It has been a while since I have read about modern vs. classical art and this was a good reminder and a surprise to hear from a Bitcoiner. Part of that chapter even covered Proof of Work vs. Proof of Stake, but in the context of art which is a good way to look at it.

Another chapter that I really enjoyed was about Altcoin Delusions and Naivete. It covered in great detail about altcoins, the scams and tactics used to part people with their cash and Bitcoin. What was quite interesting was to learn that many Bitcoiners have learned through bad experience and are sharing their knowledge to help others not fall victim to the same scams and tricks. There were quite a few that I didn't hear of that Jimmy really well articulated and they stuck in my mind.

It was really helpful for me to see with more clarity the tactics and things to look out for with altcoins and what it basically means. I am probably now much more critical in my thinking toward other cryptos than before I read this book. Of course it covered the usual things regarding airdrops, premines, cult of personality and the propaganda used to promote cryptos.

However, it was pretty comprehensive and really well explained. Now when I look at some of my altcoins, I am thinking, do any of these things occur? What development is really going on? Is there rent-seeking for example going on or other such actions to profit insiders or venture capitalists?

It was so comprehensive it got me thinking about many things, especially as we have seen that the Hex community got rugged recently by its founder.

Overall, I found it a great read and can thoroughly recommend the book. There is a wealth of knowledge provided by someone who has been around Bitcoin and crypto for some time. It is pretty easy to read and whilst the information can be quite serious, it is delivered in an easy manner that you can absorb it pretty easily.

Thanks for reading.

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All photos are my own.

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