‘Black Swan’ Author Pulls a 180- Nassim Taleb Says ‘Bitcoin’s a Failure, at Least for Now’ – Bitcoin News
On the 12th. In February, renowned Lebanese-American essayist and risk analyst Nassim Nicholas Taleb declared the leading digital currency, bitcoin, a failure, at least for now. Crypto-currency fans are unhappy with Taleb’s recent statements after the seemingly famous author did a complete 180 after supporting crypto assets for years.
Nassim Taleb is not impressed with bitcoin these days
Nassim Nicholas Taleb is a popular author, mathematical statistician and scientist. Over the years, Mr. Taleb has been highly critical of the current monetary system, the current financial industry, and the recent financial crises. The philosopher is best known for his books Black Swan (2010) and Antifragile: Things you get from clutter (2012).
After Satoshi Nakamoto launched the Bitcoin network, Taleb was initially very optimistic about the new technology, writing positive reviews of the digital asset over the years.
Nassim Nicholas Taleb’s recent criticism of bitcoin seems to have agitated the BTC community, as it wasn’t so long ago that Taleb was raving about bitcoin and writing about the digital asset in a positive light. The very existence of bitcoin is an insurance policy that will remind governments that the creation of the ultimate object, namely money, is no longer their monopoly. It gives us, the public, insurance against an Orwellian future, Taleb wrote in 2018. Two years ago, in a post on Taleb’s Opacity blog titled This May Fail, But We Now Know How, the author explained that bitcoin is a great idea. Taleb said his essay was originally written as a preface to a book by Saifed Ammus, but he also stressed that he did not agree with Saifed Ammus’ idiotic and conspiratorial ideas. As for bitcoin (BTC), Taleb thought at the time that cryptocurrencies were a mighty beast.
It serves the needs of a complex system, not because it is a crypto-currency, Taleb writes. But precisely because he has no master, no power to decide his fate. It belongs to the crowd, to its users. And now he has a few years of experience, enough to be a full-fledged animal.
In 2021, that is, on the 12th. In February, Nassim Nicholas Taleb decided to announce to the public that he was going to sell some of his bitcoins. Additionally, Taleb criticized a number of people in the crypto community at the end of his tweet.
I wanted to get rid of my BTC, tweeted the famous author to his 705,000+ Twitter followers. Why? A currency should never be more volatile than what you buy [and] sell with it. You can’t price commodities in BTC, the former options trader said.
Mr Taleb added:
In this respect it is a failure (at least for the moment). It was picked up by Covid, which decries sociopaths with the subtlety of amoebas.
Taleb wasn’t done with his scathing criticism and decided to add to his initial statement. Another problem that BTC Protozoa [does not] understand: The appeal of cryptocurrencies lies in their opacity, their ability to facilitate tax evasion and money laundering, Taleb tweeted. You can make a gold coin anonymous by melting it down. You can use the spoon again. BTCs are easier to manage than cash. The volatility of BTC does not decrease with time/at a higher price, exactly what you don’t need, the famous author further pointed out.
Paul Storz: SanerBitcoiners have been quieter lately.
Of course, proponents of crypto and bitcoin were not too happy with Taleb’s statements. Popular bitcoiner Pierre Rochear told Taleb that bitcoin is falling apart, while digital asset advocate Chris Ellis said bitcoin is in step with the global economy.
It’s like looking at the progress bar of an old movie backup without the Time to Complete feature, Ellis says.
Many bitcoiners have argued with Taleb that bitcoin’s volatility is decreasing over time, because data shows this to be true.
Others reacted differently and approached the issue from a different angle. Software developer Paul Storz explained that BTC hasn’t been this noisy lately.
Unfortunately, it is true that most of the bitcoiners with whom [Nassim Nicholas Taleb] spoke were confused (including Syfed, who has made it his mission to scare every reasonable person). Saner’s BTCers have been quieter lately, Storck said on Twitter.
Exactly what [Chris] DeRose/Joneset predicted a long time ago. Enforcers who are very good at pressuring gullible people to increase their commitment, but who despise outsiders or independent thinkers. I think these are the people Nasim Nicholas Taleb is talking about.
Nassim Taleb is not convinced by the rebels, he says Bitcoin losers share a single-cell brain
After Taleb’s first tweet on the 12th. February, the author wrote several other tweets criticizing Dan Held of Kraken FX on the 14th. of February. Blockchain researcher Willie Wu responded to Taleb’s criticism that volatility is a distraction.
BTC will likely become a reserve asset that will support the currency. Considering it as a unit of account is a relic from the agricultural era when we still had shells and silver coins. We are now in the digital age, we have live indexes and shopping carts, Wu said. Despite all the defense of and reactions to Taleb’s new way of thinking, the author does not seem to favor crypto assets as he has in the past.
Even last April, when it was announced that the Bank of Lebanon would impose strict rules on transferring local currency, Taleb tweeted: Use crypto-currencies!
Things are different today, though, and as of Sunday morning (EST), Taleb appears to have responded to several backup Twitter assets.
Bitcoin errors share a single-cell brain [and] logical wiring errors : BTC is a good idea, so it will be a *backup currency* (i.e. there will be no other ideas [and] no other backup). Reserve ≄ Fugitive. It should not be volatile at high prices. More] never found application, Taleb maintained.
What do you think of Nassim Nicholas Taleb’s recent scathing criticism of bitcoin proponents and bitcoin in general? Let us know what you think in the comments below.
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antifragile, bitcoin, bitcoin (BTC), bitcoin volatility, BTC volatility, Chris DeRose, Chris Ellis, critical, crypto-volatility, cryptocurrency, Dan Held, Junzet, monocle, Nassim Nicholas Taleb, NNT, Paul Storck, Pierre Rocheard, Saifedin Ammus, Black Swan, Willie Wu
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