Nassim Taleb: Bitcoin Failed as a Means of Payment

The philosopher and author of the cult work The Black Swan, Nassim Nicholas Taleb, has said he is getting rid of Bitcoin. In his words, the first cryptocurrency did not succeed as a means of payment.

I’ve been getting rid of my BTC. Why? A currency is never supposed to be more volatile than what you buy & sell with it.
You can’t price goods in BTC

In that respect, it’s a failure (at least for now). It was taken over by Covid denying sociopaths w/the sophistication of amoebas

— Nassim Nicholas Taleb (@nntaleb) February 12, 2021

“I’m getting rid of my BTC. Why? A currency should never be more volatile than what you buy and sell with it. You can’t price goods in BTC.”

“In this context, it’s a failure (at least for now). It [Bitcoin] was hijacked by Covid-denying sociopaths with the sophistication of amoebas.”

Taleb added that the attractiveness of a currency depends on its “opacity, its ability to facilitate tax fraud and money laundering,” which the “one-celled” supporters of Bitcoin do not understand.

2) The other problem BTC Protozoa don’t get: the appeal of a cryptocurrency depends on some opacity, its ability to facilitate tax fraud and money laundering.

You can anonymize a gold coin by remelting it. You can rework a spoon.

BTC is more tractable than cash.#Lindy

— Nassim Nicholas Taleb (@nntaleb) February 13, 2021

“You can anonymize gold by melting it down. You can rework a spoon. Bitcoin is much more tractable than cash.”

Taleb also expressed the view that Bitcoin did not succeed as an “asset and hedge against central bank irresponsibility.”

Failed

— Nassim Nicholas Taleb (@nntaleb) February 12, 2021

In the comments on his posts, a deluge of critical remarks, attempts to persuade him, and invitations to podcasts soon appeared.

A member of the @worIdwideEb community mentioned the CoinJoin anonymity technology, which “is easier than melting gold.”

CoinJoin is much easier than melting gold

— Eb (@worIdwideEb) February 13, 2021

Twitter user Hodlonaut called Taleb an idiot.

Wow.
Turns out you are an idiot.

— hodlonaut ⚡ (@hodlonaut) February 12, 2021

Another Twitter regular hinted that the creator of the antifragility concept would hardly have agreed with Elon Musk, whose company recently invested $1.5 billion in Bitcoin.

pic.twitter.com/WUb2Ytr4nW

— (@Colin_Sully) February 13, 2021

Earlier, Nassim Taleb repeatedly supported Bitcoin and criticised the traditional financial system. In February 2019 he delivered a lecture in Moscow, where he described the main task of the first cryptocurrency.

In the summer of 2020, Taleb, during a brief Twitter exchange, called the vast majority of Bitcoin maximalists “complete idiots.”

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