As Nassim Taleb Says 'Bitcoin's A Failure, At Least For Now', The 'Black Swan' Author Pulls a 180 

Who Is Nassim Nicholas Taleb? 

Declaring that the leading digital currency bitcoin is a failure, at least for now, on February 12, was the well-known Lebanese-American essayist and risk analyst, Nassim Nicholas Taleb. After it seems the renowned author has done a complete 180 after supporting the crypto asset for years, cryptocurrency fans have been upset by Taleb’s recent statements. 

It Happens To Be That These Days Nassim Taleb Is Not Impressed With Bitcoin 

A very popular author, mathematical statistician, and scholar is Nassim Nicholas Taleb. He has been very critical of today’s monetary system, the current finance industry, and the most recent financial crisis over the years. Best known for his books “The Black Swan” (2010) and “Antifragile: Things That Gain from Disorder” (2012) is the philosopher. 

Taleb was initially very optimistic about this emerging technology and over the years he wrote positive things about the digital asset after Satoshi Nakamoto released the bitcoin network. 

The novelist explained that bitcoin is an excellent idea, two years ago in a post published on Taleb’s Opacity blog dubbed “It May Fail But We Now Know How To Then Do It.”

It was here that he was stressing that he did not subscribe to Saifedean Ammous’s crankish but rather conspiratorial ideas as Taleb had said that his essay was therefore initially written to be a foreword in order for the book written by Saifedean Ammous. Taleb’s opinion at the time was that the cryptocurrency was a powerful animal when discussing bitcoin. 

Taleb then wrote, not because it is a cryptocurrency but it fulfills the needs of the complex system. No authority can decide on its fate but precisely because it has no owner. By its users, it is owned by the crowd. Enough for it to be an animal in its own right, it has now a track record of several years. 

Nassim Nicholas Taleb decided to tell the public that he was selling some of his bitcoin in 2021 specifically on February 12. Toward the latter end of his tweet moreover, Taleb criticised a number of people within the crypto community.

The renowned author tweeted to his 705,000+ Twitter followers that he has been getting rid of his BTC. For the question of why he says no currency is supposed to be more volatile than what you buy or sell with it. The former options trader said, in BTC you can’t price goods. 

Further adding to it, Taleb said: 

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

Deciding to add to his first statement Taleb wasn’t done with this scathing critique. Taleb then tweeted, BTC Protozoa doesn’t get the other problem: depending on some opacity, its ability to facilitate tax fraud and money laundering the appeal of cryptocurrency is. By remelting it you can anonymise a gold coin. Reworking a spoon is possible. More tractable than cash is BTC. The famed author further stressed, exactly what you don’t need, BTC Volatility is not dropping with time at a higher price. 

‘Saner Bitcoiners Have Become Quieter Recently’ According To Paul Sztorc:

Not too pleased with Taleb’s statements is of curse cryptocurrency and bitcoin advocates. While the digital asset proponent Chris Ellis said bitcoin is syncing with the global economy, the popular bitcoiner Pierre Rochard told Taleb that bitcoin is crashing up. 

Chris Ellis continued, without the time-to-completion feature, it’s like watching the progress bar of an old tape backup. 

Discussing the subject from an alternative perspective, others responded in a different way. Talking about how saner BTC people haven’t been as loud in recent times, was the software developer Paul Sztorc. 

Being embarrassments were unfortunately it is true that most of the bitcoiners that Nassim Nicholas Taleb spoke with. On Twitter Sztorc said, becoming quieter recently were saner BTCers.

Continuing Sztorc said: 

Just as Chris DeRose/Junseth predicted long ago is this exactly. Repugnant to outsiders or independent thinkers, ‘Enforcer’ types who are very good at pressuring the gullible to increase their commitment. Those are the people Taleb is referring to is what he guessed. 

‘Bitcoin Misfits Share the Monocellular Brain’ says Nassim Taleb Is Not Convinced by Rebuttals

The author tweeted some more on the 14th and criticised Kraken FX’s Dan Held following Taleb’s initial tweet on February 12. Saying that volatility is a red herring, blockchain researcher Willy Woo responded to Taleb’s critique. 

Woo was then adding: 

BTC becoming a reserve asset that backs currency is the most likely path. The hangover from the Agrarian Age when we had seashells and lumps of silver is thinking of it as a unit of account. We have live indexes and baskets as we are in a digital age now. 

The author doesn’t seem to be favouring the crypto asset as he did in the past despite all the defence and response toward Taleb’s new path of thinking. 

Taleb tweeted to use cryptocurrencies even last April when news went viral that the Bank of Lebanon applied strict local currency remittance rules. 

On Sunday morning (EST), Taleb seemingly responded to numerous reserve asset Twitter responses, however, today is a different story. 

Taleb then insisted, sharing the monocellular brain and logical wiring defects were bitcoin misfits as BTC being a good idea, therefore it WILL BE THE reserve currency. Reserve ≄Volatile. At higher prices, however, it is not supposed to be volatile. Together, it never found uses.