Nassim Taleb on Bitcoin: "...a Magnet for imbeciles."

[Binkie The Clown]

https://markets.businessinsider.com/news/currencies/black-swan-nassim-taleb-bitcoin-crypto-disease-worthless-speculative-bubble-2022-1

Here's a collection of tweets from Black Swan author Nassim Taleb. A few samples:

"View BTC is as a contagious disease. It will spread, spread & its price will rally until saturation, that is ~every sucker stupid enough to buy the story is invested. When all suckers are in, the prevailing belief will make it an 'obvious' investment. That's maximal fragility."

"Almost nothing in financial history has been more fragile than bitcoin."

"It is an awkward, clunky & already obsolete product of low interest rates. It should collapse with inflation."

more at link

[NCjack]

1. Before it collapses, it will be looted.

[comradebillyboy]

2. Bitcoin is good for money laundering, ransom and extortion.

And it's also wonderful for fleecing investors. I presume it has a few legitimate uses but none spring to mind.

[JustAnotherGen]

3. Is he a Libertarian?

I wasn't familiar with him - looked at Google/Wikipedia . . . he's been Ron Paul type of programs with Ralph Nader.

[doc03]

4. The bitcoin will be the next financial bubble and as always we will

be the ones to bail out the losers.

[Botany]

5. thanx for posting

"If after this morning you still think that #BTC is a hedge against world events, or represents 'diversification', you must stay out of finance, & take up some other hobby s.a. stamp collecting, bird watching or something less harmful to yourself & others."

[Amishman]

6. he was making some sense until he said it would collapse with inflation

its status as a limited quantity, easily transferable, 'asset' that is not tied to the dollar (or any other conventional currency) make it more appealing during inflation, not less

I heard this same talk in 2013 - and sold the bitcoin I had then. If I had listened to myself rather than 'experts', I could have paid off my mortgage.

Made money since on various crypto, but still kick myself hard for being onboard early and bailing

[multigraincracker]

7. Albert Einstein...

once described compound interest as the “eighth wonder of the world,” saying, “he who understands it, earns it; he who doesn’t, pays for it.”

I invest in boring, good quality, high interest stocks.

I sleep great knowing where my money is and not concern with the ups and downs of the market.

I've been doing this for the last 10 years. I only regret not doing it 30 years ago, when I started.

[JCMach1]

8. More anti BTC propaganda posted on DU

Disgusting and myopic...

[Celerity]

10. +1

[Binkie The Clown]

11. I guess it's true that the faithful believer can't be swayed by facts. nt

[Tommy Carcetti]

12. Oh, no.

Won't somebody please think of the Bitcoin.

[Deep State Witch]

9. It's A Magnet for Criminals

It's a magnet for hackers, criminals, terrorists, and all sorts of unsavory characters that are being enabled by imbeciles.

[FakeNoose]

13. Steve Bannon says, "Don't I know it!"