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Nassim Taleb, author of several reputable books on finance and risk and former bitcoin fan, posted a draft paper explaining his recent 180 on the asset.
“[I]Despite the hype, bitcoin has failed to satisfy the notion of ‘money without a government’ (it turned out to be not even a currency at all), “writes the self-proclaimed flaneur in” Bitcoin, currencies and bubbles ”, published on his blog on Sunday.
Bitcoin “cannot be either a long or short term store of value (its expected value is no greater than 0), cannot function as a reliable hedge against inflation and, worst of all, does not constitute , even from a distance, a tail protection vehicle for catastrophic episodes, ”continues Taleb, with characteristic confidence.
Related: The De-Chinafication of Bitcoin
We’re a long way from 2017, when Taleb wrote the preface to “The Bitcoin Standard”, the book by economist Saifedean Ammous who advocated for digital assets as a new form of healthy money.
Bitcoin, Taleb wrote at the time, is “a great idea. It meets the needs of the complex system… because it has no owner, no authority that can decide its fate. It belongs to the crowd, to its users. And he now has a multi-year track record, enough to make him a full-fledged animal.
Taleb has since had a very public fallout with Ammous, deleted his Medium post which contained the foreword, and made his tweets private, which means if you’re not one of the 743,000 people who have already followed him on Twitter, you will now need their permission to view their posts. A new edition of Ammous’ book is forthcoming with a preface from MicroStrategy CEO and bitcoin bull Michael Saylor replacing Taleb’s.
Contacted by CoinDesk on Monday, Ammous, who may be as acerbic as Taleb, offered a two-word response to his former colleague’s article: “CRY HARDER.”
Related: Green Bitcoin Facts And Misinformation, With Jonathan Koomey
The story continues
Readers can judge Taleb’s arguments for themselves by reading his full draft document below.
“Bitcoin Currencies and Bubbles” by Nassim Taleb by CoinDesk on Scribd
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