Nassim Taleb says that Bitcoin will collapse with inflation. Can anyone explain his point and identify the best arguments against it?
https://ift.tt/3tws0AO
I dunno, he posted his Bitcoin Black post/paper whatever. It’s a bunch of math that he thinks shows bitcoin price going to zero.
My counter is, even if he’s right, it might be very very far into the future if that happens. The next is that bitcoin/ledgers generally, dont have any industrial value (like gold) so it’s not like we can make circuits or jewelry out of it.
So the question is, what is a distributed but single amazingly secure ledger that orders transactions – what is that worth? I think it’s worth tons and tons. It’s way way way better than the fiat of today, where you have a reserve currency, and a bunch of other altfiats.
Bitcoin is a special thing, with properties of gold like scarcity, and properties of fiat like being a ledger. And I think that every year bitcoin survives, the Lindy Effect smiles on it, and it keeps surviving.
Next, much as Taleb might not like it, his own ideas about things which are antifragile completely are what bitcoin is – bitcoin is the pinnacle example of an antifragile technology.
Also, Taleb lifts weights. So he should know that those unfakeable results (being strong from lifting weights) are a great example of anti-fragility (your muscles get stronger because you stress them) AND a great example of Proof of Work being real results. You lift the weights and you get the muscles.
So while I’m a Taleb fan, I think his takes on bitcoin are wrong lately. Too bad. Maybe he’ll come around but maybe not. I think he was doing BSV conferences? Ugh too bad. Just avoid making heroes out of people, that’s the lesson I think.
Cryptocurrency
