Taleb has switched to the dark side

[JSOP]

...and called bitcoin and ponzi!

I don't even like him, but when he is right, he is right:

https://www.cnbc.com/2021/04/23/bit...embles-a-ponzi-scheme-black-swan-author-.html

"Black Swan” author Nassim Nicholas Taleb on Friday criticized bitcoin as a “gimmick,” telling CNBC he believes it’s too volatile to be an effective currency and it’s not a safe hedge against inflation.

“Basically, there’s no connection between inflation and bitcoin. None. I mean, you can have hyperinflation and bitcoin going to zero. There’s no link between them,” Taleb said in a “Squawk Box” interview.

“It’s a beautifully set up cryptographic system. It’s well made but there’s absolutely no reason it should be linked to anything economic,” added Taleb,...

He said bitcoin has characteristics of what he calls a Ponzi scheme that’s right out in the open.

I realized it was not a currency without a government. It was just pure speculation. It’s just like a game ... I mean, you can create another game and call it a currency.”"

------------------------

Nassim, you are forgiven for your narcissism and general assholery.

Another poor soul who has missed the ride...

 

[JSOP]

The big issue with Taleb is that as a Lebanese "influencer" he is hurting the people who look up to him

I am no longer a Taleb fan after reading that he used Saifedean to write the foreword on the book he did not even bother to read first

https://twitter.com/x/status/1382408580838649858

But seriously though bitcoin is only an effective hedge against inflation if it's the ONLY cryptocurrency that has limited inventory that is legally allowed to be used as a method of payment. When you have a myriad of other cryptocurrencies that have unlimited inventory being thrown into the pot, bitcoin is not that useful in combatting inflation. And its highly volatile value does not help either as a useful method of payment unless again it's the ONLY currency (not just cryptocurrency) around. As long as we have other non-digital currencies around and you still have to convert bitcoin to those non-digital currencies in order to pay for goods and services we need, bitcoin is not a viable method of payment either. Imagine you received a payment in bitcoin when bitcoin is = 64000 USD for one product. And several months later, when you are selling the same product with no change in quality or quantity but the bitcoin is now only = 42000 USD. If you are still taking payment in bitcoin, you just suffered a price depreciation of 34%!! You just became 34% poorer for no reason at all. So if these issues are not resolved, then bitcoin is nothing different from dutch tulips.

 

[virtusa]

Bitcoin may go to the Moon, but Doge will go to Uranus....

And both can end up in your Uranus.

 

[Daal]

Yeah, he just made 3600%in 2020,making all his clients beat the spx by a wide margin over the past 20 years. His investment approach is very unorthodox but what do you care?

https://www.bloomberg.com/news/arti...iversa-tail-risk-fund-returned-3-600-in-march

He didnt make any of this returns, its not his fund. If you actually read Spitznagel's book, he is not all that kind of Taleb's strategies there. He goes out of his way to say he doesnt use them, he's got his own method

 

[Pekelo]

How do you store value?

--Health. Being healthy is an excellent store of value.

--GME and Tesla stocks. They only go up over time.

--Dogecoin (do I need to explain the best crypto there is?)

--Being long an ETF. (inflation/tide raises every stock/boat in the market/harbor)

 

[ZBZB]

--Health. Being healthy is an excellent store of value.

--GME and Tesla stocks. They only go up over time.

--Dogecoin (do I need to explain the best crypto there is?)

you are not serious.

 

[Daal]

He didnt make any of this returns, its not his fund. If you actually read Spitznagel's book, he is not all that kind of Taleb's strategies there. He goes out of his way to say he doesnt use them, he's got his own method

And it gets worse, Spitznagel says that his time at Empirica (Taleb's hedge fund with Spitznagel) was his worst historical return in his career. Read Taleb in order to avoid blow up's, but he has almost nothing to teach when it comes to actually profiting from markets

 

[Pekelo]

you are not serious.

I added a 4th one, being just long the market. But yes, I was joking, because I was making a point and using the exact same argument what bitcoiners use: "it always goes up over time".

Now when you see just how silly that argument is using a stock or another crypto, you realize it is still silly using as an argument for backing bitcoin.

 

[ZBZB]

I added a 4th one, being just long the market. But yes, I was joking, because I was making a point and using the exact same argument what bitcoiners use: "it always goes up over time".

Now when you see just how silly that argument is using a stock or another crypto, you realize it is still silly using as an argument for backing bitcoin.

You cannot describe a store of value or say how you store value. All you have is criticism.

 

[Daal]

You cannot describe a store of value or say how you store value. All you have is criticism.

Here's how, I diversify among different asset classes and currencies that fit well with the current macro enviroment. Bitcoin is part of that basket approach but there are other options all well, like high quality stocks, real estate, gold, land and foreign currencies.