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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (169825)	4/26/2021 12:38:38 AM
From: bull_dozer	1 Recommendation Recommended By marcher Read Replies (1) \| Respond to of 217648

‘Black Swan’ author calls bitcoin a ‘gimmick’ and a ‘game,’ says it resembles a Ponzi scheme “Black Swan” author Nassim Nicholas Taleb ripped bitcoin as a “gimmick” that’s too volatile to be a currency and an unsafe hedge against inflation. “Basically, there’s no connection between inflation and bitcoin,” the former derivatives trader and current hedge fund advisor told CNBC on Friday. Taleb had once believed bitcoin was a promising new currency, because it was not controlled by a government. But he has since changed his mind. “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, whose bestselling 2007 book examined highly improbable events and their potential to cause severe consequences. He said bitcoin has characteristics of what he calls a Ponzi scheme that’s right out in the open. A Ponzi scheme is a type of fraud whereby crooks steal money from investors and mask the theft by funneling returns to clients from funds contributed by newer investors. Taleb had once held favorable views toward bitcoin, which was created in 2009 and is the world’s largest cryptocurrency by market value. However, he told CNBC he was “fooled by it initially” because he thought it could develop into a currency used in transactions. cnbc.com