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Bitcoin Favored by ‘The Black Swan’ Author Nassim Taleb as Banks Shut Down in Lebanon Due to 'WhatsApp Revolution'

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  • Yuri Molchan
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    The famous trader and the author of the ‘The Black Swan’ book speaks positively of crypto commenting on banks shutting down in Lebanon over the mass protests

Bitcoin Favored by ‘The Black Swan’ Author Nassim Taleb as Banks Shut Down in Lebanon Due to 'WhatsApp Revolution'
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Recently, banks in Lebanon got shut down due to the mass protests against the government corruption. Yesterday, on October 24, they remained closed. The situation has been going for already a week and people are unable to access their money.

The famous trader, philosopher and the author of the books ‘The Black Swan’, “Antifragile’, etc, speaks positively on Bitcoin and cryptocurrencies in general in connection to this particular case, when ‘banks are never there when you need them’.

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Nassim Taleb praises Bitcoin

The mass protests against the government in Lebanon have been lasting already for a week. People are accusing their political leaders of corruption. Masses of people went out to the streets after their government suggested taxing calls in Whatsapp and other messaging apps. These protests are already called a 'WhatsApp revolution'.

Commenting on the situation, Nassim Nicholas Taleb tweeted that this is a perfect case for utilizing the full potential of cryptocurrencies.

In January last year, Taleb published a Medium post on Bitcoin, in which he spoke of BTC rather positively.

“Which is why Bitcoin is an excellent idea. It fulfills the needs of the complex system, not because it is a cryptocurrency, but precisely because it has no owner, no authority that can decide on its fate. It is owned by the crowd, its users. And it has now a track record of several years, enough for it to be an animal in its own right.”

He also said that Bitcoin may be volatile and it will “go through hiccups” but still called it the first organic currency.

 

Do you think that the situation with banks will push the Lebanese towards Bitcoin? Leave your opinion in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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