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Bitcoin Scarcity Argument Smashed by Black Swan Author, Here's How

Thu, 09/14/2023 - 11:57
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Yuri Molchan
Converted Bitcoin hater Nassim Taleb has found new approach to criticizing BTC
Bitcoin Scarcity Argument Smashed by Black Swan Author, Here's How
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Prominent scholar, intellectual and author of a series of best-selling books on risk management, including "Black Swan" and "Antifragile," Nassim Nicholas Taleb has found a new angle from which to attack Bitcoin.

Taleb has been going on about this since yesterday, when he stated that Bitcoin's major advantage — its limited supply of 21 million coins — does not make this asset valuable in any way.

He tweeted: "There is an infinite number of things in finite supply." On Sept. 13, Taleb published a more detailed post to show what he meant, again mentioning "bitdiots"; this is how he prefers to refer to supporters of flagship cryptocurrency Bitcoin.

His earlier tweet says that the idea that something must be a good investment only because of a limited supply of this asset "is confused" since "necessary" does not mean the same as "sufficient," per Taleb.

The scholar insists that there are a lot of things that are strictly limited in supply, similarly to Bitcoin, and they include "pebbles from Skorpios, underwear worn by Churchill, books owned by Cary Grant."

In a comment thread, when answering a commentator, Taleb noted that anyone can create any number of electronic things and make each of them by design be "limited in supply."

Three years ago, Nassim Taleb was still a Bitcoin supporter who was fascinated by it during the bank crisis and the so-called "WhatsApp Revolution" in in his homeland, Lebanon. However, later on, he became disappointed in BTC as a safe haven or even as an asset altogether.

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From time to time, Taleb keeps taking a jab at Bitcoin. A couple of weeks ago, he tweeted about BTC, calling it a fad. In November, he praised the crypto crash that still continues, expressing joy that he will not live in a world run by "cryptocrats."

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at