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'Black Swan' Author: All Crypto People Are 'Dimwits'

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Wed, 21/12/2022 - 9:19
'Black Swan' Author: All Crypto People Are 'Dimwits'
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Nassim Taleb, a renowned mathematician, recently took to Twitter to express his negative view of the cryptocurrency industry. 

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Taleb slammed crypto fans as "dimwits" and "miswired technoheads."

He mentioned that, despite having high hopes for crypto initially, he became increasingly disappointed as he delved deeper into blockchain.

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"I have never been blinded by hope," Taleb commented in what seemed to be a rebuke against false promises within the cryptocurrency industry.

This was echoed by Asiff Hirji, a former Coinbase executive, whose comment lamented the prevalence of scams and schemes within the sector. However, Hirji believes that blockchain is capable of greatly improving and simplifying financial transactions.

Taleb has been highly critical of Bitcoin for quite a while, repeatedly calling the flagship cryptocurrency a worthless speculative bubble. Last July, he called it "a magnet for imbeciles."

In June 2021, Taleb published a paper called "Bitcoin, Currencies, and Bubbles," in which he presented his bearish case for the largest cryptocurrency last June. Despite praising Bitcoin earlier for not being controlled by any government, the former options trader asserted that it had failed both as a currency and as an inflation hedge.

Earlier this year, Taleb opined that bubbles of the likes of Bitcoin were formed because of a long streak of low interest rates.

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