‘The Black Swan’ Author Decries Bitcoin

‘The Black Swan’ Author Decries Bitcoin

Nassim Nicholas Taleb, the author of “The Black Swan” and a probability researcher and former quantitative trader, previously spoke highly of bitcoin. Now, he has criticized it as essentially worthless, CNBC reported.

Taleb said in a recent paper that bitcoin has failed to satisfy the qualifications to be seen as a currency without government, a hedge against inflation or as a safe haven investment, explaining “few assets in financial history have been more fragile,” according to CNBC.

He wrote that because bitcoin needs some amount of interest to maintain it, bitcoin is worth “exactly zero” compared with gold and other precious metals, which need no maintenance and don’t degrade over time.

In other news, a man who used the dark web to steal $500,000 and buy cryptocurrency has been sentenced to three years in prison, Business Insider reported.

Aaron Laws, 33, of Atlanta, Georgia, is called a “prolific identity thief” in the report, having stolen peoples’ information from credit cards. He made use of digital wallets and burner phones, and he had recruited accomplices and made use of bitcoin to evade the law and carry out his goals, the report stated.

With the stolen money, Laws bought “luxury goods” that could be sold for cash or bitcoin, according to the report. He bought a diamond-encrusted Bitcoin pendant and a Rolex that cost over $34,000.

Meanwhile, Fidelity Digital Assets is planning to bolster its staff by 70 percent, with the increased demand for cryptocurrency keeping the company going, reported. The company has also seen a rise in demand for Ethereum.

The new hires will focus on building new products to go into more areas of crypto assets beyond bitcoin, said President Tom Jessop, according to the report.

Jessop also said per the report that the company is trading digital currencies more often, and he said crypto trading differs from traditional markets in that it’s a 24/7 environment. He added that there’s still much demand for crypto, including from corporations and retirement agencies that previously haven’t dabbled in it.



About The Study: U.K. consumers see shopping local as key to both supporting the economy and saving the environment, yet many local High Street businesses struggle to get them in the door. In the new Making Loyalty Work For Small Businesses Study, PYMNTS surveys 1,115 U.K. consumers to learn find out how offering personalized loyalty programs can help engage new High Street shoppers.

Source link

What do you think?

Written by Bitcoin


Leave a Reply

Your email address will not be published. Required fields are marked *

      Las Vegas DEA agents take to social media to warn of fentanyl dangers – News3LV

      Secretary of State Blinken Remarks on Artificial Intelligence