Nassim Nicholas Taleb, author of The Black Swan and other books on risk and probability is Bitcoin’s nemesis. A one-time supporter of the cryptocurrency he now calls it a “ ponzi scheme .” Taleb recently posted an analytical take-down of Bitcoin using concepts from quantitative finance. He hits hard.
Many features of Bitcoin’s downside are now familiar to the public and Taleb checks them off: Bitcoin wastes energy. Its transactions are slow, costly, and don’t scale to large volumes. “(Y)ou can instantly buy a cup of coffee with your cell phone,” Taleb says, but “you would need to wait ten […]
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