On 28 February in Moscow, a lecture on “Risking his own skin”, organized by the BBI Club, made famous trader and author of the iconic work “the Black Swan” Nassim Taleb. During the event, guests were able to ask the philosopher questions about bitcoin.
“Distributed systems — anthropia. All of us [in the US] must decide what should be the currency, not only the fed, which carries no risk. The emergence of cryptocurrencies has updated the situation and Central banks have realized the need to compete with them. In this context, it is a positive phenomenon, because it puts pressure on the fed” — said Taleb.
He believes that after the financial crisis of 2008 Central banks have not realized the essence of the problem, constantly increasing national debt, and the bureaucratic system is not learning because the people in it make decisions without incurring any risks.
“Why the wood loves the fire? Because fire cleans out the dead trees and makes room for new ones. The fed did not understand this simple thing. If the banks die, then they should not save at the expense of taxpayers, they should be allowed to die.”
Taleb added that in ancient Babylonia by Hammurabi, the architect who built the house that collapsed and killed residents, was sentenced to death. In the current system that is faltering, the people at the helm of the shift all the responsibility on ordinary citizens.
“The nature of blockchain technology is the closest to the letter of credit, which was introduced by the Phoenicians. No credit at all there would be no Commerce.”
On the question of whether it is considered bitcoin the digital equivalent of gold, Taleb said the following:
“The main goal of bitcoin is to scare the bankers. In the long term I would prefer to hold bitcoin rather than the us dollar, but between the cryptocurrency and gold I’ll choose the latter. Why do I need a piece of code? Gold is exposed to the Lindy effect, and will exist for a long time.”
Recall that in the Preface to the book economist Saifeena Ammos “Bitcoin Standard” Taleb called bitcoin insurance policy.
“His very existence is an insurance policy that will remind the governments that they no longer have a monopoly on the last object that could control the state, namely, currency. It gives us, the crowd, covered the future scenario of Orwell”.
Nassim Nicholas Taleb is an American trader, mathematician, and philosopher of Lebanese origin. For many years he studied the nature of random and unpredictable events, their impact on the operation of complex systems, and the benefits that such systems can extract from the chaos and stress.
Subscribe to the news Forklog in Facebook!
Source
