'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge

cnbc2021-07-14

KEY POINTS Nassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment. The author of "The Black...

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Comment（15）

BINGG
·2021-07-14
Hi
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gogostocks
·2021-07-14
Flipping prata
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BlueHi5
·2021-07-14
?!?!?
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1
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T1gerSlayer
·2021-07-14
Bleach e swan white and like pls…
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PeerlessTige
·2021-07-14
Cryptocurrency today is what commodities exchange, stock exchanges , currency exchanges are of yesterday.There was no need for all these until man put value and started the manipulation of markets to profit from it.
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Ak91
·2021-07-14
Pls like
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2
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Fionaz
·2021-07-14
:/
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1
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ivanlam
·2021-07-14
[流淚]
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4
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- ivanlam:
  [微笑]
  2021-07-14
  Reply
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Yh123456789
·2021-07-14
Bloop
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MrMrsBean
·2021-07-14
Plz like and comment. Thanks
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1
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Tw0d3MooN
·2021-07-14
Great news. Let me have more time to save up to accumulate. [驚訝]
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3
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DansonYong
·2021-07-14
Nice
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- edwinong:
  good
  2021-07-14
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Todkie
·2021-07-14
Nice
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4
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- PeiYi99:
  [Cool]
  2021-07-14
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MorphyInc
·2021-07-14
Using traditional valuation on an untraditional asset. What do you guys think?
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- Todkie:
  Nice
  2021-07-14
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tig2021
·2021-07-14
He is right this time. Would be good if he explian why the change of mind.
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- BINGG:
  Nice
  2021-07-14
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He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":145455065,"gmtCreate":1626240413957,"gmtModify":1703756160505,"author":{"id":"4089335554544910","authorId":"4089335554544910","name":"BINGG","avatar":"https://static.tigerbbs.com/8fb384d535b56d7d261a834bf76b2479","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4089335554544910","authorIdStr":"4089335554544910"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145455065","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145544207,"gmtCreate":1626233009409,"gmtModify":1703756040140,"author":{"id":"3558686711969806","authorId":"3558686711969806","name":"gogostocks","avatar":"https://static.tigerbbs.com/6ea2d4794051c9e96f9bf4d6ffd06f9b","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3558686711969806","authorIdStr":"3558686711969806"},"htmlText":"Flipping prata&nbsp;","listText":"Flipping prata&nbsp;","text":"Flipping prata","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145544207","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145528668,"gmtCreate":1626231572454,"gmtModify":1703756002565,"author":{"id":"3583641915640836","authorId":"3583641915640836","name":"BlueHi5","avatar":"https://static.tigerbbs.com/671977f31bd2446b8dbd85361aab6883","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583641915640836","authorIdStr":"3583641915640836"},"htmlText":"?!?!?","listText":"?!?!?","text":"?!?!?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145528668","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145567938,"gmtCreate":1626231284224,"gmtModify":1703755995188,"author":{"id":"4087313674087360","authorId":"4087313674087360","name":"T1gerSlayer","avatar":"https://static.tigerbbs.com/163795b0e9ed7a80f3dca0cca99111ef","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4087313674087360","authorIdStr":"4087313674087360"},"htmlText":"Bleach e swan white and like pls…","listText":"Bleach e swan white and like pls…","text":"Bleach e swan white and like pls…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145567938","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145560021,"gmtCreate":1626230646263,"gmtModify":1703755982338,"author":{"id":"3582201134724900","authorId":"3582201134724900","name":"PeerlessTige","avatar":"https://community-static.tradeup.com/news/84098aca61f237ad70ba8f5c33b8f737","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3582201134724900","authorIdStr":"3582201134724900"},"htmlText":"Cryptocurrency today is what commodities exchange, stock exchanges , currency exchanges are of yesterday.There was no need for all these until man put value and started the manipulation of markets to profit from it.&nbsp;&nbsp;","listText":"Cryptocurrency today is what commodities exchange, stock exchanges , currency exchanges are of yesterday.There was no need for all these until man put value and started the manipulation of markets to profit from it.&nbsp;&nbsp;","text":"Cryptocurrency today is what commodities exchange, stock exchanges , currency exchanges are of yesterday.There was no need for all these until man put value and started the manipulation of markets to profit from it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145560021","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145537968,"gmtCreate":1626229345554,"gmtModify":1703755953910,"author":{"id":"3573276404004652","authorId":"3573276404004652","name":"Ak91","avatar":"https://static.tigerbbs.com/0578c6f4e6345562f2d636b87cc2b9fd","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3573276404004652","authorIdStr":"3573276404004652"},"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145537968","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145530674,"gmtCreate":1626228960698,"gmtModify":1703755941441,"author":{"id":"3574500711040587","authorId":"3574500711040587","name":"Fionaz","avatar":"https://static.tigerbbs.com/8ec22e63026a7220516c614e1414fccc","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3574500711040587","authorIdStr":"3574500711040587"},"htmlText":":/","listText":":/","text":":/","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145530674","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145599902,"gmtCreate":1626228451306,"gmtModify":1703755928029,"author":{"id":"3582016577975526","authorId":"3582016577975526","name":"ivanlam","avatar":"https://static.tigerbbs.com/b69aadeaeb7dadd4cee48a1d48771644","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582016577975526","authorIdStr":"3582016577975526"},"htmlText":"[流淚]&nbsp;","listText":"[流淚]&nbsp;","text":"[流淚]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145599902","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5213319,"gmtCreate":1626228463666,"gmtModify":1663230939049,"authorId":3582016577975526,"author":{"id":3582016577975526,"idStr":"3582016577975526","authorId":3582016577975526,"name":"ivanlam","avatar":"https://static.tigerbbs.com/b69aadeaeb7dadd4cee48a1d48771644","vip":1,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":145599902,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":145504482,"gmtCreate":1626228312946,"gmtModify":1703755924577,"author":{"id":"3574585415951532","authorId":"3574585415951532","name":"Yh123456789","avatar":"https://static.tigerbbs.com/88fb391b02ff0e19aa960f2e6a5e98e8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574585415951532","authorIdStr":"3574585415951532"},"htmlText":"Bloop","listText":"Bloop","text":"Bloop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145504482","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145504168,"gmtCreate":1626228287154,"gmtModify":1703755923770,"author":{"id":"3571129545109571","authorId":"3571129545109571","name":"MrMrsBean","avatar":"https://static.tigerbbs.com/8f1ab99fec06884945521404915aec0e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3571129545109571","authorIdStr":"3571129545109571"},"htmlText":"Plz like and comment. Thanks","listText":"Plz like and comment. Thanks","text":"Plz like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145504168","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":145506215,"gmtCreate":1626228186437,"gmtModify":1703755920027,"author":{"id":"3581684923109887","authorId":"3581684923109887","name":"Tw0d3MooN","avatar":"https://static.tigerbbs.com/1792a6da317090d0d10ea17a99f1dfa1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581684923109887","authorIdStr":"3581684923109887"},"htmlText":"Great news. Let me have more time to save up to accumulate.&nbsp;[驚訝]&nbsp;","listText":"Great news. Let me have more time to save up to accumulate.&nbsp;[驚訝]&nbsp;","text":"Great news. Let me have more time to save up to accumulate. [驚訝]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145506215","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":145509656,"gmtCreate":1626228046175,"gmtModify":1703755913944,"author":{"id":"3577608661218389","authorId":"3577608661218389","name":"DansonYong","avatar":"https://static.tigerbbs.com/d847e6b2cafe58e68ceb1d9adcb8038f","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3577608661218389","authorIdStr":"3577608661218389"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145509656","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5213258,"gmtCreate":1626228155648,"gmtModify":1663230940328,"authorId":3581723087274150,"author":{"id":3581723087274150,"idStr":"3581723087274150","authorId":3581723087274150,"name":"edwinong","avatar":"https://static.tigerbbs.com/d42f3dae28f8c1740e66011b66f51ccd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":145509656,"type":1,"supId":0,"prevId":0,"content":"<u>good</u>","text":"<u>good</u>","html":"<u>good</u>"}],"langContent":"EN"},{"id":145274871,"gmtCreate":1626227919193,"gmtModify":1703755909709,"author":{"id":"3584090913879250","authorId":"3584090913879250","name":"Todkie","avatar":"https://static.tigerbbs.com/68110d1283e1fd53c9c0fe6ec6bccb7e","vip":1,"hat":"https://static.tigerbbs.com/50a4c8d97279fa9f8f1fa9749a6bdff4","crmLevel":8,"crmLevelSwitch":1,"idStr":"3584090913879250","authorIdStr":"3584090913879250"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145274871","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5213210,"gmtCreate":1626227972117,"gmtModify":1663230938640,"authorId":3582637292455335,"author":{"id":3582637292455335,"idStr":"3582637292455335","authorId":3582637292455335,"name":"PeiYi99","avatar":"https://static.tigerbbs.com/106de96bbc6719df0070ae1f2a3daa28","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":145274871,"type":1,"supId":0,"prevId":0,"content":"[Cool]","text":"[Cool]","html":"[Cool]"}],"langContent":"EN"},{"id":145271319,"gmtCreate":1626227718531,"gmtModify":1703755902696,"author":{"id":"3575256884333459","authorId":"3575256884333459","name":"MorphyInc","avatar":"https://static.tigerbbs.com/8fa62407baa49ccbcbca7d374aa8a803","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3575256884333459","authorIdStr":"3575256884333459"},"htmlText":"Using traditional valuation on an untraditional asset. What do you guys think?&nbsp;","listText":"Using traditional valuation on an untraditional asset. What do you guys think?&nbsp;","text":"Using traditional valuation on an untraditional asset. What do you guys think?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145271319","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5213206,"gmtCreate":1626227941469,"gmtModify":1663230938637,"authorId":3584090913879250,"author":{"id":3584090913879250,"idStr":"3584090913879250","authorId":3584090913879250,"name":"Todkie","avatar":"https://static.tigerbbs.com/68110d1283e1fd53c9c0fe6ec6bccb7e","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.03","exceedPercentage":"93.06%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":8,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":145271319,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"},{"id":145273355,"gmtCreate":1626227663277,"gmtModify":1703755901040,"author":{"id":"3587008457873110","authorId":"3587008457873110","name":"tig2021","avatar":"https://static.tigerbbs.com/86558e2c1be0fae967630b306994ef5a","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3587008457873110","authorIdStr":"3587008457873110"},"htmlText":"He is right this time. Would be good if he explian why the change of mind.&nbsp;","listText":"He is right this time. Would be good if he explian why the change of mind.&nbsp;","text":"He is right this time. Would be good if he explian why the change of mind.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145273355","repostId":1105368658,"repostType":4,"repost":{"id":"1105368658","pubTimestamp":1626227330,"share":"https://ttm.financial/m/news/1105368658?lang=&edition=fundamental","pubTime":"2021-07-14 09:48","market":"us","language":"en","title":"'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge","url":"https://stock-news.laohu8.com/highlight/detail?id=1105368658","media":"cnbc","summary":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency witho","content":"<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Black Swan' author Nassim Taleb says bitcoin is worth zero and fails as a currency and a hedge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 09:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.cnbc.com/2021/07/13/black-swan-author-nassim-taleb-says-bitcoin-is-worth-zero.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1105368658","content_text":"KEY POINTS\n\nNassim Nicholas Taleb said in a recent paper that bitcoin has failed as a currency without government, as a hedge against inflation and as a safe haven investment.\nThe author of \"The Black Swan\" reversed his previous stance, in which he once called bitcoin \"insurance\" against government control over money.\n\nNassim Nicholas Taleb has reversed his stance on bitcoin.\nThe author of \"The Black Swan\" said in a recentpaperthat the largest cryptocurrency by market cap has failed to satisfy the notions of it as a currency without government, as a hedge against inflation and as a safe haven investment.\n\"Few assets in financial history have been more fragile than bitcoin,\" he said.\nTaleb had previously spoken more favorably on bitcoin, particularly on its potential to help people circumvent capital controls in markets that rely on them to manage their exchange rates. He called it \"the first organic currency\" in the foreword of \"The Bitcoin Standard\" in 2018 and \"an insurance policy\" against government control over currency.\nIn his recent paper, \"Bitcoin, Currencies, and Fragility,\" published in late June, Taleb, a probability researcher and former longtime quantitative trader, says bitcoin is worth \"exactly zero\" partly because it requires a sustained amount of interest to maintain it.\nBy contrast, \"gold and other precious metals are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time,\" he said.\nVolatility as a key characteristic\nBitcoin was created in 2008 and has always been notoriously volatile, though the Covid-19 pandemic year is the first time it has experienced such extreme volatility in the face of a global economic crisis.\nTaleb noted that in March 2020 bitcoin dropped further than the stock market and recovered with it \"upon the massive injection of liquidity.\" That's \"sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk,\" he said.\nHe said bitcoin tends to respond to liquidity and that it's unclear what would happen if the internet experienced even a regional outage, particularly if it took place during a financial collapse.\nTaleb noted bitcoin \"has maintained extremely high volatility\" of between 60% and 100% \"throughout its life,\" though that doesn't mean a cryptocurrency can't \"displace fiat\" — that is, money backed by the government that issues it but not backed by a physical commodity such as gold.\n\"It is indeed desirable to have at least one real currency without a government,\" he wrote in his paper. \"But the new currency just needs to be more appealing as a store of value by tracking a weighted basket of goods and services with minimum error.\"\nPeople also conflate the success of bitcoin as a digital currency with the success of bitcoin as a speculative investment. To be a currency would require it to have some stability and usability, Taleb said.\nTaleb is distinguished professor of risk engineering at New York University's Tandon School of Engineering and a scientific advisor for Universa Investments.\nThe price ofbitcoinwas about $32,000 Tuesday morning and has been hovering between $32,000 and $36,000 for about a month, after briefly touching $40,000 in mid-June.\nCryptocurrency exchange data shows bitcoin trading fell more than 40% in June of this year, according to CryptoCompare. In the same month, the price of bitcoin hit a monthly low of $28,908.\nStill, June volume ranks inthe top five months of volume recorded ever, according to Kaiko data.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5214842,"gmtCreate":1626240428569,"gmtModify":1663230948844,"authorId":4089335554544910,"author":{"id":4089335554544910,"idStr":"4089335554544910","authorId":4089335554544910,"name":"BINGG","avatar":"https://static.tigerbbs.com/8fb384d535b56d7d261a834bf76b2479","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":145273355,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":84,"commentSize":15,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}