Nassim Taleb, author of “Skin in the Game”, got into a small Twitter feud in which he explained that most investors can’t understand the nuances of a cryptocurrency like Bitcoin.
According to a tweet posted by Nassim Taleb on June 21, Bitcoin (BTC) is a good idea but “almost all bitcoiners are total idiots”.
Taleb was exchanging posts with self-described ‘Bitcoin maximalist’ Giacomo Zucco. She challenged Taleb’s views on imposing central planning by bureaucrats and politicians with ‘no skin in the game’ as the best risk management strategy.
1) I explain in #SkinintheGame scale transformations: Bitcoin is a good idea but almost all bitcoiners are total idiots, can’t get nuances beyond fortune cookies.
2) My idea is (fractal) State is needed ONLY for systemic tail risks, not messing w/daily life. Same as medicines. https://t.co/xHBJb341Ux
— Nassim Nicholas Taleb (@nntaleb) June 21, 2020
The former Wall Street trader turned risk engineering professor has labeled himself a localist, a “libertarian for higher levels of central government.”
Libertarian views on Bitcoin
Despite the push for many countries to create central bank digital currencies, there are many in the crypto community who see Bitcoin as a way to break away from traditional financial establishments.
Some early BTC adopters like Roger Ver have been staunch proponents of ibertarian economics. Cointelelegraph also reported in April that a libertarian think tank criticized the U.S. Securities and Exchange Commission for stretching regulations in an apparent attempt to regulate cryptocurrency.