{"id":188187,"date":"2021-04-24T19:11:07","date_gmt":"2021-04-24T18:11:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=188187"},"modified":"2021-04-24T19:11:07","modified_gmt":"2021-04-24T18:11:07","slug":"bitcoin-is-an-open-ponzi-scheme-says-black-swan-author","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-is-an-open-ponzi-scheme-says-black-swan-author\/","title":{"rendered":"Bitcoin is an \u2018open Ponzi scheme,\u2019 says \u2018Black Swan\u2019 author"},"content":{"rendered":"<p>Well-known risk analyst and \u201cBlack Swan\u201d author Nassim Nicholas Taleb seemingly changed his previously positive attitude toward Bitcoin, calling it a \u201cgimmick\u201d and an \u201copen Ponzi scheme\u201d during an interview with <a href=\"https:\/\/www.cnbc.com\/2021\/04\/23\/bitcoin-a-gimmick-and-resembles-a-ponzi-scheme-black-swan-author-.html\"><i>CNBC\u2019s Squawk Box<\/i><\/a> yesterday.<\/p>\n<p>\u201c[Bitcoin] has characteristics of an open Ponzi, everybody knows it\u2019s a Ponzi,\u201d Taleb said. \u201cBasically, there\u2019s no connection between inflation and Bitcoin. None. I mean, you can have hyperinflation and Bitcoin going to zero. There\u2019s no link between them.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;Stay out of <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&ref_src=twsrc%5Etfw\">#bitcoin<\/a>. Buy stocks that are stable and buy things you understand,&quot; <a href=\"https:\/\/twitter.com\/nntaleb?ref_src=twsrc%5Etfw\">@nntaleb<\/a> on how to hedge risk in today&#39;s market. <a href=\"https:\/\/t.co\/xvNXuguRwa\">pic.twitter.com\/xvNXuguRwa<\/a><\/p>\n<p>&mdash; Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1385569972345348099?ref_src=twsrc%5Etfw\">April 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThese gimmicks, you have Bitcoin today. You may have another one tomorrow. They come and go, and there\u2019s no systematic link between them and the claims they make,\u201d he argued, adding, \u201cIt\u2019s a beautifully set up cryptographic system. It\u2019s well made but there\u2019s absolutely no reason it should be linked to anything economic.\u201d<\/p>\n<h2>A Ponzi scheme without malefactors<\/h2>\n<p>A Ponzi (pyramid) scheme, named after its creator Charles Ponzi, is a method of fraud where malicious actors are siphoning funds out of unsuspecting victims by promising them great returns. Simultaneously, crooks rely on inflows of \u201cfresh blood\u201d into their scheme to actually pay some amounts of cash to previous investors\u2014in exchange for bringing in new ones.<\/p>\n<p>In this light, Bitcoin can indeed be perceived as a global, decentralized Ponzi scheme that doesn't even have any specific organizers behind it. As it stands, most people buy Bitcoin expecting its price to grow\u2014and that is only possible when new people start buying the crypto. This creates a perpetual cycle of price appreciation where early investors essentially get rewarded when new people buy the asset at increased prices.<\/p>\n<p>Despite that Taleb has spoken much more <a href=\"https:\/\/finance.yahoo.com\/news\/bitcoin-winning-currency-without-government-103015418.html\">positively about Bitcoin<\/a> in the past, his views changed over the past couple of years. Partly this is because the narrative around Bitcoin has shifted from it being a currency\u2014as in \u201cmedium of exchange\u201d\u2014to being a store of value or even \u201cdigital gold.\u201d<\/p>\n<h2>Not so much of a currency<\/h2>\n<p>Speaking to <i>CNBC<\/i>, however, Taleb explained that an asset whose price can easily move by 20% or more in a month \u201ccannot be a currency. It\u2019s something else.\u201d<\/p>\n<blockquote><p>\u201cI bought into it [&#8230;] not willing to have capital appreciation, so much as wanting to have an alternative to the fiat currency issued by central banks: A currency without a government,\u201d Taleb explained, adding, \u201cI realized it was not a currency without a government. It was just pure speculation. It\u2019s just like a game. I mean, you can create another game and call it a currency.\u201d<\/p><\/blockquote>\n<p>Investors who want to offset inflation would be better off allocating their money into something tangible that can bring them yields in the future, Taleb argued. As an example, he suggested buying a piece of land and growing olives on it. The latter can be turned into olive oil, for example, and \u201cif the price collapses, you\u2019ll have something.\u201d<\/p>\n<p>\u201cBut Bitcoin, there\u2019s no connection and, of course, the best strategy for investors is to own things that produce yields in the future. In other words, you can fall back on real dollars coming out of the company,\u201d Taleb concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well-known risk analyst and \u201cBlack Swan\u201d author Nassim Nicholas Taleb seemingly changed his previously positive attitude toward Bitcoin, calling it a \u201cgimmick\u201d and an \u201copen Ponzi scheme\u201d during an interview with CNBC\u2019s Squawk Box yesterday. \u201c[Bitcoin] has characteristics of an open Ponzi, everybody knows it\u2019s a Ponzi,\u201d Taleb said. \u201cBasically, there\u2019s no connection between inflation [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":188217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,29],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin is an \u2018open Ponzi scheme,\u2019 says \u2018Black Swan\u2019 author<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-is-an-open-ponzi-scheme-says-black-swan-author\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin is an \u2018open Ponzi scheme,\u2019 says \u2018Black Swan\u2019 author\" \/>\n<meta property=\"og:description\" content=\"Well-known risk analyst and \u201cBlack Swan\u201d author Nassim Nicholas Taleb seemingly changed his previously positive attitude toward Bitcoin, calling it a \u201cgimmick\u201d and an \u201copen Ponzi scheme\u201d during an interview with CNBC\u2019s Squawk Box yesterday. \u201c[Bitcoin] has characteristics of an open Ponzi, everybody knows it\u2019s a Ponzi,\u201d Taleb said. \u201cBasically, there\u2019s no connection between inflation [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-is-an-open-ponzi-scheme-says-black-swan-author\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-24T18:11:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/bitcoin-taleb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-an-open-ponzi-scheme-says-black-swan-author\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-an-open-ponzi-scheme-says-black-swan-author\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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