Connect with us

Blockchain

Economist Nassim Taleb Claims Bitcoin is “Worth Zero” in New Paper

Bitcoin Red

Famed economist and author of “Black Swan” Nassim Taleb has claimed in a recent paper that Bitcoin isn’t worth anything – and that it is a failed currency. Before we jump into the guts of what looks a lot like academic delusion, let’s just state that at the time of writing Bitcoin is worth more […]

The post Economist Nassim Taleb Claims Bitcoin is “Worth Zero” in New Paper appeared first on Blockonomi.

Published

on

Famed economist and author of “Black Swan” Nassim Taleb has claimed in a recent paper that Bitcoin isn’t worth anything – and that it is a failed currency.

Before we jump into the guts of what looks a lot like academic delusion, let’s just state that at the time of writing Bitcoin is worth more than $30,000 USD, it began trading in 2021 at around $10,000, and has not been “worth zero” ever.

So – that being said, a very intelligent person who is widely followed in the media is telling everyone that Bitcoin is worthless. Hard as it may be to believe, Nassim Taleb actually has reasons for why Bitcoin has no value.

Let’s take a look…

Nassim Taleb’s Views on Bitcoin are Laughable

It is difficult to reconcile these assertions with reality. This is fair warning.

In his paper Taleb states that,

“The total failure of bitcoin in becoming a currency has been masked by the inflation of the currency value, generating (paper) profits for large enough a number of people to enter the discourse well ahead of its utility.”

In point of fact, Bitcoin is used as both a means of transaction and a store of value. It is impossible to dissect a term like “inflation” in the context used above – as it appears to be nonsensical.

Bitcoin is traded freely on global exchanges – some regulated – some not so much. It is also traded in the form of derivatives in major markets – like the USA.

There is no massive price deviation between the CME’s Bitcoin futures contracts, and the market price on a large crypto CEX.

If some sort of “inflation” was taking place that pushed Bitcoin or any other token away from the value that a large number of market participants thought was fair – it would manifest in Bitcoin’s price.

Clearly – the markets think that Bitcoin is fairly priced at above $30,000 today – although it is a volatile asset.

The idea that somehow Bitcoin is attracting buyers ahead of its utility is also pretty hard to defend with around 6% of the US population using it in 2020.

If anything we are seeing historic inflation in the supply of money – which may be part of the reason why people (although not many) are looking for assets that aren’t tied to government approved fiat currency.

The Value Question

Taleb also took the Bitcoin as a store of value argument to task – and somehow invoked the gold v. Bitcoin debate as a part of this disjointed statement.

To wit,

“Gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time…Cryptocurrencies require a sustained amount of interest in them.”

Putting aside the point that gold has coexisted with numerous stores of value since people started putting a value on gold, any fiat currency, or store of value, will require, “ a sustained amount of interest in them.”

There was probably a time when whale oil could’ve been considered a store of value – but not anymore!

The sad fact for Taleb is that things change. As a member of an economic establishment that puts a high value on esoteric theories and centralized control, it should come as no surprise that he is lashing out at Bitcoin.

Strangely, this wasn’t always the case. Back in 2017 Taleb wrote the foreword to “The Bitcoin Standard,” a book by another economist named Saifedean Ammous. The book and foreword were positive on Bitcoin!

So – it looks like something changed. It isn’t Bitcoin. Bitcoin and all the other major cryptos are doing fine. The central banks and major Western governments on the other hand, well, they are creating and spending a lot of money.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockonomi.com/nassim-taleb-claims-bitcoin-is-worth-zero/

Blockchain

GK8, Securrency to Aid Tokenized Security Compliance

Published

on

Digital asset cybersecurity company GK8 has partnered with Securrency, a Fintech and Regtech firm which tokenizes securities, equities, and commodities. GK8’s enterprise-grade end-to-end custodial solution will be available to Securrency’s clients as Securrency creates a global ecosystem built around a universal, interoperable compliance core. While institutions are… Read More

The post GK8, Securrency to Aid Tokenized Security Compliance appeared first on Crowdfund Insider.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/08/178783-gk8-securrency-to-aid-tokenized-security-compliance/

Continue Reading

Blockchain

World-Renowned Photographer Christina Jansen to Release First Muhammad Ali Digital Collectibles with dMerch.io

Published

on

Never Before Seen Photos of “The Greatest” Available for Digital Collection on the WAX Blockchain

The Worldwide Asset eXchange (WAX) is partnering with world-renowned photographer Christina Jansen and Dublin-based NFT agency, dMerch.io to bring to life the Muhammad Ali Series 1 digital collection. The collection contains 136 unique digital collectables, all showcasing the vibrant personality of Ali himself and will be available on WAX blockchain starting on August 10, 2021 at 1pm EST / 10 am PST.

Throughout his iconic 21-year professional career, Ali was unconventional and incredible for the world to watch. He was an Olympic gold medalist, accumulated 56 victories, and was the first boxer in history to claim the heavyweight championship belt three times.

In 1986, Jansen and Ali met for the first time at a commercial shoot at Fulham Studios. Instantaneously, the duo connected, and Jansen admired Ali’s humble nature. Since her encounter with Ali, Jansen has gone on to photograph celebrities, athletes, and fashion icons.

“Photographing Muhammad Ali was one of the most inspiring jobs I have ever had. Over a period of two weeks on and off the set I witnessed how he treated everyone who approached him the same. It didn’t matter to Ali where you came from or what you did. I felt so blessed to have the chance to talk to him and get to know this great man like a close friend.  Ali told me his Philosophy in life – If you reach for the moon you might end up next door, but if you reach for the stars you will get to the moon. He encouraged me and others to reach for their goals and not be afraid to take risks in life,” said Jansen.

Adam Bouktila, COO for dMerch, praised Christina’s photographs which have not been seen by a wider audience:

“This collection is amazing for the close connection between Ali and his photographer. These are not paparazzi shots taken at random. These are beautifully crafted images taken over a two-week period where subject and artist forged a close and powerful connection. The connection makes the images come alive.

“And with NFT technology we can now share these images with the world. As a Mohammed Ali fan this is a huge privilege for me to be involved in this project.”

Since his passing in 2016, Ali’s life and love for mentoring others will be revealed through Jansen’s intimate, never-before-seen photographs for fans to collect and enjoy as digital collectibles on the WAX Blockchain. In her very first WAX collection, Jansen will offer the proceeds of an extremely special “Boxing Futures” pack featuring a single, ultra-rare Muhamad Ali digital photograph to aid Boxing Futures, an organization that aims to help disadvantaged youth by providing a safe space for them to improve their physical and mental health through boxing all while learning to build relationships and find motivation.

“This collection is both a personal and professional triumph that allows us to give back to a deserving group and pay homage to Muhammad Ali’s legacy,” says Jansen.

The intimate photos of the boxing superstar will be available in six (6) ring-worthy rarities, including:

  • Classic
  • Negative
  • Gallery
  • Photographer
  • Championship
  • Behind the scenes

As a special thank you for their support of the collection, Championship card buyers will be automatically entered into a randomized drawing for a chance to claim one (1) of (3) unique physical prints.

The Muhammad Ali Series 1 digital collection will feature 5,000 Classic Packs, 3,000 Photographer Packs, and 1,000 Boxing Futures Packs and are available in the following sizes:

  • Classic Packs containing 5 digital collectibles for $19.99
  • Photographer Packs containing 25 digital collectibles for $49.99
  • Boxing Futures containing 1 digital collectible for $9.99

There will be a “stress test” prior to the official launch day on August 9 at 1pm EST / 10 am PST. Fans can sign-up through the official WAX Discord and will receive a free promo-pack as a “thank you” for participating.

About WAX
The Worldwide Asset eXchange™ (WAX), is the world’s #1 blockchain, as measured by number of users and transactions, according to Dappradar.com. WAX’s mission is to bring digital collectibles to the mass market in the safest, most secure, environmentally friendly, and easy-to-use marketplace in the world. WAX is also the leading entertainment digital collectibles network — in 2018, WAX introduced vIRLs®, giving consumer product companies the ability to directly link digital collectibles to physical consumer products. Co-founded in 2017 by William E. Quigley and Jonathan Yantis, WAX has facilitated the trade of more than 100 million digital collectables including Major League Baseball (via Topps MLB collectables), Capcom’s “Street Fighter,” and world-renowned entertainers Deadmau5 and Weezer. For more information, please visit https://wax.io and follow along on Twitter and Discord.

About Boxing Futures
Boxing Futures is a dynamic charity which works to improve the physical and mental health and wellbeing of disadvantaged young people. We empower young people by building positive relationships, developing core soft skills and increasing confidence and motivation.

###

Media Contact:

[email protected]

Source : Plato Data Intelligance

Continue Reading

Blockchain

Meat Food Production Giant Oscar Mayer Auctions Disposable Packaging “Hot DOGE” Wiener

Published

on


An American meat and cold cut production company Oscar Mayer, owned by the American food giant Kraft Heinz, used the eBay e-commerce platform to auction a single package of “Hot Doge Wieners” worth 10,000 Dogecoins. (Read More)
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/meat-food-production-giant-oscar-mayer-auctions-disposable-packaging-hot-doge-wiener

Continue Reading

Blockchain

NFT Trading Platform Giant MakersPlace Completes $30M in Series A Financing

Published

on


Non-Fungible Token (NFT) trading platform MakersPlace announced the completion of a $30 million Series A financing jointly led by Bessemer Venture Partners and Pantera Captial. (Read More)
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/nft-trading-platform-giant-makersplace-completes-30m-series-a-financing

Continue Reading
Blockchain46 mins ago

GK8, Securrency to Aid Tokenized Security Compliance

Crowdfunding51 mins ago

Whiplash: Robinhood Files Registration Statement to Sell 98 Million Shares, Price Drops

Biotechnology1 hour ago

Gerald Wogan, professor emeritus of biological engineering, chemistry, and toxicology, dies at 91

AI1 hour ago

Securing Digital Identities with Help of AI New Path After Pandemic of 2020  

AI2 hours ago

Experiences in Smart City Challenges Such as in Columbus, Ohio, Sobering  

Esports2 hours ago

Fortnite Season 7 Week 9 Challenges

Esports2 hours ago

Nintendo Switch Has Officially Outsold PlayStation 3, Xbox 360

Esports2 hours ago

Back 4 Blood Beta Code Not Working: How to Fix

Esports2 hours ago

Open Roads Studio Co-Founder Steps Down Amid Allegations of Toxicity

Crowdfunding2 hours ago

Chip Shortage Impacting Payment Card Industry: Report

Esports2 hours ago

Team Envy signs yay to VALORANT roster

Esports2 hours ago

How to Check If You’re Close to Receiving an Heirloom

Esports2 hours ago

SPELLAN Benched by Mad Lions

Energy2 hours ago

Global Disinfectant Markets 2021-2025 – Hospital Acquired Infections, Household Expenditure, Growing Urban Population, Accelerating Food Industry, E-Commerce Sales & Demand of Disinfecting Wipes

Esports2 hours ago

Latest Overwatch live patch tackles Wrecking Ball and DPS balance

Crowdfunding2 hours ago

This Week, SharesPost and Forge Global Start Operating as One

Quantum2 hours ago

Classical causal models cannot faithfully explain Bell nonlocality or Kochen-Specker contextuality in arbitrary scenarios

AI2 hours ago

Edge Cases And The Long-Tail Grind Towards AI Autonomous Cars 

Cleantech2 hours ago

Australian Miners Line Up For A Slice Of The EV Pie

Esports2 hours ago

Decks to try during week one of Hearthstone’s United in Stormwind expansion

Quantum2 hours ago

Optimal local unitary encoding circuits for the surface code

Energy2 hours ago

Global Choline Chloride Market Report 2021-2026: Increasing Awareness for Feed Supplements Driving Market Growth

Energy3 hours ago

Dana Incorporated to Participate in J.P. Morgan Auto Conference

Esports3 hours ago

Call of Duty: Black Ops Cold War season 5 roadmap reveals new game mode, guns, Zombies content, and the return of Slums

Energy3 hours ago

Kirby-Smith Machinery Announces New President and CEO, John Arapidis

Esports3 hours ago

Guide to parts for building a PC: What parts do I need?

Esports3 hours ago

FaZe Swagg Details CX-9 Warzone Loadout

Esports3 hours ago

Pokemon GO Ultra Unlock Part 3 Raids: Full List

Energy3 hours ago

Energy Upgrade California lanza el concurso “Rename CA”

Energy3 hours ago

Princeton NuEnergy Wins U.S. Department of Energy (DOE) SBIR Phase II Fund

Trending