Nassim Taleb’s paper on bitcoin can be found by everyone on Scribd, uploaded by coindesk.com if anyone wants to read it. https://www.scribd.com/document/512617134/Bitcoin-Currencies-and-Bubbles-by-Nassim-Taleb#from_embedThe source of his criticsm appears to be from the high volatility of bitcoin which is arguably caused by its monetary policy which also encourages hoarding. Also, the change in foreword of Ammous’ book to Michael Saylor hehehehehe. Nassim Taleb, the author of several well-regarded books on finance and risk and onetime bitcoin fan, has published a draft paper explaining his recent 180 about the asset.
“In spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all),” the self-described flaneur writes in “Bitcoin, Currencies and Bubbles,” posted on his blog Sunday.
It’s a far cry from 2017, when Taleb wrote the foreword to “The Bitcoin Standard,” economist Saifedean Ammous’ book that made the case for the digital asset as a new form of sound money.
Taleb has since had a very public falling-out with Ammous, deleted his Medium post that contained the foreword and made his tweets private, meaning if you are not among the 743,000 people who already followed him on Twitter, you will now need his permission to see his posts. A new edition of Ammous’ book is forthcoming with a foreword by MicroStrategy CEO and bitcoin bull Michael Saylor replacing Taleb’s.Read in full https://finance.yahoo.com/news/nassim-taleb-erstwhile-bitcoin-admirer-221711587.html |
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@kawetsriyanto. However, it appears Elon and Tesla did it wrong hehehe. This next speculation might be called being antagonistic again or fud by some people in this forum but what does everyone reckon Tesla’s maximum pain tolerance is for bitcoin? The latest market dump would certainly affect the company’s operating profit for the 2nd quarter.
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stake.com has made a very good decision to partner with Alexa Grasso for her pleasing personality, I reckon hehehe. She is also born in Mexico similar to Brandon Moreno.   |
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@JayJuanGee. I am not quite certain why my reply caused you to get triggered. I was only speculating on what might occur based on how strike.me functions and how it might be deployed and used in El Salvador.
My reaction is not triggered. If you seem to be making pie in the sky speculation and also seem to be coming to quite strange and stretched conclusions that might even be lacking in factual or logical basis in a public thread, then it is likely good to attempt to address the extent to which your speculation might be grounded in reality or not or if the logic seems to be strong or not. What was the pie in the sky speculation? It was based on how the strike.me application works. If El Salvadorians in America want to send dollars back to El Salvador through strike.me, strike.me converts the dollars into bitcoin then converts it into USDT to send to the receiver. It is not pie in the sky. It is how strike.me works. Also, there were some comments in social media that were saying strike.me might remove tether and USDT for usage in El Salvador and strike.me will send the dollars straight to users’ bank accounts through banking partnerships. This might also be a problem because 70% of the population is unbanked. There was also no roadmap from strike.me on how to implement this. |
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News update. It appears that biggest miners based in China would preferably turn off their mining farms and mine somewhere else. According to some comments in social media, bitcoin miners were not banned, however, they were told to follow new guidelines under Beijing’s new policy for carbon neutrality. The video in this tweet shows a mining farm turning off. https://mobile.twitter.com/btcinchina/status/1406258072717201413?s=12Also, according to WuBlockchain, Jihan Wu does not anymore set up his mining farms in China and has also been telling the Chinese mining community not to underestimate Beijing’s new pursuit for carbon neutrality. However, small and medium sized miners continue to operate in China. |
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@Carlton Banks. It is called synergy hehehe. @everyone. There is also this part of the article. Section 9 of Article II states that holdings paid into the bank by members should be continually re-valued (presumably against a “real” benchmark like USD). If the local currency has appreciated, it says, the World Bank should do the decent thing and hands the gains back:Source https://www.forbes.com/sites/martinrivers/2021/06/17/el-salvador-can-pay-world-bank-in-bitcoin-according-to-charter/Does this imply that if bitcoin pumps against a real benchmark currency like American dollars, the World Bank must give El Salvador back the profit? How about if bitcoin is dumping? The World Bank must accept the delivery of more bitcoin? |
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@robelneo. Hehehe how can we expect anything different? Inoue is presently one of the top pound for pound boxers. Those type of body shots that can knockdown an opponent are rarely seen in lower weight divisions.
Also, the winner of Donaire versus Casimero will certainly fight Inoue. The storyline is written hehe. It also appears that boxing promoters will organize more superfights after the pandemic. Gervonta Davis versus Ryan Garcia on 2022 hehe.
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I reckon that it might be easy to choose Nonito Donaire to win because of what he showed versus Oubaali in his old age of 38, however, John Casimero is not to be underestimated. He is a strong knock artist and he is younger.
May the best boxer win. These 2 boxers are the only 2 who are worthy to be matched versus Inoue for the unification.
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Have you seen their stare down after the conference? 5 min of silence with few words from Fury. Why Wilder was in his beats all the time? For me, it looks like Wilder is mentally broken and simply wanted to thwart Fury - AJ fight.
Agreed. They were similar to those little children who want to be the boss of the playground hehehe. It might have been best for Deontay Wilder not to attend the conference. However, we cannot underestimate his famous eraser. One clear lucky punch to Fury’s chin and it will certainly be a knockout victory. |
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According to Safemooncash, their team rented this billboard in broadway for 1 week. Is anyone here from New York? How much to rent ad spaces in that part of the city? This might have costed the team thousands of dollars. They should also pay that naked cowboy to wear Safemooncash briefs hehehehe.  |
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It appears that there are bigger things that are going to become complicated with El Salvador’s acceptance of bitcoins as legal tender hehehe. We know already that it is beginning to disrupt everything, however, we might not have witnessed how disruptive it can be until it disrupts central banking. Will the World Bank remove El Salvador as a member state? What if more countries begin to accept it as legal tender? Will the World Bank remove those countries also? It appears that governments of 3rd world countries that feel exploited by the IMF and the World Bank will have a new political tool to gain the advantage hehehe. The World Bank has poured cold water on El Salvador’s adoption of bitcoin as legal tender, saying it cannot support the move due to “environmental and transparency” concerns.
But the developmental body may soon be forced to accept bitcoin payments from countries that have embraced the cryptocurrency.
Its founding document, the 1944 Articles of Agreement, outlines the procedures and principles by which the World Bank pledges to engage with sovereign governments. A central theme in the document is its commitment to accept payments from member states in local currencies.
Section 12 of Article V defines acceptable “forms of holdings of currency” as follows:
The Bank shall accept from any member, in place of any part of the member's currency, paid in to the Bank under Article II, Section 7 (i), or to meet amortization payments on loans made with such currency, and not needed by the Bank in its operations, notes or similar obligations issued by the Government of the member or the depository designated by such member, which shall be non-negotiable, non-interest-bearing and payable at their par value on demand by credit to the account of the Bank in the designated depository.Read in full https://www.forbes.com/sites/martinrivers/2021/06/17/el-salvador-can-pay-world-bank-in-bitcoin-according-to-charter/ |
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There were interviews during the pump on March where Mark Cuban minded down the risks of Defi. He was preaching permissionless markets and free markets for everyone. Now he is screaming for regulations hehehe. It might have been better not to larp. This also is clearly similar for everyone else in the cryptospace until we experience a rugpull or an exploit. Last night, billionaire investor Mark Cuban said he was “hit” by the sudden collapse of a cryptocurrency called TITAN; the token shed nearly 100% of its value over the course of a few hours.
Now, after losing what he’s characterized as a “small” percentage of his portfolio, he’s calling for increased regulation around stablecoins—a subgroup of cryptocurrencies meant to hold a “stable” value tied to a particular fiat currency.Read in full https://decrypt.co/73861/mark-cuban-titan-defi-crypto-regulation |
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@Daltonik. I am skeptical that ddos was the cause. How can a ddos attack cause a token to pump to $60 then dump to $0? I reckon that it might be some mechanism in these dollar pegged stablecoins that when whales dump IRON, it also triggers to mint TITAN and removes liquidity to keep the peg of IRON to $1.00.
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I was only talking about the whole cryptospace as a technology, where bitcoin is included as irreversible. I do not know why that triggers you.
Are you quite certain that the United States empire, its allies, the IMF and the BIS will take the new threat lightly?
Are you also quite certain that your religious fanaticism for bitcoin does not muddle your view of bitcoin? #justasking
It sounds good to me also. I have always said that bitcoin has lost its idealism, meaning and its status as a political tool. It has become more of a tool to pump, dump and make cash dollars. This new movement in South America might bring it back again.
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@JayJuanGee. I am not quite certain why my reply caused you to get triggered. I was only speculating on what might occur based on how strike.me functions and how it might be deployed and used in El Salvador.
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@JayJuanGee. Cryptocoins and blockchains as a technology have certainly become irreversible. I was only talking about the political movement that appears to be beginning in South America and how the Empire under Biden and its allies would find this unacceptable. However, yes, I agree that I may have watched too much movies hehehe. In any case, it appears Panama wants to join the movement. It is arguable if they know or consider it to be a political movement, however. Next month, Panamanian congressman Gabriel Silva plans to present a bill that could potentially spearhead the adoption of cryptocurrencies as legal tender and create tax incentives for crypto-related businesses.
After El Salvador’s president, Nayib Bukele, announced he was proposing a law to make bitcoin (BTC, -3.39%) legal tender, Silva tweeted on June 7 that if Panama wanted to become a true hub of technology and entrepreneurship, it should also support cryptocurrencies. Source https://www.coindesk.com/panama-to-present-crypto-related-bill-in-july |
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I did not say that El Salvador was being confrontational, however, it will be considered a threat by the American government. I have read articles that other members of government from Ecuador and Argentina begun to put laser eyes in their profiles hehehe. Bitcoin acceptance like El Salvador is a political movement whether they intended this or not and bitcoin as a political tool would be something oppressive governments would never want everyone to realize possible. They would try to kill this new type of political movement before it becomes irreversible.
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@JayJuanGee. However, it does not need to be an open proclamation. Do you remember when Saddam Hussein announced that his Iraq will begin to deal in euros instead of the dollar for trading crude oil? United States Army tanks rushed in months after.
It would not be shocking if Bukele was exposed for something very serious found from his past or if he had a relative assassinated or if Bukele himself was accused of rape. We would certainly know it is the work of some agency.
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.... I speculate that El Salvador with a deal with Jack Maller might use strike.me for its bitcoin adoption plans. How does strike.me work? The answer might make the maximalists very unhappy.
What do you mean about maximalists being unhappy? Strike.me gives the option to convert right away to dollars or to stay in bitcoin, and so what? people should have those kinds of options. Are you referring to that? or something else? Let's say hypothetically 90% of the merchants (or the peeps receiving bitcoin) convert to dollars, so there ends up being less demand for bitcoin because almost all of the merchants/recipients are converting to dollars as soon as they receive the bitcoin. Sure, I am being generous with my hypothetical, but surely we already know that strike makes it easy to convert to dollars, no? Given the potential for vast conversion from bitcoin to dollars, do you believe that overall that there is going to be less demand for bitcoin because of the allowance to convert to dollars, even with a big assumption that a vast majority of merchants/recipients could chose to convert to dollars right away? I would bet that so called "maximalists" would prefer that people have options to do whatever they would like and they would likely figure it out, sooner or later, that it is good to hang onto some bitcoin (maybe even there might be times that it is better to hold more bitcoin and other times that it might be good to hold some in bitcoin and the other part in dollars) rather than converting everything back and forth to dollars... might take some of them a while to figure out some balancing that is comfortable for their own particular circumstances, but I am sure that they will have way more abilities to figure it out when they are actually having experiences and opportunities to use it rather than merely speculating about what they may or may not do if they are NOT in such a position to try it out. I disagree. The maximalists were given this expectation that bitcoin will be used as currency after the passing of the law making it legal tender in El Salvador. I know not everyone will be disappointed, however, many will be. Also, strike.me users will not be converting to dollars. They will be converting to dollar derivatives similar to USDT. El Salvador needs dollars but they do not have a printer. Their government will redollarize by adopting USDT through strike.me and use bitcoin as the payment rail. |
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News update. Prediction wrong and with only 13 days more before the 2nd quarter ends. It also appears that the anticipation for the SEC’s decision might be the cause of the latest pump and the disappointing news the cause of this latest dump. An approval would have sent bitcoin back on the way to all time high, I reckon. In a Wednesday filing, the regulator once again delayed passing judgement on the VanEck Bitcoin Trust.
“In rejecting numerous bitcoin ETF applications, the SEC has continually stated concerns over fraud and manipulation in the underlying bitcoin spot market,” Nathan Geraci, president of the ETF Store, told CoinDesk in a recent interview. “The SEC is worried they don’t have proper surveillance over crypto exchanges and, therefore, can’t ensure adequate investor protections are in place.”Source https://www.coindesk.com/sec-again-delays-vaneck-bitcoin-etf-decision |
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