Nassim Taleb, the 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 such as Bitcoin (BTC).
According to a tweet posted by Nassim Taleb on Sunday, Bitcoin is a good idea, but “almost all bitcoiners are total idiots.”
Taleb was exchanging posts with self-described "Bitcoin maximalist" Giacomo Zucco. He 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.— Nassim Nicholas Taleb (@nntaleb) June 21, 2020
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
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 such as Roger Ver have been staunch proponents of libertarian economics. Cointelegraph also reported in April that a libertarian think tank criticized the United States Securities and Exchange Commission for stretching regulations in an apparent attempt to regulate cryptocurrency.