Black Swan author calls Bitcoiners 'total idiots'

Crypto Twitter recently saw yet another small-scale drama. However, this time, the participants were not major crypto project CEOs, exchange owners, would-be Satoshis. Instead, the recent feud involved Nassim Taleb, the author of ‘Black Swan’ and ‘Skin in the Game,’ and a self-proclaimed Bitcoin Maximalist, Giacomo Zucco.

What happened?

Yesterday, June 21st, a famous author Nassim Taleb got into a cryptocurrency-related argument. He commented on Bitcoin, stating that BTC itself is a good idea. However, he also said that ‘almost all bitcoiners are total idiots, can’t get nuances beyond fortune cookies.’

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

This statement came in response to Giacomo Zucco, who challenged Taleb’s beliefs and views when it comes to imposing central planning by politicians and bureaucrats with no skin in the game. Taleb is known for thinking this the best management strategy, but Zucco disagrees.

Now, the ex-Wall Street trader calls himself a localist — a libertarian fir central government’s higher levels.

PS I am not a libertarian but a localist, i.e. libertarian for higher levels of central government.https://t.co/lijNliZLHn

— Nassim Nicholas Taleb (@nntaleb) September 18, 2018

Crypto community wants separation from financial establishments

The minor feud was observed by many, and it leads to some interesting conclusions. For example, it is widely known that central banks in countries around the globe continue to struggle to bring forth their own CBDCs.

Such movements were led by the fears of Facebook’s Libra and China’s digital yuan. However, most people in the crypto community would turn away from such products, and they believe that Bitcoin is a way to go. In fact, they believe that breaking away from traditional financial institutions is a necessity. Libertarian movement has also gathered some well-known names in the crypto industry, including early Bitcoin adopter, Roger Ver.