Nassim Taleb: Lebanon’s banking situation is the best advertisement for Bitcoin
Bitcoin supporters urge Lebanese to digitalize their fiat currency amid ongoing banking restrictions in the country.
Protests in Lebanon over the past week demanding reforms have led to the closure of banks and schools. A senior official said on Thursday that banks will be “closed for security reasons until the crisis ends.”.
Nassim Nicholas Taleb, an American statistician of Lebanese descent and author of the bestselling book “Black Swan”, believes that the actions of the authorities in this and other similar situations best show why people need cryptocurrencies..
“The strongest scenario for cryptocurrencies: banks are never there when they are needed. And they try to harass the public to avoid accountability and revenue sharing. Bankers are legalized crooks. #bitcoin “, – he writes.
Previously, Taleb argued that the rise in popularity of cryptocurrencies was a direct result of the population’s distrust of central banks. “Bitcoin is a great idea. It fulfills the need for a complex system, not because it is a cryptocurrency, but precisely because it does not have an owner or power that could determine its fate. It belongs to the crowd, to its users. Bitcoin may fail, but it will be easy to recreate because we know how it works. As it stands, it can be awkward for transactions, not good enough to pay for a decaf espresso macchiato at your local showy coffee chain. It might be too volatile for the currency, for now. But this is the first organic currency, “Taleb said in the preface to The Bitcoin Standard..
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