Disappeared after Bitcoin appreciated 40% in January and maintained its price during February, Bitcoin critics reappeared on social media this Friday (10) after the largest cryptocurrency on the market fell below $ 20,000. Peter Schiff, for example, has again recommended that Bitcoin investors sell their coins to buy gold. In January, the Europac executive claimed that Bitcoin was on a ‘suckers rally’, but later remained silent. Nassim Taleb, author of the book The Logic of the Black Swan, stated that Bitcoin is not an antifragile asset, noting that the cryptocurrency has fallen due to uncertainties.
Peter Schiff Attacks Crypto Bank That Failed, But It’s Rebutted By The Community
As the voluntary liquidation of Silvergate was one of the biggest reasons for Bitcoin’s downfall, Peter Schiff used puns to comment on the case while criticizing the cryptocurrency industry.
“If cryptocurrencies really are the future, why is Silvergate, the leading cryptocurrency bank, already a thing of the past?”
However, Bitcoin investors reminded Schiff that his bank was also closed a few months ago. As an apology, the executive commented that the situation is different, despite the same end.
“Isn’t your bank also a thing of the past?” asked a follower.
“Yes, but for different reasons. Silvergate died on its own. My bank was killed by the government and the media.”, replied Schiff. As for Bitcoin itself, Peter Schiff again recommended that investors sell the asset and buy gold with the cash.
“A wave of blockchain-related bankruptcies will soon descend on cryptocurrencies, turning the crypto winter into a deep freeze”continued Peter Schiff. “Run, sell your Bitcoin and buy gold.”
if #crypto really is the future, why is #silvergate, the premier crypto bank already a thing of the past? a wave of #blockchain related bankruptcies will soon crash down on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #Bitcoin and buy #gold. — Peter Schiff (@PeterSchiff) March 10, 2023
This argument, however, was also rejected by the community. As an example, one of them pointed out that today gold is worth less than it was in 2011, not being a good investment.
Nassim Taleb’s arguments
Nassim Taleb used his own book Antifragile to describe the Bitcoin situation. According to the author, cryptocurrency cannot be considered an antifragile asset, as it is falling due to market uncertainties.
“To illustrate the inconsistency at the root of the concept of cryptocurrencies: One headline pointed out that “Bitcoin Price Falls Because of… UNCERTAINTY.” (The same ones who call it “antifragile”).”
To illustrate the inconsistency at the root of the crypto concept: a headline reported “Bitcoin price drops because of … UNCERTAINTY.” (The same who call it “antifragile”). — Nassim Nicholas Taleb (@nntaleb) March 10, 2023
However, it is worth noting that several reasons contributed to this Bitcoin drop. That is, the market is just responding to what is happening in the world, serving as proof that Bitcoin does not go up or down on a whim. Taleb has not broached the subject since last December, when he called cryptocurrency investors idiots, ignoring bitcoin’s massive 42% surge over the past two months.
Honorable Mention: Jorge Stolfi
While the two critics above only appear when Bitcoin falls, Jorge Stolfi attacks the cryptocurrency daily on his social networks. Although his arguments are not convincing, his dedication is remarkable. After claiming that the Central Bank of Brazil was being deceived by blockchain crooks, the Unicamp professor compared Bitcoin to Bernard Madoff’s pyramid this Friday (10).
“A “coin” that can lose or gain 10% of its value in minutes, for no reason at all, is totally useless for legal trading.”
“Again: the [esquema] Madoff’s Ponzi was the top performing investment year over year for 25 years, outperforming all stock indices.”commented Stolfi on Bitcoin’s rise over the past decade. “Bitcoin investors spent at least $20 billion more buying coins than they received from selling them. That is the extent of their collective loss.”
Again: Madoff’s ponzi was the top performing investment year after year for 25 years, beating all stock indices. Bitcoin investors spent at least 20 billion USD *more* buying coins than they received by selling them. THAT is the extent of their collective loss. >> — Jorge Stolfi (@JorgeStolfi) March 10, 2023
