Black Swan author takes on Bitcoin enthusiasts again! A new term in the crypto community is born: "Bitdiots"

Famous Bitcoin supporter Max Keizer and bestselling author of "The Black Swan," Nassim Nicholas Taleb, engaged in a debate on Twitter regarding the current development of Bitcoin and its whitepaper content. Taleb believes that the current state of Bitcoin is completely different from what was described by Satoshi Nakamoto in the whitepaper.

Taleb even used the term "Bitdiots" to describe those Bitcoin supporters who misunderstand Satoshi Nakamoto's original intentions.

Bitdiots

Taleb pointed out on Twitter that what is described in Satoshi Nakamoto's white paper is completely different from what "Bitdiots" who hold Bitcoin long-term today think:

According to the white paper, Bitcoin is simply a form of "electronic cash" that allows transactions to occur without the need for a centralized third party, and it is not described as an investment, a store of value, or even a cult.

Max Keizer: Wrong

Renowned Bitcoin supporter and host of the RT show "Keiser Report," Max Keiser, stepped in to correct the record, claiming that Satoshi Nakamoto indeed considered Bitcoin as digital gold. He stated:

Based on Satoshi Nakamoto's public forum chats and responses, he preferred to refer to cash as gold, often claiming that he was creating digital gold. He did not believe that anyone would be foolish enough to think that by "cash" he meant fiat currency.

Keiser said that due to his 1996 patent work on market makers, securities, and currencies, he had a profound understanding of the challenges Satoshi Nakamoto faced in writing the white paper. When he first read the white paper in 2011, he immediately realized that Satoshi Nakamoto's "cash" was equivalent to gold, leading him to accumulate a significant amount of Bitcoin.

No Longer Supporting Cryptocurrency

In fact, Taleb is a supporter of cryptocurrency. As previously reported, during the forex crisis in Lebanon in April last year due to capital controls, the Lebanese-American Taleb suggested using Bitcoin and cryptocurrencies as a means of transfer.

He had also described Bitcoin as an insurance policy in the preface of the book "The Bitcoin Standard," to remind governments that the right to create, control, and name money is no longer their exclusive domain. However, he later believed that Bitcoin was too volatile and not suitable as a store of value tool.

Taleb has now set his Twitter account to be viewable only by approved followers, but according to a previous report by Business Insider, he even referred to Bitcoin as a Ponzi scheme, taking a completely negative stance towards Bitcoin.