The best seller Antifragile and Black Swan’s author, Nassim Nicholas Taleb, is of the view that Sam Bankman-Fried (the founder of the now-bankrupt crypto exchange FTX) needs to be put behind bars immediately instead of his Bahamas-based penthouse apartment of $30 million. Taleb is an essayist, Mathematical Statistician, and scholar of Lebanese-American origin. The person is considered to be a prominent expert on uncertainty and probability.
Nassim Nicholas Taleb Recommends Jail Time for Sam Bankman-Fried
As described by the publishing firm Penguin Random House, the milestone book series of Taleb, including Antifragile, The Bed of Procrustes, The Black Swan, and Fooled by Randomness, is an exploration of decision-making, risk, human error, probability, uncertainty, luck and opacity in an unfamiliar world. According to the publisher, most of Taleb’s time is spent like a flâneur, roaming in cafés around the planet, although he has been providing services since 2008 at Tandon School of Engineering under New York University as a Risk Engineering Professor.
In Taleb’s book “The Black Swan” (which was published back in 2007), the author noted described 2 characteristics of a “Black Swan” event. In his words, the initial attribute is that such an event is an outlier and lies external to the normal expectations’ realm as nothing in history can credibly indicate its possibility. The next characteristic is that it has an increased influence.
The 3rd is that, regardless of its status of being an outlier, human nature permits the concoctive elaborations for the occurrence following its happening, making it predictable and explainable. He summarized the aspects as first being a rarity, second denoting an extreme influence, and third indicating retrospective predictability. He specified that Black Swans are considerably fewer in number in the world, explaining everything.
In Taleb’s words, from the achievement of religions and ideas to the historical events’ dynamics, and to the essentials of their individual lives, the Black Swans exist in a lower proportion. On the 2nd of this month, the author elaborated the reason for the arrest of SBF. He asserted that everyone who denies admitting that Bankman-Fried has carried out criminal activities like Bernie Madoff must be naïve to the world of finance.
While adding to this, Taleb noted that Bernie Madoff straightforwardly stated that he had no innocent justification rather than spinning. Then he summarized that the FTX founder illegitimately gambled with the funds of his consumers however never supposed that a tail event would take place in the market. Therefore, Taleb added, he considered his plan to be secure and that the clients would not know it.
‘Black Swan’ Author Claims Bitcoin Does Not Offer a Hedge against Inflation
Keeping this in view, he suggested that the former CEO of FTX should be taken to jail. Formerly on the 20th of February this year, the author criticized the primary crypto token, saying that it not offering an adequate hedge against several economic aspects. As he claims, the token is presently not playing the role of a hedge to confront inflation, stocks or oil squeezes.
As Taleb puts it, in terms of market cap, Bitcoin has failed to be a hedge confronting geopolitical events. He moved on to say that the asset was the opposite of that instead, attempting to suck huge amounts during times of decreased interest rates. Even though the author formerly supported crypto’s advancement as a substitute for fiat currency. However, with time, he turned more and more against digital assets.
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