“Black Swan” author Nassim Taleb has suggested that the US’s largest Bitcoin exchange is ‘worthless’. The famous statistician criticizes the extreme downward trend of the stocks of the stock market.
Black Swan author argues that this well-known Bitcoin exchange is worthless
In his recent tweets, Nassim Taleb made statements about Coinbase, one of the largest cryptocurrency exchanges in the USA. According to the well-known statistician, even if the cryptocurrency market somehow manages to survive its worst crisis to date, the company still has a “chilling” future. Jim Chanos, who shorted his first bet against Enron in May, predicted that Coinbase would continue to struggle due to falling revenue. It’s worth noting, however, that Taleb doesn’t expect Coinbase to explode in the same dramatic fashion as FTX.
Shares of Coinbase fell to an all-time low on Sept. Earlier this week, Mizuho Americas analyst Dan Dolev called Coinbase stock a “waste of time” after claiming that the company would not benefit from the sudden collapse of one of its biggest rivals.
Taleb says he is in the midst of a crisis because the market is unable to meet cash flow. The famous statistician suggests that cryptocurrencies actually fail to produce anything useful. Hence, it relies on speculation due to its inability to generate cash flows.
Coinbase launches new initiative for transparency amid allegations
The US crypto exchange giant has launched initiative to help promote transparency, specifically, among competing exchanges. In a blog post, Coinbase shared that it has discovered new ways to prove reserves using more crypto-native methods. It also says it announced a $500,000 developer grant program to encourage its competitors to do so as well. The US exchange says that after FTX, investors deserve the assurance that they can withdraw their funds after depositing. Coinbase’s chief security officer, Philip Martin, made the following statements on the subject:
One glimmer of hope in the downfall of FTX is a massive focus on transparency into the assets and liabilities of different crypto companies. At Coinbase we believe you deserve the best of both tradfi and DeFi. Today, we are the only company in crypto that provides the transparency and assurance of a public company financial audit. We’re working towards a decentralized system for tomorrow where you don’t have to rely on us or any institution. You just need to trust the math. Everything must be transparent, immutable and verifiable by everyone.
Martin also announced that they are launching a Binance-like startup. cryptocoin.comBinance had raised its SAFU fund up to $2 billion. Contrary to Black Swan writer Nassim Taleb, he stated that they were prepared for a possible crisis:
To take concrete steps towards the world of the future, we are announcing a new developer grant through Coinbase’s 2023 Crypto Community Fund. We have allocated $500,000 to support individuals or teams that develop the latest in on-chain accounting, privacy protection techniques (including the application of zero-knowledge techniques) and/or closely related technologies related to the proof of assets or liabilities.
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