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In this interview, I talk to Lyn Alden, a macroeconomist and investment strategist. We break down Nassim Taleb's "Bitcoin Black Paper" and discuss his misconceptions and whether it offers any valid criticisms.

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TIMESTAMPS:
00:00:00 Introduction
00:07:50 Proof of Work
00:14:00 Bitcoin isn't worth zero
00:19:53 Cost of Security
00:24:00 'Intrinsic' value & utility
00:39:52 Volatility & network effects
00:45:20 Medium of exchange (Lightning)
00:56:40 Unit of account
01:06:57 Store of Value
01:12:30 Privacy & human rights

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“We’re seeing bitcoin monetize in real-time, what gold went through over thousands of years Bitcoin’s going through in so far 12 years, so it went from zero to a $trillion market cap...it’s trying to find its total addressable market.”
— Lyn Alden

Nassim Taleb is a well-regarded author and statistician and one-time bitcoin bull who has since turned critic, claiming that it "can be neither a long or short term store of value" and that "its expected value is no higher than 0."

Taleb recently wrote a black paper criticising bitcoin's ability to function as a store of value, questioning its ability to protect against oppressive governments and claiming bitcoins distribution is unfair.

Several key points in the paper were without merit, and it led to bitcoiners questioning whether the article is Taleb being intellectually dishonest or ignorant.

In this interview, I talk to Lyn Alden, a macroeconomist and investment strategist. We break down Nassim Taleb's "Bitcoin Black Paper" and discuss his misconceptions and whether it offers any valid criticisms.