Nassim’s and Nouriel’s Appearances at the CoinGeek Conference 2021

Nassim Taleb’s Unofficial News Site has the post Nassim’s Keynote Speech at the CoinGeek Conference 2021. On YouTube it is part of CoinGeek Zurich – Livestream – Day 3. It is not what I would call a keynote speech, but more of a panel discussion with moderator.

I agree with Nouriel Roubini and Nassim Nicholar Taleb.

Central Bank Digital Currency should have zero transaction fees at point of use. If this is the way it is implemented, then things like bitcoin will have no market advantage. Without being fully digitized, the USA dollar already supports tens of trillions of dollars in financial activity. That is proof enough of feasibility. What will be the advantage of things like bitcoin compared to CBDC? It is too bad that Nassim and Nouriel didn’t make that point in such simple words as I have used here.

If the CBDC was forbidden to be used to conduct economic warfare by the country of the central bank, then it would have no disadvantages over the current non-government digital transaction settlement systems.

A single, world-wide unit of account has an advantage of doing away with currency exchanging, but it loses the flexibility a country has with its own sovereign currency. At the moment, I cannot picture a world-wide government being created that would have the financial flexibility to deal with the needs of individual countries (or parts of the world). That is not to say that it would be impossible. It is just beyond my imagination at the current time.

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