Bitcoin: Taleb’s Thanksgiving Turkey?June 3, 2011 1:45 pm
We spotted Bitcoin at some 7 dollars. Today its at 14. Here are some Bitcoin statistics we spotted (its already outdated).
Extrapolating this to argue that bitcoins will continue to go through the roof, would be a classic case of the problem of induction (Taleb).
“One of Taleb’s favourite allegorical tales is the story of the turkey and the butcher. As previously described by Bertrand Russell, a turkey may get used to the idea of being fed but when, the day before Christmas, it is slaughtered, it will incur ‘a revision of belief’.”
The case with Bitcoin might have some similarities. Is it really possible for an alternative currency with no legal supervision to exist?