It must be the hypoxia. It eventually rewires everything. Because Mr. Antifragile himself continues to miss the reasons why humans desire antifragility and expects that to occur on his time schedule not theirs.

So, he falls back on insults defended by dubiously-applicable math rather than admit to the paradigm shift happening in front of his eyes.

Bitcoin’s volatility isn’t as much a bug in its design but a feature of its adoption curve.

Because in any appreciable sense when viewed against other major assets as a function of its US dollar price moves, Bitcoin isn’t really all that volatile.

Bitcoin’s price is volatile, certainly. More volatile than any of the other assets here when comparing the weekly range from low to high versus the standard deviation of that range… call it internal volatility.

But that volatility is a function of it being in a bull market, operating in far less mature trading platforms than these other assets and about twenty other variables that do not apply to Apple, Gold, Silver or the Dow Jones Industrials, making any statistical comparison between them, frankly, puerile.

Mr. Taleb should know comparing statistical data from sets with different boundary conditions is the height of intellectual weak sauce.

And yet, given those caveats, on a week-to-week basis, trading 24/7 without arbitrary halts like the others, bitcoin measured against itself is only slightly more volatile than any of these other assets with higher internal volatility.

It’s an asset rapidly expanding its userbase, it’s acquiring monetary character daily as more of the old monetary system sees the opportunity to make a vig, in VISA and Mastercard’s case, or provide explosive returns for investors looking to hedge against the chaos of a ruling class gone equal parts crazy and moronic.

It’s a growth stock that is just finding the sweet spot of its growth curve as conditions for its value proposition increases daily.

Which brings me to the following observation:

… and you aren’t buying the living shit out of bitcoin right now, you should lose all your business!

What argument can you make to pile up more dollar-denominated assets in your client’s portfolios in a world literally drowning in dollars and dollar liabilities, knowing the policy responses will be to create more dollars, undermine the confidence of the system and accelerate a fundamental shift in the monetary system?

Are you really that enamored of Christine Lagarde at the ECB? Jerome Powell at the Fed? Kuroda at the BoJ?

Personnel is policy after all.

Are these the best and brightest the world has to offer us for stewardship of our future as a species?

Or are you finally willing to listen to what your clients are telling you and now have to pile in to save face?

Most of you have already missed the greatest wealth transfer from the rich to the middle class in history but, hey, past results don’t guarantee future returns, right?

The point is that bitcoin, and cryptocurrencies in general, are still assets in their infancy. But as technology anyone with an ounce of intellectual honesty can tell you where this is all headed.

And this week’s mass of announcements is the dam breaking down of adoption. It’s the clearest signal yet that the overreach and arrogance of the political class has reached its limit of power.

We don’t buy it anymore. And the whole system is now accelerating towards a catastrophic crisis of confidence.

Making arguments about historical volatility or intrinsic versus extrinsic value is, at best sophistry, and, at worst, egoism.

Bitcoin’s total addressable market just jumped psychologically by an order of magnitude last week. That’s why it’s winning.

We’re reaching the inflection point that I’ve talked about before. It is the moment when a critical mass of people stop valuing their portfolios in terms of dollars but in terms of bitcoin.

Years ago, before bitcoin, when I was an advocate for the Liberty Dollar, I used to go everywhere with two one-ounce silver rounds in my pocket. And when I walked into a place where I could spend money I would reach in and hold them in my hand for a minute.

I asked myself one simple question each time, “Would I spend these coins to buy that thing.” And more often than not the answer was, “No.”

It was a great exercise in teaching myself fiscal restraint. Today people are doing the same thing with bitcoin. They’ll spend their dollars or euros but they are HODLing their bitcoin because they KNOW it’s more valuable to them than those dollars or euros.