Author of “Black Swan” Nassim Nicolas Taleb advised investors in Bitcoin BTC/USD and other cryptocurrencies that followed influencer recommendations to save screenshots.
What happened: Taleb said in a recent tweet that Bitcoin would be a “gold mine” for lawyers.
“When regulations are unclear, there is plenty of room for civil lawsuits, as with the junk bond debacle (in addition to criminal cases, eg Milken).”
Taleb was referring to the financier Michael Milken who pleaded guilty to security and reporting offenses in 1989. Milken is known as the “Junk Bond King.” He was sentenced to 10 years in prison and later obtained a presidential pardon from Donald Trump.
See also: Best Crypto Debit Cards
Why is this important: In the Twitter thread, Taleb advised investors who bought cryptocurrencies based on explicit recommendations to save screenshots.
2) From what I’ve seen, because court costs in the US are high, people end up settling just so they can move on.
There are some basic things you learn in basic finance training, i.e. putting disclaimers left and right when it comes to a recommendation of precise investment.
—Nassim Nicholas Taleb (@nntaleb) June 15, 2022
The mathematical statistician and former options trader said that due to high legal costs in the United States, people “end up settling just so they can move on”.
Taleb said basic finance training involves learning to put disclaimers “left and right” when it comes to “accurate investment recommendation.”
Last year, Kim Kardashian was called by a UK regulator for promoting an Ethereum ETH/USD counterfeit. However, the ‘Keeping Up With The Kardashians’ star included a disclaimer in her social media post.
Read more : Dogecoin disaster? Lawsuit accuses Elon Musk of crypto pyramid scheme