Bitcoin and Black Swans: How Bitcoin Critics Fail at Scientific Inquiry

The podcast, "Why Everyone Is Wrong About Crypto," uses a scientific approach to analyze the criticisms of Bitcoin. The author argues that most critics rely on the greater fool theory, which posits that Bitcoin is worthless and only has value because people are willing to buy it at increasingly higher prices. This theory predicts that Bitcoin will eventually crash to zero, yet this prediction has failed to materialize over the 15-year lifespan of Bitcoin. The author points out that this makes the critics’ argument unfalsifiable and therefore unscientific, as they refuse to adjust their theory based on real-world observations. The author urges critics to adopt a more scientific method, incorporating the observed price action into their analysis and considering the possibility that Bitcoin may actually hold value.