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Bitcoin critic Samy Dana accuses Fernando Ulrich of 'economic terraplanism'

Cryptocurrency

Economist Samy Dana in her new program (Photo: Youtube / Reproduction)

"This kind of thing is pure terraplanism", said economist Samy Dana on Twitter when he criticized Thursday afternoon (12) about a video by Fernando Ulrich.

In the past few days, Dana has commented on the recent declines in the price of cryptocurrency and its high volatility – the BTC, among others, has dropped about 50% in the past few days.

Earlier, Samy Dana had published:

“How can I trust an asset that drops 43.54% in the last 24 hours, my dear bitminions? Do you understand what volatility means? ”.

Samy Dana and Fernando Ulrich

However, even if the title of Ulrich's video is clear (Volatility is not risk), Dana probably did not pay attention to the content.

According to the publication, Ulrich himself acknowledges that the subject was and remains Twitter's bullshit.

"There are some who say that volatility is not risk others who say yes, volatility is risk, and it is true that both are right".

He explains that volatility can represent a certain risk, especially when it comes to assets that are traded and that have greater volatility that can represent some type of loss for those who need to exit an asset at a given time.

"Volatility may contain something of risk, but it is not nearly all risk," he explained.

Bitcoin is not resilient to crises

This Friday (13), when commenting on some global exchanges in Jornal da Manhã JP, Dana also included the fall of bitcoin between March 11 and 12 – according to him, of 41.34%.

Speaking about the discussion around cryptocurrency, whether or not it is resilient to crises as it is deregulated and independent of governments, Dana commented the following:

“Bitcoin is not resilient to the crisis, even it has been falling more than stock exchanges. So, Bitcoin may be the future, having legal technology, it may be a currency in the future, but today it is not and has a huge risk ”.

Earth planners and earthworks

Still on the terms 'terraplanistas' and 'terraplanismo' used by Dana, also on Thursday, he had already used at least one of these words. At the time, the highlight was the risk factor in the financial market.

“Bitcoin is not (is) a strong currency and because it is deregulated? In 24h it fell – 24.62% in USD (dollar). Financial planners on social networks should know that vol (volatility) is not life and that risk is the most important concept in Finance, ”he commented on Twitter.

Dana was criticized by users, but he stressed that the issue was the risk factor. Even so, it ratified the concept about the economic function of cryptocurrency.

"The issue is risk beyond bitcoin not fulfilling the role of currency (reserve of value, exchange value, etc.)", wrote, then adding “but techniques to measure they are unaware”. In this case, they would be the defenders of cryptocurrencies.

In January, during a program the economist made comments on economics, he explained, in his conception, why bitcoin does not work as a medium of exchange.

"You are going to pay for a bitcoin ice cream, a taxi … First, it is not accepted – and the few places that accept it are not so easy, it is expensive, because they charge for the transaction …", he said.


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