Ulrich Bindseil and Jürgen Schaaf of the European Central Bank (ECB) published a paper called "The distributional consequences of Bitcoin" which made questionable claims about Bitcoin. The authors argued that late investors in Bitcoin are impoverished by early investors and that Bitcoin has failed as a payments technology. Bitcoin analyst Tuur Demeester raised concerns about the report. In response, the author of the article criticized the lazy arguments in the paper and pushed back on its central points. The author also criticized the ECB for being paternalistic and implying that retail investors are incapable of learning about markets and Bitcoin. The paper also cited a source that suggested unsophisticated investors only buy at the top and sell at the bottom, but the author refutes this claim based on their own experience as an investor. The author argues that the ECB is diminishing the intellectual capabilities of investors and producing biased reports that misrepresent Bitcoin and the reasons for its adoption.



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