The creator of the concept of virtual reality (VR) Jaron Lanier (Jaron Lanier) joined those who call bitcoin “pyramid” and “gambling”.
On the podcast, Lex Fridman is the “father” of the VR industry
stated an obvious fact: investors who bought BTC in the early years earned more than those who bought it later. Therefore, in his opinion, cryptocurrencies are like gambling. For some unknown reason, the scientist did not include venture funds and IPO buyers in the category of “gamblers”.
According to a scientist in the field of data visualization and biometric technology, Bitcoin correlates with gambling based on factors such as market volatility. He hinted that Bitcoin, like gambling, is a big economy, but very unproductive. Lanier stated that although he has long advocated for digital money, the advent of Bitcoin does not solve this problem.
“Basically, this is a Ponzi scheme. According to which early investors have more assets than those who came to the market later. And the further along the chain, the more it resembles the dynamics of gambling. In a place where she’s more and more random and subject to strange network effects. Even if you are the average bitcoin investor, you are all happy to be subject to market fluctuations. But most of all this will affect the small players. ”
The ranks of crypto-skeptics are gradually thinning, but they are still numerous. Nobel laureate and crypto skeptic Paul Krugman has attacked the crypto industry more than once. He has compared the cryptocurrency market to a pyramid scheme many times. Ryanair CEO Michael O’Leary stopped trusting bitcoin when faced with the Bitcoin Lifestyle scam. He warned investors to invest in bitcoin.
Even Australian entrepreneur Craig Wright, posing as the creator of Bitcoin but not recognized by the community, desperately compared the first cryptocurrency to the Ponzi scheme.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
