The person who started the VR field stated that Bitcoin is merely a component of the Ponzi scheme, and not anything else since it’s lucrative for early investors, and less so for late Investors.
In an interview on The Lex Fridman podcast, the founder of Virtual Reality Field, Jaron Lanier, spoke about his negative opinion on bitcoin.
As per Jaron, Bitcoin is profitable for those who invested for a long time or early in the process. Early investors make massive profits, while other late investors made less money.
Jaron’s a Computer scientist, the way he approached it was from an engineering point perspective and stated that Bitcoin’s network with wealthy investors to investors with low income as well as gambling, is closely linked to it. He stated that Bitcoin is a major part of the market, but it’s not a productive item and added
“..the chain you build the more exposed you become to betting, for instance, dynamic where it’s becoming more random, and also more vulnerable to strange network effects and other such things in the event that you’re a tiny player…but even there, you’ll be subject to fluctuation. It’s likely to flutter around the small players more often,”
Bitcoin is not working
As per Jaron, Bitcoin can be considered a long-term digital currency, but it’s not able to fulfill the role of solving social economic problems, which is why it’s a Dysfunctional Asset solely.
Furthermore, Jaron compared Bitcoin with gold and said that Bitcoin is a recreation of gold that “doesn’t make economic sense”.
Then, Jaron praised Ethereum co-founders to denounce Bitcoin and said that the genesis of bitcoin is part of a campaign against the centralization of government authorities, and therefore it is unable to be used as a currency. Ethereum co-founder Vitalik Buterin is trying to alter the system of decentralization to make this a more progressive space.
“When Bitcoin came out and the original paper was on the blockchain my heart sink because I thought, Oh my god, we’re using all this fancy idea and all these extremely careful secure measures distributed across the globe to restore that gold standard. When Bitcoin was released and the original paper that was on the blockchain my heart was a sinking feeling as I thought: Oh my God, we’re putting in all this fancy thinking and all these extremely careful distributed security measures to create the gold standard”