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The creator of virtual reality compared bitcoin to gambling

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Crypto News

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The creator of the concept of virtual reality (VR) Jaron Lanier has joined those who call bitcoin a “pyramid” and a “gambling game”.

During Lex Fridman’s podcast, the “father” of the VR industry stated an obvious fact: investors who bought BTC in the early years earned more than those who bought them later. Therefore, in his opinion, cryptocurrencies are similar to gambling.

According to a scientist in the field of data visualization and biometric technologies, bitcoin correlates with gambling based on such a factor 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.

“In fact, this is a Ponzi scheme. According to which early investors have more assets than those who came to the market later. And the further down the chain, the more it resembles the dynamics of gambling. In a place where it is more and more random and subject to strange network effects. Even if you are an average bitcoin investor, you will still be exposed to market fluctuations early. But most of all it will affect the small players.”

The ranks of cryptosceptics are gradually thinning, but they are still numerous. Nobel Prize winner and cryptosceptic Paul Krugman has repeatedly attacked the crypto industry. He repeatedly compared the cryptocurrency market with a financial pyramid. The head of Ryanair, Michael O’Leary, stopped trusting bitcoin when he came across a fraudulent Bitcoin Lifestyle scheme. He warned investors to invest in bitcoin.

Even Australian entrepreneur Craig Wright, posing as the creator of Bitcoin, but not recognized by the community, in a fit of despair compared the first cryptocurrency with a Ponzi scheme.

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