Speaking during the Lex Fridman podcast, Lanier suggested that Individuals who bought the asset earlier are richer compared to the late investors. According to the computer scientist, the Bitcoin chain from wealthy holders to small investors correlates with gambling based on factors like market volatility. He insinuated that Bitcoin, just like gambling, is a large economy but nonproductive.
‘Bitcoin is dysfunctional’
Furthermore, Lanier stated that despite advocating for digital money for a long time, the emergence of Bitcoin does not offer the solution terming it dysfunctional. Has said that Bitcoin is a recreation of the gold standard, which does not make economic sense. Lanier notes that it is a disaster to the digital money space to use Bitcoin technology at a boundless scale, terming it a ‘crime against the atmosphere’. However, he acknowledged the existence of players like Ethereum co-finder Vitalik Buterin, who are attempting to change the space. He also believes that Bitcoin does not show the opportunity for creating economic growth since it was built on the idea that government centralization is the problem. Watch the video: Jaron Lanier: Virtual Reality, Social Media & the Future of Humans and AI Featured image via Lex Fridman YouTube. [coinbase]
