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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)

submitted 7 months ago by [email protected] to c/[email protected]

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Linus Torvalds, creator of Linux, does not believe in cryptocurrencies, calling them a vehicle for scams and a Ponzi scheme.
Torvalds was once rumored to be Bitcoin creator Satoshi Nakamoto, but he clarified it was a joke and denied owning a Bitcoin fortune.
Torvalds also dismissed the idea of technological singularity as a bedtime story for children, saying continuous exponential growth does not make sense.

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[–] [email protected] 157 points 7 months ago* (last edited 7 months ago) (4 children)

Linus Torvalds, creator of Linux, does not believe in cryptocurrencies, calling them a vehicle for scams and a Ponzi scheme.

To be fair, that's because Crypto is a vehicle for scams, and a Ponzi scheme.

[–] [email protected] 29 points 7 months ago

The line about safety regulations being written in blood? Financial regulations are written in bankruptcies.

[–] [email protected] 1 points 7 months ago

I'm not gonna put my foot down for either side here but, to be completely fair here, so is for example the us dollar.

[–] [email protected] -5 points 7 months ago (1 children)

I'm pretty sure most scams and ponzi schemes use US dollars.

[–] [email protected] 6 points 7 months ago (1 children)

Interestingly, for a currency to actually be useful, there needs to be a demand for it, something that you can only pay for in that currency. For real currencies that is normally taxes. England only accepts taxes paid in pounds, so there's a demand for pounds from every person who has to pay taxes in England. For crypto, extortion is basically the only source of demand.

Sure, occasionally there are places that accept both real currencies and crypto currencies, but for legit businesses almost none of the revenue comes from the crypto side. But, for ransomware, etc. the hackers only accept crypto. That means there's a demand for crypto, which means that it has some value.

[–] [email protected] 2 points 7 months ago (1 children)

My drug dealer only takes payment in crypto and I think he's too lazy to extort anyone.

[–] [email protected] 7 points 7 months ago (1 children)

Ok, so ransomware and illegal goods, that is the demand for crypto.

[–] [email protected] 3 points 7 months ago

do not forget unregulated crypto casinos