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

submitted 5 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] 54 points 5 months ago (16 children)

I actually considered a non-governmental, community regulated currency as a pretty good idea.

Problem is, crypto is too ecologically expensive and wasteful to fit the bill.

While there were some interesting ones, that actually used the processing power for something useful, most are not. So for now, I'll just go with governmental currencies.

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

crypto is too ecologically expensive and wasteful

Only some (proof of work) crypto is ecologically expensive and wasteful.

[–] [email protected] 0 points 5 months ago (3 children)

Oh there's other's? Guess I haven't read enough.

But how to they manage to be decentralised?

[–] [email protected] 0 points 5 months ago (1 children)

Proof of stake is one method I've seen, but I'm sure there are others.

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

Interesting, but, giving it a quick scan, some of them look like based on personal trust and others feel kinda chicken/egg-ish.
And I may need to read it properly first, but "holdings" feels like you probably need to buy some of it first, presumably using some other currency.

[–] [email protected] 1 points 5 months ago

Yes, that's the usual criticism. To be able to stake, you need to have currency, promoting a rich get richer kind of scheme.

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