this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 11 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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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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[–] ulterno@lemmy.kde.social 0 points 11 months ago (2 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.

[–] Knock_Knock_Lemmy_In@lemmy.world 1 points 11 months ago

crypto is too ecologically expensive and wasteful

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

[–] merc@sh.itjust.works 0 points 11 months ago (1 children)

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

That goes against the entire history of currencies. Every successful currency in history has been controlled by either the state or a religion (which was effectively state-like).

[–] deafboy@lemmy.world 0 points 11 months ago (1 children)

That goes against the entire history of currencies.

How come? Decentralized currencies were in place long before the dictators enforced their own private currencies on to all their subjects.

[–] merc@sh.itjust.works 0 points 11 months ago (1 children)

Decentralized currencies were in place

Uh huh... like when?

[–] untakenusername@sh.itjust.works 1 points 5 days ago (1 children)

gold

[–] merc@sh.itjust.works 1 points 5 days ago (1 children)

Gold isn't a currency, it's a commodity.

[–] untakenusername@sh.itjust.works 1 points 5 days ago (1 children)

You can use it as a currency. The fact that the metal has a material use case isn't really relevant.

[–] merc@sh.itjust.works 1 points 5 days ago (1 children)

It doesn't meet the requirements to be a currency. It's a commodity.

[–] untakenusername@sh.itjust.works 1 points 5 days ago (1 children)

what requirements

[–] merc@sh.itjust.works 1 points 5 days ago

"A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins."

https://en.wikipedia.org/wiki/Currency