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

submitted 7 months ago by AnActOfCreation 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] 2 points 7 months ago (1 children)

For clarification. To my understanding, the older cryptographic currencies use an immense amount of power (Proof of Work). But newer models have solved that issue by switching to a Proof of Stake model instead.

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

You are correct, but that doesn't mean they all use the same model. Apparently in the USA, it's as much electricity as the entire state of Utah. Also apparently Texas is a big home for it:

Locations of 52 U.S. cryptocurrency mining operations, as of January 2024