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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] 6 points 7 months ago (1 children)

I don't believe in crypto either because it's current value is solely derived on how much you can exchange it for real money. Outside of a few edge cases, nobody buys anything with crypto outside of the black market.

I'm sure crypto is a great solution to some finance problems related to centralized banking that I'm too lazy or dumb to care about, but I look at the energy consumption to calculate these massive chains for little tangible benefit, and the scammers and hypemen who are profiting off of other people's hopes and desires to get rich quick on the next big boom, and I can't help but feel like it's an actively harmful element of society. At the very least, whatever regulations are currently in place that are attempting to reign in crypto are insufficient at reducing harm.

[–] [email protected] 4 points 7 months ago

Yep. When I see headlines "I made millions of dollars with Bitcoin" I giggle inside.