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

submitted 6 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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[–] TheGrandNagus@lemmy.world 2 points 6 months ago (1 children)

I get you're desperately trying to sound smart, but in this context, "energy" meant electricity. Because that's what it takes to produce cryptocurrency. Not the general definition in the realm of physics study. And electricity can most certainly be created and destroyed.

When you buy gold, you have the gold. It's backed by the thing you have.

When you buy cryptocurrency, you don't have the electricity that was spent in fabricating those numbers. You don't get sent a battery in the post. You have nothing.

[–] shortwavesurfer@monero.town -1 points 6 months ago (1 children)

So if I have nothing, why are people willing to give me things for it?

[–] TheGrandNagus@lemmy.world 1 points 5 months ago (1 children)

Again trying to sound smart. You have nothing tangible. You have numbers on a screen, and for some people that's enough to throw money at.

Nice attempt at moving the goalposts, btw.

[–] shortwavesurfer@monero.town 1 points 5 months ago (1 children)

Mind telling me what most people use on a daily basis because numbers on the screen seems pretty common.

[–] TheGrandNagus@lemmy.world 1 points 5 months ago (1 children)

Their local currency. You know, that thing we were talking about? If you've forgotten you could've just scrolled up for a quick refresher.

[–] shortwavesurfer@monero.town 1 points 5 months ago (1 children)

Yes, but how do they interact with their local currency? Do they hold it in their hands? No, they don't. It's all numbers on a screen.

[–] TheGrandNagus@lemmy.world 1 points 5 months ago

You're not understanding. Real money isn't only numbers on a screen. It can be physical or not, it doesn't really matter. What matters is that it's universally backed and usable.

Crypto isn't. It's just numbers on a screen without the backing of government, business, or most people.