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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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[+] SchmidtGenetics@lemmy.world -23 points 6 months ago* (last edited 6 months ago) (4 children)

Haven’t multiple governments accepted it as real currency at this point? The arguments are valid, but fall flat when you actually look into each.

Hell diamonds are valuable because of artificial scarcity, so that’s a wrench in every precious metal argument….

[–] dustyData@lemmy.world 37 points 6 months ago* (last edited 6 months ago)

Yeah, El Salvador, people from there told me quite recently that it's not at all what the government propaganda is trying to sell. Nobody uses Bitcoin and it is only accepted by a few state institutions. As for Venezuela, we had Petros for a while, now the shitcoin has been completely phased out and discontinued since nobody but a few oligarch used it to launder money.

[–] Ciderpunk@lemmy.world 28 points 6 months ago

The only two countries that accept bitcoin as a legal tender are noted powerhouses El Salvador and the Central African Republic… not exactly world leaders.

[–] Rustmilian@lemmy.world 19 points 6 months ago* (last edited 6 months ago)

No, no major government has completely adopted cryptocurrency as legal tender. El Salvador became the first country in the world to do so in September 2021, but there have been significant challenges :

Volatility: Cryptocurrencies like Bitcoin are known for their price swings, making them less than ideal for everyday purchases.
Consumer protection: Concerns exist about the risks faced by Salvadoran consumers, especially those unfamiliar with the complexities of cryptocurrency.
Business adoption: Businesses have been slow to embrace Bitcoin due to technical hurdles and a lack of customer demand.

Cryptocurrencies are still considered too volatile and risky by most governments for everyday transactions.

[+] MeekerThanBeaker@lemmy.world -20 points 6 months ago* (last edited 6 months ago) (1 children)

And crypto is more stable than some governments' real currency. It's been a life saver for some people.

It's also a lot faster for transactions than normal banking when sending money to people in other countries.

It's still in the early days... like email in the late 80s / early 90s. It should get better, but there's so much crap and scams out there right now. It's still very much the wild west. It's like Wall Street on acid.

EDIT: people downvote but don't say what was wrong. Awesome.