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

submitted 7 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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[–] baru@lemmy.world 12 points 7 months ago (1 children)

No clue how long scams usually last, but famous ones easily last multiple decades, though funny how unclear if is when the scam started:

https://en.wikipedia.org/wiki/Madoff_investment_scandal?wprov=sfla1

Federal investigators believe the fraud in the investment management division and advisory division may have begun in the 1970s. However, Madoff himself stated his fraudulent activities began in the 1990s. Madoff's fraudulent activities are believed to have accelerated after the 2001 change from fractional share trades to decimals on the NYSE, which cut significantly into his legitimate profits as a market-maker.

Alerted by his sons, federal authorities arrested Madoff on December 11, 2008.

[–] Knock_Knock_Lemmy_In@lemmy.world 2 points 7 months ago

Madoff was hidden. Bitcoin is out in the open.

I think "bubble" could be a better description. Bitcoins bubble pops regularly every 4 years.