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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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[–] slaacaa@lemmy.world 309 points 6 months ago* (last edited 6 months ago) (63 children)

Holy shit, the crypto bros are really triggered by this, out in full force in the comments. If the only argument you can bring for crypto is that you make/made money on it, that sounds a lot like a Ponzi scheme

[–] b3an@lemmy.world 28 points 6 months ago (3 children)

I mean not to mention the ridiculous amount of electricity it uses, and heat generated. but hey it's low priority even though every year lately is the hottest in record.

[–] Tachikoma741 2 points 6 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.

[–] b3an@lemmy.world 4 points 6 months ago* (last edited 6 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

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