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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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[–] n3m37h@lemmy.dbzer0.com -1 points 7 months ago (1 children)

Still uses more than standard banking practice, sorry but FUCK CRYPTO

[–] jabjoe@feddit.uk 0 points 7 months ago (1 children)

From what I found, and varies due to values/date, looks like a PoW transaction is about 2+ million times more energy than traditional banking. PoS is over 1000 times less than PoW, so about 2+ thousands times traditional banking. But transitional banking has other problems. For one, the market of payment is stitched up. Not like openness of a crypto currency.

[–] n3m37h@lemmy.dbzer0.com 1 points 7 months ago (1 children)

Plus the hardware needed for each person atop the extra power useage.
Not worth it when May already feels like Aug

[–] jabjoe@feddit.uk -1 points 7 months ago

Everyone has hardware enough already. Your phone is perfectly good enough. For tills it will be easier to implement. No nonsense with a card machine and things like WorldPay and whole locked down PC. The hardware and platform wouldn't matter.