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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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[–] locuester@lemmy.zip 1 points 6 months ago (1 children)

Except that my bank stores dollars, not memecoins.

USDC is not a memecoin. Are you aware of what USDC is? A token issued by a US company, Circle, with strict transparency and regulatory compliance. It’s no different than a number in your banks database, except it’s in your custody, like cash.

Yes, because "USDC" isn't a currency.

Is your bank’s database a currency?

Look, I get the popularity of shitting on crypto but I’m happy to teach you about the industry if you’re interested. Memecoins, ponzis, shills, shitcoins, etc is the loud obnoxious side of our industry and has no bearing on the real economics and financial system being developed.

[–] merc@sh.itjust.works 1 points 6 months ago (1 children)

It’s no different than a number in your banks database, except it’s in your custody, like cash.

And it's not a real currency, it's a memecoin.

Is your bank’s database a currency?

No, my bank's database is a database, it refers to a currency that is real because it is accepted for paying taxes, fines, etc.

but I’m happy to teach you about the industry if you’re interested

There's nothing you could teach that would be valuable to learn. You seem to be in on the grift, looking for another person to get in on the pyramid scheme. Good luck with that, but I'm not interested.

[–] locuester@lemmy.zip 1 points 6 months ago (1 children)

USDC is a memecoin? It’s $1, on a decentralized ledger. Backed by $1 in the legacy banking system. I can move 1 USDC to $1 in the legacy system nearly instantly by redemption at Circle. No different than a legacy to legacy bank wire.

I’m not grifting - I’m attempting to make you aware that there are decentralized markets denominated in US dollars. What I’m explaining is not a pyramid scheme - I’m just informing you that there is a very widely used token on decentralized ledgers which represents exactly $1.

[–] merc@sh.itjust.works 1 points 6 months ago (1 children)

Backed by $1 in the legacy banking system

Yes, other memecoins used to also be pegged to the dollar, but they lost their peg, like TerraUSD and Tether.

which represents exactly $1.

Until it doesn't.

[–] locuester@lemmy.zip 1 points 6 months ago

TerraUSD was an algorithmic stable, not backed by any real USD. No one with a brain expected that mechanic to work. That was a ponzi, but an interesting experiment.