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

submitted 5 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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[–] NoMoreCocaine@lemmynsfw.com 1 points 5 months ago

It got the initial true push as an anti capitalist reaction, well if we ignore the scammers and gamblers. But more in the sense that "hey you got money but I don't have any so imma make my own and be just like you".

Also when did I ever link it to post scarcity? I said, the only "solution" to monolithic money is either bartering or post scarcity, or abandoning capitalism in some fashion.

Crypto is just another immutable database, except shared. It's not a silver bullet or solution for... anything really. The validation methods are cute or terribly resource intensive and they add no real value, aside from consolidating power within the network.