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

submitted 6 months ago by [email protected] to c/[email protected]

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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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[–] merc 1 points 5 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.

[–] [email protected] 1 points 5 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.