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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]

679 comments fedilink hide all child comments

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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[–] [email protected] 12 points 6 months ago (1 children)

Inventor sounds funny but i guess its correct

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[–] [email protected] 12 points 6 months ago* (last edited 6 months ago)

Cryptos can be a useful technology in certain targeted fields but they are not the solution to capitalism, it is much more important to focus on social issues and mutual aid.

[–] [email protected] 11 points 6 months ago

How are you asking Linus about crypto and not about the blockchain.

[–] [email protected] 10 points 6 months ago* (last edited 6 months ago) (6 children)

Is this going to be the most replied to post on the Fediverse? 635 in 2 days and still going strong.

Edit: since it's now at 666 replies, please nobody make any more comments

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[–] [email protected] 10 points 6 months ago* (last edited 6 months ago) (14 children)

I only like two cryptocurrencies.

Nano: free transactions, each wallet runs it’s own blockchain, so it’s got no negative impact on the environment.

Monero: allows for anonymous transfers

[–] [email protected] 11 points 6 months ago (21 children)

I ask this sincerely, what have you personally needed an anonymous currency for?

[–] [email protected] 12 points 6 months ago* (last edited 6 months ago) (9 children)

Buying groceries. Personally, I guess I don't need an anonymous cryptocurrency, but why wouldn't you have an anonymous cryptocurrency? That would be the equivalent of letting everybody in the world see your bank account and your withdrawals and deposits. And who would do that? That and while people would like you to believe otherwise, you still have a right to privacy.

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[–] [email protected] 12 points 6 months ago* (last edited 6 months ago) (1 children)

I used Monero to pay for my domain and VPS while under sanctions and thus failed by the mainstream payment system. And in daily life I use pretty much only cash.

Also the phrasing of this implies some "nothing-to-hide" mentality. Would I be in danger if I paid for my stuff with a KYC method? Not really, I connect to my VPS and request my domain daily from home, their existence is not secret. Do I benefit from the transaction being anonymous? Still yes, the less data you trust the third parties with, the better. Same as to why I encrypt my chats even though they are mundane. Just because they are nobody's business.

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[–] [email protected] 10 points 6 months ago (1 children)

The obvious one is buying drugs. I don't feel like arguing the morality of doing that but anonymous money is definitely useful for that.