this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 8 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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[–] [email protected] 4 points 8 months ago

All very true but missing one point. Most (all?) current "regular currency" is fiat (let it be done) with no backing except tax payments and government spending. Sure, that's not nothing but it's also not so much something.

Crypto, as fiat currency, has the value people ascribe to it. If it can be traded for goods and/or services, it has value. What value? Only time will tell.