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

submitted 6 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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[-] takeda@lemmy.world 128 points 6 months ago

If after 16 years you still have to be asked if you believe in crypto, then chances are that it is a scam.

[-] Knock_Knock_Lemmy_In@lemmy.world 10 points 6 months ago

On the other hand, scams rarely last 16 years.

[-] baru@lemmy.world 12 points 6 months ago

No clue how long scams usually last, but famous ones easily last multiple decades, though funny how unclear if is when the scam started:

https://en.wikipedia.org/wiki/Madoff_investment_scandal?wprov=sfla1

Federal investigators believe the fraud in the investment management division and advisory division may have begun in the 1970s. However, Madoff himself stated his fraudulent activities began in the 1990s. Madoff's fraudulent activities are believed to have accelerated after the 2001 change from fractional share trades to decimals on the NYSE, which cut significantly into his legitimate profits as a market-maker.

Alerted by his sons, federal authorities arrested Madoff on December 11, 2008.

[-] Knock_Knock_Lemmy_In@lemmy.world 2 points 6 months ago

Madoff was hidden. Bitcoin is out in the open.

I think "bubble" could be a better description. Bitcoins bubble pops regularly every 4 years.

[-] captainlezbian@lemmy.world 7 points 6 months ago

Yeah I don’t believe in smartphones, I just have one. I don’t believe in crypto, I acknowledge it’s pointless.

[-] Willy@sh.itjust.works 2 points 6 months ago

It’s not pointless. It was invented for a very good reason. You’ll find out one day. It’s a shame it’s been co-opted the way it has.

[-] lemmytellyousomething@lemmy.dbzer0.com 3 points 6 months ago

Well, on the other hand, it's still there after 16 years....

this post was submitted on 20 May 2024

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