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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 2 years ago by 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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[–] 36 points 2 years ago (15 children)

Good point, I always wondered if there is a way the technology will evolve and somehow find a niche that's unexpected. But you're right, 16 years is a long time to be meandering.

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  • [+] -41 points 2 years ago (14 children)

    It's such a first-world thing to not understand all the good that crypto has done. There are countless lives that have been financially saved by having a safe place to hold wealth while their countries' fiat collapsed. It's just a short matter of time until many first world folks understand this as well.

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  • [–] 23 points 2 years ago (2 children)

    Sounds like the same shit those rare metal guys are always yapping about but with extra scams...

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  • [+] -31 points 2 years ago (1 child)

    Yeah, probably, don't worry about it, it's all a bit complex so probably all just the same thing, who knows. No way to tell really. You'll be fine without digging too deep into this stuff, it's difficult to understand.

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  • [–] 13 points 2 years ago (5 children)

    Evading paying taxes is a good thing? Well no.

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  • [–] 1 point 2 years ago

    Paying taxes is one thing, and of course it is necessary. Extra value is extracted by printing more and more money. USD used to be backed by gold, but they took that away. In addition to corrupt governments extracting value by printing more and more currency, counterfeitters also do the same. Bitcoin fixes both of these issues. There is absolutely no reason why Bitcoin and taxes can't coexist.

    Furthermore, with bitcoin we can electronically transfer exactly how much value we want to without having to trust every single vendor with our credit/debit card numbers. Have you ever had to cancel a card because of fraudulent spends? Well, millions of Americans do every year and this also doesn't happen with Bitcoin. You send exactly how much you want to, you don't hand indefinite access to your funds to every single vendor to sell your information or steal from you whenever they want. In the last 2 weeks I've had over $400 stolen from my debit card because of this idiotic system.

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  • [+] -1 points 2 years ago* (last edited 8 months ago) (3 children)
    [deleted]
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  • [–] 2 points 2 years ago (2 children)

    Yes, because infrastructure, subsidies, education and social spending still need to happen and not paying your taxes will erode those things long before they stop a genocide. If you don't care about getting in trouble with your government, there are more effective things that can be done.

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  • [–] 4 points 2 years ago (3 children)

    There was promise for people in Argentina livig under extreme inflation but I never heard it go anywhere.

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  • [+] -6 points 2 years ago (2 children)

    Look closer, it's saving lives down there.

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  • [–] 2 points 2 years ago (1 child)

    I'm from Argentina, if you can pass me some articles I'd love to read them. It's something I've been interested in

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  • [–] 1 point 2 years ago

    Traditionally clever Argentinians have used USD to escape the collapsing currency, but over the last couple of years, there has been a massive shift to doing this with Bitcoin and some stablecoins. Personally, I would just go for Bitcoin, but I do understand that there is less variance with stablecoins, so they may be a bit more practical for some people. Here is an article that goes into this.

    https://www.bloomberg.com/news/articles/2024-03-19/bitcoin-gains-dim-argentines-dollar-refuge-with-276-inflation?embedded-checkout=true

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