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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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[–] 54 points 2 years ago (22 children)

I actually considered a non-governmental, community regulated currency as a pretty good idea.

Problem is, crypto is too ecologically expensive and wasteful to fit the bill.

While there were some interesting ones, that actually used the processing power for something useful, most are not. So for now, I'll just go with governmental currencies.

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  • [–] 13 points 2 years ago (12 children)

    I actually considered a non-governmental, community regulated currency as a pretty good idea.

    That goes against the entire history of currencies. Every successful currency in history has been controlled by either the state or a religion (which was effectively state-like).

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  • [–] 1 point 2 years ago (7 children)

    That goes against the entire history of currencies.

    How come? Decentralized currencies were in place long before the dictators enforced their own private currencies on to all their subjects.

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  • [–] 1 point 2 years ago (6 children)

    Decentralized currencies were in place

    Uh huh... like when?

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  • [–] 1 point 2 years ago (5 children)

    gold

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  • [–] 1 point 2 years ago (4 children)

    Gold isn't a currency, it's a commodity.

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  • [–] 1 point 2 years ago (3 children)

    You can use it as a currency. The fact that the metal has a material use case isn't really relevant.

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  • [–] 1 point 2 years ago (2 children)

    It doesn't meet the requirements to be a currency. It's a commodity.

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

    It does go against the history of currency. And most of that history tells us why it’s a good idea to democratize currency.

    It’s also an impractical idea because most governments would not be happy about it.

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  • [–] 1 point 2 years ago

    And most of that history tells us why it’s a good idea to democratize currency.

    No... that history tells us that currency only exists when there's a state / religion in control. There's no reason for currency without a state / religion. Not only would it not work, it's also unnecessary.

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  • [–] 0 points 2 years ago (7 children)

    crypto is too ecologically expensive and wasteful

    Only some (proof of work) crypto is ecologically expensive and wasteful.

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

    Oh there's other's? Guess I haven't read enough.

    But how to they manage to be decentralised?

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

    Proof of stake is one method I've seen, but I'm sure there are others.

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

    Interesting, but, giving it a quick scan, some of them look like based on personal trust and others feel kinda chicken/egg-ish.
    And I may need to read it properly first, but "holdings" feels like you probably need to buy some of it first, presumably using some other currency.

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

    As long as they use energy they are wasteful, considering they don't provide anything constructive for that wasted energy which could have been used for better things.

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