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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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[–] 10 points 2 years ago (10 children)

Nah it's literally a waste of physical resources. Crypto currency is a waste of fossil fuels. AI has its functions at least.

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  • [–] 5 points 2 years ago (9 children)

    Proof of stake uses a load less than proof of work.

    Be really good if currencies could go in and out of crypto. Could cut out a lot of middle men.

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

    again, what use does it serve over traditional banking?

    even PoS requires a lot of resources in comparison, for a system that literally exists to funnel money to a smaller group of people

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

    Advantages of cash and digital, without the swings of raw crypto. Also leaving the ability to usefully manipulate your country's currency.

    Crypto means easy, open payment systems. No gatekeepers like WorldPay.

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  • [–] 1 point 2 years ago (1 child)

    like any true Liber-crypto-bro-tarian, your understanding of crypto is only undercut by your understanding of economics

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  • [–] 0 points 2 years ago

    Manipulating currency is a useful tool. If you don't think so, that makes you more liberian than me.

    Like many here, I'm big into open source, and card payment systems are an issue. Crypto is one solution to that. Crypto has advantages, but it falls down as a currency because of blind faith in the invisble hand.

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

    Still uses more than standard banking practice, sorry but FUCK CRYPTO

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

    From what I found, and varies due to values/date, looks like a PoW transaction is about 2+ million times more energy than traditional banking. PoS is over 1000 times less than PoW, so about 2+ thousands times traditional banking. But transitional banking has other problems. For one, the market of payment is stitched up. Not like openness of a crypto currency.

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  • [–] 1 point 2 years ago (1 child)

    Plus the hardware needed for each person atop the extra power useage.
    Not worth it when May already feels like Aug

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  • [–] -1 points 2 years ago

    Everyone has hardware enough already. Your phone is perfectly good enough. For tills it will be easier to implement. No nonsense with a card machine and things like WorldPay and whole locked down PC. The hardware and platform wouldn't matter.

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