AnActOfCreationMay 20, 2024

Linux Inventor Says He Doesn’t Believe in Crypto

https://programming.dev/post/14365559

Linux Inventor Says He Doesn’t Believe in Crypto - programming.dev

- 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.

Show threadxenspideyMay 20, 2024
Right, his talk about how he’s not very good at computers is pretty funny. I don’t understand the crypto hate on Lemmy. Although I guess I don’t understand a lot of why things are hated here. I guess crypto is too close to capitalism maybe? Freedom is frowned upon here.
Show threadCiderpunkMay 20, 2024

Crypto is hated because it’s an MLM terminally online people.

It gains value because people want it and people want it because it gains value is both a perfect description of cryptocurrency and scams.

Show threadSchmidtGeneticsMay 20, 2024

It gains value because people want it and people want it because it gains value is both a perfect description of cryptocurrency and scams.

Or gold, or any other precious metal, or currency for that matter….

Show threadCiderpunkMay 20, 2024

Tangible items can have utility in the real world, where cryptocurrencies can never be anything more than numbers on a display.

Gold can be used in electronics, and I get that people are mad that currencies are just something we all mutually agree have value, but generally speaking powerful governments back those up. Cryptocurrency is backed up by people promising it’s totally gonna be a real currency any second now. Please ignore that crypto can wildly fluctuate in value which generally a horrible thing for a currency to do.

Show threadshortwavesurferMay 21, 2024
You could very well make the argument that ultimately crypto is backed by energy, which is something we all agree has value. Without energy, you can’t go to work, heat or cool your house or anything like that. If you believe that electricity is fundamental for society, then by extension, crypto is backed by the most fundamental force that there is even bigger than a government.
Show threadCiderpunkMay 21, 2024
Hard disagree here, I literally cannot access a cryptocurrency without power but I can absolutely pay cash to buy some water during a power outage.
Show threadshortwavesurferMay 21, 2024

Sure you can. There’s absolutely nothing stopping somebody from putting a private key on a piece of paper and loading money onto it and spending it physically as long as the private key has not been exposed. Kind of like those Amazon scratch-off gift cards. And just to prove my point, take a look at this.

en.bitcoin.it/wiki/Casascius_physical_bitcoins

Casascius physical bitcoins - Bitcoin Wiki

Show threadCiderpunkMay 21, 2024
Yes I’m sure the 7-11 cashier would love for me to try this.
Show threadshortwavesurfer
Depends on who the 7-11 cashier is. If they are really smart, they would gladly take your crypto and pay for your items with their fiat. You are not going to get big places using it first. You are going to get little places using it first. The Amazon’s and 7-11’s and Walmart’s of the world will come later. And trust me, they will come. There’s a natural tipping point apparently, where when 5% of the world population uses something, the other 95% generally soon follow, because it’s more useful. Crypto has already hit that 5% mark.
May 21, 2024 at 1:50amWeb
Show threadTheGrandNagusMay 21, 2024
Any day now bruh, trust me