this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 9 months ago by [email protected] to c/technology
672 comments fedilink hide all child comments
 
  • 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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[–] ShittyBeatlesFCPres 7 points 9 months ago

I hate it in part because its adherents seem intent to relearn all the mistakes of the free banking era and constantly evangelize long-debunked economic theories. It’s like the goldbuggism of libertarian cranks of yore.

Also, for Bitcoin specifically, the extra demand for electricity raises rates for nearby residents. It’s essentially a transfer of wealth from ratepayers. A lot of them are in Texas and if you think Texas has “excess capacity,” then explain why they literally pay bitcoin miners an absurd amount not to mine when there’s a cold snap or heat wave.

I could go on about fraud and money laundering but I think being dumb as shit and raising electricity bills is plenty reason to hate it.