this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 6 months ago by [email protected] to c/technology
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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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[–] [email protected] 2 points 6 months ago (1 children)

Your comments about Emperor Norton and the Ruble demonstrate my point. The value of these currencies is entirely in the minds of the people using them. None of the items I mentioned have any significant intrinsic value. Their value is to the community that uses the .

I was not suggesting that any of these items was a currency, merely that they derive their value in the same way that currency does.

[–] [email protected] 1 points 6 months ago

Okay now I get what youre saying, but I will say that the Russian Ruble is backed by the Russian state which is far from doing healthy. The backing of these items is based often times on peoples opinions, but say USD is still backed by the government and more specifically the military and economy as well. Just cause its esoteric doesnt mean its not real. The backing maters not the form it takes.