this post was submitted on 20 May 2024
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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] 54 points 5 months ago (3 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.

[–] [email protected] 13 points 5 months ago (2 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).

[–] [email protected] 1 points 5 months ago (1 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.

[–] [email protected] 1 points 5 months ago

Decentralized currencies were in place

Uh huh... like when?

[–] [email protected] 0 points 5 months ago (2 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.

[–] [email protected] 1 points 5 months 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.

[–] [email protected] 1 points 5 months ago (1 children)

most governments would not be happy about it

How come?
Energy production companies would be happy no?
Shouldn't that make at least some govt. happy?

[–] [email protected] 4 points 5 months ago

It’s because they can’t control it in order to adjust the economy.

[–] [email protected] -1 points 5 months ago (2 children)

crypto is too ecologically expensive and wasteful

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

[–] [email protected] 0 points 5 months ago (1 children)

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

But how to they manage to be decentralised?

[–] [email protected] 0 points 5 months ago (1 children)

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

[–] [email protected] -1 points 5 months ago (1 children)

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.

[–] [email protected] 1 points 5 months ago

Yes, that's the usual criticism. To be able to stake, you need to have currency, promoting a rich get richer kind of scheme.

[–] [email protected] -2 points 5 months 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.

[–] [email protected] 5 points 5 months ago

By this argument any website is wasteful. There's always a "better thing".

[–] [email protected] 2 points 5 months ago

Banks also use energy, so banks are wasteful too

[–] [email protected] -1 points 5 months ago

Yeah, it's bad at being a currency. I don't think it's a scam or was ever intended to be. It does however suck. Currency serves convenience. Crypto sucks at that.