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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)

submitted 4 months ago by [email protected] to c/[email protected]

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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] 13 points 4 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 4 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 3 months ago

Decentralized currencies were in place

Uh huh... like when?

[–] [email protected] 0 points 4 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 4 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 4 months ago

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

[–] [email protected] 1 points 3 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.