Linus Torvalds has said that cryptocurrencies are simply "a great vehicle for scams"
  • 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.
  • orrk@lemmy.worldEnglish
    61·
    6 months ago

    again, what use does it serve over traditional banking?

    even PoS requires a lot of resources in comparison, for a system that literally exists to funnel money to a smaller group of people

    • iopq@lemmy.worldEnglish
      11·
      6 months ago

      I literally can’t transfer money to Kazakhstan without paying $50 for a wire.

    • jabjoeEnglish
      12·
      6 months ago

      Advantages of cash and digital, without the swings of raw crypto. Also leaving the ability to usefully manipulate your country’s currency.

      Crypto means easy, open payment systems. No gatekeepers like WorldPay.

      • orrk@lemmy.worldEnglish
        1·
        6 months ago

        like any true Liber-crypto-bro-tarian, your understanding of crypto is only undercut by your understanding of economics

        • jabjoeEnglish
          11·
          6 months ago

          Manipulating currency is a useful tool. If you don’t think so, that makes you more liberian than me.

          Like many here, I’m big into open source, and card payment systems are an issue. Crypto is one solution to that. Crypto has advantages, but it falls down as a currency because of blind faith in the invisble hand.