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

submitted 6 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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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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[–] slaacaa@lemmy.world 309 points 6 months ago* (last edited 6 months ago) (63 children)

Holy shit, the crypto bros are really triggered by this, out in full force in the comments. If the only argument you can bring for crypto is that you make/made money on it, that sounds a lot like a Ponzi scheme

[–] the_doktor@lemmy.zip 67 points 6 months ago (38 children)

It is a Ponzi scheme. Very clearly one. How that garbage is legal, I will never know. I could have gotten into crypto from the ground floor eons ago and made tons of money but I didn't because I knew it was illegal and figured the whole thing was going to collapse as soon as governments found out about it. Imagine my shock when most legitimized the damn thing. Still wouldn't bother even if I could go back and do it again knowing the brain dead, money-greedy idiots are going to legalize a literal Ponzi scheme because I have values and morals.

[–] KevonLooney@lemm.ee 39 points 6 months ago (35 children)

Yeah, it's relatively easy to make good money in crypto if you understand investing. There are a lot of things that are illegal in regulated securities markets that are not yet illegal with crypto.

I intentionally don't invest in crypto, because it doesn't produce anything. Any money you make is just taken from another investor, usually because they don't know what they're doing. When you invest in a company, you make products and sell them to customers. Something is created and rarely are people cheated.

The people investing in crypto are intentionally cheating uninformed investors in a way that is not possible in regulated securities markets.

[–] lud@lemm.ee -4 points 6 months ago (1 children)

intentionally don't invest in crypto, because it doesn't produce anything. Any money you make is just taken from another investor, usually because they don't know what they're doing. When you invest in a company, you make products and sell them to customers. Something is created and rarely are people cheated.

Isn't that the same as investing in any currency?

[–] magic_lobster_party@kbin.run 1 points 6 months ago (2 children)

No one is investing in regular currencies. You’re supposed to use it to buy stuff.

[–] lud@lemm.ee 14 points 6 months ago* (last edited 6 months ago)

No, people absolutely do invest in currency. It's quite a big thing actually.

https://www.investopedia.com/financial-edge/0412/the-basics-of-currency-trading.aspx

[–] Zacryon@lemmy.wtf 8 points 6 months ago

Forex traders are shocked.

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