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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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[–] 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 (3 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

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