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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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[–] Allero@lemmy.today 2 points 6 months ago* (last edited 6 months ago)

Absolutely! Inflation has to be lower, that's for sure. I'd even argue that the need for inflation is more of a feature of a capitalist economy.

Having to force spending/investment is only important as long as the very economy is built around overconsumption and private investment.

We can absolutely live with a more or less stable currency if we focus on sustainability and put the people first. Money should return to be the means to just get what we need, and we should stop building the economy around creating artificial demand.