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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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[–] Skullgrid@lemmy.world -1 points 6 months ago* (last edited 6 months ago) (1 children)

It's fiat currency, the value of which is determined by faith in the market and stock prices.

You think your money has worth because it's backed by something real? No. It has worth because people think it does.

Edit: if everything about the USA stayed the same, but people stopped believing the USD was worth anything and started using Euros instead, the dolar would be worth nothing. It's all based off feels.

[–] supercriticalcheese@lemmy.world 1 points 6 months ago

Again it's because businesses make revenue, i.e. Fiat money and people trade that money and exchange it for things etc...