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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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[–] explodicle@sh.itjust.works -1 points 6 months ago (2 children)

Why XMR and not BTC? Do the privacy defaults change how it's seen?

[–] Asudox@lemmy.world 3 points 6 months ago

BTC is not private. XMR is actively being used mainly on the darknet because of its superior privacy guarantees. BTC is mostly sold and bought just like investments.

[–] amanneedsamaid@sopuli.xyz 1 points 6 months ago (1 children)

BTC is solely a mode of investment, it offers no real benefits over fiat except decentralization. At least XMR is as or even more anonymous than cash, whereas Bitcoin has zero utility.

[–] explodicle@sh.itjust.works 2 points 6 months ago (1 children)

If there was a way to use Bitcoin more privately than USD cash, would that give it utility?

[–] amanneedsamaid@sopuli.xyz 2 points 5 months ago

Yes. I suppose it would also have a sort of utility if it was mass adopted and therefore practically spendable for the average person, but I would argue that there is no inherent utility to Bitcoin.