Linux Inventor Says He Doesn’t Believe in Crypto
u.today
- 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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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.
You mean, executives with "fiduciary responsibility" take extremely irresponsible actions to "maximize shareholder profits" and gut the company that produces those products such that the product is minimally viable, borderline shit, and might even kill the end user (Boeing, Tesla, GE, etc etc). Oh and jobs and the economy are on the line too, so that's great.
All of that is way more productive than crypto because something actually gets produced. Crypto is literally only gambling and scams, plus it's bad for the Earth. And I have nothing against gambling, it's the fact that vulnerable people lose tons of money thinking it's an investment.
Plus actual gambling is way more fun.
You're not making the gambling more productive, you're making the production worse.
That's why you need to think about the company you're going to invest in.
Your critique is accurate for too many companies, yes. But by far not for all.
Isn't that the same as investing in any currency?
No one is investing in regular currencies. You’re supposed to use it to buy stuff.
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
Forex traders are shocked.
See, the real crypto people are not in it for the number go up. They are in it for the technology and the human freedom that it can bring. So we don't like those people either.
Then it's weird how they keep telling me how much money they've made (and even sometimes ridiculing me for choosing not to participate).
I mean, hell, I would like you to participate too. But I understand that may not be your thing. And that's okay. I don't want you to participate for some number go up mad gains stock casino thing. I want you to participate because I seriously believe that Monero can help move human freedom forward by eventually replacing government money.
I don't have a problem with government money. If the government money no longer has value, I'm fucked regardless.
I mean fair enough just that another money could get you out of that situation before it gets that bad. If nothing else than through bribes.
Good luck bribing someone with something that requires an electronics and communications infrastructure if things get that bad. I'd keep chickens if that was your worry.
No power or infrastructure required.
https://en.bitcoin.it/wiki/Casascius_physical_bitcoins
Not exactly apocalypse-proof.
While the ones that do exist still exist, and that's not to say that somebody couldn't create other things that were similar. Just as long as the private key is not peeled away, then you know it's actually got the value it says. And you don't need the internet to verify that.
Okay, so let's say the country's economy has collapsed. People are fleeing for the border. I go up to a border guard with one of those and hand it to him... do you really think he's going to believe that has value?
Really depends on the country. If you are fleeing somewhere like the United States, there's about a one in four chance that it would be recognized. If you're fleeing some other place that has had currency issues in the past, then it's probably quite a bit higher.
That is utter nonsense. You show me where you got that figure from.
Or do you just mean the Bitcoin symbol? Because I doubt someone would assume a metal coin had value just because it had a Bitcoin symbol on it.