Linus creates kernels. Nothing to do with cryptocurrency. Tech is tech, but I wouldn't necessarily listen to him about other things than kernels and computers. For example, he doesn't even believe in FOSS, and he openly supports Google because of Android, Chromebooks and ChromeOS using Linux.
this post was submitted on 20 May 2024
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Crypto is just a waste of resources, similar to AI
And the state
I think both have their uses. A true state backed cryptocurrency used interchangeably with physical cash could be quite useful. Crypto as it is now not so much.
AI has a bunch of useful applications in medicine, manufacture, research, monitoring... But where we see it is language models, art remixes, and deep fakes.
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Read the actual forum directly if you want to extend your daily fix of other tech people's interesting opinions: https://www.realworldtech.com/forum/?threadid=217627&curpostid=217694
The value of a crypto token is ostensibly related to the value of the apps which the blockchain supports. It's meant to be both a form of compensation for participating in the network, and as currency for purchasing services from blockchain apps. That's how it derives intrinsic value. So if there is social media which runs on a blockchain, then the hosts within that blockchain get tokens for participating, and eg, advertisements or subscriptions are purchased in tokens. This means those who manage those participant nodes can sell their tokens to those who want to buy blockchain services. As the cumulative value of these services grows, an entire crypto economy is established, and it becomes effectively another form of fiat which has a real exchange rate backed by some real economic activity.
This is how it's supposed to work. The problem is that we just don't have any compelling apps, and the initial speculation has all but ensured that this cannot happen organically because the market cap is already just so much bigger than any realistic medium term outlook for intrinsic value. Bitcoin's blockchain would have to support some form application value which is bigger than the biggest companies in the world, and right now it basically has zero useful applications.
I mean, at this point it's like saying you don't believe in Homeopathy
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