this post was submitted on 20 May 2024
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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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[–] [email protected] 48 points 10 months ago* (last edited 10 months ago) (6 children)

Cryptocurrency is a useful technology that has some real-world use cases - for example, living in Russia, I use it to circumvent sanctions to donate to some of the crypto-friendly creators, pay for a VPS abroad, and I keep calm knowing I can transfer money to my relatives abroad.

However, it is obviously not the answer to how we should build the financial system. The problem is not environment, actually - many Proof-of-Stake blockchains allow to transfer crypto with minimal environmental impact - but the poor on-chain regulation (including taxation, too) and potentially excessive infrastructure, as well as little protections against malicious and fraudulent actors.

Besides, inability to control emission, while helping maintain the value of the currency over the long run, also means that many interventions that can save economy in a crisis are simply not available. And a deflationary nature is known to cause bubbles.

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[–] [email protected] 13 points 10 months ago* (last edited 10 months ago)

Lets see, cryptocurrencies involve tech bros, fin bros and lots of money. I am not surprised it is on its way to become the most disgusting money making scheme in the world.

[–] [email protected] 10 points 10 months ago* (last edited 10 months ago) (10 children)

I only like two cryptocurrencies.

Nano: free transactions, each wallet runs it’s own blockchain, so it’s got no negative impact on the environment.

Monero: allows for anonymous transfers

[–] [email protected] 11 points 10 months ago (9 children)

I ask this sincerely, what have you personally needed an anonymous currency for?

[–] [email protected] 17 points 10 months ago (5 children)

I use anonymous currency daily without issue. It's called cash.

[–] [email protected] 11 points 10 months ago (3 children)

You can't use cash online tho

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[–] [email protected] 3 points 10 months ago* (last edited 10 months ago) (3 children)

I like it as a way to donate to creators without revealing my identity. It comes close to handing over cash.

You could also use it to pay for a VPN, but since the VPN provider sees your original IP address anyways, I don’t think that’s useful.

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[–] [email protected] 6 points 10 months ago (1 children)

I read somewhere that someone was using anonymous currencies to buy life saving medicine from "non traditional" markets because they were much much cheaper. Let me see if I find the article

[–] [email protected] 5 points 10 months ago (2 children)

Well, that might be the only form of payment they take, and so you’ve got to use it I suppose. But the anonymous part really isn’t a huge factor here.

I would be a little cautious of buying “non traditional” medication from someone who doesn’t want a paper trail.

Unless you mean drugs, and then yes a paper trail is bad haha.

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[–] [email protected] 11 points 10 months ago* (last edited 10 months ago) (1 children)

Buying groceries. Personally, I guess I don't need an anonymous cryptocurrency, but why wouldn't you have an anonymous cryptocurrency? That would be the equivalent of letting everybody in the world see your bank account and your withdrawals and deposits. And who would do that? That and while people would like you to believe otherwise, you still have a right to privacy.

[–] [email protected] 5 points 10 months ago (1 children)

In the case of groceries, use cash? I understand the overall privacy issue, and I don’t fall into the “I have nothing to hide so why should I care” category, but I struggle to find a real world example of where an anonymous digital currency would be required outside of illegal purchases. There are certainly “illegal” purchases that shouldn’t be illegal, depending on your area. Birth control will be a big one.

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[–] [email protected] 1 points 10 months ago

I mean yeah… Linus may not like it but people will still build on top of Ethereum & others

[–] [email protected] 145 points 10 months ago (15 children)

Crypto means cryptography, stop using it to talk about cryptocurrency.

[–] [email protected] 60 points 10 months ago (5 children)

Crypto means hidden, stop using it to talk about cryptography.

[–] [email protected] 19 points 10 months ago (1 children)

It's also sometimes used as shorthand for crypto-orchidism -undescended testicles.

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[–] [email protected] 98 points 10 months ago

good luck, I'm sure this comment will change how everyone talks from now on.

[–] [email protected] 12 points 10 months ago (7 children)

Yeah, that headline is very misleading. Crypto(graphy) is essential for the digital world to exist whereas the other stuff is a pyramid & money laundering scheme.

[–] [email protected] 13 points 10 months ago* (last edited 10 months ago) (3 children)

It’s useful for buying drugs online on the dark web so I for one like it

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