Technology

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.

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.

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

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

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

The focus of what Torvalds said is the concept of tech singularity. TL;DR "nice fiction, it doesn't make sense in a reality of finite resources". I'll move past that since most of the discussion is around cryptocurrencies.

Now, copypasting what he says about cryptocurrencies:

For the record, I also don't believe in crypto currencies (except as a great vehicle for scams - they have certainly worked very well for the "spread the word to find the next sucker holding the bag" model of Ponzi schemes). Nor do I believe in Santa Claus, the tooth fairy, or the Easter bunny.

For those who understood this excerpt as "Tarvalds thinks that cryptocurrencies dant ezizt lol lmao": do everyone a favour and go back to Reddit with your blatant lack of reading comprehension. When he says that he doesn't believe in them, he's saying that he does not see them as a viable alternative to traditional currency. (He does not say why, at least not in that message.)

And for those eager to babble "ackshyually ponzi schemes work different lol lmao": you're bloody missing the point. He's highlighting that a large part of the value associated with cryptocurrencies is speculation, not its actual usage. Even cryptocurrency enthusiasts acknowledge this.

I apologise to the others - who don't fit either category of trashy people I mentioned above - for the tone. Read the comments in this very thread and you'll likely notice why of the tone.