- 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.
That goes against the entire history of currencies. Every successful currency in history has been controlled by either the state or a religion (which was effectively state-like).
How come? Decentralized currencies were in place long before the dictators enforced their own private currencies on to all their subjects.
Uh huh… like when?
gold
Gold isn’t a currency, it’s a commodity.
You can use it as a currency. The fact that the metal has a material use case isn’t really relevant.
It doesn’t meet the requirements to be a currency. It’s a commodity.
what requirements
“A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.”
https://en.wikipedia.org/wiki/Currency
It does go against the history of currency. And most of that history tells us why it’s a good idea to democratize currency.
It’s also an impractical idea because most governments would not be happy about it.
No… that history tells us that currency only exists when there’s a state / religion in control. There’s no reason for currency without a state / religion. Not only would it not work, it’s also unnecessary.
How come?
Energy production companies would be happy no?
Shouldn’t that make at least some govt. happy?
It’s because they can’t control it in order to adjust the economy.