Linus Torvalds has said that cryptocurrencies are simply "a great vehicle for scams"
  • 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.
  • @merc@sh.itjust.worksEnglish
    1•5 months ago

    Backed by $1 in the legacy banking system

    Yes, other memecoins used to also be pegged to the dollar, but they lost their peg, like TerraUSD and Tether.

    which represents exactly $1.

    Until it doesn’t.

    • @locuester@lemmy.zipEnglish
      1•5 months ago

      TerraUSD was an algorithmic stable, not backed by any real USD. No one with a brain expected that mechanic to work. That was a ponzi, but an interesting experiment.