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.
  • Skullgrid@lemmy.worldEnglish
    32·
    6 months ago

    everyone uses money, but “faith in the market” leads to people buying and selling or hoarding stocks, which in turn affects actual stock prices, which affects company worth, which leads to people being hired/fired, money invested or divested from companies and industries, leading to more and more effects.

    all based off “hype and confidence”. Real companies and people are affected by feelings.

      • Skullgrid@lemmy.worldEnglish
        12·
        6 months ago

        It’s fiat currency, the value of which is determined by faith in the market and stock prices.

        You think your money has worth because it’s backed by something real? No. It has worth because people think it does.

        Edit: if everything about the USA stayed the same, but people stopped believing the USD was worth anything and started using Euros instead, the dolar would be worth nothing. It’s all based off feels.