• 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.
  • locuester@lemmy.zip
    link
    fedilink
    English
    arrow-up
    1
    ·
    edit-2
    5 months ago

    Didn’t you repeat what I said? It’s a token on decentralized ledgers that represents a currency. Like a number in the database at your bank. No different than that.

    You deposit your currency at a bank, it’s a number in a database. You earn interest on your investment.

    Are you saying that is a different concept than usdc deposited into a lending market on a decentralized ledger and earning interest?

    Also, usdc is accepted places. In fact Stripe is adding it as a payment method very soon. Would that make it a currency, or does it have to reach some level of acceptance? What about PayPal balance? Currency?

    • merc@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      1
      ·
      5 months ago

      Like a number in the database at your bank. No different than that.

      Except that my bank stores dollars, not memecoins.

      Are you saying that is a different concept than usdc

      Yes, because “USDC” isn’t a currency.

      • locuester@lemmy.zip
        link
        fedilink
        English
        arrow-up
        1
        ·
        5 months ago

        Except that my bank stores dollars, not memecoins.

        USDC is not a memecoin. Are you aware of what USDC is? A token issued by a US company, Circle, with strict transparency and regulatory compliance. It’s no different than a number in your banks database, except it’s in your custody, like cash.

        Yes, because “USDC” isn’t a currency.

        Is your bank’s database a currency?

        Look, I get the popularity of shitting on crypto but I’m happy to teach you about the industry if you’re interested. Memecoins, ponzis, shills, shitcoins, etc is the loud obnoxious side of our industry and has no bearing on the real economics and financial system being developed.

        • merc@sh.itjust.works
          link
          fedilink
          English
          arrow-up
          1
          ·
          5 months ago

          It’s no different than a number in your banks database, except it’s in your custody, like cash.

          And it’s not a real currency, it’s a memecoin.

          Is your bank’s database a currency?

          No, my bank’s database is a database, it refers to a currency that is real because it is accepted for paying taxes, fines, etc.

          but I’m happy to teach you about the industry if you’re interested

          There’s nothing you could teach that would be valuable to learn. You seem to be in on the grift, looking for another person to get in on the pyramid scheme. Good luck with that, but I’m not interested.

          • locuester@lemmy.zip
            link
            fedilink
            English
            arrow-up
            1
            ·
            5 months ago

            USDC is a memecoin? It’s $1, on a decentralized ledger. Backed by $1 in the legacy banking system. I can move 1 USDC to $1 in the legacy system nearly instantly by redemption at Circle. No different than a legacy to legacy bank wire.

            I’m not grifting - I’m attempting to make you aware that there are decentralized markets denominated in US dollars. What I’m explaining is not a pyramid scheme - I’m just informing you that there is a very widely used token on decentralized ledgers which represents exactly $1.

            • merc@sh.itjust.works
              link
              fedilink
              English
              arrow-up
              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.zip
                link
                fedilink
                English
                arrow-up
                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.