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.
  • locuester@lemmy.zipEnglish
    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.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.