this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 6 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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  • 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.
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[–] jabjoe 0 points 6 months ago (1 children)

From what I found, and varies due to values/date, looks like a PoW transaction is about 2+ million times more energy than traditional banking. PoS is over 1000 times less than PoW, so about 2+ thousands times traditional banking. But transitional banking has other problems. For one, the market of payment is stitched up. Not like openness of a crypto currency.

[–] n3m37h@lemmy.dbzer0.com 1 points 6 months ago (1 children)

Plus the hardware needed for each person atop the extra power useage.
Not worth it when May already feels like Aug

[–] jabjoe -1 points 6 months ago

Everyone has hardware enough already. Your phone is perfectly good enough. For tills it will be easier to implement. No nonsense with a card machine and things like WorldPay and whole locked down PC. The hardware and platform wouldn't matter.