this post was submitted on 20 May 2024
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Linux Inventor Says He Doesn’t Believe in Crypto (u.today)
submitted 5 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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[–] UnderpantsWeevil@lemmy.world -1 points 5 months ago

Increasing demographics might initially be attributed to a rise in the number of accounts and improvements in identification. In 2021, however, crypto adoption continued as companies like Tesla and Mastercard announced their interest in cryptocurrency. Consumers in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2022.

That's functionally the nut of it. People in countries that lack a traditional western banking sector but enjoy internet access can piggyback on the network of banks with crypto-interfaces. This is more a consequence of the unregulated wing of the financial sector than an raw utility of cryptocurrency itself.

If WellsFargo won't ratify me as a client, but Coinbase will, I'm stuck dealing in bitcoin simply because I can't get a credit card denominated in USD.