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.
  • KevonLooney@lemm.eeEnglish
    458·
    6 months ago

    Yeah, it’s relatively easy to make good money in crypto if you understand investing. There are a lot of things that are illegal in regulated securities markets that are not yet illegal with crypto.

    I intentionally don’t invest in crypto, because it doesn’t produce anything. Any money you make is just taken from another investor, usually because they don’t know what they’re doing. When you invest in a company, you make products and sell them to customers. Something is created and rarely are people cheated.

    The people investing in crypto are intentionally cheating uninformed investors in a way that is not possible in regulated securities markets.

    • piecat@lemmy.worldEnglish
      236·
      6 months ago

      When you invest in a company, you make products and sell them to customers.

      You mean, executives with “fiduciary responsibility” take extremely irresponsible actions to “maximize shareholder profits” and gut the company that produces those products such that the product is minimally viable, borderline shit, and might even kill the end user (Boeing, Tesla, GE, etc etc). Oh and jobs and the economy are on the line too, so that’s great.

      • KevonLooney@lemm.eeEnglish
        126·
        6 months ago

        All of that is way more productive than crypto because something actually gets produced. Crypto is literally only gambling and scams, plus it’s bad for the Earth. And I have nothing against gambling, it’s the fact that vulnerable people lose tons of money thinking it’s an investment.

        Plus actual gambling is way more fun.

        • piecat@lemmy.worldEnglish
          21·
          6 months ago

          You’re not making the gambling more productive, you’re making the production worse.

      • Zacryon@lemmy.wtfEnglish
        52·
        6 months ago

        That’s why you need to think about the company you’re going to invest in.

        Your critique is accurate for too many companies, yes. But by far not for all.

    • lud@lemm.eeEnglish
      47·
      6 months ago

      intentionally don’t invest in crypto, because it doesn’t produce anything. Any money you make is just taken from another investor, usually because they don’t know what they’re doing. When you invest in a company, you make products and sell them to customers. Something is created and rarely are people cheated.

      Isn’t that the same as investing in any currency?