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.
  • shortwavesurferEnglish
    1·
    6 months ago

    While the ones that do exist still exist, and that’s not to say that somebody couldn’t create other things that were similar. Just as long as the private key is not peeled away, then you know it’s actually got the value it says. And you don’t need the internet to verify that.

    • Flying Squid@lemmy.worldEnglish
      1·
      6 months ago

      Okay, so let’s say the country’s economy has collapsed. People are fleeing for the border. I go up to a border guard with one of those and hand it to him… do you really think he’s going to believe that has value?

      • shortwavesurferEnglish
        11·
        6 months ago

        Really depends on the country. If you are fleeing somewhere like the United States, there’s about a one in four chance that it would be recognized. If you’re fleeing some other place that has had currency issues in the past, then it’s probably quite a bit higher.

        • Flying Squid@lemmy.worldEnglish
          2·
          6 months ago

          there’s about a one in four chance that it would be recognized.

          That is utter nonsense. You show me where you got that figure from.

          Or do you just mean the Bitcoin symbol? Because I doubt someone would assume a metal coin had value just because it had a Bitcoin symbol on it.

            • Flying Squid@lemmy.worldEnglish
              3·
              6 months ago

              I’m not sure what you think that proves about whether or not a border guard would accept a metal coin that the briber claims has a value in Bitcoin. The guard could have $100 million in a Bitcoin wallet and still say, “this is some kind of bullshit trick.” Why wouldn’t someone try to trick a border guard like that if they were desperate.

              So basically, you’d have to hope this border guard would either be one of the very small number of people (hardly a quarter of Americans) who would look at a metal coin with a Bitcoin symbol on it and decide it has value to them.

              Again, seems like chickens would be a better bet.

              • shortwavesurferEnglish
                1·
                6 months ago

                Well, there aren’t many of those around. So if it’s recognized, then the person would know to look for a QR code on it. And if it has not been destroyed by peeling the hologram off, then they will know it’s good. Seems like bribing a border guard with chickens would be kind of difficult. Just for the noise they would make and the space they would take up. You might be able to pass them an ounce of gold or something. That might be a possibility.

                • Flying Squid@lemmy.worldEnglish
                  1·
                  6 months ago

                  So if it’s recognized

                  Yes, this is my point. It almost certainly won’t be.

                  Seems like bribing a border guard with chickens would be kind of difficult.

                  Put chicken in car, drive to border, take out chicken, give to guard.

                  Just for the noise they would make and the space they would take up.

                  So this is a societal collapse where chickens are made illegal?

                  • shortwavesurferEnglish
                    1·
                    6 months ago

                    Hey, 1/5 to 1/4 arent terrible odds. Even if they haven’t used it, there’s a damn good chance they’ve heard of it. If they’ve heard of it, then they know it has value.