Technology

Well, I guess big name figures have a right to be wrong. Surprising since he is the creator of such a foundational piece of open source software that he would not like another piece of open source software just seems a bit hypocritical in my opinion

Equivocating cryptocurrency, block chain tech, and bitcoin is disingenuous to say none of that exists like fairies or Santa Claus. It exists just as much as PGP or AES or the deficit does. It's dumb to think any of that is going to launch you to extreme wealth or solve everyone's problems, but it is a good way to try to prevent governments from using that currency issuance power in ways their citizens would prefer they did not.

Even if you don't agree with the politics it is a pretty interesting technology for consensus building between potentially adverse participants. Someone with experience maintaining open source repos could at least appreciate that aspect.

How are you asking Linus about crypto and not about the blockchain.

Linus creates kernels. Nothing to do with cryptocurrency. Tech is tech, but I wouldn't necessarily listen to him about other things than kernels and computers. For example, he doesn't even believe in FOSS, and he openly supports Google because of Android, Chromebooks and ChromeOS using Linux.

Lets see, cryptocurrencies involve tech bros, fin bros and lots of money. I am not surprised it is on its way to become the most disgusting money making scheme in the world.

The value of a crypto token is ostensibly related to the value of the apps which the blockchain supports. It's meant to be both a form of compensation for participating in the network, and as currency for purchasing services from blockchain apps. That's how it derives intrinsic value. So if there is social media which runs on a blockchain, then the hosts within that blockchain get tokens for participating, and eg, advertisements or subscriptions are purchased in tokens. This means those who manage those participant nodes can sell their tokens to those who want to buy blockchain services. As the cumulative value of these services grows, an entire crypto economy is established, and it becomes effectively another form of fiat which has a real exchange rate backed by some real economic activity.

This is how it's supposed to work. The problem is that we just don't have any compelling apps, and the initial speculation has all but ensured that this cannot happen organically because the market cap is already just so much bigger than any realistic medium term outlook for intrinsic value. Bitcoin's blockchain would have to support some form application value which is bigger than the biggest companies in the world, and right now it basically has zero useful applications.

Cryptos can be a useful technology in certain targeted fields but they are not the solution to capitalism, it is much more important to focus on social issues and mutual aid.

What if... crypto currency has been a psyop all along. Ultimately eliminating physical currency and government having full blown control of digital currency.

Love how privileged people who never ever had to hide money from their governments debate the usefulness fo crypto. Ask him about woman hygiene products as well.

Inventor sounds funny but i guess its correct